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260213.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, February 13, 2026, Vol. 30, No. 44 Headlines 12-14 WEST: March 5 Hearing Set for SHC's Stay Relief Bid 2275 SUNSET: Case Summary & Three Unsecured Creditors 25350 PLEASANT: Court Tosses Appeal in Mainstreet Bank Case 3310 HARRISON: Seeks Chapter 11 Bankruptcy in Georgia 4US CORP: Commences Chapter 11 Bankruptcy in Illinois 57 CONCRETE: Seeks Court Approval to Hire Truman Mox as Appraiser 6363 WEST: Commences Chapter 11 Bankruptcy in Illinois 9486 HOLLY ROAD: Voluntary Chapter 11 Case Summary AAM EQUIPMENT: Gets Interim OK to Use Cash Collateral Until March 4 AAM EQUIPMENT: Section 341(a) Meeting of Creditors on March 9 ACADEMY AT PENGUIN: Seeks to Extend Plan Exclusivity to May 7 AD LUCEM: Case Summary & Three Unsecured Creditors ADVANCED CONSULTING: Court Remands City of Pottsville Case AEARO TECHNOLOGIES: Court Rejects Insurers' 3M Updated Data Bid ALABAMA AUTO: Starts Chapter 11 Bankruptcy in Alabama ALLSTAR PROPERTIES: Amend Floyd Property Sale to Commercial Funding ANGEL'S PARADISE: Gets Interim OK to Use Cash Collateral APPLIED ENERGETICS: Names Warren Spector as Chief Financial Officer ARC FALCON I: Moody's Rates New Loans of Up To $3.2 Billion 'B2' ARCHER INSTALLATION: Claims to be Paid from Future Operations ASTRA ACQUISITION: Oaktree Specialty Marks $8.8M 1L Loan at 60% Off ASURION LLC: S&P Rates New $2.4BB First-Lien Term Loan 'BB-' ATLANTIC COAST: A.M. Best Cuts Fin. Strength Rating to B(Fair) ATLAS CC ACQUISITION: Moody's Appends 'LD' Designation to PDR AVENTIV TECHNOLOGIES: Prospect Capital Marks $158M Loan at 95% Off AZHAR CHAUDHARY: Voluntary Chapter 11 Case Summary AZORRA FINANCE: Moody's Rates New Senior Unsecured Notes 'B1' BARRACUDA PARENT: Prospect Capital Marks $20MM 2L Loan at 27.5% Off BEAN THERE: Gets Extension to Access Cash Collateral BEELINE HOLDINGS: Partners With Stellar for Encompass Integration BEXIN REALTY: Court Extends Cash Collateral Access to Feb. 28 BKM HOLDINGS: Files for Ch.11 Amid Huntington Receivership Bid BLD REALTY: Court Narrows Claims in Perfect Price Adversary Case BON MORRO: Seeks to Extend Plan Exclusivity to May 1 BOTTOMLINE INK: Court Extends Cash Collateral Access to April 8 BRAVO BRIO: Shuts Down Louisville Location Amid Bankruptcy Reorg. BRIGHT MINDS: Seeks Subchapter V Bankruptcy in Georgia BRIGHTSTAR LOTTERY: Fitch Affirms & Then Withdraws BB+ IDR BW NHHC HOLDCO: Moody's Appends 'LD' Designation to PDR C&D TECHNOLOGIES: Moody's Rates New $373MM 1st Lien Term Loan 'B2' CADUCEUS PHYSICIANS: Unsecureds Owed $6.1M to Recover 1.3% in Plan CAL-ORANGE: Case Summary & Three Unsecured Creditors CARDIFF LEXINGTON: Removes Redemption on Series N Preferred Shares CARPENTER FAMILY: Plan Exclusivity Period Extended to March 11 CARROLLTON GATEWAY: North Dallas Land in Bankruptcy Sale CARTHAGE AREA: Case Summary & 20 Largest Unsecured Creditors CCH JOHN EAGAN I: Gets Extension to Access Cash Collateral CENTRAL FLORIDA: Plan Exclusivity Period Extended to March 25 CHARLES K. BRELAND: Wins Bid for Abstention in Merchant Case CHICO'S INVESTMENTS: Case Summary & Five Unsecured Creditors CITGO HOLDING: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable CITRUS360 LLC: Amends Unsecureds & Several Secured Claims Pay CLAROS MORTGAGE: Moody's Alters Outlook on 'B3' CFR to Stable CLEAR CHANNEL: Moody's Puts 'Caa1' CFR on Review for Upgrade COMPASS COFFEE: Gets Final Approval for $450K DIP Financing CONKLIN MEDIA: Seeks to Hire Simon Lever as Accountant CONSTANT CARE: Employs Guest Peavy Guest CPAs as Accountant COTY INC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative CRC INSURANCE: Moody's Affirms 'B3' CFR, Outlook Stable CREDIT.COM HOLDINGS: Prospect Capital Marks $42M 1L Loan at 68% Off CROWN PROPERTY: McCormick 108 Wants Deborah E. Riegel as Receiver CVR ENERGY: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' DARA IMPORTS: Starts Chapter 11 Bankruptcy in New Jersey DAVID A. SIMONSON: Case Summary & 13 Unsecured Creditors DEL MONTE: Court Approves Fresh Del Monte Asset Purchase DOCKSIDE ASSOCIATION: U.S. Trustee Unable to Appoint Committee DRYCREEK MANAGEMENT: Stateline Wants Thyne Berglund as Receiver E&M BINDERY: Gets Interim OK to Use Cash Collateral E. ALLEN REEVES: Court Affirms Dismissal of Old York, et al., Case E. GLUCK: Court OKs Watch Business Sale to E. Gluck Global EDDIE BAUER: Files Chapter 11, Begins Sale and Liquidation Process EDDIE BAUER: Going-Concern Offers for Business Due March 3, 2026 EDDIE BAUER: Set for Store Closings Absent Going-Concern Offers EDDIE BAUER: Unsecured Creditors to Have "Some Recovery" in Plan EDGE ADHESIVES: Gladstone Capital Marks $6.1MM Loan at 92% Off EDGE DOCUMENT: Court OKs Software Biz Sale to Software Solutions EL SALTO: Voluntary Chapter 11 Case Summary ELDER CONTRACTING: Court OKs Chapter 11 Trustee Appointment ENCOMPASS ENTERPRISES: Case Summary & 20 Top Unsecured Creditors EXECUTIVE DEVELOPMENT: Case Summary & 18 Unsecured Creditors FAT BRANDS: U.S. Trustee Appoints Creditors' Committee FLYNN RESTAURANT: Planet Deal No Impact on Moody's 'B2' Rating FMC CORP: Moody's Gives Ba1 CFR & Cuts Unsecured Debt to Ba1 FOOD52 INC: Raj Overseas, Target Lighting Step Down From Committee FORTREA HOLDINGS: Moody's Alters Outlook on 'B3' CFR to Stable FRANCESCA'S ACQUISITION: Files Voluntarily Chapter 11 Protection GAAT HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida GEORGES REALTY: Seeks to Sell Belmont Property to Highest Bidder GLOBAL LOGISTICS: Case Summary & 20 Largest Unsecured Creditors GRAFFITI PYRAMID: Taps Klehr Harrison Harvey Branzburg as Counsel GREAT LAKES: S&P Places 'B' ICR on CreditWatch Positive HERITAGE COLLEGIATE: 2nd Amended Complaint vs. Elemental Stricken HOMESTEAD VILLAGE: Case Summary & 20 Largest Unsecured Creditors HUDSON 1701/1706: Plan Exclusivity Period Extended to May 20 INDU MOTEL: To Sell Somerset Property to Dhaval Patel for $1.2MM INDUSTRY STANDARD: Voluntary Chapter 11 Case Summary INSPIRED HEALTHCARE: Seeks $35MM DIP Loan From Lapis Municipal INTERNATIONAL LAND: Completes 1-for-50 Reverse Split IQSTEL INC: Increases Cap on Series D True-Up Ratio to 5 JACKSON VALLEY APARTMENTS: Rampart/Wurth Appointed as Receiver JERSEY AUTO: Case Summary & 20 Largest Unsecured Creditors JTA SPRINGS: Unsecured Creditors to Split $10K in Plan KAIMUKI REALTY: Case Summary & One Unsecured Creditor KENNEDY CONSTRUCTION: Plan Exclusivity Period Extended to Feb. 27 KODIAK GAS: Distributed Transaction No Impact on Moody's 'Ba3' CFR KUPONO RESORT: 25-Acre Kauai Parcel in Bankruptcy Sale L3DFX LLC: Gets Interim OK to Use Cash Collateral Until March 20 LA ALMITA: Case Summary & One Unsecured Creditor LANCASTER PACKAGING: Case Summary & 20 Top Unsecured Creditors LAS VEGAS COLOR: Seeks to Extend Plan Exclusivity to June 4 LASEN INC: To Lease ALPIS Detection Sensor to Timberland Helicopter LEISURE INVESTMENTS: Plan Exclusivity Period Extended to April 27 LINQTO INC: Wins Court Approval to Emergence from Bankruptcy LUMEN TECHNOLOGIES: Jeffery Sharritts Named EVP, CRO LUMINAR TECHNOLOGIES: Commences Asset Sale Offer for 2028 Notes LUMINAR TECHNOLOGIES: Completes $110M Semiconductor Sale to Quantum MAISEL-HINSON: Case Summary & 16 Unsecured Creditors MAIYA WISH: Has Deal on Cash Collateral Access MANAGEMENT MCOA: U.S. Trustee Unable to Appoint Committee MARINER'S GATE: Seeks to Sell New York Property at Auction MERYDE GROUP: Seeks to Hire Frances M. Caruso as Bookkeeper MERYDE GROUP: Seeks to Hire Pick & Zabicki as Counsel MG LOGISTICS: Court Extends Cash Collateral Access to Feb. 19 MIDWEST SKIING: Gets Final OK to Use Cash Collateral MMA LAW: Baptiste's Bid to Exclude Ex-Counsel From Settlement Nixed MMA LAW: TMLF's Objections to 2004 Notice Documents Overruled MODUS SYSTEMS: Updates Buc-ee's Secured Claim Details MONARCH BAY: City Updates Liquidating Plan Disclosures MONTGOMERY TRANSPORT: Founder Clarifies Receivership Events MOUNT ACADIA: Live Oak Wins Bid to Dismiss Bankruptcy Case MOUNTAINS OF SABER: Unsecured Creditors Unimpaired in Plan MTF ENTERPRISES: Subway Franchisee Seeks Chapter 11 Bankruptcy NATIONWIDE TREE: Gets Interim OK to Use Cash Collateral NEW GRANT: Unsecured Creditors Will Get 1% to 3% of Claims NEW YORK BEACH: Case Summary & 20 Largest Unsecured Creditors NFN8 GROUP: Gets Interim OK for DIP Financing From Twelve Bridge NORTH STAR: Commences Chapter 11 to Stabilize Finances NORTHERN IRELAND: Restaurant & Event Space Up for Sale NORTHWESTERN LEARNING: Seeks Chapter 11 Bankruptcy in Florida NU STYLE: Loses Bid to Adjourn Feb. 17 Plan Confirmation Hearing OCEAN BLVD: Case Summary & Four Unsecured Creditors OCEAN HARBOR: A.M. Best Affirms B(Fair) Fin. Strength Rating OCUMETICS TECHNOLOGY: Forbearance Extends $4 Million Notes to 2027 OMNI HEALTH: Gets Extension to Access Cash Collateral ONH AFC: SS Associates Wins Bid to Dismiss Adversary Case ORWELL TRUMBULL: Court Upholds Receiver's Sale of Pipeline OUTPATIENT SERVICE: Unsecured Creditors to Split $5K over 5 Years PAPPAS PIPING: Seeks to Hire Stretto as Claims Noticing Agent PEER STREET: To Sell Joshua Creek Property to AMJ Homes PENNBROOK PORTFOLIO: PHL6 Wants Gellert Seitz Named as Receiver PERFORMANCE FOOD: Moody's Rates New $1.06BB Unsecured Notes 'B1' PHH ESCROW: Moody's Withdraws Caa1 Rating on Unsec. Notes Due 2029 PHYSICAL INVESTMENTS: To Sell Roanoke Property to Z Hill Properties PMA LLC: Seeks to Hire Law Office of Tullio DeLuca as Legal Counsel POTOMAC ENERGY: Moody's Affirms Ba3 Rating on Senior Secured Loans PRECIOUS GEMS: Case Summary & 17 Unsecured Creditors PRETIUM PKG: Moody's Lowers CFR to Ca & Alters Outlook to Stable PRIMEONE INSURANCE: A.M. Best Puts bb- LongTerm ICR Under Review PRINCETON LAKES: Gets Final OK to Use Cash Collateral QUALITY LIVING: Seeks to Employ Vanessa Cash Adams as Legal Counsel R&G HOME: To Sell Remodelling Services Biz to C&B Design for $1.2MM RAMIRO S SILVA: Wolfe, et al., Case Remanded to State Court RAS DATA: Loses Bid for Judgment on Pleadings in Infinity Case REDSTONE BUYER: S&P Downgrades ICR to 'SD' on Debt Restructuring ROYAL HASS: Case Summary & 20 Largest Unsecured Creditors RUNITONETIME LLC: Seeks to Extend Plan Exclusivity to May 11 RYVYL INC: Issues 122,164 Shares in Class Action Settlement SAY YES REALTY: To Sell Mulberry Road Property to Jesse & J. Escot SCILEX HOLDING: Revokes Series 1 Preferred Dividend Declaration SCOOTER'S TRUCKING: Gets Interim OK to Use Cash Collateral SECOND STREET: Court Extends Cash Collateral Access to Feb. 25 SEMILEDS CORP: Fails to Meet Nasdaq $2.5MM Equity Requirement SEQUOIA GROVE: Updates Wells Fargo Secured Claims Pay SIO2 MEDICAL: Oaktree Specialty Marks $1.8MM 1L Loan at 76% Off SIO2 MEDICAL: Oaktree Specialty Marks $1.8MM 1L Loan at 76% Off SIO2 MEDICAL: Oaktree Specialty Marks $20.8MM 1L Loan at 76% Off SIO2 MEDICAL: Oaktree Specialty Marks $3.8MM 1L Loan at 76% Off SIO2 MEDICAL: Oaktree Specialty Marks $4.1MM 1L Loan at 76% Off SPECIALTY PHARMA III: S&P Withdraws 'B-' Issuer Credit Rating STONEPEAK NILE: $150MM Loan Add-on No Impact on Moody's Ba1 Rating STRATEGIC CHEMICAL: Prospect Capital Marks $19M 1L Loan at 49% Off STRATEGIC CHEMICAL: Prospect Capital Marks $2MM 1L Loan at 49% Off THE AVERY: Oaktree Specialty Marks $10.8MM 1L Loan at 79% Off THE AVERY: Oaktree Specialty Marks $5.3MM 1L Loan at 38% Off TKC HOLDINGS: Moody's Rates New $1BB Secured First Lien Notes 'B2' TONIX PHARMACEUTICALS: Reports Preliminary FY25 Net Loss of $119MM TOPPOS LLC: Green State CU Wins Bid for Automatic Stay Relief TP BRANDS: Seeks to Extend Plan Filing Deadline to February 16 TRANSDIGM INC: Moody's Rates First Lien Tranche N Term Loan 'Ba3' TRANSPORTING CARS: Gets Interim OK to Use Cash Collateral TWIN PINES: Court Remands Aguilar Adversary Case to State Court VC GROUP: In Discussions with Creditors to Restructure Debt VENUS CONCEPT: Gains Madryn Liquidity Relief VIVAKOR INC: Pushes Notes Maturity to Jan 2027 with Payoff Plan VIVAKOR INC: Secures Forbearance on Convertible Notes to 2027 VPR BRANDS: Settles ELF Trademark Disputes for $5.25 Million WASHINGTON-MCLAUGHLIN: Case Summary & Four Unsecured Creditors WE WEST: Seeks to Sell Towing Services Business at Auction WEINBERG CAPITAL: Unsecured Creditors to Split $40K in Plan WELTY SERVICES: Brazoria County Property to Coastal Cutters OK'd WH INTERMEDIATE: Lands' End Transaction No Impact on Moody's B2 CFR WILD KITTY: Employs Kutner Brinen Dickey Riley as Counsel WILLIAM D. LEDFORD: Seeks Court OK to Use Cash Collateral YUM BRANDS: To Close 250 Pizza Hut Restaurants Nationwide [] Canadian Insolvencies Hit Record $67,496 Unsecured Debt in 2025 [] Fitch Affirms 10 NA Utilities/Power/Gas Holding Cos' Ratings [] Fitch Affirms Rating on Several North American Telecom Issuers [] Fitch Affirms Ratings on 10 North American Mining Companies [] Fitch Affirms Ratings on Five North American Metals Companies [] Fitch Affirms Ratings on Five North American Steel Companies [] January 2026 U.S. Commercial Chapter 11 Filings Up 76% [] Pres. Trump Signs Bill Boosting Bankruptcy Fees, Judge Tenures [] U.S. Farm Bankruptcies Continue to Increase in 2025 [^] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures ********* 12-14 WEST: March 5 Hearing Set for SHC's Stay Relief Bid --------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts will continue on March 5 the hearing on the motion filed by SHC Lending, LLC, a secured creditor of 12-14 West Street LLC, for relief from stay or in the alternative dismissal of the case Re: 212 University Avenue, Davis, California. Debtor is the obligor pursuant to that certain promissory note dated May 26, 2023, in the original principal amount of $6,775,000.00. To secure the Note, Debtor executed and delivered a Construction Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing in favor of SHC Lending LLC dated May 26, 2023, and encumbering the property located at 212 University Avenue, Davis, California 95616. There is no other collateral to secure the Note Prior to the filing of the Debtor's Chapter 11 Plan, the Lender had provided the Debtor with numerous extensions to payoff Lender to no avail and the Debtor has remained delinquent in payment to the Lender, being past due on the Notes for several years. To date, no payments under the Note have been made by the Debtor and the Note has now matured. In addition, property taxes are also delinquent. Prior to the filing of this Chapter 11 Plan, the Debtor executed a Deed in Lieu of Foreclosure of which recording was stayed due to the filing of this Chapter 11 case. The Lender filed the motion requesting relief from the automatic stay to enforce its rights against the Debtor's real estate located at 212 University Avenue, Davis, California, 95616, in accordance with its mortgage, security agreement, promissory note, and ancillary loan documents, including pursuing the foreclosure of the property, which was stayed when the Debtor filed its petition. The Lender argues "cause" exists to grant stay relief to the Lender or in the alternative dismissal of this case based on, among other particulars, the lack of adequate protection, the futility of the filing, the unfeasibility of a Plan and the Debtor's failure to file a viable feasible Plan or Reorganization. Additionally, it contends the Debtor lacks equity in the Real Property, which is not necessary to an effective reorganization because the Debtor has no prospect of reorganization. For these reasons, the Lender requests that the Court enter an order granting stay relief related to the Lender's in rem mortgage on the Real Property so that it can consummate its foreclosure action. The Lender also requests a waiver of the stay imposed by Bankruptcy Rule 4001(a)(4) because of the deteriorating condition of the Property in its uncompleted state. As an alternative, the Lender requests dismissal of this case. A copy of the motion is available at https://urlcurt.com/u?l=bLukxe from PacerMonitor.com. The court's order is available at https://urlcurt.com/u?l=C0O6nX from PacerMonitor.com. 12-14 West Street LLC filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 25-12107) on October 2, 2025, listing under $1 million in both assets and liabilities. 2275 SUNSET: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: 2275 Sunset Plaza LLC 2551 North Verdugo Road Glendale CA 91208 Business Description: 2275 Sunset Plaza LLC is a real estate company that owns and manages a single-family residential property located at 2275 Sunset Plaza in Los Angeles, California. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11242 Debtor's Counsel: Rhonda Walker, Esq. RHONDA WALKER ATTORNEY AT LAW 440 E. Huntington Dr., Ste. 300 Arcadia CA 91006 Tel: 626-577-7322 Email: rwalker_law@yahoo.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Scott Davalos as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FIGFANI/2275_Sunset_Plaza_LLC__cacbke-26-11242__0001.0.pdf?mcid=tGE4TAMA List of 2275 Sunset Plaza LLC's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CA Franchise Tax Board Unknown Attn: Bankruptcy Dept MS: A-340 PO Box 2952 Sacramento, CA 95812-2952 2. Internal Revenue Service Unknown PO Box 7346 Philadelphia, PA 19101-7346 3. Los Angeles County Tax Unknown Collector PO Box 54110 Los Angeles, CA 90054-0110 25350 PLEASANT: Court Tosses Appeal in Mainstreet Bank Case ----------------------------------------------------------- Judge Patricia Tolliver Giles of the U.S. District Court for the Eastern District of Virginia dismissed the appeal styled ELSHAN BAYRAMOV, Appellant, v. MAINSTREET BANK, Appellee, Case No. 23-cv-11983 (E.D. Va.). On January 21, 2026, the District Court entered an order directing appellant to show cause within 14 days as to why this appeal should not be dismissed for failure to prosecute. Appellant's response was due on Wednesday, February 4, 2026. However, as of the close of business on Thursday, February 5, 2026, the District Court has not received either a request for an extension of time or a response to its Order. Accordingly, the District Court dismissed this appeal. Appellant has a right to appeal this decision to the United States Court of Appeals for the Fourth Circuit. As reported by Troubled Company Reporter on Oct. 3, 2025, in the appeal styled ELSHAN BAYRAMOV, Appellant, v. 25350 PLEASANT VALLEY LLC, Debtor - Appellee, and MAINSTREET BANK, Creditor - Appellee, and JANET MARIE MEIBURGER, Chapter 7 Trustee, Trustee - Appellee, No. 24-2090 (4th Cir.), Judges Roger L. Gregory, James Andrew Wynn and Henry F. Floyd of the United States Court of Appeals for the Fourth Circuit upheld the order of the United States District Court for the Eastern District of Virginia that affirmed the bankruptcy court's orders denying the motions of Bayramov to reconvert 25350 Pleasant Valley LLC's Chapter 7 bankruptcy case to one under Chapter 11 and for a preliminary injunction. A copy the Court's Order dated February 9, 2026, is available at https://urlcurt.com/u?l=myLmzz from PacerMonitor.com About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor was represented by John P. Forest, II, Esq., in Fairfax, Virginia. The case was converted to Chapter 7 on April 19, 2024. 3310 HARRISON: Seeks Chapter 11 Bankruptcy in Georgia ----------------------------------------------------- On February 2, 2026, 3310 Harrison Rd LLC filed for Chapter 11 protection in the Northern District of Georgia. According to court filings, the Debtor reports liabilities between $1 million and $10 million owed to 1–49 creditors. About 3310 Harrison Rd LLC 3310 Harrison Rd LLC is a Georgia-based real estate holding company that owns and manages commercial property at 3310 Harrison Road in Atlanta. 3310 Harrison Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51395) on February 2, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. 4US CORP: Commences Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- 4Us Corp. Inc. filed a voluntary petition for Chapter 11 relief on February 2, 2026, in the Northern District of Illinois Bankruptcy Court. Court filings show the debtor reports between $1 million and $10 million in liabilities owed to 1–49 creditors. About 4Us Corp. Inc. Operating as an Illinois-based commercial enterprise, 4Us Corp. Inc. oversees corporate assets and business relationships across its markets. The company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01936) and disclosed estimated assets and liabilities each in the range of $1 million to $10 million. The debtor is represented by David Freydin, Esq. of the Law Offices of David Freydin Ltd. 57 CONCRETE: Seeks Court Approval to Hire Truman Mox as Appraiser ----------------------------------------------------------------- 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Truman Mox, Inc. to serve as appraiser in its Chapter 11 case. Truman Mox will provide these services: (a) serve as Appraiser in connection with the Debtor's Chapter 11 Case; (b) provide expert testimony, appear at depositions, participate in mediation or other proceedings, and consult with the Debtor and its professionals in connection with the appraisal; and (c) take all necessary and appropriate actions to provide accurate appraisals of certain equipment of the Debtor estate and make itself available to testify before the bankruptcy court, if necessary. As compensation, the Debtor shall pay Truman Mox a non-refundable fee of $8,000, with $4,000 due upon signing of the Engagement Agreement and $4,000 due upon delivery of the report. Additional professional services will be billed at an hourly rate of $410, with non-working travel time billed at one-half of the stated hourly rate. A 3% processing fee will be applied to any invoice paid by credit card. The Debtor has already transferred the $8,000 fee in connection with preparation of the Appraisal Report. Truman Mox is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joseph Marino Truman Mox, Inc. 240 Park Place Chagrin Falls, OH 44022 About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90818) on December 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. 6363 WEST: Commences Chapter 11 Bankruptcy in Illinois ------------------------------------------------------ On February 3, 2026, 6363 West 73rd Street, LLC filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About 6363 West 73rd Street, LLC 6363 West 73rd Street, LLC is an Illinois limited liability company. 6363 West 73rd Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02031) on February 3, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Ben L. Schneider, Esq., of Schneider & Stone. 9486 HOLLY ROAD: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 9486 Holly Road, LLC 9486 Holly Rd Adelanto, CA 92301 Business Description: 9486 Holly Road, LLC is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10978 Debtor's Counsel: David B. Golubchik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Davi Separzadeh as managing member. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TXO4B4Y/9486_HOLLY_ROAD_LLC__cacbke-26-10978__0001.0.pdf?mcid=tGE4TAMA AAM EQUIPMENT: Gets Interim OK to Use Cash Collateral Until March 4 ------------------------------------------------------------------- AAM Equipment, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Alabama, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from February 2 to March 4 in accordance with its budget. As adequate protection, First Bank of Alabama will be granted security interests in and replacement liens on the Debtor's assets whether acquired before or after the petition date, excluding purchase money interests and competing security interest of other secured creditors. The liens granted to First Bank do not apply to Chapter 5 causes of action. Events of default under the interim order include violation of the order; dismissal or conversion of the Debtor's Chapter 11 case; appointment of a trustee; and amending, rescinding or revoking the order without prior consent from First Bank. The final hearing is set for March 4. The interim order is available at https://is.gd/bUJSIx from PacerMonitor.com. AAM Equipment is based in Randolph County, Alabama, with additional locations in Robertsdale, Alabama, and Belle Chasse, Louisiana. It is engaged in renting heavy construction equipment such as bulldozers, excavators, and forklifts. The equipment was largely acquired through financing from lenders including First Bank, John Deere, and Umpqua, many of whom claim security interests not only in the equipment but also in the rents, revenues, and proceeds from its use, which constitute the cash collateral at issue. The Debtor asserts that it must use this cash collateral to fund essential operating expenses such as payroll, equipment maintenance, rent, utilities, and payments to critical vendors in order to continue operating and preserve the value of the estate. The Debtor submitted budgets of anticipated income and expenses and debt service for the next three months, showing an estimated monthly shortfall of about $50,000, which it will address by selling non-performing equipment and reducing loan payments. = About AAM Equipment LLC AAM Equipment, LLC is engaged in renting heavy construction equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-80129) on February 2, 2026. In the petition signed by Aaron Moody, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Christopher L. Hawkins oversees the case. Stuart Memory, Esq., at Memory Memory and Causby LLP, represents the Debtor as legal counsel. AAM EQUIPMENT: Section 341(a) Meeting of Creditors on March 9 ------------------------------------------------------------- On February 2, 2026, AAM Equipment, LLC filed for Chapter 11 protection in the Middle District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on March 9, 2026 at 02:00PM at Opelika Video 341 - 7 - https://www.zoomgov.com/j/16196595310. filed by Bankruptcy Administrator. About AAM Equipment, LLC AAM Equipment, LLC is an Alabama-based equipment supply and services company serving commercial and industrial clients. AAM Equipment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80129) on February 2, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher L. Hawkins handles the case. The Debtor is represented by William Wesley Causby, Esq. of Memory Memory & Causby, LLP. ACADEMY AT PENGUIN: Seeks to Extend Plan Exclusivity to May 7 ------------------------------------------------------------- The Academy at Penguin Hall Inc. asked the U.S. Bankruptcy Court for the District of Massachusetts to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 7 and July 6, 2026, respectively. The Debtor explains that it is in the process of marketing the Main Campus to fund payments to its numerous creditors. The Main Campus is unique and has significant development value. The Buyer is a sophisticated developer but will likely need to obtain the approvals to develop the Main Campus. The Court has scheduled a hearing to consider the Sale Motion for February 26, 2026. The requested extensions are consistent with the anticipated sale schedule. The Debtor notes that it secured approval of DIP Financing and has been in negotiations for additional post-petition financing to fund necessary expenses through the projected closing of the sale of the Main Campus. The Debtor is maintaining its assets. The Debtor continues to comply with its obligations as a debtor-in-possession under Sections 1107 and 1108 of the Bankruptcy Code. The Debtor claims that it continues to pay its obligations as the come due and to provide regular financial reports to its creditors, the Committee, and the United States Trustee. The Debtor has paid its obligations related to the administration of its estate. The Debtor continues to coordinate with the Committee on all aspects of its Chapter 11 case and respond to inquiries by the United States Trustee. The Debtor asserts that it is not seeking to extend exclusivity in order to pressure creditors "to submit to the debtor's reorganization demands." The interests of creditors continue to be protected in this case. The interests of the Debtor's secured creditors are protected by their collateral, which continues to be preserved during the Chapter 11 case and is not in decline. The interests of all creditors are being protected and enhanced by the Debtor's continuing efforts to sell its real property for their benefit. The Debtor further asserts that it commenced this case quickly to prevent a scheduled foreclosure. Since the Chapter 11 filing, the Debtor has worked assiduously to administer its case and advance the sale of the Main Campus. Under those circumstances, terminating exclusivity would appear contradictory to the expeditious administration of the Debtor's estate in accordance with the provisions of the Bankruptcy Code. The Academy at Penguin Hall Inc. is represented by: Christopher M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street Suite 1000 Boston, MA 02110 Tel: (617) 757-6500 About The Academy at Penguin Hall The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. AD LUCEM: Case Summary & Three Unsecured Creditors -------------------------------------------------- Debtor: Ad Lucem NY, LLC 40 Hollyoak Avenue East Hampton, NY 11937 Business Description: Ad Lucem NY, LLC owns a single-family residence at 40 Hollyoak Avenue in East Hampton, New York, and leases the property, which is valued at approximately $750,000. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-70575 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 100 S Bedford 340 Mount Kisco NY 10549 Tel: (917) 673-3768 E-mail: charles@freshstartesq.com Total Assets: $750,000 Total Liabilities: $1,326,482 The petition was signed by William J. Fowkes as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3GDDE6Y/Ad_Lucem_NY_LLC__nyebke-26-70575__0001.0.pdf?mcid=tGE4TAMA ADVANCED CONSULTING: Court Remands City of Pottsville Case ---------------------------------------------------------- Judge Joseph F. Saporito, Jr. of the U.S. District Court for the Middle District of Pennsylvania will grant the motion of Redevelopment Authority of the City of Pottsville to remand case captioned as REDEVELOPMENT AUTHORITY OF THE CITY OF POTTSVILLE, Petitioner, v. 23 NORTH CENTRE STREET, POTTSVILLE, PENNSYLVANIA, TAX PARCEL ID NO. 68-27-0362.000, et al., Respondents, Case No. 3:25-cv-00902-JFS (M.D. Pa.) the Court of Common Pleas for Schuylkill County, Pennsylvania. On September 16, 2024, the petitioner, Redevelopment Authority of the City of Pottsville, commenced this conservatorship action by filing a petition in the Court of Common Pleas for Schuylkill County, Pennsylvania, styled as Redevelopment Authority of the City of Pottsville v. 23 North Centre Street Pottsville, No. S-1767-2024 (Schuylkill Cnty. (Pa.) Ct. Com. Pl. filed Sept. 16 2024), seeking a court-appointed conservator pursuant to the Abandoned and Blighted Property Conservatorship Act, 68 P.S. Sec. 1101 et seq. The petition included two named respondents. The first was the allegedly blighted property itself, a building and parcel of land located at 23 North Centre Street, Pottsville, Schuylkill County, Pennsylvania, commonly known as the "Thompson Building," which has been assigned tax parcel number 68-27-362 by the county. The other named respondent was the record owner of the property, Advanced Consulting, Inc., a Minnesota corporation with its principal place of business in New York, which had apparently acquired the property via a tax sale on April 28, 2021. On December 5, 2024, the chief executive officer of Advanced Consulting, an individual named Gemini Lake, filed a pro se civil rights action in this court, seeking to enjoin the state court proceedings, claiming that the state-court conservatorship proceedings violated his federal constitutional rights. On December 6, 2024, the District Court entered an opinion and order dismissing Lake's civil rights action for lack of subject matter jurisdiction. On December 8, 2024, Advanced Consulting filed a pro se Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York. On December 9, 2024, the date of the scheduled hearing in this matter, the state court entered an order staying the conservatorship proceedings after being advised of Advanced Consulting's eleventh-hour bankruptcy petition. On February 19, 2025, Advanced Consulting's bankruptcy petition was dismissed with prejudice on the motion of the United States Trustee. In dismissing the case, the bankruptcy court expressly found, in its written order and in its bench ruling, that the debtor had filed the bankruptcy case in bad faith and for tactical or dilatory reasons. On March 3, 2025, the state court entered an order formally lifting its stay of the conservatorship action. On March 26, 2025, Lake filed a second pro se federal civil rights action related to the Thompson Building conservatorship proceedings, seeking monetary damages and declaratory and injunctive relief, including an order enjoining the state conservatorship action from proceeding. That action has been referred to a United States magistrate judge for all pretrial proceedings, and it remains pending. On April 7, 2025, Lake filed a third pro se federal civil rights action related to the Thompson Building conservatorship proceedings, again seeking monetary damages and declaratory and injunctive relief, including an order enjoining the state conservatorship action from proceeding. That action has been referred to a United States magistrate judge for all pretrial proceedings, and it remains pending. On the April 9, 2025, trial date, Lake appeared and informed the state court that he had been unable to obtain substitute counsel to represent Advanced Consulting in the conservatorship action. But he further informed the state court that, on April 1, 2025, Advanced Consulting had conveyed a 50-percent ownership stake in the Thompson Building to him personally, and that the deed conveying that interest to Lake had been recorded on April 7, 2025. That same day, the state court entered an order rescheduling the two-day trial for May 22 and 23, 2025, and adding Lake to the action as a party-respondent in recognition of his newly acquired status as a record owner of the property. On the eve of trial in the state court, May 21, 2025, Lake filed a notice of removal in this federal court, which was received over the counter by the clerk. Service copies of the notice, however, were not delivered to the state court or to the Redevelopment Authority until May 22, 2025. According to Judge Saporito, "Here, the petitioner has raised two non-jurisdictional objections to removal, which require this case to be remanded to state court. First, Lake's eleventh-hour filing of the notice of removal was untimely, coming well more than thirty days after the state court ordered him added as a respondent to the petition, which it did in conjunction with a hearing at which Lake was present and in which he participated. Second, the corporate respondent, Advanced Consulting, similarly failed to timely join or consent in removal of the case." Although the District Court need not find that Lake acted dilatorily or in bad faith to award costs and attorney fees incurred due to removal, it cannot overlook the removing defendant's clear pattern of delay and abuse of legal process. A copy the Court's Memorandum dated February 4, 2026, is available at https://urlcurt.com/u?l=luS0gi About Advanced Consulting Advanced Consulting, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 24-12456) on December 8, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Philip Bentley presided over the case. On February 19, 2025, Advanced Consulting's bankruptcy petition was dismissed with prejudice on the motion of the United States Trustee. AEARO TECHNOLOGIES: Court Rejects Insurers' 3M Updated Data Bid --------------------------------------------------------------- Olivia Alafriz of Bloomberg Law reports that liability insurers, including AIG and Chubb units, were denied access to updated settlement data tied to 3M Co.'s resolution of combat earplug claims, after a Florida federal judge ruled they had no basis to intervene in the underlying multidistrict litigation. The insurers had requested that the US District Court for the Northern District of Florida instruct the settlement administrator to release anonymized claims information. They argued the data would assist them in contesting coverage obligations in parallel Delaware litigation involving 3M and Aearo Technologies LLC, according to report. Judge M. Casey Rodgers concluded that the insurers' bid to intervene was untimely and unsupported by a sufficient legal interest in the MDL. The court noted that the settlement proceedings were not designed to adjudicate insurance allocation issues. With the motion denied, the insurers must seek relevant discovery through the Delaware action rather than through the federal MDL overseeing the earplug settlement, Bloomberg reports. About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. * * * U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis in early June 2023, dismissed the bankruptcy case of Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members. Judge Graham ruled that Aearo, as a well-supported subsidiary of 3M, enjoys a "greater degree of financial security than warrants bankruptcy protection." ALABAMA AUTO: Starts Chapter 11 Bankruptcy in Alabama ----------------------------------------------------- On February 5, 2026, Alabama Auto Top Specialist, Inc. filed for Chapter 11 protection in the Northern District of Alabama. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Alabama Auto Top Specialist, Inc. Alabama Auto Top Specialist, Inc. is an Alabama-based automotive service company specializing in vehicle roof systems, upholstery, and related auto restoration services. Alabama Auto Top Specialist, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00436) on February 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Frederick Mott Garfield, Esq., of Spain & Gillon, LLC. ALLSTAR PROPERTIES: Amend Floyd Property Sale to Commercial Funding ------------------------------------------------------------------- Allstar Properties, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, in an amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Georgia limited liability company. The Debtor is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties. The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. The Debtor engages CBRE Inc. as the broker for the property. The Properties' address are: 785 Stewart Rd Floyd K20-012 Stewart Rd Floyd K20-013 4450 Old Rockmart Hwy Floyd K20-011 Stewart Rd Polk 040-024 785 Stewart Rd Polk 040-031 On or around November 20, 2025, the Debtor, as the seller, CBRE, as the broker, and Steve Reischl, on behalf of Strides Autism Services, LLC (SAS), as the purchaser, entered into a Purchase and Sale Agreement wherein SAS agreed to purchase the Property for $1,500,000.00, subject to a financing contingency, which the Court approved by Order. However, after the sale was approved by the Court, SAS terminated the purchase agreement and the sale did not close. On February 10, 2026, the Debtor, as the seller, CBRE, as the broker, and Gregory Goldberg, on behalf of Commercial Funding Partners, LLC, as the purchaser, entered into that certain Purchase and Sale Agreement wherein Buyer agreed to purchase the Stewart Rd. Property for $1,500,000.00, without a financing contingency and proposed closing date no later than March 20, 2026, to be allocated accordingly between Unencumbered Properties and Encumbered Properties. The Purchase Price was the result of a months-long marketing campaign by CBRE. CBRE and ASP assert that the Purchase Price is the fair market value of the Property. Pursuant to the Sale Agreement, and as set forth in the Application and subsequent order, CBRE is to receive a 5% commission on the gross sale amount of the Stewart Rd. Property, to be paid at closing. In this case, and should the Court approve the sale, the commission due to CBRE will be $75,000.00, which include $50,448.95 in commission for the Encumbered Properties, and $24,551.05 for the Unencumbered Properties. Other closing costs as anticipated include .1% transfers tax - $1,008.98 (Encumbered Properties); $491.02 (Unencumbered Properties). The net sale proceeds from the Encumbered Properties shall, to the extent necessary, be used to pay down the Lien. The Debtor shall retain the net sale proceeds relating to the unencumbered properties for its own use. The Debtor believes that the Proceeds constitute fair market value for the Stewart Rd. Property and will maximize value to the Estate. The Debtor asserts that, subject to Debtor's rights to retain the Unencumbered Proceeds, since the balance of the Encumbered Proceeds must be paid to AgSouth, notice of the closing statement, which will not be available until shortly before the projected March 20, 2026, closing date, to the U.S. Trustee and AgSouth only is necessary. ASP submits that the sale to Buyer, which is an arms-length transaction between unrelated parties, is reasonable and appropriate, and designed to insure fairness. About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal Counsel ANGEL'S PARADISE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Angel's Paradise Higher Learning Academy, Inc. received interim approvla 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 in accordance with its budget, subject to a 10% variance per each category. The use of cash collateral will continue until one or more of the following events or conditions: (i) the conversion or dismissal of the Debtor's Chapter 11 case; the Debtor's failure to perform any of its obligations under the order; and entry of further order amending, vacating, staying, reversing or modifying the interim order. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on post-petition property, with the same validity, extent, and priority as its pre-bankruptcy liens. The next hearing is set for February 24. The interim order is available at https://is.gd/FxYvtC from PacerMonitor.com. Angel's Paradise is a Georgia corporation based in Atlanta and led by President Angel Gay. It generates about $60,845 per month in income deposited into accounts at Credit Union of Atlanta and subsequent debtor-in-possession accounts, with only $8,927 on hand at filing. The SBA holds a broad, first-priority security interest—perfected by UCC filings—covering essentially all of the Debtor's tangible and intangible personal property and proceeds, including deposit accounts and receivables, securing approximately $60,630. Because the SBA and other secured parties claim the Debtor's income and bank funds as cash collateral, the Debtor cannot use those funds without consent or a court order. About Angel's Paradise Higher Learning Academy Inc Angel's Paradise Higher Learning Academy Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51205) on January 29, 2026. In the petition signed by Angela Gay-Bankston, chief executive officer, the Debtor disclosed up to $1 million in both assets and liabilities. Ian Falcone, Esq., at The Falcone Law Firm, PC, represents the Debtor as legal counsel. APPLIED ENERGETICS: Names Warren Spector as Chief Financial Officer ------------------------------------------------------------------- Applied Energetics, Inc. has appointed Warren Spector to serve as its Chief Financial Officer, effective January 28, 2026. Mr. Spector, age 67, has served as the company's Vice President of Finance since June 23, 2025, during which time he has led key initiatives to strengthen financial controls, reporting rigor, and operational discipline as we advance toward scaled commercialization and prepare for a potential uplisting to a national securities exchange. He brings decades of senior finance and operating leadership across public and private companies, with deep expertise in capital markets, mergers and acquisitions, complex transactions, and building finance organizations capable of meeting Sarbanes-Oxley (SOX) compliance and public-company governance standards. His background includes leading finance functions through periods of rapid growth, capital formation, and strategic transformation, including multiple successful M&A transactions and exits. Prior to joining the company, Mr. Spector served as Chief Financial Officer of Crossroads Live, a leading producer of large-scale theatrical entertainment, operating in the US, UK, Australia, and Asia. Prior to that, he served as Chief Financial Officer of Raycom Media, previously one of the largest US privately held local media companies, providing strategic finance leadership which contributed directly to its later acquisition by Gray Television for approximately $3.35 billion. He also serves on the Board of Directors of BroVo Spirits. Mr. Spector holds an MBA from UCLA's Graduate School of Management and a bachelor's degree in economics from UCLA. He is a CPA (inactive) and has extensive experience working with boards of directors, audit committees, lenders, and investors across both private-equity-backed and publicly traded companies. As Chief Financial Officer, Mr. Spector is to oversee all finance, accounting, treasury, and reporting functions, including SOX readiness, audit and internal controls, and capital markets strategy, as Applied Energetics continues to position itself for broader market participation and increased institutional interest. Executive Employment Agreement The company has entered into an Executive Employment Agreement with Mr. Spector setting forth the terms of his service as Chief Financial Officer. The agreement is for a term of three years and is renewable thereafter for sequential one-year periods. The agreement may be terminated by the company for "Cause" or by Mr. Spector for "Good reason" both of which terms are defined in the agreement. The agreement may also be terminated, without Cause or Good Reason, by either party upon ninety days' written notice to the other. In the event of a termination of the agreement by Mr. Spector with Good Reason, or by us without cause, the Company must pay him any unpaid base compensation due as of the termination date, plus ninety days' severance as well as any pro rata unpaid bonus and or expenses. The agreement calls for: (i) a cash salary of $300,000 per annum, payable monthly, and eligibility for a discretionary bonus within 60 days of the end of each year, and (ii) incentive stock options to purchase up to 575,000 shares of our common stock at an exercise price of $1.78 per share under the company's 2018 Incentive Stock Plan. These options vest immediately as to the first 75,000 shares and then in four equal annual installments commencing on the first anniversary of the grant date as to the remaining 500,000. Mr. Spector also agreed to forfeit the options previously issued to him as VP Finance. The agreement also calls for expense reimbursement and standard benefits. About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $4,016,026 in total assets, $4,746,204 in total liabilities, and total stockholders' deficit of $730,178. ARC FALCON I: Moody's Rates New Loans of Up To $3.2 Billion 'B2' ---------------------------------------------------------------- Moody's Ratings has affirmed the B2 Corporate Family Rating and the B2-PD Probability of Default Rating for ARC Falcon I Inc. ("Arclin"). Moody's have also assigned a B2 rating to the company's new seven year $1.225 billion senior secured first lien term loan, new seven year $1.5 billion first lien senior secured notes, new seven-year Euro first lien senior secured term loan with $500 million USD equivalent, and the new five year $500 million senior secured first lien revolving credit facility. The total $3.225 billion of new term loans and senior secured notes will be used to fund the pending acquisition of DuPont's Aramids business expected to complete in Q1 2026, refinance the existing first and second lien term loans, repay the outstanding first lien revolving credit facility, and enhance Arclin's cash position following its recent acquisitions of Polymer Solutions Group (PSG) and Willamette Valley Company (WVCO) completed in Oct 2025 and Feb 2026 respectively. The outlook remains stable. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. The ratings on Arclin's existing first lien revolving credit facility, first lien term loan, and second lien term loan remain unchanged and will be withdrawn once these debts are refinanced and replaced by the new first lien revolver and the new first lien term loans and senior secured notes. Moody's expects the new revolver to remain undrawn at closing. RATINGS RATIONALE The rating affirmation and stable outlook reflect Moody's views that, although Arclin's acquisitions will increase financial leverage and introduce near term execution risks, these factors are offset by the company's strengthened business profile, expected deleveraging, and established track record of successfully acquiring and integrating strategic businesses. Arclin's acquisitions of DuPont's Aramids business, PSG, and WVCO are aligned with the company's strategy to diversify and expand its growth platform. The addition of the Aramids business—which produces the high performance synthetic fibers Nomex® and Kevlar®—along with PSG, a manufacturer of specialty additives and release agents, and WVCO, a leading provider of specialty chemicals and automation solutions, significantly enhances Arclin's material science capabilities with a focus on protective and mission critical chemistries. Pro forma for these acquisitions, Arclin's total revenue and Moody's adjusted EBITDA are expected to nearly triple to approximately $2.7 billion and the low- $500 million range, respectively, for the LTM period ended September 2025. The company will also benefit from a broader set of end markets, including automotive, industrials, personal protection, construction, aerospace and defense, consumer products, railroad and transportation infrastructure, and electrical infrastructure, as well as expanded geographic diversification across North America, EMEA, and Asia. To finance these acquisitions, Arclin's total balance sheet debt will also nearly triple, with leverage—as measured by Moody's adjusted debt/EBITDA—rising to the mid-6x range at closing, up from high-5x prior to the transactions. Despite subdued demand in certain end markets such as automotive, industrials, and construction, Moody's expects Arclin's leverage to improve to around 6.0x over the next 12 to 18 months, supported by stable performance from the legacy Arclin business and synergy realization at the acquired Aramids business, PSG, and WVCO, which should more than offset transition related costs. Moody's also expects Arclin to generate positive, albeit modest, free cash flow during this period, with operating cash flow sufficient to cover elevated capital expenditures and transition related spending. Moody's base case forecast assumes that Arclin will manage the carve out and integration of the Aramids business, as well as the integration of PSG and WVCO, on schedule and within budget, leveraging its experience and established track record of completing multiple strategic acquisitions. Arclin's credit profile reflects its strengthened business positioning following the acquisitions of the Aramids business, PSG, and WVCO, as well as its leading market positions across key segments. Limited competition in its protective overlays and specialty polymers businesses, along with the spec in characteristics of the Aramids portfolio, support solid EBITDA margins and underpin consistent free cash flow generation. However, Arclin's credit profile remains constrained by its leveraged capital structure, the near term execution risks associated with integrating the acquired businesses, and its acquisitive financial policy under private equity ownership. Pro forma for the new debt financing and the Aramids acquisition, Moody's expects Arclin to maintain good liquidity. The company's anticipated liquidity will consist of cash on hand and full availability under its new $500 million revolving credit facility. The revolver includes a springing first lien net leverage covenant of 8.75x, which is tested only if borrowings exceed the greater of $200 million or 40% of the facility at quarter end. Moody's do not expect this covenant to be triggered over the next 12 to 18 months. The B2 ratings on the first lien revolver and debts are aligned with the B2 Corporate Family Rating, reflecting their pari passu collateral ranking. The stable outlook reflects Moody's expectations that Arclin will integrate the acquired businesses according to plan and its credit metrics will gradually improve to 6.0x in next 12 to 18 months while maintaining good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade if Arclin successfully integrates the acquired businesses, its financial leverage, including Moody's adjustments, improves to below 5.0x on sustained basis with consistent positive free cash flows, and a sponsor commitment to a more conservative financial policy. Moody's would consider a downgrade if company encounters integration challenges that result in significant deterioration in liquidity and operational performance, financial leverage, including Moody's adjustments, remains above 6.5x and free cash flow is negative for a sustained period, or if there is a substantial debt-financed dividend or acquisition. Environmental, social and governance factors are factored in Arclin's ratings but not drivers of the action. Arclin's CIS-4 mainly reflects its waste and pollution exposure in its specialty chemical production. It also reflects the company's aggressive financial strategy including high leverage, track record of acquisitions and its ownership by a private equity. Arclin is a materials science company and a leading manufacturer and formulator of proprietary surface overlays and specialty polymers. Its products serve a wide range of end markets, including residential construction and repair and remodel, industrial applications, pharmaceuticals, agriculture, nutrition, water treatment, electronics, mining, and building products finishing services. The company is owned by an affiliate of TJC L.P. Pro forma for the acquisitions of the Aramids business, PSG, and WVCO, Moody's estimates that Arclin's annual revenue will be approximately $2.7 billion. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARCHER INSTALLATION: Claims to be Paid from Future Operations ------------------------------------------------------------- Archer Installation & Solutions, Inc., filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated February 3, 2026. The Debtor was domesticated as a Nevada corporation in January of 2019. Debtor's business consists of providing comprehensive installation, warehousing, distribution, and logistics services for primarily commercial clients. The Debtor contracted with M.S.W., Inc. d.b.a. Main Street Station Hotel, Casino and Brewery in May 2023 and with Coast Hotels and Casinos, Inc. d.b.a. Gold Coast Hotel and Casino (in June 2023 (collectively, the "Boyd Contracts"). Under the Boyd Contracts, Debtor was responsible for warehousing millions of dollars of new furniture and equipment purchased by Main Street and Gold Coast for their respective renovation projects and then installing this furniture and equipment according to specified timelines. Debtor subcontracted the warehousing component of each of these projects to FF&E Installations, LLC. Unfortunately, FF&E failed to properly store the furniture and equipment in an appropriate warehouse facility. Instead, FF&E left much of the furniture and equipment outdoors and exposed to the elements, resulting in extensive water damage and mold growth that rendered a significant portion of the furniture and equipment unusable. While Debtor disputes that all of the furniture and equipment that Main Street and Gold Coast rejected was actually unusable, it does not dispute that Main Street and Gold Coast were forced to purchase replacement furniture and equipment, secure alternative warehousing, and obtain temporary furniture to minimize business disruption. Main Street and Gold Coast further assert that the delays caused by Debtor's subcontractor's negligence resulted in guest rooms being unavailable for occupancy, depriving the casinos of substantial room revenue, gaming revenue, food and beverage revenue, and retail business. On March 20, 2024, Main Street and Gold Coast filed a lawsuit against Debtor in the Eighth Judicial District Court, Clark County, Nevada, pending as Case No. A-24 889546-C (the "Boyd Litigation"), alleging breach of contract and breach of the implied covenant of good faith and fair dealing. Main Street has asserted damages exceeding $6,000,000. Furthermore, it is incredibly unlikely that Main Street and Gold Coast would forgo collection activity on any judgments obtained for the period of twenty-two years. FF&E has gone out of business and filed Articles of Dissolution with the Nevada Secretary of State. Both FF&E and Debtor's insurance carriers have denied coverage. The only way for Debtor to address the liabilities at issue in the Boyd Litigation and remain a going concern is through a chapter 11 bankruptcy filing. Through this Plan of Reorganization, Debtor will be able to address its obligations in a comprehensive and orderly manner, while maintaining its business operations and preserving value for all stakeholders. Debtor expects to be able to timely file its plan of reorganization and emerge from bankruptcy protection with improved prospects for profitability and success, while also making substantial payments to its creditors. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $861,825 for the period of three years. The Debtor anticipates making its first quarterly plan payment on or about July 15, 2026, and its second plan payment on or about October 15, 2026, assuming the Plan is confirmed and goes effective by July 14, 2026. Thereafter, the Debtor will make payments quarterly, with such payments being made on January 15, April 15, July 15, and October 15 of each respective year. The final Plan payment is expected to be paid in April of 2029, assuming the Plan is confirmed and goes effective. Non-priority general unsecured creditors holding allowed claims will receive pro rata distributions. Non-priority unsecured convenience creditors holding allowed claims will receive payment in full. This Plan also provides for the payment of administrative claims. The Debtor is unaware of any priority claims. Class 2 consists of Non-priority unsecured creditors. Each holder of an Allowed Class 2 general unsecured claim, shall receive its pro rata share of the Debtor's disposable income as set forth in Exhibit 2 to the Plan, to commence as to each holder following the Effective Date of the Plan or the date on which such claim is allowed by a final nonappealable order, whichever shall first occur, which payments will be in full satisfaction of all Allowed general unsecured claims in Class 2. Class 2 is impaired. Class 4 consists of Equity Interests in the Debtor. Except to the extent that Holders of Class 4 Equity Interests agree to less favorable treatment, they shall retain their equity interest, subject to the terms and conditions of this Plan. The Plan will be funded through cash flow generated by the future operations of the Debtor. A full-text copy of the Plan of Reorganization dated February 3, 2026 is available at https://urlcurt.com/u?l=Hipa7t from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan A. Andersen, Esq. Andersen Beede Weisenmiller 3199 E Warm Springs Rd, Ste 400 Las Vegas, NV 89120 Telephone: (702) 522-1992 Facsimile: (702) 825-2824 Email: ryan@aandblaw.com About Archer Installation & Solutions Archer Installation & Solutions Inc. provides specialized services in transporting, installing, and integrating furniture, fixtures, and equipment for hotels, retail spaces, and similar commercial environments. Archer Installation & Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16702) on Nov. 5, 2025. In its petition, the Debtor estimated assets between $100,001 and $1 million and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Ryan A. Andersen, Esq. of ANDERSEN BEEDE WEISENMILLER. ASTRA ACQUISITION: Oaktree Specialty Marks $8.8M 1L Loan at 60% Off ------------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $8,836,000 loan extended to Astra Acquisition Corp. to market at $3,535,000 or 40% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to Astra Acquisition Corp. The loan accrues interest at a rate of 6.75% per annum. The loan matures on February 25, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Astra Acquisition Corp. Astra Acquisition Corp. operates as a private equity company. The Company serves investors in the United States. ASURION LLC: S&P Rates New $2.4BB First-Lien Term Loan 'BB-' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue rating to Asurion LLC's proposed $2.4 billion first-lien term loan B-14 due 2033. S&P also assigned a '2' recovery rating, indicating its expectation of substantial recovery (70%-90%; rounded estimate: 70%) in the event of payment default. All existing ratings, including the 'B+' issuer credit ratings on Asurion Group Inc., Asurion LLC, and Lonestar Intermediate Super Holdings LLC, are unchanged by the new debt issuance. S&P said, "We view this transaction as leverage neutral, with modest interest cost savings on likely better pricing. Asurion intends to use the proceeds from the new issuance to refinance existing first-lien term debt (most of the $1.1 billion B-10 tranche and the entire $1.7 billion B-11 tranche). We continue to expect S&P Global Ratings-adjusted leverage for Asurion (on a pro forma basis including Domestic & General EBITDA) to be roughly 6x for year-end 2025, within rating thresholds. "In December 2025, Asurion announced its acquisition of Domestic & General, which we expect close in mid-2026. Subsequently, in December, the company issued $3.3 billion to finance the transaction and refinance its B-9 term loan that was maturing in 2027. In January 2026, the company also issued $3.3 billion in second-lien notes in a leverage neutral transaction to refinance existing second-lien debt." ATLANTIC COAST: A.M. Best Cuts Fin. Strength Rating to B(Fair) -------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" (Fair) from "bbb" (Good) of Atlantic Coast Life Insurance Company (Charleston, SC) and Sentinel Security Life Insurance Company (Salt Lake City, UT). Both companies are collectively referred to as A-CAP Group. Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings). The ratings reflect A-CAP Group's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The rating downgrades are based on weakness in A-CAP Group's business profile as manifested in the material decrease in new premium and material increase in surrenders/outflows, as well as reputational damage resulting from publicized regulatory rulings. AM Best notes that these rulings were subsequently paused or stayed and also notes that the company has provided information that demonstrates surrenders and outflows have decreased. A-CAP Group's primary focus is the fixed index annuity market, a dynamic and credit sensitive sector with strong long-term prospects. A-CAP Group is taking deliberate steps to rebuild and re-establish its brand presence in this competitive landscape. The downgrades are also based on a decline in AM Best's overall assessment of A-CAP Group's balance sheet strength. AM Best acknowledges A-CAP Group's pending capital raise, but also recognizes its level of illiquid assets, concentrated reinsurance leverage, which is mitigated through the use of funds held and modified coinsurance agreements, along with a recent decline in its overall capital adequacy ratios that have not fully recovered to historic levels. The adequate operating performance assessment recognizes ACAP's historical premium growth and profitable operating results, but also notes declines in both metrics in the past year and possible pressure in the near term. The marginal ERM assessment reflects A-CAP Group's risk culture, which has led to elevated amounts of recent litigation, an elevated risk profile related to its reinsurance relationships and assets for which the investment cash inflow does not match the cash out-flow of the insurance liabilities. A-CAP has made progress to integrate ERM into its strategy, daily operations and decision-making and enhanced its governance practices and policies. The under review with negative implications status reflects AM Best's acknowledgement of the previously mentioned pending capital raise, but also reflects the execution risk of the undertaking. On April 24, 2024, AM Best determined an FSR of B- (Fair) and a Long-Term ICR of "bb-" (Fair) for the A-CAP Group while maintaining the under review with negative implications status. ATLAS CC ACQUISITION: Moody's Appends 'LD' Designation to PDR ------------------------------------------------------------- Moody's Ratings has appended a Limited Default ("/LD") designation to Atlas CC Acquisition Corp's ("Cubic") Probability of Default Rating, revising it to Caa2-PD/LD from Caa2-PD, following the execution of a distressed exchange. The /LD designation indicates a limited default event and will be removed in approximately three business days. Under an amendment executed in January 2026, Cubic will defer an interest payment on its senior secured first lien term loan B (second out) and senior secured term loan C (second out). The interest payments, which were due at the end of January 2026, will be deferred until the end of April 2026. In addition, the amendment permits $50 million in incremental borrowings which will rank senior in right of payment to the second out and third out facilities. Atlas CC Acquisition Corp serves transportation, defense command, control, communication, computers, intelligence, surveillance and reconnaissance (C4ISR), and defense training customers globally. Cubic sells integrated payment and information systems, expeditionary communications, cloud-based computing and intelligence delivery, as well as training and readiness solutions. Revenue for the 12 months ended September 30, 2025 was $1.2 billion. The company is majority-owned by entities of Veritas Capital. AVENTIV TECHNOLOGIES: Prospect Capital Marks $158M Loan at 95% Off ------------------------------------------------------------------ Prospect Capital Corporation has marked its $158,080,000 loan extended to Aventiv Technologies, LLC to market at $7,904,000 or 5% of the outstanding amount, according to Prospect Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Prospect Capital Corporation is a participant in a Super Priority Second Lien Term Loan extended to Aventiv Technologies, LLC. The loan accrues interest at a rate of 12.98% per annum. The loan matures on March 25, 2026. Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. The company is a closed-end investment firm incorporated in Maryland. The company has elected to be regulated as a business development company under the Investment Company Act of 1940. The firm was organized on April 13, 2004, and was funded in an initial public offering completed on July 27, 2004. The Company is led by John F. Barry III as Chairman of the Board and Chief Executive Officer and Kristin L. Van Dask as Chief Financial Officer. The Company can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About Aventiv Technologies LLC Aventiv Technologies LLC, based in Plano, Texas, is a private, Platinum Equity-owned provider of communication and technology services (including Securus Technologies and JPay) to correctional facilities. AZHAR CHAUDHARY: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Azhar Chaudhary Law Firm, PC 440 Louisiana Suite 900 Houston, TX 77002 Business Description: Azhar Chaudhary Law Firm, PC is a Houston, Texas–based law firm providing legal services in areas including real estate, estate and probate, immigration, administrative, business, and civil law, led by attorney Azhar Mahmood Chaudhary. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30895 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: David L. Venable, Esq. DAVID L. VENABLE 13201 Northwest Fwy Suite 800 Houston TX 77040 E-mail: david@dlvenable.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Azhar Chaudhary as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O2LBIBQ/Azhar_Chaudhary_Law_Firm_PC__txsbke-26-30895__0001.0.pdf?mcid=tGE4TAMA AZORRA FINANCE: Moody's Rates New Senior Unsecured Notes 'B1' ------------------------------------------------------------- Moody's Ratings has assigned a B1 backed senior unsecured rating to the proposed notes of Azorra Finance Limited and a Ba1 backed senior secured rating to the term loan add-on of Azorra SOAR TLB Finance Limited. Azora Finance Limited and Azorra SOAR TLB Finance Limited are wholly-owned subsidiaries of Azorra Aviation Holdings, LLC (Azorra). Azorra's Ba3 corporate family rating remains unchanged. The outlook for the three entities is stable. The rating actions follow the announcement by Azorra that it plans to issue new senior unsecured notes, the proceeds of which will be partially used to repay the outstanding amount under the company's existing revolving facility and for future asset purchases. RATINGS RATIONALE Azorra's Ba3 CFR reflects the company's niche business model of investing in and leasing crossover, widebody, and regional commercial aircraft, its improving profitability, and its strategy of fleet expansion in line with its financial policy. Pro-forma for the refinancing transaction, Azorra's debt-to-equity ratio is 2.7x as of September 30, 2025. Azorra has relatively high customer concentrations with its top five customers accounting for approximately 38% of its airline customers. The majority of the company's existing fleet consists of Embraer E-jet family of aircraft, including the E-170, E175, E190 and E195 series aircraft, with the remaining fleet comprised of seven ATRs, 9 A330, 21 A220 aircraft, seventeen engines and two jets. The company continues to expand its presence in the A220-300 aircraft family. While the operator base for this aircraft is still relatively limited, larger airlines continue to invest in A220s, including Air France, Delta Air Lines, Inc. (Baa2 stable) and JetBlue Airways Corp. (Caa1 stable), resulting in rising acceptance and a growing base of users. As of September 30, 2025, the company's purchase commitments amounted to $1.4 billion through 2027. The stable outlook reflects Moody's expectations that Azorra will continue to place its expanding fleet at favorable lease rates, while achieving better operating leverage, such that its profitability continues to expand. The stable outlook also reflects Moody's expectations that Azorra's debt-to-equity leverage will remain around 2.5x over time, comparable with peers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Azorra's ratings if the company demonstrates effective management of existing fleet risks, mostly focused on regional aircraft; profitability is sustained, as measured by net income/average managed assets above 1.0% as the business model evolves and demonstrates consistent operating performance; and the company continues to reduce its reliance on secured debt, lowers its customer concentrations and maintains strong capitalization. Moody's could downgrade the ratings if Azorra suffers from a deterioration in profitability such that net income/average managed assets declines to less than 0.5%; if the company loses a key customer relationship; or if the company's overall liquidity weakens. The ratings could also be downgraded if Azorra's fleet risks rise, raising risks to financial performance and stability. Azorra Aviation Holdings, LLC is an aircraft and engine leasing company based in Florida, USA. It is majority owned by certain funds managed by Oaktree Capital Management. As of September 30, 2025, the company had 191 aviation assets and total assets of $3.8 billion. The principal methodology used in these ratings was Finance Companies published in July 2024. BARRACUDA PARENT: Prospect Capital Marks $20MM 2L Loan at 27.5% Off ------------------------------------------------------------------- Prospect Capital Corporation has marked its $20,000,000 loan extended to Barracuda Parent, LLC to market at $14,497,000 or 72.5% of the outstanding amount, according to Prospect Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Prospect Capital Corporation is a participant in a Second Lien Term Loan extended to Barracuda Parent, LLC. The loan accrues interest at a rate of 10.84% (3M SOFR + 7.00%) per annum. The loan matures on August 15, 2030. Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. The company is a closed-end investment firm incorporated in Maryland. The company has elected to be regulated as a business development company under the Investment Company Act of 1940. The firm was organized on April 13, 2004, and was funded in an initial public offering completed on July 27, 2004. The Company is led by John F. Barry III as Chairman of the Board and Chief Executive Officer and Kristin L. Van Dask as Chief Financial Officer. The Company can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About Barracuda Parent, LLC Barracuda Parent, LLC builds cloud-first, enterprise grade security solutions. The Company provides easy, comprehensive and affordable solutions for email protection, application and cloud security, network security, and data protection to safeguard from threats. Barracuda Parent serves customers worldwide. BEAN THERE: Gets Extension to Access Cash Collateral ---------------------------------------------------- Bean There Done That, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The court issued a fifth interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with Cadence Bank's approval, effective until further court order. The Debtor projects total operating disbursements of $69,749 for January and $71,346 for February. Cadence Bank and other creditors with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral. This lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. The Debtor was ordered to keep its property insured in accordance with its obligations under the loan and security agreements with Cadence Bank. The next hearing is scheduled for March 3. Cadence Bank, an SBA-backed lender, holds a blanket lien on the Debtor's assets and an estimated claim of approximately $1.47 million. The Debtor's assets consist of cash on hand, equipment and inventory. About Bean There Done That LLC Bean There Done That, LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In the petition signed by Igor D. Bley, manager, the Debtor disclosed $143,453 in total assets and $1,504,704 in total liabilities. Judge Catherine Peek McEwen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. BEELINE HOLDINGS: Partners With Stellar for Encompass Integration ----------------------------------------------------------------- Beeline Holdings entered into an agreement with Stellar Innovations to integrate Beeline's proprietary BLINKQC quality control solution into the Encompass(R) loan origination system by ICE Mortgage Technology. The integration is expected to be live within approximately 90 days. Encompass is the most widely used loan origination system in the U.S., licensed by approximately 3,100 lenders and relied upon by banks, credit unions, and mortgage bankers--particularly mid- to large-scale institutions. Upon completion, the integration is expected to significantly expand BLINKQC's distribution footprint across the mortgage industry. Under current agency guidelines, a minimum of 10% of conventional mortgage files must undergo a pre-closing quality control review to meet Fannie Mae and Freddie Mac requirements. Many lenders satisfy this obligation through third-party providers, often using manual or semi-manual processes that can take hours or days to complete. As mortgage volumes increase, these timelines frequently extend, creating operational bottlenecks and delaying closings. BLINKQC is a fully digital quality control platform designed to address these challenges. The solution applies more than 400 automated rules simultaneously and can be initiated directly from a lender's underwriting workflow at the point of loan approval--earlier than the industry standard. Once loan data is transmitted through the Encompass integration, BLINKQC can return QC findings in minutes, enabling lenders to reduce cycle times, lower costs, and accelerate loan closings. Nick Liuzza, Chief Executive Officer of Beeline, commented, "We've worked closely with Stellar for several years across multiple initiatives, and expanding this collaboration to bring BLINKQC into the Encompass ecosystem is an exciting next step. Stellar's experience integrating complex lending and title solutions makes them an ideal partner. I'm also pleased to be working again with Andrew Michelson, whose leadership and marketing expertise were instrumental in scaling my prior company. This collaboration positions BLINKQC for broad adoption across the lending community." Under the terms of the agreement, Beeline will leverage Stellar Innovations' platform as its integration gateway into Encompass. Stellar will also provide software development services and marketing support to help drive adoption of BLINKQC among Encompass lenders. "This partnership is a natural fit," said Anish Thomas, Chief Executive Officer of Stellar Innovations. "We have deep respect for what Beeline is building and bring extensive experience in digital post-closing and quality control workflows. On the title side alone, we currently process approximately four million digital pages per month. We're excited to apply that expertise to BLINKQC and help lenders meet increasingly rigorous mortgage QC standards with greater speed and efficiency." About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BEXIN REALTY: Court Extends Cash Collateral Access to Feb. 28 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued its 10th interim order extending Bexin Realty Corporation's authority to use its lender's cash collateral. The 10th interim order authorized the Debtor to use the cash collateral of Cathay Bank through February 28 to pay the expenses set forth in its budget, with a 10% variance. Cathay Bank also holds a senior priority lien on substantially all of the Debtor's assets, including cash, rents, rents receivables and leases, which constitute cash collateral. The bank claims it was owed an amount not less than $17,395,111.73 as of the petition date. As protection, Cathay Bank will continue to receive a monthly payment of $20,000 and will be granted replacement security interests in and liens on all property of the Debtor to the extent and with the same priority as its pre-bankruptcy lien. To the extent of any diminution in value of its collateral, Cathay Bank will have a superpriority administrative expense claim Bexin's authority to use cash collateral will terminate if certain events occur, including a default under the order; a conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the appointment of a Chapter 11 trustee. A final hearing is scheduled for February 25. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BKM HOLDINGS: Files for Ch.11 Amid Huntington Receivership Bid -------------------------------------------------------------- BKM Holdings, LLC and affiliate Fettes Manufacturing Co. sought Chapter 11 bankruptcy protection on February 11, 2026, staving off an attempt by The Huntington National Bank to put both companies under the care of a receiver. The companies filed their Chapter 11 petitions before the U.S. Bankruptcy Court for the Eastern District of Michigan (Bankr. E.D. Mich. Lead Case No. 26-41407). BKM says it is a single asset real estate debtor. Both debtors disclosed $1 million to $10 million in both estimated and liabilities in their separately filed Chapter 11 petitions. BKM's is the lead case. BKM and affiliate Fettes were facing foreclosure proceedings initiated by Huntington in October 2024. On Jan. 29, 2026, the lender filed a motion with the U.S. District Court for the Eastern District of Michigan seeking the appointment of M. Shapiro Management Company as post-judgment receiver. Huntington recounted that on November 3, 2025, following default by Defendants under a Forbearance Agreement dated as of June 23, 2025, the District Court entered judgment against Defendants in the principal amount of $2,223,833.39, plus interest on the principal balance after October 23, 2025, plus expenses as of October 23, 2025 (including costs of collection of this Judgment including reasonable attorney fees). The Judgment is final and not appealable. According to Huntington, Defendants have made no payments on the Judgment and remain behind in payment of real estate taxes owed on the real properties owned by BKM Holdings, LLC, which were mortgaged to Huntington. Defendants have failed to pay such taxes from 2023 and subsequently. Huntington also pointed out that -- without notice to the Obligated Parties and without reference to the value of its assets or to the solvency or insolvency of them -- each of the Obligated Parties consents -- upon the occurrence of an event of default or default under this Agreement -- to the immediate reopening of the Lawsuit, to entry of the Judgment and to immediate appointment, whether by Lender or under order of any court, of a receiver for all or any of the Collateral, and further agrees to take all necessary steps to immediately, completely, and effectively transfer possession of and all of its respective right, title, and interest in and to the Collateral to any such receiver, including, without limitation, to transfer or assign all personal property, lists, accounts, intangibles, any licenses or franchises, and deeds for all real property. Huntington said the proposed receiver, M. Shapiro Management Company, L.L.C., a Michigan limited liability company, whose address is 31550 Northwestern Highway, Suite 220, Farmington Hills, Michigan 48334, has sufficient competence, qualifications, and experience to administer the receivership assets. It is in the best interest of the parties to appoint M. Shapiro Management Company, LLC as receiver. In addition, as evidenced by Defendants' failure to pay real estate taxes from 2023 onward for the real properties mortgaged to Huntington, Defendants are not properly preserving and protecting Huntington's mortgage interest and have no intention of doing so, therefore, M. Shapiro Management should be appointed and compensated from the Receivership Parties' assets. A status conference was set for Feb. 11 at 11:00 a.m. before District Judge Terrence G. Berg. However, BKM delivered to the Bankruptcy Court its Chapter 11 petition and Fettes its Chapter 11 SubChapter V Voluntary Petition before 10:30 a.m., effectively staying the District Court proceedings. Accordingly, District Judge Berg terminated the Motion to Appoint Receiver as moot at the status conference. About Fettes Manufacturing Co. and BKM Holdings, LLC BKM Holdings, LLC, a Michigan limited liability company, that owns real properties. Fettes Manufacturing Co. is a Michigan corporation. BKM , LLC and affiliate Fettes Manufacturing sought Chapter 11 bankruptcy protection on February 11, 2026, staving off an attempt by The Huntington National Bank to put both companies under the care of a receiver. The companies filed their Chapter 11 petitions before the U.S. Bankruptcy Court for the Eastern District of Michigan (Bankr. E.D. Mich. Lead Case No. 26-41407). BKM says it is a single asset real estate debtor. Both debtors disclosed $1 million to $10 million in both estimated and liabilities in their separately filed Chapter 11 petitions. BKM's is the lead case. BKM and Fettes are represented in the Chapter 11 cases by: Charles D. Bullock, Esq. Stevenson & Bullock, P.L.C. Tel: 248-354-7906 E-mail: cbullock@sbplclaw.com Fettes and BKM faced a receivership case captioned as The Huntington National Bank v. Fettes Manufacturing Co., BKM Holdings, LLC, Case No. 2:24-cv-12818 (E.D. MI), before the Hon. Terrence G. Berg. The case was filed on Oct. 25, 2024. Attorneys for The Huntington National Bank are: Adam Behrendt, Esq. Marc M. Bakst, Esq. J. Adam Behrendt, Esq. Melissa B. Moore, Esq. BODMAN PLC 201 W. Big Beaver, Suite 500 Troy, Michigan 48084 Tel: (248) 743-6000 E-mail: abehrendt@bodmanlaw.com BLD REALTY: Court Narrows Claims in Perfect Price Adversary Case ---------------------------------------------------------------- Judge Midred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico granted in part, and denied in part, Michael A. Pabon's motion for summary judgment in the adversary proceeding captioned as BLD REALTY INC., Plaintiff v. PERFECT PRICE INC.; PERFECTO RIVERA IZQUIERDO; LATIN INVESTMENT CORP.; RAMON CLAS VAZQUEZ; MICHAEL A. PABON RIVERA; PRODUCTOS LA PERFECTA, CORP.; JOHN DOE 1-5, Defendants, ADVERSARY CASE NO. 22-00034 (Bankr. D.P.R.). The Plaintiff, BLD Realty Inc., filed a ten-count complaint against various defendants. In a prior opinion and order, the court dismissed the second, third, fourth, fifth, sixth, and seventh counts of the complaint The first, eighth, ninth, and tenth counts of the complaint survived. The first cause of action seeks a declaratory judgment that the monies owned by co-defendants Perfecto Price, Inc. and Mr. Perfecto Rivera constitute property of the estate, pursuant to 11 U.S.C. Sec. 541. The eight cause of action involves a turnover of property, pursuant to 11 U.S.C. Sec. 542. The ninth cause of action seek damages for tortious interference and/or collusion, and the last count seeks to pierce the corporate veil. Pabon moves for summary judgment on the remaining counts. In his motion for summary judgment, Pabon shows that he is not named as a party defendant in the first and eight counts of the complaint and that those counts should be denied as to him. The Court agrees. Pabon is therefore entitled to judgment in his favor. Pabon, however, is not entitled to summary judgment as to the ninth and tenth counts of the complaint because these counts involve issues of controverted facts. The ninth action pertains to damages for tortious interference and/or collusion. The disputed facts are the existence of a contract and/or agreement between BLD and Triangle REO PR Corp. BLD owned two real properties. BLD had a mortgage with Triangle which allegedly was being paid from the rent monies received by Perfect Price, Inc. Mr. Perfecto Rivera, president of Perfect Price, Inc., guaranteed the rental payment from his corporation to BLD. The complaint avers that while BLD and Triangle were negotiating a discount payoff amount, Perfect Price, Inc. and its owner ceased to pay rent to BLD and interfered in the negotiations with Triangle. Then another corporation, Latin Investment Corp., purchased the mortgage note from Triangle. It is alleged that all the defendants are related and conspired to take BLD's two real properties. For those averments, BLD asserts in the tenth count that the corporate veil should be pierced. It is also controverted whether defendants' action interfered with the alleged contract and/or agreement as well as the dates of such alleged actions. The Court grants in part as to first and eight counts of the complaint but denies in part as to the ninth and tenth counts of the complaint. A copy the Court's Opinion and Order dated February 6, 2026, is available at https://urlcurt.com/u?l=5B5xuT About BLD Realty BLD Realty, Inc. is the fee simple owner of two real properties located at Barrio Espinosa in Vega Alta, P.R., having an aggregate value of $1.34 million. The company is based in Guaynabo, P.R. BLD Realty filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-00802) on March 24, 2022, listing $1,900,571 in assets and $3,834,736 in liabilities. Roberto Santos Ramos serves as Subchapter V trustee. Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the Debtor's legal counsel. BON MORRO: Seeks to Extend Plan Exclusivity to May 1 ---------------------------------------------------- The Bon Morro, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Massachusetts to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 1 and June 30, 2026, respectively. The Debtors explain that extension of the Exclusivity Periods is warranted because it will give the companies sufficient time to resolve the Collateral valuation dispute with Madison, the key gating issue for any plan going forward. Regardless of the outcome of the valuation dispute when it is heard by the Court on March 2, 2026, the Debtors need to determine the value of the Collateral before they can devise a plan that offers treatment to Madison and the other claimants on account of such determination. The Debtors claim that they continue to diligently advance these Chapter 11 Cases. Through stipulations with the Landlord, Madison, and other creditors, the Debtors are laying the groundwork for plan negotiations. The Debtors are eager to quickly exit from these Chapter 11 Cases and require additional exclusivity in order to continue their good-faith efforts to finalize and pursue confirmation of a chapter 11 plan. The Debtors note that they continue to play an active role in stabilizing and attempting to improve their financial position. By hiring ordinary course professionals to accelerate the marketing of unoccupied commercial space, the Debtors are fully engaged in increasing operating cash flow. Additionally, the Debtors remain current on all operating expenses needed to maintain the Project in the ordinary course. The Debtors assert that by seeking extensions to the Exclusivity Periods, the companies aim not to leverage their creditors, but rather to have sufficient time to resolve the key dispute with their largest creditor. In that spirit, the Debtors have supported multiple extensions of cash collateral negotiations with Madison in the hopes of reaching a consensual solution without the need for further litigation. Upon determination of the value of Madison's Collateral, the Debtors intend to promptly finalize and prosecute a plan for the benefit of all parties-in-interest. The Debtors further assert that the Madison valuation dispute will not be resolved until March 2 at the earliest. Given the wide range of potential outcomes in the Collateral valuation dispute, it would be premature for the Debtors to attempt to formulate, structure, and finalize a Plan until they know the value of the Collateral and the resulting Plan treatment to which Madison and all other parties-in-interest will be entitled. Finally, the Debtors have only been in chapter 11 since November 2, 2025, and the extensions requested herein do not approach the statutory limits under section 1121 of the Bankruptcy Code. This Motion is the Debtors' first request for an exclusivity extension and reflects the realities of pursuing a plan while simultaneously litigating with two of the Debtors' largest stakeholders (Madison and the Landlord) in order to maximize the value of the estates. For the foregoing reasons, the Debtors believe that ample cause exists to extend the Exclusivity Periods as set forth herein. Counsel to the Debtors: Douglas R. Gooding, Esq. M. Hampton Foushee, Esq. CHOATE HALL & STEWART LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 E-mail: dgooding@choate.com hfoushee@choate.com About The Bon Morro, LLC The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the Company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is the Debtors' legal counsel. BOTTOMLINE INK: Court Extends Cash Collateral Access to April 8 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio entered a second interim order authorizing Bottomline Ink Corporation to use its secured creditors' cash collateral. The order authorized the Debtor to use the cash collateral of Waterford Bank, N.A. and Unique Funding Solutions, LLC on an interim basis to pay operating expenses in accordance with an approved budget, subject to a 10% variance per line item or in the aggregate. The Debtor may also use cash collateral to pay professional fees (upon court approval), U.S. Trustee quarterly fees, additional court-approved expenses, and any further adequate protection payments ordered by the court. As adequate protection, the Debtor must make monthly interest payments of $12,000 to Waterford beginning this month and provide financial reporting, including a 13-week cash flow, weekly variance reports, and borrowing base certificates. In addition, Waterford will be granted a post-petition replacement lien with the same validity and priority as its pre-bankruptcy liens, excluding avoidance actions. Unique is not entitled to cash payments as adequate protection but will be granted a similar replacement lien on post-petition collateral except avoidance actions. Other forms of protection include maintenance of insurance, payment of post-petition taxes, and authorization for Waterford to exercise setoff rights against $33,544 in pre-bankruptcy account balances. The Debtor's authority to use cash collateral continues through April 8, unless earlier terminated by specified events of default or court order. The court scheduled a further hearing for April 6. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yWuFS from PacerMonitor.com. About Bottomline Ink Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BRAVO BRIO: Shuts Down Louisville Location Amid Bankruptcy Reorg. ----------------------------------------------------------------- Dan Eaton of Columbus Business First reports that Bravo Italian Kitchen has shuttered its Louisville restaurant as part of a broader bankruptcy reorganization by its corporate parent. The Oxmoor Center‑area location, open since 2003, closed without prior announcement following the Chapter 11 filing by Bravo Brio Restaurants LLC, which operates Italian dining concepts across the country. Bravo Brio entered bankruptcy last August 2025, seeking to restructure debt and streamline operations amid industry‑wide headwinds that have hurt casual dining chains. The company previously closed multiple underperforming restaurants and continues efforts to stabilize its business through the court‑supervised process, the report cites. Local court filings show the Louisville unit was targeted for closure under the restructuring strategy, leaving the city without its sole Bravo Italian Kitchen after more than two decades of service. The broader bankruptcy case continues as the company navigates its reorganization plan. About Bravo Brio Restaurants, LLC Bravo Brio Restaurants, LLC is a Florida‑based restaurant operator behind the Bravo! Italian Kitchen and Brio Italian Grille chains. The multi‑state casual dining group known for Italian‑American cuisine. Bravo Brio Restaurants, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05224) on August 18, 2025, listing $50,000,001 to $100 million in both assets and liabilities. Judge Lori V Vaughan presides over the case. R Scott Shuker, Esq. at Shuker & Dorris, P.A. represents the Debtor as counsel. BRIGHT MINDS: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------ On February 2, 2026, Bright Minds Afterschool Program, LLC filed for Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $0 and $100,000 in assets, $1 million to $10 million in liabilities, and 1–49 creditors. About Bright Minds Afterschool Program, LLC Bright Minds Afterschool Program, LLC provides educational and enrichment programs for children outside standard school hours. Bright Minds Afterschool Program, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51447) on February 2, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1–10 million. The Debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. BRIGHTSTAR LOTTERY: Fitch Affirms & Then Withdraws BB+ IDR ---------------------------------------------------------- Fitch Ratings has affirmed Brightstar Lottery PLC, Brightstar Lottery Holdings B.V., and Brightstar Lottery S.p.A's (collectively, Brightstar) Long-Term Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed Brightstar's senior secured debt ratings at 'BBB-' with a Recovery Rating of 'RR2'. The Rating Outlook is Negative. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Brightstar. The Negative Outlook reflects a higher concession fee to retain the Italian Lotto contract as compared to its previous price tag in 2016, partly funded by incremental debt. Fitch expects EBITDA leverage to be in the 4.5x-5.0x range over the near term, outside Fitch's negative sensitivity of 4.0x, before falling below 4.5x in 2027. The affirmation reflects a strong lottery business that has a dominant market share in the industry, predictable and resilient cash flows, long-term contracts, and incremental upside from iLottery's adoption. Fitch has chosen to withdraw the ratings of Brightstar for commercial reasons. Key Rating Drivers Leverage Peaking: Fitch-defined EBITDA leverage (i.e. EBITDA adjusted for dividends paid to minorities in various joint ventures [JV]) is expected to be in the 4.5x-5.0x range until 2026, following the EUR1 billion raised last year, in part to pay for the EUR2.23 billion upfront Italian Lotto contract (about 20% of sales), payable in three instalments and of which Brightstar is responsible for only 61.5% of the fee. Fitch forecasts Brightstar's leverage will decline to about 4.4x in 2027, driven by steady growth in its core retail business, further penetration in the iLottery space, while reaping the benefits of its business-to-consumer (B2C) digital gaming investments in iCasino, sports betting and Bingo. Subsequently, leverage will temporarily rise above 4.5x once again to accommodate for the Italian Scratch & Win (S&W) instant ticket games contract (about 20% of sales) set to expire in September 2028. Fitch assumes a price tag of EUR1.2 billion, up from EUR800 million during the 2017 renewal process, and for the existing Lotterie Nazionali S.r.l. JV (64% ownership) to be intact, with the other two participants required to provide capital contributions for their share of the upfront fee. Brightstar has a target net EBITDA leverage of 3.0x, but Fitch determines leverage on a gross-debt basis and adjusts EBITDA for dividend payments to non-controlling interests. Solid Lottery Business: Brightstar benefits from a unique competitive advantage as the only business-to-business (B2B) system provider that is also a significant B2C lottery operator, strong market penetration (about 90% market share in Italy and about 75% in the U.S.), longstanding customer relationships primarily with governments, long-term contracts with recurring revenue (about 80% of sales), and robust renewal rates. Its business is resilient and exhibits favorable characteristics such as less cash flow volatility and stable low- to mid-single-digit growth rates. The industry is less prone to recessionary headwinds and economic shocks and has demonstrated positive spend-per-capita trends even during periods of dislocation, despite meaningful casino development over the last 20 years, including in states that have legalized traditional casino gaming. The lottery industry is also less exposed to competitive threats, benefitting from significant barriers to entry due to high regulatory oversight and capital intensity. It enjoys strong tailwinds from iLottery adoption, considering it appears to expand the player base. Industry Leader: Brightstar is a market leader in lottery technology and services, primarily earning revenue from draw games and instant tickets, and it competes with Scientific Games and Intralot. It contracts with around 90 customers around the world, including about 40 U.S. jurisdictions, including Texas, New York, California, Florida and New Jersey, and holds a strong market position in Italy. Brightstar typically retains contract renewals through strong performance and value-added services. Recently, it secured new contracts in California, Sao Paulo and western Australia. Considerable Cash Demands: Fitch expects FCF to remain negative in 2026, though an improvement from 2025 when a special one-time dividend was paid to shareholders as part of the sale of International Game Technology PLC's (IGT) gaming and digital segment was included in Fitch's evaluation. This is primarily due to the upfront fee for the Lotto contract. Thereafter, Brightstar will revert to steady FCF margins in the mid-single digits once the heavy capex cycle subsides and the company grows its operations from share expansion, innovation and portfolio optimization, and channel and touch point expansion. High Recurring Revenues: Brightstar generates about 80% of its revenue from recurring sales, providing predictable and sustainable cash flows. Relationships tend to be governed by exclusive long-term contracts, with service agreements averaging over 10 years, and are diversified across business models, products, and customers. The termination of, or failure to renew or extend, its contracts, which are awarded through competitive procurement processes, could place the company at a competitive disadvantage. However, the lottery business has successfully converted nearly all of its top 10 incumbent contract re-bids. Parent Subsidiary Linkage: Fitch equalizes the ratings of Brightstar Lottery PLC., the parent, and its two subsidiaries, Brightstar Lottery Holdings B.V. and Brightstar Lottery S.p.A., as the entities are co-borrowers under certain facilities and provide cross-guarantees to each other, which effectively equalize the probability of default across the entities. Peer Analysis Brightstar is stronger than its lottery peers Scientific Games Holdings LP (SG; B/Negative); Intralot S.A. (B+/Negative); and Allwyn International a.s. (BB-/Rating Watch Positive). SG is a market leader in instant games, with a company-estimated global market share of about 70%, established customer relationships with strong renewal rates, a defensible market position, and diversification across customers and jurisdictions. However, its Fitch-defined EBITDA leverage is currently high at about 8.0x in 2025 and is projected to moderate sequentially to 7.6x in 2026, mostly due to new systems and solutions deals coming online. Subsequently, leverage will trend lower to about 7.3x as new wins ramp up, despite Fitch's assumption of some revolver draws to fund incremental growth opportunities. Intralot's IDR reflects the acquisition of Bally International Interactive, a subsidiary of Bally's Corporation (B-/Stable), resulting in larger scale and higher product and geographic diversification, alongside high operating profitability and FCF margins. The Negative Outlook is driven by Intralot's material exposure to the increased taxation in the UK, which is expected to result in EBITDA expectations revised down for 2026-2027. Allwyn, the largest European private lottery operator, has a solid business profile, with increasing product and geographical diversification and scale. The Rating Watch reflects an anticipated improvement in business profile from the streamlining of its group structure, leading to consolidation of Organization of Football Prognostics S.A.'s cash flows and a corresponding reduction of proportional leverage. Post-consolidation proportional net leverage will be about 3.7x by 2027. Fitch's Key Rating-Case Assumptions -- Total sales net of upfront license fee amortization grow in low single digits CAGR, supported by improvements in its core land-based operations in Italy and the U.S., new Italian B2C digital expansion initiatives led by iLottery, better iLottery regulatory momentum in the U.S., and growth in underpenetrated international markets. -- 2025 EBITDA margin contracts to about 44%, due to increased investment in the business (contract re-bids and extensions, cloud-based solutions, and network optimization) and an unfavorable impact due to product sale mix. Thereafter, margin expands by 200bps-300bps in each of 2026 and 2027 settling at around 49% over Fitch's forecast period, initially due to the recent initiatives to right-size the organization (via OPtiMa 3.0) after the sale of the gaming and digital segment, followed by a proliferation of the digital channel in Italy; -- Capital commitments remain elevated over the next two years due to the successful re-bid of the Italian Lotto contract, followed by key renewals/extensions in New York and California in 2026, and Texas, along with a sequence of smaller contracts mostly already secured. Capex is estimated to average at about $400 million from 2025-2028; -- 2025 gross debt of $4.1 billion rises nominally, followed by some moderation in debt quantum in 2027 due to the required amortization under its 2030 Euro term loan. Fitch assumes a price tag of EUR1.2 billion for the Italian Scratch & Win contract, which Brightstar wins in 2028 as part of its existing Lotterie Nazionali S.r.l. JV (64% ownership) and it funds with some additional debt; -- Fitch assumes capital allocation remains split between steady annual dividends and opportunistic share repurchases, with the two-year $500 million share repurchase program instated in mid-2025 to be fully used; -- Base interest rates assumptions reflect the current SOFR 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+, Higher), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Moderate), Financial Structure (bb-, Moderate), 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 'a' results in no adjustment. -- The SCP is 'bb+'. To derive the IDR: -- No adjustments made to SCP resulting in an IDR of 'BB+'. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per the Corporates Recovery Ratings and Instrument Ratings Criteria. Issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and they would likely generate Recovery Ratings that are too high across all instruments. Where an RR is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher EV of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB+', the Category 2 first lien senior secured debt is notched one level to 'BBB-'/'RR2'. The 'RR2' for Brightstar's secured debt reflects its designation as a Category 2 first lien under the Country-Specific Treatment of Recovery Ratings Criteria as Fitch applies caps in a number of jurisdictions, given the instruments are issued by non-U.S.-based borrowers and material cash flows and assets generated outside of the U.S. for the Brightstar (39% in Italy, 13% Rest of World, and the remaining 48% in U.S. and Canada). RATING SENSITIVITIES Rating sensitivities are not applicable as the ratings have been withdrawn. Liquidity and Debt Structure At Sept. 30, 2025, Brightstar had $1.6 billion in cash and cash equivalents and $1.6 billion in additional borrowing capacity under its partially drawn revolving facilities, which mature concurrently in July 2027 and which were downsized from $820 million to $650 million and EUR1 billion to EUR800 million earlier this year. In comparison, scheduled annual debt repayments are EUR200 million for the company's term loans maturing in September 2030. Brightstar's capital structure is fully secured and has a well-laddered debt maturity wall spread across 2027 to 2030. Brightstar should have sufficient liquidity in the near term to cover all required instalment payments associated with its Lotto contract re-bid. FCF margin will be substantially negative in 2025 due to a heavy capex schedule focused on Italian and U.S. contract renewals, the payment of Lotto contract's first two installments, and the special dividend distributed as part of the sale of IGT's gaming and digital businesses. However, Fitch expects it will steadily improve over the rating horizon and approach mid-single digits once the heavy capex cycle subsides. Issuer Profile Brightstar Lottery PLC is a global leader in lottery delivering lottery operations, retail and digital solutions, and games. BW NHHC HOLDCO: Moody's Appends 'LD' Designation to PDR ------------------------------------------------------- Moody's Ratings appended a limited default "/LD" designation to BW NHHC Holdco, Inc.'s ("BW NHHC") probability of default rating, revising it to Ca-PD/LD from Ca-PD to reflect a limited default resulting from failure to pay maturing obligations under its second-out term loan agreement on January 31, 2026 (forbearance termination date). The LD designation will remain in place until the missed payments are resolved. On February 02, 2026, the private equity arm of Ares Management Corporation and DaVita Inc. (Ba2 stable) announced that they will acquire BW NHHC in a transaction which upon necessary regulatory approvals, is expected to close in mid-2026. BW NHHC's lenders of the second-out term loan credit agreement did not view this buyout as a valid, binding, timely and enforceable Milestone Transaction (as defined in the second-out term loan credit agreement - last amended on September 19, 2025), which could have automatically extended the forbearance term from January 31, 2026 to June 30, 2026. There is no change to BW NHHC's Ca corporate family rating (CFR) or the ratings on the other debt instruments, including the Caa1 rating of the backed super priority senior secured term loan(first-out term loan), Ca rating of the backed senior secured bank credit facility (second-out term loan) and the C ratings of backed senior secured bank credit facility (third-out term loan and senior secured second lien term loan). The outlook remains stable. BW NHHC Holdco, Inc., headquartered in Dallas, TX, provides skilled home health, personal care, behavioral health and hospice services, primarily to Medicare and Medicaid patients. Revenue was $1.1 billion for the twelve months ended September 30, 2025. The company is currently owned by Blue Wolf Capital Partners LLC and Kelso & Company. C&D TECHNOLOGIES: Moody's Rates New $373MM 1st Lien Term Loan 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to C&D Technologies, Inc.'s (C&D Technologies) proposed $373 million backed senior secured first lien term loan maturing December 2027. The existing ratings of C&D Technologies, including the B2 corporate family rating, the B2-PD probability of default rating and the B2 senior secured rating, are not affected by the transaction. The outlook remains stable. C&D Technologies is seeking to amend its senior secured first lien term loan to extend the maturity date of the loan by one year. In addition, the company will use up to $175 million of the proceeds from Section 45X tax credits to pay down the amended term loan within 60 days of receipt of the proceeds. Along with higher earnings, the repayment would lower debt-to-EBITDA over the next 12-18 months to below 5.5x, calculated excluding Section 45X tax credits in EBITDA. RATINGS RATIONALE C&D Technologies' ratings reflect the company's well-established position as a leading manufacturer of batteries for stand-by applications and low-speed electric vehicles and equipment. The company also benefits from solid aftermarket demand and good end market and geographic diversification. However, the ratings are constrained by high financial leverage, modest margin and adequate liquidity, owing to continued negative free cash flow, excluding Section 45X tax credits. C&D Technologies has moderate size and a narrow product focus. C&D Technologies stands to benefit materially from Section 45X tax credits for the domestic manufacturing of batteries. However, the deployment of cash from such tax credits remains uncertain, notwithstanding the planned term loan repayment of up to $175 million. Moody's expects revenue to grow by 5% per year over the next 12-18 months, owing to improved demand in the motive end market and strong demand in the data center end market. Excluding Section 45X tax credits, Moody's also expects the EBITA margin to improve modestly over the next 12-18 months, underpinned by favorable pricing, higher sales volume and strong cost and expense control efforts. Liquidity will be adequate over the next 12 months but the likely eligibility for a material amount of Section 45X tax credits holds the prospects for an improvement in liquidity. Liquidity is supported by access to the asset-based revolving credit facility expiring in June 2027. The committed availability under the asset-based revolving credit facility was approximately $48 million as of the end of September 2025. The availability is less than the committed amount of $180 million because of a lower borrowing base, drawings of nearly $95 million and $9.3 million in letters of credit. The asset-based revolving credit facility has a springing financial covenant that is tested when excess availability is less than 10% of the facility amount, requiring minimum interest coverage of 1.0x. v do not expect the covenant to be tested over the next 12 months. Excluding the proceeds from Section 45X tax credits, Moody's expects free cash flow to be to negative $35 million over the next 12 months. However, Moody's expects the company to receive Section 45X tax credits from the US government in 2026 in an amount similar to 2024. The $373 million first lien term loan matures in December 2026, which would be extended to December 2027 upon closing of the proposed amendment. The stable outlook reflects Moody's expectations that a recovery of demand for lead acid batteries and strong cost and expense controls will result in higher revenue and a higher margin over the next 12-18 months. The stable outlook also incorporates the planned repayment of the senior secured first lien term loan of up to $175 million by using the proceeds from Section 45X tax credits. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if sufficient evidence supports that C&D Technologies remains eligible for annual tax credits in relation to its domestic battery manufacturing operations under Section 45X of the Internal Revenue Code. The ratings could also be upgraded if EBITA margin is sustained above 6%, debt/EBITDA is sustained below 5x and the company generates meaningful free cash flow, excluding the benefit of Section 45X tax credits. Finally, Moody's would expect the company to maintain a balanced financial policy demonstrating prudent deployment of cash from Section 45X tax credits prior to a rating upgrade. The ratings could be downgraded if C&D Technologies experiences a sustained, material decline in revenue. The ratings could also be downgraded if debt/EBITDA exceeds 5.5x or EBITA/interest expense declines below 1.5x, excluding the benefit of Section 45X tax credits. If the company is unable to timely address debt maturities in December 2026, the ratings could also be downgraded. The principal methodology used in these ratings was Manufacturing published in September 2025. C&D Technologies, Inc., headquartered in Horsham, PA, designs and manufactures battery systems for storing and transmitting electrical power for standby applications. C&D Technologies also designs and manufactures batteries for golf carts, floor cleaning machines, aerial work platforms and other low speed electric vehicles. C&D Technologies is owned by funds managed by KPS Capital Partners, LP. Revenue for the 12 months ended September 2025 was $869 million. CADUCEUS PHYSICIANS: Unsecureds Owed $6.1M to Recover 1.3% in Plan ------------------------------------------------------------------ Caduceus Physicians Medical Group, a Professional Medical Corporation d/b/a Caduceus Medical Group, and Caduceus Medical Services, LLC submitted a Disclosure Statement describing Second Amended Liquidating Plan dated February 4, 2026. The Debtors' pursuit of funding or a sale transaction generated significant interest from parties with active medical practices in Orange County. However, to ensure that Debtors were prepared for a sale transaction, the chapter 11 cases were filed. The assets of the Estates include the Debtors Cash on hand as of the Effective Date, which will be transferred to the Liquidating Trust as of the Effective Date, any proceeds from the investment of such Cash, the Debtors' employee retention credit in the amount of $1,884,476 ("ERC"), and any Causes of Action and Avoidance Actions. Pre-petition, the Debtors' payroll provider, ADP, prepared and submitted the ERC claim to the Internal Revenue Service for CPMG. ADP vetted the ERC claim and advised that it should be paid in full. The length of time from submission to payment is approximately 12-14 months. Although it has now been approximately 18 months since the ERC claim was submitted, Debtors are informed that due to the 2025 federal government shutdown, payment of the ERC claim will be further delayed. The Debtors are not aware of any Causes of Action and Avoidance Actions. To the extent that any Causes of Action and Avoidance Actions are later identified, the Debtors' or Liquidating Trustee after the Effective Date will investigate and pursue such claims. The Debtors believe that there are no remaining Secured Claims in this Case. All remaining assets are unencumbered and available for distribution to Holders of Allowed Administrative Expense Claims and Claims in the order of their priority. Pursuant to the Plan, the Debtors propose an orderly liquidation of their remaining assets. The Plan provides for the transfer all assets of the Debtors' Estates into a Liquidating Trust that will be administered by the Liquidating Trustee. The Liquidating Trustee will be responsible for administering and liquidating the assets, including the pursuit and resolution of any Causes of Action, and making distributions to creditors in accordance with the terms of the Plan and in accordance with the distributive priorities of the Bankruptcy Code and the Plan. The Debtors' assets will be transferred to the Liquidating Trust on the Effective Date of the Plan. According to the Exhibit B liquidation analysis, Allowed Class 1 Claims are projected to receive distributions totaling $82,246, which the Debtors have valued at 1.3% on the dollar. Pursuant to the Plan, payments to Allowed Class 1 Claims will be paid pro rata from funds received by the Liquidating Trust after payment of U.S. Trustee Fees, Professional Fee Claims, Other Administrative Expense Claims, Priority Tax Claims, Class 1 Claims, and the expense of administration of the Liquidating Trust. The Plan is a liquidating plan. Substantially all of the Debtors' assets have been sold, the ERC is expected to be paid in full, and the Plan provides for the orderly administration and liquidation of any remaining assets and distribution of the Debtors' assets by the Liquidating Trustee. In the event that Allowed Professional Fee Claims and Allowed Other Administrative Expense Claims exceed the amounts projected on Exhibit B resulting in no distribution to Allowed Class 1 Claims, all Allowed Professional Fee Claims and Allowed Other Administrative Expense Claims will be paid pro rata from available funds. Class 1 consists of General Unsecured Claims. Pro Rata share from funds received by the Liquidating Trust after payment of U.S. Trustee Fees, Professional Fee Claims, Administrative Expense Claims, Other Administrative Expense Claims, Priority Tax Claims, Class 1 Claims, and the expense of administration of the Liquidating Trust. Estimated recovery projected to be 1.3%. Based on the scheduled and filed claims in the case, it is expected that the total Allowed General Unsecured Claims will be approximately $6,154,448. The Debtors project that approximately $82,246 will be available to satisfy the Allowed Claims in Class 1 (General Unsecured Claims). The actual amount distributed to Holders of Class 1 General Unsecured Claims (and the timing any such distributions) will vary based on the assets recovered. Holders of Classes 2 and 3 Interests will not receive a distribution under the Plan. Although the Plan will become effective only on the Effective Date, on and after the Confirmation Date until the Effective Date, the Debtors shall take or cause to be taken all actions which are necessary to enable the Plan to become effective on the Effective Date and to implement and perform the Plan on and after the Effective Date. The Plan will be funded when the ERC funds have been received by the Debtors. Pursuant to the Sale Order, the Debtors sold substantially all assets of the Estates to Anchor. Under the APA. On the Effective Date, all property of the Estates, including any remaining Cash and the ERC shall vest in the Liquidating Trustee, on behalf of the Liquidating Trust, free and clear of all Liens, Claims, and other interests of creditors and equity security holders. A full-text copy of the Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=AGPYQ1 from PacerMonitor.com at no charge. Counsel to the Debtors: David A. Wood, Esq. Matthew W. Grimshaw, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, at Marshack Hays Wood, LLP, is the Debtors' legal counsel. CAL-ORANGE: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: Cal-Orange Properties LLC 11122 Washington Blvd Culver City, CA 90230 Business Description: Cal-Orange Properties LLC operates as a single-asset real estate entity, as defined under Section 101(51B) of Title 11 of the United States Code. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11228 Judge: Hon. Sheri Bluebond Debtor's Counsel: John Patrick M. Fritz, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 E-mail: jpf@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Benyamin Hassidim and Ofir Chanael as members. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6QH6EY/Cal-Orange_Properties_LLC__cacbke-26-11228__0001.0.pdf?mcid=tGE4TAMA CARDIFF LEXINGTON: Removes Redemption on Series N Preferred Shares ------------------------------------------------------------------ Cardiff Lexington Corporation filed a Certificate of Amendment to the Certificate of Designation for the Company's Series N Senior Convertible Preferred Stock with the Nevada Secretary of State's Office on January 29, 2026, pursuant to which the Certificate of Designation was amended to remove the redemption provisions, which previously provided for an optional redemption by the Company and a mandatory redemption at the option of the holder in certain circumstances. The Amendment was approved by the requisite holders of the Company's Series N Senior Convertible Preferred Stock. A full text copy of the Amendment is available at https://tinyurl.com/mv3a4j9 About Cardiff Lexington Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation is an acquisition holding Company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Specifically, the Company has and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages and capital structures, and it intends to focus its portfolio of subsidiaries approximately as follows: 80% will be targeted to established profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial services (emerging businesses with a strong organic growth plan that is materially cash generative). Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 14, 2025, citing that the Company has experienced recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $27.6 million in total assets, $22.6 million in total liabilities, $5.4 million in total mezzanine equity, and $364,430 in total stockholders' deficit. CARPENTER FAMILY: Plan Exclusivity Period Extended to March 11 -------------------------------------------------------------- Judge Andrea K. McCord of the U.S. Bankruptcy Court for the Southern District of Indiana extended Carpenter Family Farms, LLC and affiliates' exclusive periods to file a plan of reorganization to March 11, 2026. As shared by Troubled Company Reporter, the Debtors explain that they are working toward liquidating some of their assets. Once those assets are sold, the Debtors will be able to propose a plan of reorganization together with a disclosure statement. The Debtors claim that the interests of all parties are best served by allowing the companies an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization. The Debtors believe that they need an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including March 11, 2026, to make the necessary changes to their business operations to submit a disclosure statement and plan of reorganization. Carpenter Family Farms, LLC is represented by: Jeffrey M. Hester, Esq. Allman Kight Hester LLC One Indiana Square, Suite 1330 Indianapolis, IN 46204 (317) 833-3030 Fax: (317) 833-3031 Email: jhester@akhlaw.com About Carpenter Family Farms Carpenter Family Farms, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sept. 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC, is the Debtor's legal counsel. CARROLLTON GATEWAY: North Dallas Land in Bankruptcy Sale -------------------------------------------------------- The Hilco Global real estate group announces the Chapter 11 bankruptcy sale of Carrollton Gateway, an 11.2+/- acre, mixed-use land assemblage located at 2441 North Broadway Street in Carrollton, Texas. Positioned along one of North Dallas' most heavily traveled transportation corridors, the property offers exceptional freeway frontage, visibility and access, making it a premier redevelopment opportunity in one of the Dallas--Fort Worth (DFW) Metroplex's most dynamic growth markets. Recently acquired and court approved for immediate sale, Carrollton Gateway is strategically positioned in the center of the DFW metroplex as a four-tract, master-planned development designed to accommodate a diverse mix of hospitality, residential, office and retail uses. The proposed configuration includes: * Tract 1, a 1.5+/- AC site planned for a six-story minimum, 12-story maximum hospitality and/or office development; * Tract 2, a 3.9+/- AC site planned for a six-story residential development with ground-floor retail; * Tract 3, a 2.6+/- AC site allowing a six-story minimum and up to a 20-story maximum hospitality and/or office development; and * Tract 4, a 3.2+/- AC site allowing a minimum of six-story and up to a 20-story maximum residential, hospitality and/or office development. The property benefits from dual zoning within the Trinity Mills Transit Center (TMTC) and Freeway (FWY) designations, allowing a wide range of high-density, transit-oriented uses while minimizing entitlement risk. Immediate access to Interstate 35 East, combined with proximity to the Trinity Mills DART Rail Station, provides seamless connectivity to major employment centers throughout Carrollton, Addison, Plano, Las Colinas and Downtown Dallas. The diverse employment base and central North Dallas location of Carrollton Gateway offer developers and investors the scale, flexibility and visibility necessary to execute a landmark, mixed-use project. The site may be acquired as a single assemblage or on a tract-by-tract basis, allowing for phased development strategies. The DFW Metroplex continues to rank among the fastest-growing metropolitan areas in the United States, adding hundreds of thousands of new residents over the past several years and consistently leading the nation in net population and job growth. Home to one of the largest concentrations of Fortune 500 headquarters and supported by a diverse economy spanning technology, finance, logistics, healthcare and manufacturing, the region has experienced sustained demand across housing, retail, office, hospitality and transit-oriented development (TOD). Within this high-growth environment, the new Trinity Mills Station has emerged as a compelling hub of connectivity and redevelopment, anchored by multiple DART rail stations and the Trinity Mills Transit Center, which link the community to major employment nodes across North Dallas and beyond. As DFW's economy continues to expand and attract both corporate relocations and population inflows, development opportunities such as Carrollton Gateway are well positioned to capture long-term demand for urban infill, mixed-use and higher-density projects in one of the state's most sought-after growth markets. Benjamin Zaslav, J.D., director at Hilco Global, stated, "In this bankruptcy sale, where certainty of execution is paramount, Carrollton Gateway offers a rare combination of ready and clear development parameters, flexible zoning and institutional-scale density. This asset allows qualified buyers to move decisively while capitalizing on a high-profile North Dallas location with long-term upside." Stephen Madura, senior director at Hilco Global, added, "Carrollton Gateway offers a level of scale, density and visibility that is exceptionally difficult to replicate in North Dallas. With multiple zoning and entitlements, transit access and the ability to develop up to 20 stories, this site provides developers with rare flexibility to execute a truly transformative mixed-use project along the I-35E corridor." The sale has been approved by the United States Bankruptcy Court for the District of Texas, Dallas Division, Petition No. 24-33585-sgj11. Bids must be received on or before the deadline of February 26, 2026, by 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should reach out directly for requirements to participate in the sale process. For further information, please contact Stephen Madura at (847) 504-2478 or smadura@hilcoglobal.com and Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com. To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. CARTHAGE AREA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Carthage Area Hospital, Inc. 26-30078 d/b/a Claxton-Hepburn Medical Campus 1001 West Street Carthage, NY 13619 Meadowbrook Terrace, Inc. 26-30079 21957 Cole Road Carthage, NY 13619 North Star Health Alliance, Inc. 26-60099 d/b/a Claxton-Hepburn Health System 214 King Street Ogdensburg, NY 13669 Claxton-Hepburn Medical Center, Inc. 26-60100 d/b/a Claxton-Hepburn Medical Center Auxiliary d/b/a Claxton-Hepburn Medical Center d/b/a Hepburn Medical Center 214 King Street Ogdensburg, NY 13669 Business Description: North Star Health Alliance, Inc. is a healthcare system based in Ogdensburg, New York, that coordinates clinical and administrative services among affiliated entities including Carthage Area Hospital, Inc., Claxton-Hepburn Medical Center, Inc., and Meadowbrook Terrace, Inc., which operate hospital, medical, and assisted living services in northern New York. The affiliated organizations provide inpatient, outpatient, emergency, and residential healthcare services through facilities located in Carthage and Ogdensburg, operating within the regional healthcare services industry. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Northern District of New York Judge: Hon. Wendy A Kinsella Debtors' General Bankruptcy Counsel: Janice B. Grubin, Esq. BARCLAY DAMON LLP 1270 Avenue of the Americas Suite 2310 New York, NY 10020 Tel: 212-784-5808 Email: jgrubin@barclaydamon.com Carthage Area's Estimated Assets: $100 million to $500 million Carthage Area's Estimated Liabilities: $50 million to $100 million Meadowbrook Terrace, Inc.'s Estimated Assets: $1 million to $10 million Meadowbrook Terrace, Inc.'s Estimated Liabilities: $1 million to $10 million North Star Health's Estimated Assets: $500,000 to $1 million North Star Health's Estimated Liabilities: $500,000 to $1 million Claxton-Hepburn Medical's Estimated Assets: $100 million to $500 million Claxton-Hepburn Medical's Estimated Liabilities: $50 million to $100 million Gary Rowe signed the petition for Carthage Area Hospital, Inc. as board chairperson, Dale Klock executed the petition for Meadowbrook Terrace, Inc. as president, Chet Truskowski approved the petition for North Star Health as board chairperson, and Zvi Szafran, PhD, signed on behalf of Claxton-Hepburn Medical in his capacity as board chairperson. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/YLLOB2A/Carthage_Area_Hospital_Inc__nynbke-26-30078__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZKDYZHY/Meadowbrook_Terrace_Inc__nynbke-26-30079__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6O5COOY/North_Star_Health_Alliance_Inc__nynbke-26-60099__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7FHSX3Q/Claxton-Hepburn_Medical_Center__nynbke-26-60100__0001.0.pdf?mcid=tGE4TAMA List of Carthage Area Hospital, Inc.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AMN Healthcare, Inc. Trade Debt $2,110,684 2735 Collections Center Dirve Chicago, IL 60693 Tel: 866-871-8519 2. Barton and Associates, Inc. Trade Debt $643,212 PO Box 417844 Boston, MA 02241 Tel: 855-562-3499 3. Comphealth Trade Debt $444,743 PO Box 972651 Dallas, TX 75397 Tel: 800-453-3030 4. Davin Healthcare Trade Debt $8,070,390 Workforce Solutions PO Box 1355 North Bend, OH 45052 Tel: 877-871-1611 5. Delphi Hospitalist Services Trade Debt $3,385,137 1160 Chili Avenue Rochester, NY 14624 Tel: 585-426-4990 6. Hayes Lucums LLC Trade Debt $945,021 PO Box 88122 Chicago, IL 60680 Tel: 888-837-3172 7. Johnson and Johnson Trade Debt $1,104,797 Health Care 5972 Collection Drive Chiago, IL 60693 Tel: 877-227-3728 8. Labcorp of America Holdings Trade Debt $1,007,083 31 South Spring Street Burlington, NC 27215 Tel: 800-243-4407 9. McKesson Plasma & Biologics LLC Trade Debt $1,487,927 6555 State Highway 161 Irving, TX 75039 Tel: 800-850-4306 10. Medline Industries, Inc. Trade Debt $1,255,077 3 Lakes Drive Winnetka, IL 60093 Tel: 800-388-2147 11. MLMIC Trade Debt $782,783 2 South Clinton Street Syracuse, NY 13202 Tel: 315-428-1188 12. MPLT Healthcare LLC Trade Debt $530,311 3701 FAU Boulevard, Suite 300 Boca Raton, FL 33431 Tel: 866-346-6758 13. Rural Partners in Trade Debt $769,699 Medicine LLC 100 Technology Drive Bldg C, Dte. 300 Broomfield, CO 80021 Tel: 720-432-4419 14. Siemens Medical Trade Debt $446,683 Solutions USA Inc. 40 Liberty Boulevard Malvern, PA 19355-1418 Tel: 800-888-7436 15. SIS Merger Co. Trade Debt $619,178 55 North Point Center East, Suite 700 Alpharetta, GA 30022 16. SUNY Upstate Trade Debt $738,316 Medical University 155 Elizabeth Blackwell Street Syracuse, NY 13210 Tel: 315-464-4460 17. Truebridge, Inc. Trade Debt $992,935 54 St. Emanuel Street Mobile, AL 36602 Tel: 855-663-8344 18. UKG Inc. Trade Debt $522,633 900 Chelmsford Street NJ 08151 Tel: 800-225-1561 19. Veris Benefits Consortium Trade Debt $1,148,625 PO Box 177 Souderton, PA 18964 Tel: 888-400-4647 20. Weatherby Locums Inc. Trade Debt $417,953 6451 North Federal Highway Ste 700/800 Fort Lauderdale, FL 33308 Tel: 800-328-3021 CCH JOHN EAGAN I: Gets Extension to Access Cash Collateral ---------------------------------------------------------- CCH John Eagan I Homes, L.P. and CCH John Eagan II Homes, L.P. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued a third interim order extending the Debtors' authority to use cash collateral from February 13 through March 31 to pay operating expenses in accordance with their budget. With the receiver's consent, the Debtors may exceed individual budget line items by up to 10% or exceed individual items by more than 10% so long as total overages do not exceed 10% in the aggregate. The Debtors project total operational expenses of $223,875 for March. As adequate protection, Lending Group US, LLC, Bridgeview Funding, LLC and the Housing Authority of the City of Atlanta, Georgia, will be granted post-petition replacement liens on some of the Debtors' assets, to the same extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to avoidance actions or assets not subject to pre-bankruptcy liens. The next hearing is scheduled for March 31. The third interim order is available at https://shorturl.at/YMkH8 from PacerMonitor.com. CCH John Eagan I Homes and CCH John Eagan II Homes own and operate the Magnolia Park Apartments in Atlanta, Georgia, a large, integrated residential complex consisting of two phases that share common amenities and infrastructure. Phase I, owned by CCH I, contains 220 units, while Phase II, owned by CCH II, contains 180 units, with the combined property valued at more than $49 million. The Debtors identify Lending Group US and Bridgeview Funding as first-priority mortgage lenders on Phases I and II, respectively, and the Housing Authority of the City of Atlanta as a second-priority mortgage holder on both phases. The Debtors commenced their Chapter 11 cases to regain control of the property, restructure their finances, complete deferred repairs and maintenance, and pursue long-term redevelopment of the apartment complex. The bankruptcy filings were triggered by a dispute with the Housing Authority over an alleged breach of a settlement agreement, which led to the appointment of a state-court receives a move opposed by the senior lenders. About CCH John Eagan I Homes, L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes, L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24569) on December 10, 2025. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case. The debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. CENTRAL FLORIDA: Plan Exclusivity Period Extended to March 25 ------------------------------------------------------------- Judge Grace Robson of the U.S. Bankruptcy Court for the Middle District of Florida extended Central Florida Firearms, LLC, d/b/a Live Free Armory's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 25 and May 26, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that its counsel has filed multiple motions to allow the Debtor to operate its business, reject burdensome executory contracts, enter into new executory contracts, value claims, ensure utilities and insurance, and respond to multiple motions for relief from stay. Additionally, the Debtor has been in negotiations with various creditors and needs additional time to finalize the negotiations to prepare its plan of reorganization. The Debtor claims that this motion is made before the expiration of the Exclusive Periods. The Court therefore has the discretion to grant the relief requested herein. Central Florida Firearms, LLC is represented by: Jeffrey S. Ainsworth, Esq. Jennifer Morando, Esq. Branson Ainsworth, PLLC 1501 E. Concord St. Orlando, FL 32803 Phone: 407-894-6834 Primary E-mail: jeff@bransonlaw.com jennifer@bransonlaw.com Secondary: tammy@bransonlaw.com lisa@bransonlaw.com About Central Florida Firearms Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on Sept. 26, 2025. In its petition, the Debtor estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CHARLES K. BRELAND: Wins Bid for Abstention in Merchant Case ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Alabama granted Charles K. Breland, Jr. and Florencia Development, Inc.'s request for abstention and Billy Merchant's motion to remand with regard to the remaining claims and parties in the adversary proceeding captioned as BILLY C. MERCHANT, Plaintiff, v. CHARLES K. BRELAND, JR., FLORENCIA DEVELOPMENT, INC., and A. RICHARD MAPLES, JR., Defendants, Adv Proc. No. 25-1036 (Bankr. S.D. Ala.). This matter came before the Court January 20, 2026 on the Motion for Discharge filed by Charles K. Breland Jr., the Objection thereto filed by Billy C. Merchant, the Notice of Removal of Baldwin County CV No.25-901556 by A. Richard Maples; the Motion to Dismiss Party filed by Maples; Breland and Florencia Development Inc.'s Motion to Dismiss or Abstain, Merchant's Motion to Remand, and the related filings and briefs. The Debtor, Charles K. Breland, filed the Chapter 11 bankruptcy on July 8, 2016. On the Petition Date, Breland's interests in numerous entities including Florencia Development Inc. became property of the Bankruptcy Estate. A. Richard Maples, Jr. was appointed as the Chapter 11 Trustee for the Estate on May 3, 2017. The administration of the case was a long and arduous process including contested claims, adversary proceedings, and disputes with various creditors. After extensive negotiations, the Debtor and Trustee filed a Joint Plan of Reorganization on April 11, 2022. The Plan and subsequent related filings incorporated resolutions of disputed claims, provided for unsecured creditors to be paid in full on the Effective Date, and revested estate assets in the Debtor upon payment or other resolution of the outstanding claims of the Hudgens' Creditors. Thereafter, the claims of the Hudgens' Creditors were resolved by a Joint Motion To Approve Compromise. Pursuant to the Order Approving the Compromise, the assets of the Estate, with the exception of the Florencia Condominium and causes of action, revested in the Debtor on November 6, 2023 when the Settlement Agreement closed. On June 26, 2025, the Trustee sold Florencia Condominium Unit 903. The sale included an Assignment of Exclusive Right to Use of Boat Dock Slip. Net proceeds of $423,693.82 were received by the Trustee at the closing. On November 6, 2025, Breland filed a Motion averring that he was entitled to a discharge under 11 U.S.C. Sec. 1141(d)(5) because all payments due under the Plan have been made and all assets held by the Estate have now revested in him individually. Merchant filed an Objection to the Motion for Discharge. Merchant was not a pre-petition creditor of Breland, did not assert any claims against the Bankruptcy Estate prior to confirmation, did not seek court approval for any loans to Florencia or the Debtor, and did not request any administrative claim(s). On January 27, 2025 he filed an Adversary Complaint To Determine Validity, Amount, and Priority of Liens and Request For Declaratory Judgment Against Debtor seeking to compel the Chapter 11 Trustee to interplead the net proceeds from the sale of Florencia Unit 903 pending resolution of such dispute. The Bankruptcy Court abstained and dismissed Merchant's Adversary Proceeding on procedural grounds because: (1) bankruptcy courts have limited jurisdiction; (2) Merchant's claims were essentially, post-petition, post-confirmation, state-law claims based on alleged breach of contract by Florencia (a non-debtor, third party); (3) Breland's Chapter 11 was confirmed in June 2022; (4) assets revested in Breland on November 2023; and (4) the administration of the Chapter 11 case was quickly approaching conclusion with payment of all allowed claims in full. The Bankruptcy Court also noted that even if it had jurisdiction, permissive abstention would be warranted in the interest of justice, judicial economy, and respect for state law because the claims relate to alleged breach of a post-petition contract with a non-debtor entity, state law issues predominate, state courts are well suited to handle such matters, Merchant's claims are outside the scope of the Chapter 11 plan, and litigating such claims in bankruptcy court would impede the efficient completion of the administration of the bankruptcy estate. After the Bankruptcy Court abstained, Merchant filed state court litigation against Breland, Florencia, and the Chapter 11 Trustee, Maples, in the Circuit Court of Baldwin County, Alabama' seeking to pursue claims under the JVA for collection on notes receivable, fraud, misrepresentation, promissory fraud, fraudulent transfer, voidable transfer, and declaratory judgment. The Trustee removed the Baldwin County Litigation to the Bankruptcy Court on November 11, 2025 and sought dismissal from the action. Recognizing that Maples, as a court appointed Trustee, was entitled to judicial immunity for acts taken within the scope of his authority, the Bankruptcy Court dismissed him from the action with prejudice on the record in open Court on January 20, 2026. A written order dismissing Maples as a party was subsequently entered on February 4,2026. This Court also found that Charles K. Breland Jr. met the requirements for a discharge of his pre-petition debts under 11 U.S.C. Sec. 1141(d)(5) and an Order was entered on January 28, 2026. According to the Bankruptcy Court, in this case, the allegations in the Adversary Complaint do not arise under the provisions of Title 11. Although Merchant previously asserted that his claims were somehow core proceedings under 28 U.S.C. Sec. 157(b)(2)(A) and (K), such assertions were simply untenable because his claims do not concern the administration of the Estate or the validity, extent or priority of liens in Breland's individual bankruptcy case. Merchant's claims are essentially post-petition, post-confirmation, state-law claims based on alleged breach of the JVA by Florencia, a non-debtor, third party corporation. The Bankruptcy Court says the state-law claims are not core proceedings because they do not involve substantive rights created by bankruptcy law. The fact that Breland holds an interest in Florencia is not sufficient for the Bankruptcy Court to exercise jurisdiction over post-petition, post-confirmation claims against Breland or non-debtor, Florencia, which are beyond the scope of the confirmed plan. Merchant is not a creditor in Breland's individual bankruptcy and Merchant entered into the JVA with Florencia, not Breland individually or the Chapter 11 Trustee. Further, and perhaps most importantly, Breland's individual Chapter 11 was confirmed on June 6, 2022, assets revested in Breland as provided in this Court's November 3, 2023 Order Approving the Compromise with the Hudgen's Creditors, and the administration of the Chapter 11 case has been completed with payment of all allowed claims in full. Thus, Merchant's post-petition, dealings with Breland and Florencia, without disclosure or Court approval, do not constitute a sufficient basis to disregard the provisions of the Confirmation Order, upend the completed bankruptcy administration, or otherwise allow the Bankruptcy Court to exercise jurisdiction over Merchant's claims. The Bankruptcy Court finds that it lacks jurisdiction to adjudicate Merchant's remaining claims against Breland and Florencia. Accordingly, Breland and Florencia's Request for Abstention and Merchant's Motion to Remand are granted with regard to the remaining claims and parties. A copy of the Court's Memorandum Order and Opinion dated February 5, 2026, is available at https://urlcurt.com/u?l=iBYl1N from PacerMonitor.com. About Charles Breland Jr. Charles K. Breland, Jr., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ala. Case No. 16-02272) on July 8, 2016, and is represented by Eric Slocum Sparks, Esq., at Eric Slocum Sparks PC. A. Richard Maples, Jr., was appointed as Chapter 11 trustee for the Debtor. Debtor Osprey Utah, LLC, which is owned and controlled by Charles K. Breland, Jr., owns real property. CHICO'S INVESTMENTS: Case Summary & Five Unsecured Creditors ------------------------------------------------------------ Debtor: Chico's Investments, LLC 9680 Yoakum Dr Beverly Hills, CA 90210-1432 Business Description: Chico's Investments, LLC owns a mixed-use commercial property located at 4512 S Vermont Ave in Los Angeles, California, valued at $1.1 million. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11202 Judge: Hon. Neil W Bason Debtor's Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palisades CA 90272 Tel: (310) 804-2157 E-mail: Ocbkatty@aol.com Total Assets: $1,100,004 Total Liabilities: $966,799 The petition was signed by Kaave Rain Kashefi as managing member. 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/3P2XHNI/Chicos_Investments_LLC__cacbke-26-11202__0001.0.pdf?mcid=tGE4TAMA CITGO HOLDING: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed CITGO Holding, Inc.'s ("CITGO Holding") Caa1 Corporate Family Rating and its Caa1-PD Probability of Default Rating. Simultaneously, Moody's affirmed CITGO Petroleum Corporation's ("CITGO Petroleum") ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default Rating and its B3 Senior Secured Regular Bond/Debenture Rating. The outlook on all ratings remains stable. RATINGS RATIONALE CITGO Holding's Caa1 ratings reflect the solid credit profile of CITGO Petroleum, the group's operating company. The ratings remain constrained by the ownership link to Petróleos de Venezuela, S.A. (PDVSA). CITGO Holding continues to demonstrate the characteristics of a stable holding company, maintaining credit metrics that are strong for its rating category. At present, the company holds a debt-free balance sheet. CITGO Petroleum's B3 ratings reflect the company's solid credit metrics for its rating category, the US-based location of its refining and logistics assets, and the lender protections embedded in the company's indentures. These provisions—including limitations on incremental leverage, dividend restrictions, change-of-control clauses, and requirements on the use of asset-sale proceeds—help mitigate risks associated with PDVSA's ultimate ownership. The company's large-scale and complex refining system provides the flexibility to process heavy, light sweet, and sour crude slates while also enabling the production of various petrochemical products. CITGO has leveraged these operational advantages to generate strong cash flow and maintain low leverage relative to peers within its rating category. Moody's expects CITGO to continue posting positive EBITDA in 2026 and 2027 equivalent to $1.3 billion, on average, supported by stabilizing refining margins underpinned by balanced supply–demand conditions and relatively low inventories. Although crack spreads remain volatile and global capacity continues to rise amid selective US and European shutdowns, CITGO's scale, conversion flexibility, and advantaged US energy cost structure position the company to sustain positive cash flow going forward. Moody's estimates leverage will be around 1.1x (debt to EBITDA) at the end of 2026, compared to the 2.6x registered as of September 2025, as the company paid with available cash the $650 million senior secured notes during the last quarter. Both CITGO Holding and CITGO Petroleum maintain good liquidity positions. Moody's estimates that CITGO ended 2025 with approximately $2 billion in cash and access to a $500 million committed facility. The stable outlooks of the ratings reflect both companies' adequate credit metrics for the rating categories and Moody's expectations that its financial situation and credit risk will not change significantly in the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Both CITGO Holding's and CITGO Petroleum's ratings could be upgraded if the risks associated with PDVSA's ownership decrease, particularly those stemming from legal proceedings that could lead to a change of control or asset sales. Conversely, the ratings could face downward pressure if (1) the companies lose access to capital markets for refinancing, (2) refining margins weaken due to limited access to an optimal crude slate or operating underperformance, or (3) PDVSA exerts negative influence over management decisions in ways that heighten credit risk. COMPANY PROFILE CITGO Petroleum Corporation (CITGO Petroleum), based in Delaware, US, is an independent refining company with a capacity of 829,000 barrels per day (bpd) across three large refineries that have good logistical and market positions in the US, specifically in the East Coast, Midwest and Gulf Coast markets. The company is a wholesale refiner that sells a large portion of its refined products under the CITGO brand through around 4,000 independently owned and operated service stations. CITGO Petroleum is a wholly owned subsidiary of PDVSA, the state oil company of Venezuela (Government of Venezuela, C stable). As of September 2025, the company reported assets and Moody's-adjusted EBITDA of $12.9 billion and $825.6 million (last twelve months), respectively. LIST OF AFFECTED RATINGS Issuer: CITGO Holding, Inc. Affirmations: Probability of Default Rating, Affirmed Caa1-PD LT Corporate Family Rating, Affirmed Caa1 Outlook Actions: Outlook, Remains Stable Issuer: CITGO Petroleum Corporation Affirmations: Probability of Default Rating, Affirmed B3-PD LT Corporate Family Rating, Affirmed B3 Senior Secured, Affirmed B3 Outlook Actions: Outlook, Remains Stable Issuer: Gulf Coast Industrial Development Authority Affirmations: Backed Senior Unsecured Revenue Bonds, Affirmed B3 Issuer: Illinois Development Finance Authority Backed Senior Unsecured Revenue Bonds, Affirmed B3 The principal methodology used in these ratings was Refining and Marketing published in February 2026. CITGO's ratings differential compared to the scorecard outcome incorporates the negative effect of PDVSA's ownership, the state oil company of Venezuela. CITRUS360 LLC: Amends Unsecureds & Several Secured Claims Pay ------------------------------------------------------------- Citrus360, LLC submitted a Modified Disclosure Statement describing Modified Plan dated February 4, 2026. The Debtor has reached a settlement agreement with Rajini Malisetti in which she will receive equity by adding new value to pay Esaus their 2024 and 2025 note installments on the 112 acres. The Debtor has preserved its pre-bankruptcy agreements with two different parties restructuring the debts with the Esaus and continue to pay them. Class 2 consists of the Secured claim of David & Thelma Esau-126.26 ac POC#5 for $715,073.32. 126.26 Acres Transfer and Assignment of Related Note: * This treatment is subject to the Esau's consent to the proposed Plan. The method for Esau's to withhold consent it by a ballot rejecting the plan, and to consent to the plan is by ballot accepting the plan. * Closing on a transfer of the 126.26-acre tract to Best Citrus shall occur on the effective date of the plan. * On the effective date, the Debtor will pay Best Citrus $60,000.00 to be used by Best Citrus toward one payment to the Esaus (to the extent $60,000.00 is more than one payment of $58,545.23. Best Citrus may use the coverage for its second payment to the Esaus). * On the effective date, Best Citrus will pay Esaus 2 payments of $58,545.23. * At closing, Citrus360 will pay all property taxes due on the 126.26-acre tract through the date of closing (approximately $7,850.00). * At closing, the principal balance of the note $602,978.58 will be reamortized at 7.5% interest for 15 years with quarterly payments of $16,820, with no prepayment penalty. * At closing, the Debtor will assign the Essau Note on the 126.26 Acres to Best Citrus, and the Esau's will consent to deacceleration and resumption of the note as if there had never been a default; Best Citrus will assum all other obligations under that note. * Best Citrus Investments, LLC has provided sufficient financial information on the ability of Best Citrus Investments, LLC to perform under the plan. Class 3 consists of the Secured claim of David & Thelma Esau-112 ac POC#4 for $625,604.23. 112 Acres Transfer and Assignment of Related Note: * This treatment is subject to the Esau's consent to the proposed Plan. The method for Esau's to withhold consent it by a ballot rejecting the plan, and to consent to the plan is by a ballot accepting the plan. * Closing on a transfer of the 112-acre tract to NewCo, now formed as 112 Cirrus, LLC shall occur on the effective date of the plan. * 112 Cirrus, LLC will provide financial information on the ability of 112 Cirrus, LLC to perform under the plan upon request by Esaus to 112 Cirrus, LLC. * On the effective date, 112 Cirrus, LLC will pay the Esaus $42,918.19 representing the unpaid portion of the 2024 note payment and $50,301.19 representing the unpaid 2025 npte payment for a total of $93,219.38. * On the effective date, Cirrus360 will pay all property taxes due on the 112-acre tract through the date of closing (approximately $7,600.00). * On the effective date, the Debtor will assign the Essau Note on the 112 Acres to 112 Cirrus, LLC, and the Esaus will consent to reamortize the principal balance of $536,755.51 of the Esau note at 7.5% interest for 15 years with quarterly payments of $14,970.00 with no payment penalty and deacceleration and resumption of the note as if there had never been a default; 112 Cirrus, LLC, will assume all other obligations under that note. Class 6 consists of non-priority unsecured creditors. All reserved causes of action will be transferred to and vest in a Liquidating Trust on the effective dat, except not the claims against Mr. & Mrs. Vidiyala that are assigned to Best Citrus as part of its treatment. Reserved causes of action include: * Any and all claims against Texas International Irrigation, including recovery payments made prepetition for irrigation fixtures, and any associated claims for turnover, unjust enrichment, or avoidance under Sections 542, 547, 548 and 550; * Any and all claims against U.S. Citrus, LLC, including recovery of payments or transfer; * Avoidance of secured status of Angel Villanueva d/b/a Villa Nueva Farms; * Funding by initial Debtor payment of $8,000.00 to either Law office Kurt Stephen or other counsel engaged by the Liquidating Trust to file avoidance action and to negotiate, file suit as necessary, against US Citrus and Texas International Irrigation with full authority to settle. Minimal recovery is expected, but some settlement amount is possible. The Debtor received $158,161.93 check dated August 11, 2025 which Debtor deposited on August 20, 2025 from a water treaty grant. These funds are used to implement the Plan. A full-text copy of the Modified Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=eqGXh0 from PacerMonitor.com at no charge. Counsel to the Debtor: Kurt Stephen, Esq. Law Office of Kurt Stephen, PLLC 100 S. Bicentennial Blvd. McAllen, TX 78501-7050 Tel: (956) 631-3381 Fax: (956) 687-5542 Email: kurtstep@swbell.net About Citrus360 LLC Citrus360 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70056) on March 3, 2025. In its petition, the Debtor listed assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Kurt Stephen, Esq. at LAW OFFICES OF KURT STEPHEN, PLLC. CLAROS MORTGAGE: Moody's Alters Outlook on 'B3' CFR to Stable ------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3 senior secured bank credit facility rating of Claros Mortgage Trust, Inc. (CMTG). The outlook has been changed to stable from negative. The action follows CMTG's announcement that it entered into a new $500 million term loan credit agreement with lenders represented by HPS Investment Partners, LLC (HPS) in its capacity as administrative agent and collateral agent. The proceeds from the transaction were applied, together with cash on hand, to fully repay CMTG's outstanding term loan of $556.2 million. Moody's expects to withdraw CMTG's ratings following the action based on the repayment of the term loan. RATINGS RATIONALE The change in outlook reflects a significant reduction in refinancing risk at CMTG following the repayment of the term loan that was set to mature in 2026. The new HPS term loan matures in 2030, providing CMTG with significant time and flexibility to reposition its commercial real estate (CRE) loan portfolio, following several years of challenging operating conditions. At the same time, the ratings also reflect the continued elevated proportion of non-accrual loans in CMTG's loan portfolio, whose performance has lagged that of rated non-bank CRE lending peers. These risks are somewhat offset by CMTG's lower leverage relative to peers, which stood at 31.9% as measured by tangible common equity to tangible managed assets (TCE/TMA) as of September 30, 2025, providing a solid cushion against future losses. As a part of the transaction, CMTG also aligned the term loan financial covenant package to those of select financing facilities, providing the company with added flexibility. The stable outlook reflects Moody's expectations that CMTG will continue to make progress in managing non-accruals while maintaining adequate liquidity and solid capitalization over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CMTG's ratings could be upgraded if the company is able to improve its asset quality, for example by reducing non-accrual loans and maintaining low charge-offs, while maintaining strong capitalization and demonstrating improved earnings. CMTG's ratings could be downgraded if Moody's determines that loan performance is likely to deteriorate further, or if liquidity is likely to remain constrained. The ratings could also be downgraded if its ability to access funding sources is impeded due to lost access or breaches of covenants. The principal methodology used in these ratings was Finance Companies published in July 2024. CMTG's "Assigned Standalone Assessment" score of b3 is set two notches below the "Financial Profile" initial score of b1, reflecting CMTG's asset quality challenges, funding profile, and limited operating history through a full credit cycle. CLEAR CHANNEL: Moody's Puts 'Caa1' CFR on Review for Upgrade ------------------------------------------------------------ Moody's Ratings has placed all of Clear Channel Outdoor Holdings, Inc.'s ("Clear Channel" or the "company") credit ratings on review for upgrade including the Caa1 corporate family rating, Caa1-PD probability of default rating, the B2 senior secured notes and senior secured bank credit facilities ratings (including the revolving credit facility (RCF) and Term Loan B (TLB)), and the Caa3 senior unsecured notes ratings. Previously, the outlook was stable. The company's SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. The rating action follows the announcement of the take private acquisition of Clear Channel which agreed to be acquired by Mubadala Capital (a sovereign wealth fund of the Government of Abu Dhabi), in Partnership with TWG Global (together, the investor group), for $6.2 billion including $3 billion of committed equity capital, to acquire 100% of the outstanding equity interest. Apollo-managed funds have also committed to invest preferred equity in the transaction. According to Clear Channel management, the investment is expected to enhance the company's financial flexibility, support ongoing deleveraging efforts, and reposition the company for growth. The transaction, which has been approved by Clear Channel's Board of Directors, is expected to close in the third quarter of 2026 subject to a 45 day "go-shop" period and customary closing conditions, including regulatory and shareholder approvals. Moody's views the proposed transaction as credit positive, driven by an expectation for enhanced financial flexibility, lower leverage, and a more accelerated growth profile. The review for upgrade also considers the potential for a more conservative financial policy and certain governance risks that will remain an exposure given the expectation for concentrated ownership and control and shift from public to private financial reporting. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on, among other considerations, the following: (i) likelihood and timing of transaction closing, (ii) the final pro forma capital structure including whether any debt is rolled over, repaid, refinanced, or otherwise modified (iii) a revaluation of the company's growth strategy, (iv) capital allocation priorities, (v) liquidity profile, (vi) board and governance structure, (vii) organizational structure, (viii), and business strategies. The ratings will remain under review for upgrade until Moody's have sufficient information regarding the post-closing credit profile and a high degree of certainty the transaction will close or be otherwise resolved. Clear Channel's existing Caa1 CFR very high leverage (9.6x at Q3 LTM, Moody's adjusted), excluding international assets sold or pending sale. The business has limited geographic diversity (largely in the US), is relatively small in scale (at near $1.6 billion in revenue), and a mostly ad-driven revenue model which is exposed and sensitive to the cyclical nature of the economy. Despite the weaknesses, the company benefits from its established market position as one of the largest outdoor advertising companies in the world. The company has over 61.2 thousand billboards and displays across a total of 81 US Designated Market Areas (DMA's) including 43 of the top 50 reaching 130 million Americans weekly (according to management). The company's footprint includes over 60 major airports, and a contract with the Metropolitan Transportation Authority (MTA) for displays across its metro NY properties. The business is supported by sustainable demand drivers including demand for out of home advertising which is growing nicely (at least mid-single-digit percent), and faster than traditional media properties. Additionally, the conversion of static displays into digital delivers exponentially higher revenue and earnings. Profitability is also strong and steady (with EBITDA margins in the low to mid 40% range, Moody's adjusted) and the portfolio of outdoor displays is less exposed to competition and disintermediation than traditional media given the generally limited and restricted supply of billboard properties (particularly in the US), which helps support advertising rates and high asset valuations. Clear Channel's debt capital structure includes approximately $5.1 billion in reported debt outstanding at September 30, 2025, with near 65% secured. The senior secured RCF, TLB, and senior secured notes are all rated B2 (2 notches higher than the Caa1 CFR), given their claim priority over the $1.8b in senior unsecured notes rated Caa3 (2 notches lower than the CFR). Receivable-based facilities are also unrated, and not considered material to the claim priority structure. The Speculative Grade Liquidity (SGL) rating of SGL-2 reflects Moody's expectations that Clear Channel will maintain good liquidity, supported by $366 million of internal sources including $155 million in cash on the balance sheet as of 9/30/2025, and about $211 million in availability under its revolving credit facility ($93 million) and receivables-based facility ($118 million). Moody's expects the liquidity profile to improve, lifted by positive and rising free cash flow of more than $125 million in the next 12 months. There are no material debt maturities over the next 12 months, with the nearest obligation the $899 million, 7.75% notes due April 2028. These assumptions do not reflect any possible changes due to the contemplated transaction. Clear Channel, with its headquarters in San Antonio, Texas, is a leading global outdoor advertising company with operations primarily in the US The company provides services that includes both static and digital billboards, transit advertising reported in two business segments including America (about 75% of revenue, 84% of EBITDA) and Airports (after the sale of its international operations). The company generated revenue of approximately $1.6 billion as of LTM Q3 2025 (excluding its international operations). The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPASS COFFEE: Gets Final Approval for $450K DIP Financing ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Columbia granted Compass Coffee, LLC final approval to obtain post-petition financing to get through bankruptcy. Under the final order, the Debtor is authorized to obtain up to $450,000 in post-petition DIP financing from National Investment Group, Inc. under a junior secured, superpriority facility. All amounts advanced by the DIP lender constitute superpriority administrative expense claims under the Bankruptcy Code, subject only to a carveout for court fees, U.S. Trustee fees, and professional fees. The order confirms the validity and enforceability of the DIP lender's liens and the secured creditors' replacement liens without the need for additional filings, except as needed to evidence or perfect priority. Liens do not attach to non-residential real property leases, only their proceeds. The Debtor is also authorized to use cash collateral in accordance with the approved budget, subject to a 10% variance per line item. The court approved adequate protection to pre-bankruptcy secured creditors including EagleBank, the U.S. Small Business Administration, Square Financial Services, and inKind Card through replacement liens on post-petition cash collateral and continued payment of debt service during the asset sale process. A copy of the final order and the Debtor's budget is available at https://shorturl.at/ZquDe from PacerMonitor.com. National Investment Group, as DIP lender, is represented by: Robert M. Marino, Esq. Redmon, Peyton & Braswell, LLP 510 King Street, Suite 301 Alexandria, VA 22314-3143 Phone: 703-879-2676 (direct) Facsimile: 703-684-5109 rmmarino@rpb-law.com EagleBank, as secured creditor, is represented by: Richard A. DuBose, Esq. Gebhardt and Smith, LLP One South Street, Suite 2200 Baltimore, MD 21202 Tel: (410) 385-5039 rdubo@gebsmith.com About Compass Coffee Compass Coffee is a Washington, D.C.-based coffee roaster and cafe chain founded in 2014 by former U.S. Marines Michael Haft and Harrison Suarez. The company focuses on specialty coffee, emphasizing in-house roasting, ethical sourcing, and community-driven branding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In the petition signed by Michael Haft, chief executive officer, the Debtor disclosed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Elizabeth L. Gunn oversees the case. Jennifer W. Wuebker, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. CONKLIN MEDIA: Seeks to Hire Simon Lever as Accountant ------------------------------------------------------ Conklin Media, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Andrew Steckbeck and Simon Lever of Simon Lever to serve as accountants. Mr. Steckbeck and Mr. Lever will provide these services: (a) tax planning and cash flow planning; (b) 2025 tax return preparation; (c) bookkeeping services; (d) bankruptcy related services; (e) preparation of Monthly Operating Reports; and (f) various and miscellaneous business accounting matters as necessary or required in the Debtor's case, or as requested by Debtor's management and necessary in the Debtor's Bankruptcy case. The Debtor seeks approval of a $5,000 retainer, with fees subject to court approval. The firm's hourly rates are: Partners $300 to $360; Managers $225 to $270; Supervisors $205 to $245; Senior $175 to $210; Staff $150 to $180; and Bookkeeping Services $150 to $180. Simon Lever is owed $7,250 in prepetition fees after agreeing to waive $10,000 of outstanding invoices. Simon Lever is a "disinterested" party within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew Steckbeck, CPA SIMON LEVER 147 West Airport Road Lititz, PA 17543 Telephone: (717) 569-7081 E-mail: asteckbeck@simonlever.com About Conklin Media LLC Conklin Media, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673) on November 17, 2025, listing up to $50,000 in assets and liabilities. Leona Mogavero, Esq., at Zarwin Baum serves as Subchapter V trustee. Judge Patricia M. Mayer oversees the case. Lawrence V. Young, Esq., at CGA Law Firm, represents the Debtor as legal counsel. CONSTANT CARE: Employs Guest Peavy Guest CPAs as Accountant ----------------------------------------------------------- Constant Care of Colorado, Inc. seeks approval from the United States Bankruptcy Court for the District of Colorado to hire Guest, Peavy, Guest, CPAs, P.A. to serve as accountant. The firm will provide these services: (a) assist the Debtor in preparing its 2023 and 2024 federal and state tax returns; and (b) prepare and file the Debtor's 2023 and 2024 federal and state tax returns. The professionals at Guest, Peavy, Guest, CPAs, P.A. will charge a flat rate of $2,000 to prepare and file the Debtor's 2023 and 2024 federal and state tax returns. Guest, Peavy, Guest, CPAs, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeffrey G. Peavy, CPA Guest, Peavy, Guest, CPAs, P.A. 759 SW Federal Highway, Suite 103 Stuart, FL 34994 About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on November 7, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Jonathan Dickey serves as Subchapter V trustee. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. COTY INC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings affirmed Coty Inc.'s ("Coty") Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, Ba1 senior secured first lien revolving credit facility rating, Ba1 senior secured ratings, and Ba1 senior unsecured ratings. Coty's SGL-2 speculative grade liquidity rating remains unchanged. The rating outlook was changed to negative from stable. The rating affirmation reflects Coty's sound free cash flow generation despite soft results, and Moody's views that lower interest costs following debt repayment from the Wella sale, combined with an eventual recovery and earnings growth, should support a gradual reduction in leverage to below 3.5x debt to EBITDA over time. Although operating performance has been softer than anticipated, proceeds from the Wella transaction together with good free cash flow helped reduce leverage to roughly 3.5x as of December 2025 by Moody's estimates. Moody's expects the company to generate solid annual free cash flow of around $250 - $300 million and maintain its commitment to deleveraging through disciplined capital expenditures and working capital management. The CEO transition from Sue Nabi to Markus Strobel has introduced additional uncertainty, following the uncertainty created by the launch last fall of a strategic review which the company has reiterated is ongoing. The review will evaluate opportunities to unlock value and Moody's assumes any future divestiture proceeds would be directed toward further debt reduction. The negative outlook reflects Moody's expectations that recent weaker than forecast operating performance and EBITDA will keep leverage elevated for longer than previously expected. Weaker third quarter expectations and a competitive operating environment suggest that EBITDA will be lower than Moody's previous expectations over the next year. Moody's expects that higher investment along with the lower earnings will result in leverage rising to about 4.0x in fiscal 2026, before moderating to the mid three times range in 2027. The outlook also incorporates execution and strategic risks associated with the CEO transition and the strategic review. While Moody's expects the company to continue applying free cash flow and any asset sale proceeds toward debt reduction and to sustain good liquidity and proactive maturity management, the slower deleveraging trajectory and pressured consumer environment increase the risk that leverage could remain elevated for the current rating. RATINGS RATIONALE Coty's Ba1 CFR reflects the company's solid market position, sizable annual free cash flow, and ongoing commitment to de lever. Proceeds from the December 2025 completion of its Wella divestiture allowed for meaningful debt paydown, lowering debt to EBITDA leverage to around 3.5x as of December 2025. However, softer-than-expected operating performance and Coty's recently lowered Q3 guidance indicate that leverage will increase to around 4.0x in fiscal 2026 before moderating to roughly 3.6x in 2027. This is above the level previously expected and outside the range Moody's expects for the current rating. While lower interest costs from the recent debt repayment and disciplined working capital management and capital spending should still support gradual deleveraging, the trajectory is now slower and more dependent on the company's ability to stabilize performance in both mass beauty and prestige. Coty's strategic review of its overall Consumer Beauty business announced on September 30th is ongoing, the credit implications of which will depend on management's decisions following completion of the review. The CEO transition from Sue Nabi to Markus Strobel adds additional operating and execution uncertainty. Mr. Strobel joins Coty with over 30 years of experience in beauty and personal care categories at P&G, including almost 10 years working on fine fragrances. Absent any strategic shifts, Moody's anticipates that growth will need to be supported by improved demand, better execution and higher penetration in prestige fragrance, and product premiumization and innovation, though losses of licenses such as Gucci will need to be offset with new business wins. Growth is currently challenged by a more selective consumer, weaker traffic in certain retail channels, and heightened competition in mass beauty, underscoring the importance of cost vigilance and continued debt reduction if revenue headwinds persist. The rating also reflects Moody's expectations that the company will continue to generate solid annual free cash flow of roughly $250 - $300 million, supported by disciplined capital spending, continued cost savings and working capital management. Coty's commitment to deleveraging remains a key credit consideration and Moody's believes is partly motivated by a desire to restore the dividend over time, which could reduce free cash flow. Moody's assumes that any eventual dividend resumption would be sized to preserve meaningful free cash flow. Coty's product portfolio remains concentrated in fragrance and color cosmetics, categories that are more exposed to earnings volatility in a downturn compared to skincare and haircare, as evidenced by significant declines in 2020. Coty's geographic mix remains concentrated in mature developed markets such as the US and Western Europe, and the company relies more heavily on licensed brands in prestige compared to competitors with greater ownership of their mass portfolios. While brand licensors transitioning to other partners, such as the loss of the Gucci license to L'Oréal, represents a risk, it is partially mitigated by Coty's strong manufacturing, distribution, and marketing capabilities, successful prestige product launches, and a pipeline of new license agreements. Coty has publicly disclosed that 85% of the Company's portfolio is either an owned brand, a perpetual license, or a license with very long-term remaining duration of 6 years or more. The company's top seven licensing brands are owned by different organizations, providing some diversification. Coty's ratings are further supported by its large scale, its portfolio of well-recognized brands, and good product and geographic diversification. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coty's ratings could be downgraded if operating earnings do not improve due to factors such as market share losses, revenue declines or an inability to increase prices to cover cost increases. Coty's ratings could also be downgraded if it fails to reduce and sustain debt-to-EBITDA below 3.5x, or if the company pursues material debt funded acquisitions or shareholder distributions. A deterioration in liquidity could also lead to a downgrade. Coty's ratings could be upgraded if the company sustains strong operating performance with organic revenue growth, maintains its EBITDA margin, and increases revenue diversity. Coty would also need to reduce debt-to-EBITDA to below 2.75x, generate consistently strong free cash flow, and maintain financial policies that sustain strong credit metrics to be considered for an upgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Coty Inc., a public company headquartered in New York, NY, is a manufacturer and marketer of fragrance, color cosmetics, and skin and body care products. The company's products are sold in over 120 countries and territories. The company generated roughly $5.8 billion in revenue for the 12 months ending September 30, 2025. Coty is 52% owned by investment firm JAB Holding Company S.a r.l. (JAB), with the rest publicly traded or owned by management. CRC INSURANCE: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of CRC Insurance Group, LLC (CRC), reflecting the company's position as a leading P&C wholesale broker and delegated underwriter. Moody's also affirmed the B2 ratings on CRC's first-lien senior secured revolving credit facility, senior secured first-lien term loan and senior secured notes, along with the Caa2 rating on CRC's senior secured second-lien term loan. The rating outlook for CRC is stable. RATINGS RATIONALE The ratings affirmation reflects CRC's strong market position in US wholesale brokerage, binding authority and managing general underwriting services for insurance brokers, agents and carriers. CRC operates well-established managing general agent and delegated authority underwriting platforms, including AmRisc Group and Starwind. CRC's growth is driven by product innovation focused on its program offerings, supplemented by acquisitions. In December 2025, CRC acquired UK-based Lloyd's managing agency Atrium, and CRC plans to further expand its MGA business with the pending acquisition of Euclid Transactional (Euclid). Euclid is a specialist underwriting and claims management business focused on transactional insurance products, notably representations and warranties insurance and tax liability insurance. These strengths are offset by the company's high financial leverage and low interest coverage, execution and integration risks associated with acquisitions, and potential liabilities arising from errors and omissions, an inherent exposure for professional services. CRC's organic revenue growth has slowed, primarily due to the declining rate environment for property catastrophe coverages--a trend impacting the broader brokerage sector. Additionally, softer labor market conditions have led to reduced new business activity within CRC Benefits. Moody's estimates that CRC has a pro forma debt-to-EBITDA ratio above 7.5x, with (EBITDA – capex) interest coverage around 1.5x, and a free-cash-flow-to-debt ratio in the low-single-digits. Moody's expects CRC to reduce its leverage to below 7.5x over the next 12 months through organic revenue growth, cost savings and debt reduction. These pro forma metrics reflect Moody's accounting adjustments for operating leases, contingent earnout obligations and certain non-recurring items. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of CRC's ratings include: (i) debt-to-EBITDA ratio below 6.5x, (ii) (EBITDA - capex) coverage of interest exceeding 2x, and (iii) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of CRC's ratings include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below 2%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. 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 Charlotte, North Carolina, CRC operates through more than 100 offices across its portfolio of wholesale, specialty and title businesses. CRC reported total revenue of approximately $1.9 billion for the nine months through September 2025. CREDIT.COM HOLDINGS: Prospect Capital Marks $42M 1L Loan at 68% Off ------------------------------------------------------------------- Prospect Capital Corporation has marked its $42,093,000 loan extended to Credit.com Holdings, LLC First Lien Term Loan A to market at $13,350,000 or 32% of the outstanding amount, according to Prospect Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Prospect Capital Corporation is a participant in a First Lien Term Loan A extended to Credit.com Holdings, LLC First Lien Term Loan A. The loan accrues interest at a rate of 14.93% (3M SOFR + 11.00%) per annum. The loan matures on September 28, 2028. Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. The company is a closed-end investment firm incorporated in Maryland. The company has elected to be regulated as a business development company under the Investment Company Act of 1940. The firm was organized on April 13, 2004, and was funded in an initial public offering completed on July 27, 2004. The Company is led by John F. Barry III as Chairman of the Board and Chief Executive Officer and Kristin L. Van Dask as Chief Financial Officer. The Company can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About Credit.com Holdings, LLC Credit.com Holdings, LLC provides credit monitoring solutions. The Company offers interactive tools, education and comparisons of financial products, credit card reviews, reports, and information about various personal, student, and home loans. Credit.com Holdings serves customers in the United States. CROWN PROPERTY: McCormick 108 Wants Deborah E. Riegel as Receiver ----------------------------------------------------------------- McCormick 108, LLC, by and through its attorneys, Buchanan Ingersoll & Rooney PC, filed an emergency motion with the U.S. District Court for the Eastern District of New York, seeking the appointment of Deborah E. Riegel, Esq. as receiver for Crown Property LLC, d/b/a Crown Property Amboy LLC. Crown Property LLC, d/b/a Crown Property Amboy LLC, is a special purpose entity that owns the real property located at 3974 Amboy Road, Staten Island, New York 10308. The Real Property is approximately a 9,949 square foot lot with a 3-story multi-use building located thereon consisting of 24,225 square feet. The building has both retail and office units. It is believed that the building is made up of approximately 14 units, with at least half of the units being occupied. Borrower is severely delinquent in its loan payments. Neither Borrower nor Jie Xu, as guarantor, has been responsive to Plaintiff's inquiries as to the status of the Real Estate. McCormick 108, as Plaintiff, contends it is justifiably concerned that the Real Estate may fall into a dilapidated state, if not already, causing a decline in the value of the primary security for Plaintiff's Loan. Under these circumstances, a receiver should be appointed. There is a material risk of a substantial and preventable decline in the value of Plaintiff's collateral unless a receiver is appointed. A receiver will: (i)secure and maintain the Real Estate; (ii) collect rents if applicable; (iii) pay real property taxes; and (iv) generally manage the Real Estate. McCormick 108 alleges Defendants are in default under the terms and conditions of the Loan Documents as a result of, among other things, Borrower's failure to make monthly debt service payments as they become due and owing under the Note, Borrower's failure to fund the tax escrow account resulting in a tax shortfall of $60,555.78, failure to establish a Property Account, procure a Control Agreement and other cash management-related obligations; and failure to comply with financial reporting obligations under the Loan Documents. In determining whether to appoint a receiver based on the equities, courts in this Circuit generally consider the following factors: 1) any fraudulent conduct on the part of the defendant; 2) the imminent danger of the property being lost, concealed, injured, diminished in value, or squandered; 3) the inadequacy of the available legal remedies; 4) the probability of harm to the plaintiff by denial of the appointment would be greater than the injury to the parties opposing the appointment; and, 5) In more general terms, the plaintiff's probable success in the action and the possibility of irreparable injury to its interests in the Property. Absent the appointment of a receiver, there is a material risk that Plaintiff's collateral will diminish in value and/or be injured during the pendency of this action, McCormick 108 says, adding legal remedies are not adequate because of the delay in obtaining a judgment and the limited execution options available to a judgment creditor. Even after a judgment is entered, Plaintiff, as a judgment creditor, will not have the same powers as a receiver. Unlike a judgment creditor, a receiver can: (i) take control over all assets, including cash, and protect those assets against concealment or diversion, (ii) ensure that vendors are paid, (iii) ensure that all real estate taxes are paid, (iv) ensure that the real property is secure, and (v) conduct an inventory of all assets. Plaintiff requests that Deborah E. Riegel be appointed as receiver over the assets of Borrower, as well as the real estate owned by Borrower, and award other and further relief. Deborah E. Riegel has advised that she has no conflict of interest precluding their appointment in this case. About Crown Property LLC, d/b/a Crown Property Amboy LLC Crown Property LLC, d/b/a Crown Property Amboy LLC, is a limited liability company that owns the real property located at 3974 Amboy Road, Staten Island, New York 10308. Crown is facing a receivership case captioned as McCormick 108, LLC v. Crown Property LLC, d/b/a Crown Property Amboy LLC, Case No. 1:25-cv-06421 (E.D. NY), before the Hon. Nicholas G. Garaufis. The case was filed on Nov. 19, 2025. Attorneys for Plaintiff: Christopher P. Schueller, Esq. BUCHANAN INGERSOLL & ROONEY PC 640 5th Ave. 9th Floor New York, NY 10019 Tel: (212) 440-4400 Fax: (212) 440-4401 E-mail: christopher.schueller@bipc.com CVR ENERGY: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' ---------------------------------------------------------- Fitch Ratings has affirmed CVR Energy, Inc.'s (CVI) and CVR Refining, LP's 'B+' Long-Term Issuer Default Ratings (IDR). The Rating Outlook is Stable. Additionally, Fitch has assigned an indicative issue-level rating of 'BB-' with a Recovery Rating of 'RR3' to CVI's proposed senior unsecured notes. Furthermore, Fitch has affirmed CVR Refining's Term Loan B at 'BB+'/'RR1' and CVI's senior unsecured notes at 'BB-'/'RR3'. CVI's ratings reflect its recovery from weak crack spreads in the refining sector in 2024 and early 2025, improving leverage, geographically advantaged operations, and relatively low operating costs. In addition, the Nitrogen Fertilizer segment is nonrecourse but can provide cash at times through its approximately 37% ownership and corresponding distributions. The ratings are constrained by the company's relatively limited scale, exposure to volatile crack spreads, and lack of recourse non-refining diversification. Key Rating Drivers Proposed Notes Issuance: Fitch views CVI's announced senior unsecured notes offering as constructive for its credit profile. The offering extends the company's maturity profile and unencumbers the capital structure following the related redemption of the term loan facility. Proceeds of the notes offering will be used to redeem the outstanding amounts under the term loan facility, the 2029 notes, and a portion of the 2028 notes. The concurrent increase of the ABL capacity improves the company's liquidity and provides improved optionality during cyclical downturns. Improved Refining Fundamentals: Crack spreads have improved materially through 2025, resulting in gross margins and EBITDA performance exceeding 2024 levels. Benchmark Midcontinent crack spreads averaged roughly 25% above 2024 levels despite weakness in December. Fitch expects crack spreads to continue to be supported by minimal global capacity additions, California refinery closures and supply growth following the end of the OPEC+ curtailments and additions from Venezuela. Deleveraging Actions: Management has methodically directed cash flows toward gross debt reduction through 2025. The company reduced the outstanding amount on the term loan by $168 million. The remainder is expected to be repaid from the notes offering proceeds. Fitch expects management to continue to target deleveraging as cash flows allow through 2026. Fitch forecasts CVI's refinery segment EBITDA leverage to return to within Fitch's leverage sensitivities through-the-cycle as EBITDA generation recovers from 2024's nadir. Size and Regional Concentration: The ratings reflect the business risk associated with CVI's medium-sized operations, albeit with strong asset quality and advantageous geographic locations, resulting in access to price-advantaged crude oil production in the Midcontinent. It has the flexibility to take advantage of light, heavy and sour crude. Its combined processing capacity is 206,500 barrels per day (bpd) with an average complexity of 10.8 in Group 3 of PADD II. The company's two refineries are strategically located near Cushing, OK, with access to over 250,000 bpd of production in the region. However, CVI is an inland refiner with limited export options. Small Refinery Exemption: The Environmental Protection Agency (EPA) granted CVI's subsidiary Wynnewood Refining Company, LLC a 100% Small Refinery Exemption (SRE) for the 2019 and 2021 compliance periods and a 50% exemption for the 2020 and 2022-2024 compliance periods. This resulted in a Renewable Fuel Standard (RFS) liability reduction of $488 million which materially benefits the company's credit profile. Fitch expects the company can effectively manage the remaining Renewable Volume Obligation (RVO) liabilities and that future SREs are possible due to the U.S. administration's refining-friendly stance but does not view them as a certainty. Turnaround Raises Capex: Fitch expects elevated capex in 2025, driven by the completion of a major turnaround at the Coffeyville refinery. Management has indicated that cash flows in 2026 will be directed towards capex followed by deleveraging with the reinstatement of shareholder returns a tertiary priority. CVR Partners, LP Affiliate: CVI's fertilizer business, CVR Partners, is nonrecourse to the debt issued at CVI and CVR Refining, LP. Fitch does not expect CVI to provide credit support to CVR Partners, which must distribute its available cash, less reserves (as defined), to unitholders. Fitch expects CVR Partners to be a source of cash for CVI at times, given its ownership of 37% of CVR Partners' common units, which could be material during periods of high ammonia, urea and ammonium nitrate prices. Peer Analysis CVI's ratings reflect its status as a medium-sized Midcontinent complex refiner with two refineries and approximately 206 thousand barrels per day (mbpd) of nameplate capacity. The company's refining capacity is smaller than peers PBF Holding Company LLC (PBF; BB/Negative) with 1,023 mbpd, Par Petroleum, LLC (B+/Stable) with 219 mbpd and Delek US Holdings, Inc. (B+/Stable) with 302 mbpd. The company's refining asset quality is strong and advantaged in several ways, such as geographically, with a concentration of price-advantaged crude oil sourcing in the Midcontinent, and operationally, with flexibility to take advantage of light, heavy and sour crude. CVI also has a strong logistics system that allows the company to easily transport crude oil and refined products. The major differentiators between the non-investment-grade peer group and 'BBB' peers are primarily size, geographic diversification and business-line diversification. Fitch's Key Rating-Case Assumptions -- Brent price assumptions of $63/bbl in 2026 and 2027 and $60/bbl thereafter; -- West Texas Intermediate oil prices of $58/bbl in 2026 and 2027 and $57/bbl thereafter; -- PADD II Group 3 2-1-1 Crack recovery in 2025 and 2026 before trending toward midcycle through rest of forecast; -- Capex in line with management guidance; -- Chatham Financial Fed Median interest rate 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-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b, Moderate), and Financial Flexibility (b+, 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, 10% for the forecast year 2027 and 60% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - 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 Fitch examined CVI on both a going concern (GC) and liquidation value (LV) basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch has assumed an 80% draw of the proposed $500 million ABL facility. Fitch notes that CVI has a crude oil supply agreement in place with Gunvor USA LLC to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. This facility expires in 2029 and is subject to automatic one-year renewals provided neither party provides 180 days notice of termination. Fitch understands that once crude enters the company's tanks, inventory and title transfer. Given the lack of public information, Fitch does not analyze this agreement in the recovery model at this stage. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects CVI's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV. The multiple is the same as that of peers Par Pacific Holdings, Inc. (B+/Stable) and Delek US Holdings, Inc. (B+/Stable). Fitch assumes a GC EBITDA of $250 million. This figure is based on the last year in Fitch's stress-case scenario. The GC EBITDA also reflects increased long-term midcycle price expectations. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the ABL, and 'RR3' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Material reduction in liquidity over a sustained period; -- A change in financial policy from debt reduction; -- Refinery segment midcycle EBITDA leverage sustained above 4.0x; -- Material regulatory changes that can potentially reduce earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Greater earnings diversification and scale, or evidence of lower cash flow volatility; -- Reduced exposure to environmental and regulatory obligations; -- Refinery segment midcycle EBITDA leverage sustained at or below 3.0x. Liquidity and Debt Structure At the end of 3Q25, CVI has $670 million of cash on hand. The company will have a largely undrawn ABL facility following the close of its notes issuance, ABL increase, and related transactions. CVR Partners' non-recourse ABL agreement is undrawn with $50 million of availability. Following the issuance, the senior unsecured notes will mature in 2028, 2031 and 2034, respectively. Fitch expects the company to generate adequate cash flow and/or capital market access to address the unsecured notes' maturities in a timely manner. CVR Partners' non-recourse senior secured notes mature in 2028. Issuer Profile CVI is a diversified holding company engaged in petroleum refining and nitrogen fertilizer manufacturing at two Midcontinent refineries and associated logistics assets. CVI's fertilizer business, CVR Partners, LP, is nonrecourse to the refinery business and structured as a Master Limited Partnership. DARA IMPORTS: Starts Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On February 7, 2026, Dara Imports LLC voluntarily filed for Chapter 11 bankruptcy in the District of New Jersey. Court filings indicate the company reports between $0 and $100,000 in debt owed to 1-49 creditors. About Dara Imports LLC Dara Imports LLC operates as an importer and distributor of consumer and specialty goods, supplying regional retailers and wholesale clients. The company focuses on sourcing quality international products for the U.S. market. Dara Imports LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11405) on February 7, 2026. Its petition lists estimated assets of $0-$100,000 and liabilities of $0-$100,000. Honorable Bankruptcy Judge Michael B. Kaplan presides over the case. The debtor is represented by Andre L. Kydala, Esq. DAVID A. SIMONSON: Case Summary & 13 Unsecured Creditors -------------------------------------------------------- Debtor: David A. Simonson, D.P.M, P.A d/b/a Brevard Foot & Ankle 1950 Rockledge Blvd., Suite 107 Rockledge, FL 32955 Business Description: David A. Simonson, D.P.M., P.A., doing business as Brevard Foot & Ankle, is a podiatric medical practice based in Rockledge, Florida, providing diagnosis and treatment of foot and ankle conditions, including wound care and surgical and non-surgical podiatric services. The practice offers care for conditions such as diabetic foot issues, heel pain, ankle injuries, and other foot and ankle disorders. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00883 Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David A. Simonson as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BPAUI5I/David_A_Simonson_DPM_PA__flmbke-26-00883__0001.0.pdf?mcid=tGE4TAMA DEL MONTE: Court Approves Fresh Del Monte Asset Purchase -------------------------------------------------------- Fresh Del Monte Produce Inc. announced on February 9, 2026, that the U.S. Bankruptcy Court has approved the Company as the purchaser of select assets of California-based Del Monte Foods Corporation II Inc. and its affiliates through a court-supervised sale under Section 363 of the U.S. Bankruptcy Code. The Court's decision represents a decisive legal milestone that clears the Transaction to advance into the pre-closing phase. With this approval in place, a key procedural step has been achieved, providing increased certainty as Fresh Del Monte completes customary regulatory reviews, including Hart-Scott-Rodino clearance, and satisfies remaining closing conditions. As previously disclosed, the purchase price is $285 million, plus the assumption of certain liabilities. Further details on the Transaction's strategic and financial impact will be provided following closing, consistent with standard practice. The Company expects the Transaction to close in the first quarter of 2026, subject to these approvals. Upon closing, Fresh Del Monte will acquire select prepared and packaged foods businesses, including vegetable, tomato, and refrigerated fruit assets, as well as global ownership of the Del Monte(R) brand, subject to existing regional licensing arrangements. With this milestone complete, Fresh Del Monte is focused on executing the remaining steps toward closing in a disciplined manner and advancing the transaction into its next phase. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DOCKSIDE ASSOCIATION: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Dockside Association, Inc. About Dockside Association Inc. Dockside Association, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-05115) on December 29, 2025, listing assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Elisabetta Gm Gasparini presides over the case. Michael M. Beal, Esq., at Beal, LLC and Clement Rivers, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. DRYCREEK MANAGEMENT: Stateline Wants Thyne Berglund as Receiver --------------------------------------------------------------- Stateline Lender Inc., a Colorado Corporation, filed a motion with the U.S. District Court for the Southern District of California seeking the appointment of Thyne Berglund & Co. LLC, a lender services company, to take charge of Drycreek Management LLC's real property commonly known as 698 Braemar Terrace, Fallbrook, CA 92028. This is an action by a creditor seeking remedies under California's Uniform Voidable Transactions Act ("UVTA") due to the Defendants' intentionally fraudulent transfers of assets designed to frustrate, hinder, delay and defraud their creditors from collecting over $2 million in commercial debt obligations they undisputedly owe. Drycreek transferred its real estate in San Diego, California, on the eve of Drycreek's creditors foreclosing on its other assets, thus anticipating future collection against it for the resulting deficiencies; Drycreek transferred its San Diego real estate for no consideration to an insider, whose principals continue to maintain control over the fraudulently transferred asset. Moreover, Drycreek intentionally and undisputedly stole and defrauded tenants of rent that was due to the Plaintiff from an apartment building that Drycreek no longer owned. Stateline alleges that: 1. According to the records of the Utah Division of Corporations, the two members of Defendant Drycreek Management LLC are Steven G. Goldschmied and Diane Moreno. 2. According to the records of the Utah Division of Corporations, the two members of Defendant Sonoma Investments LLC are Steven G. Goldschmied and Diane Moreno. 3. NuBridge Commercial Lending LLC, a Delaware limited liability company, extended a loan to Drycreek, a Utah limited liability company, as evidenced by a Promissory Note dated August 11, 2023, in the original principal amount of $1,450,000.00. 4. The Loan was secured by a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated August 11, 2023, and recorded with the Recorder of Yavapai County, Arizona, on August 14, 2023. 5. The Deed of Trust encumbered the real property commonly known as 4224 E Canyon Trail, Cottonwood, AZ 86326. 6. The Deed of Trust encumbered the real property commonly known as 4224 E Canyon Trail, Cottonwood, AZ 86326, that was a 12-unit apartment building and the Loan was made to Drycreek as a commercial loan for the purpose of Drycreek acquiring the Property. 7. Mr. Goldschmied and/or Ms. Moreno, acting through Drycreek, did have Drycreek enter into a purchase and sale agreement with the Palmers, but under different material terms. 8. Under the Real Contract, the Palmers agreed to sell the Property to Drycreek for a purchase price of $3 million. However, under the Real Contract, Drycreek would pay that purchase price with only $1,000 of actual cash, with the balance of the purchase price financed with a first-position $1.1 million loan, and a 2nd position seller carry-back loan of $1.9 million payable to the Palmers. 9. The $1.9 carry-back loan is evidenced by a Second Deed of Trust executed by the members of Defendant Drycreek Management LLC, recorded in the county records of Yavapai County, Arizona. 10. As far as NuBridge knew at the time of closing, Drycreek had in fact funded its purchase of the Property with approximately $1.65 million of its own cash and the balance with NuBridge's $1.45 million loan. Drycreek expressly covenanted that it would not allow any liens other than NuBridge's Deed of Trust to attach to the Property. Drycreek was not only in breach of its Loan obligations to Drycreek at the moment it accepted NuBridge's $1.45 million, but it knowingly made false covenants and representations to NuBridge to induce NuBridge to make that Loan. 11. Drycreek was not only in breach of its Loan obligations at the moment it accepted NuBridge's $1.45 million, but it knowingly made false covenants and representations to NuBridge to induce NuBridge to make that Loan. 12. Upon information and belief, through its fraudulent scheme and through the use of false Final Settlement Statement, Drycreek, and Mr. Goldschmied and/or Ms. Moreno were able to fraudulently pocket approximately $350,000.00 in cash from NuBridge's loan proceeds out of the closing from Drycreek's purchase of the Property, which distribution was fraudulently concealed and not accurately represented on the Final Settlement Statement. 13. On or about July 11, 2025, NuBridge elected to enforce its rights under the Loan by directing the Deed of Trust to be foreclosed through a foreclosure sale of the Property as evidenced by the Notice of Trustee Sale recorded in the Yavapi County Recorder’s records on July 11, 2025. 14. The Note and all documents and instruments pertaining to the Loan, including the Deed of Trust (as defined below) were assigned by NuBridge to Copa Lending LLC, an Arizona limited liability company, by an Allonge signed by NuBridge endorsing the Note as payable to NuBridge and an associated Assignment of Deed of Trust recorded with the Yavapai County, Arizona Recorder, on July 24, 2025. 15. Based on Plaintiff's review and investigation of the Fraudulently Transferred Property, there appears to be a 1st position mortgage lien against it in the original principal amount of $990,900.00 as evidenced by the Deed of Trust, Assignment of Rents and Fixture Filing recorded in the San Diego County real property records on December 12, 2023. Zillow.com values the Fraudulently Transferred Property at $1,125,000.00. 16. NuBridge and its assigns have been damaged by approximately $500,000.00. This amount arises from the total debt owed to NuBridge in excess of $1,800,000.00, together with the waste that Drycreek had committed to the Property, unpaid real estate taxes, and the rent that Drycreek had stolen from NuBridge and its assignees for years. Stateline contends California's UVTA contemplates that dishonest debtors will transfer their assets to hinder, delay and defraud their creditors. As a consequence, California's UVTA provides meaningful and effective remedies to immediately stop such fraudulent conduct and oust the dishonest debtor from control of his or her assets so that creditors can actually recoup the debt owed to them. Stateline also contends the relevant considerations favor that the Court should appoint a receiver to take charge of the Fraudulently Transferred Property: 1. Plaintiff will undoubtedly prevail on its claims against Defendants. 2. The fact that Defendant Drycreek and Defendant Sonoma Investments LLC (both owned and controlled by Mr. Goldschmied and Ms. Moreno) already engaged in intentionally fraudulent conduct by intentionally transferring the Fraudulently Transferred Property to hinder, delay, and defraud the Palmers and NuBridge, is per se evidence that they will do so again. 3. Legal remedies are per se inadequate because a debtor/defendant's ability to transfer its assets absent judicial intervention creates a "whack a mole" scenario that necessarily deprives a creditor from ever being repaid the debt owed to it. 4. There is no harm to the Defendants that outweighs the harm to Plaintiffs. The Plaintiffs are owed in excess of $2 million. Yet, the equity in the Fraudulently Transferred Property is, at most, $100,000.00 after accounting for prior liens. Stateline also discloses that its counsel and its shareholders are also principals of Thyne Berglund & Co., the proposed receiver. About Drycreek Management LLC Drycreek Management LLC, is a Utah limited liability company that owns a real property located at 698 Braemar, Terrace, Fallbrook CA 92028 in San Diego, California. Drycreek is facing a receivership case captioned as Stateline Lender Inc. v. Drycreek Management, LLC, Case No. 3:26-cv-00577 (S.D. CA), before the Hon. Cathy Ann Bencivengo. The case was filed on Jan. 29, 2026. Attorneys for Stateline Lender Inc.: Christopher J. Conant, Esq. CHRISTOPHER J. CONANT, ESQ. 730 17th Street, Suite 200 Denver, CO 80202 Tel: (303) 298-1800 Fax: (303) 298-1804 E-mail: cconant@hatchlawyers.com E&M BINDERY: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a fifth amended order extending E&M Bindery, Inc.'s authority to use the cash collateral of Milberg Factors, Inc. Under the fifth amended order, the Debtor is authorized to use cash collateral through February 24 in accordance with its budget and the terms of the court's prior interim orders. The Debtor is also authorized to continue to remit to Milberg 90% of the net proceeds from court-approved private equipment sales. The order modifies payment mechanics to Milberg beginning February 2. The debtor must remit 70% of funds exceeding $35,000 in its bank accounts weekly, with the remaining 30% directed to counsel's trust account for professional fees. After completion of scheduled rent payments to the landlord, the threshold drops to $20,000, with the same 70/30 split. These payments reduce Milberg's pre-bankruptcy obligations until paid in full. In addition, Milberg is entitled to the same rights, liens, priorities and protections provided for under the court's previous interim orders. The order granted the Internal Revenue Service a replacement lien to the extent of any diminution in its collateral, and required additional payments, including a $5,000 retainer to the Subchapter V trustee and weekly $20,000 rent payments to the landlord. A final hearing is scheduled for February 24, with objections due by February 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2RlDT from PacerMonitor.com. Milberg Factors, as secured creditor, is represented by: John Bougiamas, Esq. Jonathan N. Helfat, Esq. Michael Wenger, Esq. Matthew J. Stockl, Esq. 230 Park Avenue New York, NY 10169 Telephone: (212) 661-9100 jbougiamas@otterbourg.com jhelfat@otterbourg.com mwenger@otterbourg.com mstockl@otterbourg.com About E&M Bindery Inc. E&M Bindery, Inc., a company in Clifton, N.J., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22444) on November 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey L. Meisel oversees the case. David Edelberg, Esq., at Scarinci Hollenbeck, represents the Debtor as legal counsel. E. ALLEN REEVES: Court Affirms Dismissal of Old York, et al., Case ------------------------------------------------------------------ In the appeal styled E. ALLEN REEVES, INC., Appellant v. OLD YORK, LLC, JEFFREY COHEN, AND METROPOLITAN PROPERTIES OF AMERICA, INC., No. 2996 EDA 2024 (Pa. Super. Ct.), Judges Alice Beck Dubow, Deborah A. Kunselman and Megan Sullivan of the Superior Court of Pennsylvania affirmed the September 20, 2024 order entered by the Montgomery County Court of Common Pleas dismissing E. Allen Reeves, Inc.'s complaint. The Montgomery County court concluded that the federal bankruptcy court had continuing jurisdiction over the financial dispute between Appellant and Appellees, Old York, LLC, Jeffrey Cohen, and Metropolitan Properties of America, Inc. The financial dispute between Appellant and Appellees arose from a 2015 construction contract pursuant to which Appellant agreed to serve as a general contractor to Appellees for the construction of a building. In February 2017, Appellant filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code in the United Stated Bankruptcy Court for the Eastern District of Pennsylvania. In September 2017, the Bankruptcy Court entered an order confirming a reorganization plan filed by Appellant. On November 17, 2017, Appellant filed a complaint in the Montgomery County Court of Common Pleas against Appellees, Old York, LLC and Metropolitan Properties of America, Inc., alleging breach of the 2015 construction contract. In February 2018, the Montgomery County court stayed the case pending binding arbitration, which resulted in an award in favor of Appellant. On March 7, 2022, the Montgomery County court confirmed the arbitration award and entered judgment in favor of Appellant against Appellees for $216,155.42. Appellee Old York appealed to the Superior Court, challenging, inter alia, Appellant's standing, but Appellee did not raise issues relating to the state court's jurisdiction pursuant to the Reorganization Plan. The Superior Court affirmed the order confirming the Arbitration Award. On April 5, 2022, Appellant filed a complaint in Bankruptcy Court against Appellees and Washington York 2021, LLC, claiming that Appellees fraudulently transferred the Property to Washington York 2021 in August 2021 to frustrate Appellant's collection efforts on the Arbitration Award. Appellant sought to pierce the corporate veil of Appellee Old York and raised claims that Appellees committed civil conspiracy and violated the Pennsylvania Uniform Voidable Transactions Act, 12 Pa.C.S. Secs. 5104(a)(1)-(2) and (b) and 5105. On August 17, 2023, the Bankruptcy Court granted Appellees' motion for judgment on the pleadings and dismissed all of Appellant's counts. Appellant did not appeal the federal court decision. Instead, on October 5, 2023, Appellant filed the instant action against Appellees raising the same counts that it presented in the Bankruptcy Court action. Specifically, Appellant sought to pierce the corporate veil to collect the Arbitration Award and claimed violations of the Pennsylvania Uniform Voidable Transactions Act, 12 Pa.C.S. Sec. 5104(a)(1)-(2) and (b) and 5105, and civil conspiracy. Appellees filed preliminary objections claiming, inter alia, that the Montgomery County court lacked subject matter jurisdiction based on the Reorganization Plan, which vested jurisdiction in the Bankruptcy Court over claims involving the collection of Appellant's assets. On September 20, 2024, the trial court sustained Appellees' preliminary objections and dismissed Appellant's claims. On October 16, 2024, Appellant filed a notice of appeal. Appellant and the trial court complied with Pa.R.A.P. 1925. Appellant claims that the Montgomery County court erred in dismissing its claims. Appellant provides minimal argument in response to the trial court's conclusion that the Bankruptcy Court retained jurisdiction over these claims pursuant to the Reorganization Plan. Indeed, Appellant does not address the relevant language of the Reorganization Plan or provide any legal precedent disputing the trial court's conclusion that the Bankruptcy Court retained jurisdiction. The panel concludes that the trial court did not err in reading the plain language of the Reorganization Plan as providing for the Bankruptcy Court's retention of jurisdiction over Appellant's claims as they involve disputes arising in connection with the collection or recovery of any assets of Appellant. Accordingly, the trial court did not err in dismissing Appellant's complaint. A copy the Court's decision dated February 6, 2026, is available at https://urlcurt.com/u?l=lG0xG4 About E. Allen Reeves Founded in 1918, E. Allen Reeves, Inc., is a commercial and residential contractor based in Abington, Pennsylvania. E. Allen Reeves sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 17-11354) on Feb. 27, 2017. Robert N. Reeves, Jr., president, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Ashely M. Chan. The Debtor hired Ciardi Ciardi & Astin, P.C., as legal counsel; Kreischr Miller as accountant; and Davis Bucco, Esq., as special counsel. E. GLUCK: Court OKs Watch Business Sale to E. Gluck Global ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved E. Gluck Corporation, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. E. Gluck has been in the watch business for more than six decades, operating as a designer, importer and distributor of certain proprietary and licensed brands. Its proprietary anchor is Armitron, a longstanding name in the U.S. watch market, complemented by licensed fashion brands such as Anne Klein, Nine West, and others. At its peak, the company generated hundreds of millions of dollars in revenue by supplying a wide spectrum of U.S. retail partners, including mass merchants, department stores, mid-tier chains, off-price retailers and club stores. Beyond the domestic market, E. Gluck also built international distribution through third-party distributors and maintained a meaningful presence in travel retail, including duty-free and cruise channels. The Debtor's business model rested on a durable combination of long-term brand licenses, strong proprietary positioning, a broad and healthy SKU variety, high-quality products and deep retail relationships, all supported by an in-house team capable of delivering design, production and distribution at scale. For many years, this mix created a stable and profitable foundation. The Court has authorized the Debtor to sell Assets to the stalking horse bidder, E. Gluck Holdings, LLC, as the successful bidder in accordance with the Bidding Procedures. The purchase price for the Acquired Assets is an assumption at Closing of the Assumed Liabilities (which amount includes Cure Costs) plus the IDB Payoff Amount. The Estimated Purchase Price is $30 million. The Court determined that the Debtor is the sole and lawful owner of the Acquired Assets and has the legal power and authority to convey all of its right, title and interest therein and thereto. The Court ordered that no consents or approvals, other than those expressly provided for in the Asset Purchase Agreement, are required for the Debtor to close the sale in accordance with the terms and conditions of the Asset Purchase Agreement, provided, however, that the Debtor required the consent of AKWHP, LLP to assume the Anne Klein Trademark License Agreement, entered into by and between the Debtor and AKWHP, and assign it to EGH in connection with the Sale. The sale process has been conducted fairly and openly in a manner reasonably calculated to produce the highest and best offer for the Acquired Assets under the circumstances and in compliance with the Bidding Procedures Order. The Purchase Price provided by Buyer for the Acquired Assets is the highest and best offer received by the Debtor, is fair and reasonable, and constitutes reasonably equivalent value and fair consideration for the Acquired Assets under the Bankruptcy Code and other applicable law. The Debtor may sell the Acquired Assets free and clear of all Encumbrances About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.S.D. N.Y. Case No. 25-12683 (MG)) on December 1, 2025. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. EDDIE BAUER: Files Chapter 11, Begins Sale and Liquidation Process ------------------------------------------------------------------ Eddie Bauer LLC, operator of Eddie Bauer stores in the United States and Canada and a licensee of the Eddie Bauer brand, announced that it has entered into a Restructuring Support Agreement with the Retail Company's secured lenders and commenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey . The RSA is designed to enable the Retail Company to move through the chapter 11 process as quickly and efficiently as possible. Through the RSA and the chapter 11 proceedings, the Retail Company will conduct liquidation sales at its stores while continuing to pursue an ongoing sale process to conduct an expeditious, value-maximizing going concern sale of all or part of its store operations. In the event of a sale, the Retail Company may depart from a full wind down of operations to facilitate a going-concern transaction. The Retail Company believes this dual-path process will best maximize value for all stakeholders. The Retail Company's retail and outlet stores in the United States and Canada will remain open and continue serving customers as the Retail Company begins its process of winding down certain stores. The Retail Company's e-commerce and wholesale operations are not impacted by the wind down, as they are operated by a separate licensed operator, Outdoor 5, LLC (Oved), and will continue to operate as usual. Authentic Brands Group continues to own the intellectual property associated with the Eddie Bauer brand and may license the brand to other operators. The operations of other brands in the Catalyst Brands portfolio are not affected by this filing and will continue in the normal course. The Retail Company has filed customary motions with the Court seeking a variety of "first-day" relief, including approval of the consensual use of cash collateral to pay employee wages and benefits in the ordinary course of business and otherwise fund operations through the chapter 11 process. Marc Rosen, CEO of Catalyst Brands, said, "Even prior to the inception of Catalyst Brands last year, the Retail Company was in a challenged situation, with declining sales, supply chain challenges and other issues. Over the past year, these challenges have been exacerbated by various headwinds, including increased costs of doing business due to inflation, ongoing tariff uncertainty, and other factors. While the leadership team at Catalyst was able to make significant strides in the brand, including rapid improvements in product development and marketing, those changes could not be implemented fast enough to fully address the challenges created over several years." Rosen continued, "The Retail Company has evaluated all options and taken actions to best position the Retail Company for the future, including transitioning the Retail Company's e-commerce and wholesale operations to Outdoor 5 LLC. After careful deliberation, the Retail Company has made the difficult decision to file under chapter 11 to implement a court-supervised sale process and solicit a going concern transaction. If the Retail Company is unable to come to such an arrangement, we will commence an orderly wind down of the Retail Company's store operations." Rosen concluded, "This is not an easy decision, and we are grateful to the Retail Company's associates and customers for their loyalty and trust. We are working to minimize the impact on the Retail Company's employees, vendors, customers and other stakeholders. However, this restructuring is the best way to optimize value for the Retail Company's stakeholders and also ensure Catalyst Brands remains profitable and with strong liquidity and cashflow." Eddie Bauer's retail store locations outside of the United States and Canada are operated by other licensees, are not included in the chapter 11 filings, and will continue operating in the ordinary course. Additional information regarding the Retail Company's chapter 11 proceedings, including court filings and information about the claims process are available at https://cases.stretto.com/EddieBauer. Questions should be submitted to the Retail Company's claims agent, Stretto, by email at EddieBauerInquiries@stretto.com or by phone at 833-437-6838 (toll-free line) or +1 714-442-4326 (international). About Eddie Bauer LLC Eddie Bauer LLC is the operator of Eddie Bauer retail and outlet stores and licensee of the Eddie Bauer brand in the United States and Canada. Kirkland & Ellis LLP, Cole Schotz P.C., and Osler, Hoskin & Harcourt LLP are serving as the Retail Company's proposed legal counsel, BRG is serving as the Retail Company's proposed financial advisor, and SOLIC Capital Advisors is serving as the Retail Company's proposed investment banker. Reevemark is serving as communications advisor to the Retail Company. EDDIE BAUER: Going-Concern Offers for Business Due March 3, 2026 ---------------------------------------------------------------- Eddie Bauer LLC, which owns 175 brick-and-mortar stores across 40 states in the United States and six provinces in Canada, has sought Chapter 11 protection intending to conduct an auction in March 2026 to consider going concern offers for the business. The Company is the exclusive licensee of the Eddie Bauer brand for brick-and-mortar retail sales in the United States and Canada. The Company does not own the Eddie Bauer brand, and the brand, along with wholesale and e-commerce sales thereunder, is not part of the chapter 11 cases. Eddie Bauer, which has 2,200 employees, is soliciting offers for the purchase of all, substantially all, or any portion of the Debtors' assets. Under the bidding procedures already approved by the Bankruptcy Court, March 3, 2026 is the deadline for binding bids, and an auction will be conducted on March 6, 2026 if the Debtors receive qualified competing bids. The sale hearing will be on March 12, 2026 at 10:00 a.m. before the Honorable Stacey L. Meisel. The bid procedures provide that the Debtors are authorized, in an exercise of their reasonable business judgment, to designate one or more stalking horse bidders by no later than Feb. 27, 2026 at 5:00 p.m. (prevailing Eastern time). Prepetition, on Nov. 24, 2025, the Debtors retained SOLIC Capital Advisors, LLC as investment banker to conduct a robust marking process for a potential going-concern sale of all or any portion of the Company's brick-and-mortar retail operations. SOLIC has reached out to 126 potential acquirers, including 68 financial and 58 strategic counterparties with investments and/or operational experience in the consumer retail space. 34 such parties executed non-disclosure agreements and accessed a virtual data room containing diligence materials regarding the Company. The Company received two indications of interest ("IOIs") on Jan. 30, 2026. While these two IOIs have not yet resulted in a binding proposal for a going-concern sale, the Company, along with SOLIC and the other advisors, will continue to work with these parties postpetition to solidify a going concern transaction for some or all of the ongoing operations. As of the Petition Date, the Company, along with SOLIC and the other advisors, are in active negotiations with the parties who submitted IOIs (the "IOI Parties") to refine their offers in pursuit of a potential going-concern transaction. Road to Chapter 11 The Company has undergone a series of ownership changes in the last 25 years, including in connection with two prior chapter 11 proceedings. In 2003, the Debtors' then-parent company, Spiegel, Inc., spun the Company into a standalone enterprise at the conclusion of Spiegel's chapter 11 process. Six years later, in the wake of the 2008 financial crisis, the Company again entered chapter 11, during which Golden Gate Capital acquired the Debtors' assets and operations. Golden Gate Capital owned and operated the Eddie Bauer business from 2009 until 2021, when it sold Eddie Bauer's operating business to SPARC Group Holdings LLC ("SPARC") and its intellectual property portfolio, through a series of transactions, to an affiliate of Authentic Brands Group, LLC. In January 2025, 100% of the equity of SPARC was acquired by the parent company of another iconic American retail franchise, JCPenney. The parent company of the combined entities currently owns and operates the Company along with several other major American retail brands under the trade name of Catalyst Brands. Authentic Brands currently licenses the North American brick-and-mortar retail rights for the Eddie Bauer brand to the Company. After the SPARC Acquisition, the Company continued to capitalize on early COVID-19 era changes in consumer preferences as demand for outdoor apparel and gear increased and consumer discretionary spending spiked after federal relief spending. The Company also captured operations savings by enacting cost-saving measures, which led to positive EBITDA of $21 million during the last eight months of 2021. Multiple headwinds in recent years, however, including shifting consumer preferences, resulted in a decline in customer demand well below the historical trendline since 2023. In addition, a historic rise in inflation led to an increase in the Debtors' cost of doing business. Further, the long-standing though recently suspended "de minimis" tariff exemption allowed non-U.S. retailers to import good without paying duties, and elevated tariffs have all coalesced to erode margins and have led to significant negative earnings. Similar challenges plagued the broader retail industry, with approximately 21 retail companies with liabilities of at least $100 million filing for chapter 11 since the SPARC Acquisition in 2021. The Company recorded negative earnings of approximately $2 million in 2022, $10 million in 2023, $82 million in 2024, and $80 million in 2025. As their financial challenges persisted, in the second half of 2025, the Debtors engaged Kirkland & Ellis LLP, as legal counsel, and Berkeley Research Group, LLC, as financial advisor, to help determine a value-maximizing path forward for the Company. Shortly thereafter, the Company appointed Jeffrey Stein and Anthony Horton as disinterested managers/directors of the U.S. debtors, as well as 13051269 Canada Inc. and Eddie Bauer of Canada Corporation. The Debtors' financial challenges continued to mount in the fourth quarter of 2025. As the Debtors explored initiatives and multiple options to attempt to improve the business, the Debtors determined that they could maximize value by stopping the accrual of fixed intellectual property licensing fees payable under the License Agreement. The Debtors faced $220 million in future fees due over the remaining six years of the License Agreement, and sales had declined to an extent that they could no longer support payment of the fixed licensing fees. Moreover, the Debtors' e-commerce business had become only marginally profitable, and the Debtors' wholesale business had become unprofitable. To halt the accrual of these licensing fees, the Debtors, following good-faith, arm's-length negotiations overseen and approved by the Disinterested Directors, reached an agreement with Authentic Brands whereby the Debtors agreed to terminate their right to use the Eddie Bauer IP in connection with the e-commerce and wholesale business channels. As part of the License Termination Agreement, the Debtors retained the exclusive right to operate their brick-and-mortar retail locations and were released from future obligations to pay the minimum royalty and certain other minimum fees and expenses under the License Agreement, resulting in approximately $220 million in savings. The wholesale and e-commerce rights with respect to the Eddie Bauer brand currently reside with Outdoor 5, LLC ("O5"), which is not part of these chapter 11 cases. Although the License Termination Agreement alleviated a substantial liability for the Company, the Debtors' revised financial projections continued to indicate that the Debtors would generate negative cash flow. SPARC, which has been funding the Company's cash shortfalls through intercompany loans, resulting in an intercompany payable to SPARC in the amount of approximately $215 million as of the Petition Date, had also expressed an intention to cease funding future losses. Milestones The Restructuring Support Agreement signed with prepetition lenders provides for the following milestones to ensure an expeditious and value-maximizing chapter 11 process: * not later than Feb. 9, 2026, the Petition Date shall have occurred; * not later than five days following the Petition Date, the Court shall have entered an order approving the Debtors' use of Cash Collateral (as defined in the RSA) on an interim basis; * not later than fourteen days following the Petition Date, the Debtors shall have filed the Plan with the associated Disclosure Statement (as defined in the RSA); * not later than 22 days after the Petition Date, the deadline for submitting a qualified bid for the Going Concern Sale Transaction shall have occurred (the "Bid Deadline"); * if applicable, no later than 3 days after the Bid Deadline, an auction to consider approval of the Going Concern Sale Transaction shall commence; * not later than 40 days following the Petition Date, the Court shall have entered an order approving the Debtors' use of Cash Collateral on a final basis; * if applicable, no later than 31 days after the Petition Date, the Court shall hold a hearing to consider approval of the Going Concern Sale Transaction; * not later than 35 days following the Petition Date, the Court shall have entered an order approving the Disclosure Statement; * not later than 70 days following the Petition Date, the Court shall have entered the Confirmation Order (as defined in the RSA); and * not later than 75 days following the Petition Date, the Plan Effective Date (as defined in the Restructuring Support Agreement) shall have occurred. About Eddie Bauer Eddie Bauer LLC operates 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. On Feb. 9, 2026, Eddie Bauer LLC and four affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 26-11422). Eddie Bauer listed $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Stacey L Meisel is the case judge. The Debtors tapped KIRKLAND & ELLIS LLP as restructuring counsel, COLE SCHOTZ P.C. as co-bankruptcy counsel, GBH SOLIC HOLDCO, LLC, as investment banker, and BERKELEY RESEARCH GROUP, LLC, as restructuring advisor. RETAIL CONSULTING SERVICES, INC., doing business as REAL ESTATE ADVISORS, is the real estate consultant. STRETTO, INC., is the claims agent. EDDIE BAUER: Set for Store Closings Absent Going-Concern Offers --------------------------------------------------------------- Eddie Bauer LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey of its "first day" motions, including an agency agreement for the store closing sales at its 175 brick-and-mortar stores should a March 6, 2026 fail to yield a viable going-concern-offer to keep the stores open. Judge Stacey L. Meisel granted on an interim basis the Debtors' motion to assume and perform under a Letter Agreement Governing Inventory Disposition, dated as of January 29, 2026, made by and between Eddie Bauer LLC and certain of its affiliates with Hilco Merchant Resources, LLC, and SB360 Capital Partners, LLC. The final hearing on the Motion will be held on March 3, 2026, at 1:00 p.m., prevailing Eastern Time. The Debtors have recently faced a challenging commercial environment. Specifically, the Debtors have been forced to grapple with macroeconomic and retail-specific market pressures and headwinds, including, among other things, reduced discretionary spending on outdoor apparel, persistent inflation, and post-COVID-19 supply chain issues. Given the expenses associated with a substantial brick-and-mortar presence and the issues affecting the retail industry more generally, a significant number of the Debtors’ stores are operating at sub-optimal levels. Prior to the Petition Date, the Debtors took several steps to rationalize their lease footprint: -- Leases for unprofitable stores were allowed to expire without renewal, specifically including 49 expiring on Jan. 31, 2026. As of the Petition Date, all such store closings have been completed. -- on Jan. 29, 2026, the Debtors executed the Agency Agreement with the Agent so that they could be prepared to effectuate a liquidation of all or any portion of their remaining store locations. -- Store Closings commenced at the remaining 175 stores in the Debtors' brick-and-mortar retail footprint between Jan. 26, 2026 and Feb. 7, 2026, and are expected to continue throughout these chapter 11 cases absent a going concern sale of some or all of the Company's remaining stores. As of the Petition Date, these 175 Closing Stores are currently liquidating any remaining Debtor-owned inventory and furniture, fixtures, and equipment ("FF&E"). The Debtors anticipate that all Store Closings will continue postpetition for approximately 13 more weeks. The proceeds and eventual labor cost savings from these Store Closings are expected to provide the Debtors with much needed liquidity and will help fund the chapter 11 cases. The Debtors estimate that the aggregate net sales proceeds from all Sales at the Closing Stores will be approximately $21.3 million Going Concern Offers In the weeks prior to the Petition Date, the Debtors launched a marketing process to solicit bids for all or any portion of the Debtors' remaining brick-and-mortar retail operations as a going concern. The Prepetition Sale Process yielded multiple indications of interest ("IOIs"), which the Debtors, along with their advisors, are working to refine in pursuit of a potential going-concern sale of some or all of their remaining stores. The Debtors anticipate that the negotiation and refinement of the IOIs, as well as the ongoing solicitation of potential topping bids, will continue on a postpetition basis. To the extent the Debtors determine that selling some or all of the remaining stores will, in their business judgment, maximize the value of their estates, the Debtors may pause or discontinue Store Closings at such stores that become subject to such a sale. About Eddie Bauer Eddie Bauer LLC operates 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. On Feb. 9, 2026, Eddie Bauer LLC and four affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 26-11422). Eddie Bauer listed $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Stacey L Meisel is the case judge. Kirkland & Ellis LLP is serving as Eddie Bauer's restructuring counsel, Cole Schotz P.C. is co-bankruptcy counsel, GBH Solic Holdco, LLC, is the investment banker, and Berkeley Research Group, LLC, is the restructuring advisor. Retail consulting services, Inc., doing business as Real Estate Advisors, is the real estate consultant. Osler, Hoskin & Harcourt LLC is the Debtors' Canadian counsel. Stretto, Inc., is the claims agent. Otterbourg P.C. is advising the ABL Lenders, Ropes & Gray LLP is advising the Term Lenders, and Choate, Hall & Stewart LLP is representing the Subordinated Lenders. EDDIE BAUER: Unsecured Creditors to Have "Some Recovery" in Plan ---------------------------------------------------------------- Eddie Bauer LLC sought Chapter 11 protection with a deal with prepetition lenders for a sale-based Chapter 11 plan that will grant some recovery to unsecured creditors if the class votes in favor of the Plan. Before filing for bankruptcy, in parallel with their going concern sale process, the Debtors (a) hired RCS Real Estate Advisors ("RCS") to analyze the Debtors' lease portfolio, (b) hired Hilco/SB360 to assist with the closure of certain historically unprofitable store locations, and, (c) with the assistance of their advisors Kirkland & Ellis LLP, Berkeley Research Group, LLC, and SOLIC Capital Advisors, LLC, commenced negotiations with their Prepetition Lenders regarding a consensual and value-maximizing wind-down of any assets not sold in the going concern sale process. The Debtors' good-faith, arm's-length negotiations with the Prepetition Lenders culminated in the parties' execution of the Restructuring Support Agreement. The RSA enjoys the support of 100 percent of the ABL Lenders, Term Loan Lenders, and Subordinated Loan Lenders, and it allows the Debtors to pursue two interlocking processes to effect a value-maximizing restructuring and address the Company's balance sheet and operational challenges: * the completion of one or more sales of the Debtors' assets free and clear of all liens, claims, and other encumbrances to the highest or otherwise best bidder(s) (each, a "Going Concern Sale Transaction"); and * an orderly, value-maximizing winddown of all of the Debtors' brick-and-mortar retail operations that are not sold in a going concern sale transaction, subject to store closing procedures approved by the Court. Significantly, the Restructuring Support Agreement also provides commitments from all of the Debtors' funded-debt creditors to support a plan of reorganization that will address all prepetition obligations and, provide a recovery for unsecured creditors as long as the class of unsecured creditors votes to accept the Plan. Specifically, the Restructuring Support Agreement provides that the greater of (i) 10% of the net proceeds of asset sales remaining on the Debtors' balance sheet upon consummation of the Plan in excess of a threshold recovery amount for the ABL Lenders and (ii) $250,000 will be distributed to holders of general unsecured claims, as long as that class votes to accept the Plan. In that event, holders of ABL Claims, Term Loan Claims, and Subordinated Term Loan Claims -- collectively holding approximately $1.7 billion of senior secured funded debt -- have agreed to forego what would be additional recovery to facilitate an efficient, consensual, and value-maximizing process. The Restructuring Support Agreement includes milestones for both a chapter 11 plan confirmation process and a sale process that will allow the Debtors to move through the chapter 11 cases efficiently and expeditiously, to both maximize the value for distribution to creditors and minimize the administrative expenses of the chapter 11 cases, crucially allowing the Debtors to fund the cases through consensual use of cash collateral rather than debtor-in-possession financing. Specifically, the Debtors will file and prosecute a chapter 11 plan at the outset of the chapter 11 cases, within fourteen days of the Petition Date, and will seek to obtain confirmation of the chapter 11 plan within 70 days of the Petition Date. The RSA milestones also include a bid deadline on or around March 3, 2026, an auction (if needed) on or around March 6, 2026, and a sale hearing on or about March 12, 2026. To that end, the Company has filed a motion to establish bidding procedures governing an efficient, public, and flexible sale process to realize the potential value of existing assets as a going-concern, store closing procedures to continue to sell inventory and winddown any stores not part of a going-concern transaction, and a scheduling motion to put the cases on a track toward confirmation of the Plan and distribution to creditors. The Debtors believe these combined and complimentary processes will maximize the value of the Debtors' estates for the benefit of all stakeholders. About Eddie Bauer Eddie Bauer LLC operates 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. On Feb. 9, 2026, Eddie Bauer LLC and four affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 26-11422). Eddie Bauer listed $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Stacey L Meisel is the case judge. The Debtors tapped KIRKLAND & ELLIS LLP as restructuring counsel, COLE SCHOTZ P.C. as co-bankruptcy counsel, GBH SOLIC HOLDCO, LLC, as investment banker, and BERKELEY RESEARCH GROUP, LLC, as restructuring advisor. RETAIL CONSULTING SERVICES, INC., doing business as REAL ESTATE ADVISORS, is the real estate consultant. STRETTO, INC., is the claims agent. EDGE ADHESIVES: Gladstone Capital Marks $6.1MM Loan at 92% Off -------------------------------------------------------------- Gladstone Capital Corporation has marked its $6,140,000 loan extended to Edge Adhesives Holdings, Inc. to market at $468,000 or 8% of the outstanding amount, according to Gladstone Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone Capital Corporation is a participant in a Term Loan extended to Edge Adhesives Holdings, Inc. The loan accrues interest at a rate of 9.2% per annum. The loan matures on August 1, 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. The company is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Gladstone was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. The Company is led by Nicole Schaltenbrand as Chief Financial Officer and Treasurer. The Company can be reached at: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westtbranch Drive, Suite 100 McLean, VA 22102 Telephone: (703) 287-5800 About Edge Adhesives Holdings, Inc. Edge Adhesives Holdings, Inc. is a manufacturer of specialty adhesives and sealant products serving industrial and construction-related end markets. EDGE DOCUMENT: Court OKs Software Biz Sale to Software Solutions ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has permitted Edge Document Solutions LLC to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operates a software development firm that specializes in simplifying print and digital document solutions across a variety of industries from education to commercial markets. The Debtor's assets it wishes to sell consist of all software, intellectual property, customer lists, and goodwill. The Sale Assets are encumbered by secured liens. The Court has authorized the Debtor to sell software business to Software Solutions, Inc. for $69,000. The Debtor proposes that the sale proceeds be held in trust with the Debtor's counsel and subject to further order on disbursement. The Debtor proposes that the sale proceeds be held in trust with the Debtor's counsel and subject to further order on disbursement. About EDGE Document Solutions LLC EDGE Document Solutions, LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. It develops and integrates software systems for eDocuments and electronic content management while continuing to support traditional print and mailing needs such as checks and forms. EDGE Document Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on October 17, 2025, listing total assets of $112,146 and total liabilities of $1,198,635. Judy Wolf Weiker of Manewitz Weiker Associates, LLC is the Subchapter V trustee. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by John Allman, Esq., at Hester Baker Krebs, LLC. EL SALTO: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: El Salto Ranches, LLC 3525 Matheson Ave Miami, FL 33133 Business Description: El Salto Ranches, LLC owns and manages residential and vacant land properties in Arroyo Seco, New Mexico, including a residential property and multiple tracts of vacant land with and without utility hookups. The company's real estate holdings consist of acreage parcels used for residential and land ownership purposes, with properties identified through the Taos County Assessor's Office. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court District of New Mexico Case No.: 26-10147 Judge: Hon. Robert H Jacobvitz Debtor's Counsel: Chris Gatton, Esq. GATTON & ASSOCIATES, P.C. 10400 Academy NE Suite 350 Albuquerque NM 87111 Tel: (505) 271-1053 Email: chris@gattonlaw.com Total Assets: $8,761,825 Total Liabilities: $646,868 The petition was signed by Jacqueline Huggett as managing member. The Debtor submitted the required list of its 20 largest unsecured creditors, but provided no names. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/THZ7MVA/El_Salto_Ranches_LLC_a_New_Mexico__nmbke-26-10147__0001.0.pdf?mcid=tGE4TAMA ELDER CONTRACTING: Court OKs Chapter 11 Trustee Appointment ----------------------------------------------------------- Judge Eddward P. Ballinger Jr. of the U.S. Bankruptcy Court for the District of Arizona approved the appointment of James Cross as Chapter 11 Trustee for Elder Contracting, LLC. The appointment comes upon the application filed by Ilene Lashinsky, the U.S. Trustee for Region 14, to appoint a bankruptcy trustee in Stonebridge Elder Contracting's Chapter 11 case. At the January 29 hearing, the counsel for the Debtor, Michael G. Tafoya, and its representative, Ramona J. Patino, III, appeared on behalf of the company and stipulated on the record of the court to the immediate appointment of a Chapter 11 Trustee ("Debtor's Stipulation"). To the best of the U.S. Trustee's knowledge, Mr. Cross' connections with the Debtor, creditors, and other parties-in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee are limited to the connections set forth in Mr. Cross' verified statement. A copy of the appointment order is available at https://urlcurt.com/u?l=OuHkdn from PacerMonitor.com. On January 14, the U.S. Trustee filed a motion to convert the case to a Chapter 7 or, in the alternative, appoint a Chapter 11 trustee. The U.S. Trustee cited the Debtor's repeated failure to provide proof of any insurance, including workers' compensation coverage. The bankruptcy watchdog accused the Debtor's representative Ramon Patino of making false statements under oath at the Section 341 meeting and again in court on January 8, misleading parties into believing the Debtor was insured when it was operating without coverage. The U.S. Trustee also alleged that the Debtor is accepting substantial cash payments into a non-DIP Chase account and transferring large sums to other unidentified Chase checking accounts. A copy of the application is available for free at https://urlcurt.com/u?l=w3KX6p from PacerMonitor.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 the Law Office of Michael G. Tafoya, is the Debtor's bankruptcy counsel. ENCOMPASS ENTERPRISES: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Encompass Enterprises LLC d/b/a Ships Point Electrical f/d/b/a Encompass Door and Awning f/d/b/a Encompass Marine d/b/a Encompass Enterprises, Inc. 12660 Mill Creek Dr Lusby, MD 20657 Business Description: Encompass Enterprises Inc. provides residential and commercial construction and renovation services, including garage door and awning installation, handyman services, decorative surface applications, and steel structure construction, serving customers in Southern Maryland and surrounding areas including Washington, DC and Virginia. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of of Maryland Case No.: 26-11403 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Local Counsel: Christopher L. Rogan, Esq. ROGANMILLERZIMMERMAN, PLLC 50 Catoctin Cir., NE, Suite 300 Leesburg, VA 20176 Tel: (703) 777-8850 Email: crogan@RMZLawFirm.com Debtor's Counsel: THE FOX LAW CORPORATION Total Assets: $225,102 Total Liabilities: $2,643,545 The petition was signed by Eugene (Gene) Benton 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/X7B754Q/Encompass_Enterprises_LLC__mdbke-26-11403__0001.0.pdf?mcid=tGE4TAMA EXECUTIVE DEVELOPMENT: Case Summary & 18 Unsecured Creditors ------------------------------------------------------------ Debtor: Executive Development Associates, Inc. EDA Inc 312 SW Greenwich Dr., Ste. 1508 Lees Summit, MO 64082 Business Description: Executive Development Associates provides leadership advisory and executive coaching services to senior executives, boards, and leadership teams in the United States, offering CEO and executive coaching, board and governance advisory, enterprise strategy alignment, and executive team development. The firm operates in the management consulting and executive coaching industry, serving organizational leaders seeking to improve decision-making, alignment, and sustained leadership effectiveness. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Western District of Missouri Case No.: 26-40233 Judge: Hon. Cynthia A Norton Debtor's Counsel: Ryan A. Blay, Esq. WM LAW, PC 15095 West 116th Street Olathe, KS 66062 Tel: (913) 422-0909 Fax: (913) 428-8549 E-mail: bankruptcy@wagonergroup.com Total Assets: $276,922 Total Liabilities: $2,664,232 The petition was signed by Bonnie Timms as owner. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6MP3RY/Executive_Development_Associates__mowbke-26-40233__0001.0.pdf?mcid=tGE4TAMA FAT BRANDS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of FAT Brands, Inc. The committee members are: 1. Stratford Holding, LLC c/o Mark Langfan 2100 South Ocean Boulevard, #501N Palm Beach, FL 33480 (646) 263-4606 Mapmun@aol.com 2. DoorDash, Inc. Attn: Daisy Fernandez 3032nd St., Ste. 800 South San Francisco, CA 94107 Daisy.fernandez@doordash.com 3. United Service Network, LLC Attn: Tiffany Morton 16414 San Pedro Avenue, Ste 455 San Antonio, TX 78232 210-800-2762 billing@unitedservicenetwork.com 4. 3|5|2 Capital GP LLC c/o Matt Smith 520 Madison Ave New York, NY 10022 212-323-3380 Matt.smith@leucadia-am.com 5. Bonanno Restaurant, LLC c/o Robb Bonanno 7251 W. Sahara Ave. Las Vegas, NV 89117 702-289-1215 rbonanno@fifth-group.com 6. Steven Critelli 27 Oak Meadow Rd Commack, NY 11725 516-458-3021 stevencritelli@aol.com 7. Simon Property Group, L.P. c/o Catherine M. Martin, Esq. 225 West Washington St. Indianapolis, IN 46204 317-685-7263 cmartin@simon.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to certain series of notes. FLYNN RESTAURANT: Planet Deal No Impact on Moody's 'B2' Rating -------------------------------------------------------------- Moody's Ratings said Flynn Restaurant Group LP's ("Flynn" B2, stable) proposed acquisition of a leading Planet Fitness franchisee has no impact on the ratings or outlook. Flynn plans to fund the transaction with a proposed $400 million fungible add-on to its $2.1 billion backed senior secured first lien term loan B due 2032 and approximately $270 million of cash to be contributed from its parent company, Flynn Group LP. At the same time, Flynn plans to increase the size of its backed senior secured first lien revolver due 2030 by $100 million, to $500 million, and add its 7-Brew subsidiary, Flynn 7B LLC, as a guarantor to the borrowing group. The transaction is expected to close at the end of the first quarter of 2026. The transaction will increase Flynn's existing portfolio of higher margin Planet Fitness assets, diversify the brand's geographic footprint and improve its overall margin profile. Planet Fitness is the largest high volume low price (HVLP) fitness chain and has exhibited steady unit and same store sales growth over the past several years. Moody's expects the transaction to be accretive to Flynn's overall earnings and cash flow. The addition of 7 Brew to the credit group also provides additional organic growth opportunities. The transaction will be modestly de-leveraging on a pro forma basis with adjusted Debt/EBITDA of around 5x. Adjusted EBITA/interest remains weak, at less than 1.2x. Flynn benefits from its material scale as the largest franchisee operator in the US, in terms of number of operated restaurant and fitness units. The company also benefits from its diversity across product segment, geography, customer demographic and brand, with a high level of awareness in each of Taco Bell, Panera Bread, Arby's, Applebee's, Wendy's, Pizza Hut, Planet Fitness and 7 Brew. Like the broader restaurant industry, Flynn has faced a difficult operating environment including higher costs and pressure on consumer spending that will likely continue to challenge revenue and profit growth over the next twelve months. Operating performance has been mixed among its brands, with growth at Applebee's, Arby's, Taco Bell and Planet Fitness largely offset by declines at Pizza Hut and Wendy's units. Nonetheless, Moody's expects sales growth, when coupled with productivity and cost containment actions, to drive profit growth and long-term credit metric improvement. Headquartered in San Francisco, California, Flynn Restaurant Group LP's pro forma Credit Group operated approximately 2,800 restaurants and fitness centers across 44 states. Its brands include Applebee's, Taco Bell, Panera, Arby's, Wendy's, Pizza Hut, 7 Brew and Planet Fitness. Pro forma revenue for the borrowing group is around $5 billion. Flynn is owned by Ontario Teachers' Pension Plan Board, Flynn management and Main Post Partners. FMC CORP: Moody's Gives Ba1 CFR & Cuts Unsecured Debt to Ba1 ------------------------------------------------------------ Moody's Ratings has downgraded the ratings of FMC Corporation (FMC) including its senior unsecured ratings to Ba1 from Baa3, its subordinated notes rating to Ba2 from Ba1 and its backed industrial revenue bond rating, issued by Power County Industrial Development Corp., to Ba1 from Baa3. Moody's also downgraded its commercial paper rating to Not Prime from Prime-3. The outlook is negative; previously the ratings were on review for downgrade. At the same time, Moody's have assigned a Ba1 Corporate Family Rating, a Ba1-PD Probability of Default Rating and an SGL-2 Speculative Grade Liquidity Rating. This concludes the review for downgrade initiated on November 6, 2025. "The downgrade reflects the challenges the company is facing due to Rynaxypyr(R) patent expirations in a number of countries and the increasingly competitive environment for generic crop protection chemicals," stated John Rogers, Senior Vice President at Moody's Ratings and lead analyst on FMC Corporation. "The company's decision to explore strategic options also increases event risk in 2026 and could push the rating lower. But this could, in part, depend on who the potential buyers are, which could include higher rated, investment grade companies amongst other companies." RATINGS RATIONALE The rating downgrade reflects Moody's expectations that FMC's credit metrics will remain weaker than levels that would support an investment grade rating over the next few years given the downturn in Rynaxypyr(R) profitability and a more competitive environment for its off-patent legacy crop protections chemicals. While the company plans to reduce debt by $1 billion in 2026 from asset sales and licensing agreements, these actions are unlikely to lower leverage to below 3.5x over the next two years without a meaningful improvement in sales and profitability. However, management's decision in the fourth quarter of 2025 to reduce the dividend does ensure that the company should be roughly breakeven free cash flow even at the lower earnings level projected for 2026. Furthermore, this provides some comfort that the company can return leverage to much more reasonable levels within the next few years as earnings improve. Management is taking appropriate steps to reduce debt and return credit metrics to levels that could limit further downside to the rating. However, uncertainties over more aggressive competition in generic crop protection chemicals, the timing and proceeds from asset sales and licensing agreements, and the slow ramp up in profits from new patent protected products, make it difficult to forecast a quick return of credit metrics to levels that would fully support the Ba1 rating. Additionally, actions to improve its cost profile, in order to compete more effectively with generic competition, are likely to take more than one year to fully implement. Estimated credit metrics for 2025 based on the press release, indicate leverage of over 5.0x and Retained Cash Flow/Debt of under 7%. Moody's expects leverage to decline towards 4.5x by the end of 2026, despite the significantly lower earnings guidance, largely due to proceeds from asset sales and licensing agreements. The recovery in metrics to levels that would fully support the Ba1 rating will likely take longer as the company will need to pay down additional debt and grow EBITDA. OUTLOOK The negative outlook reflects (i) the competitive challenges the company is facing in crop protection chemicals; (ii) uncertainty over timing and proceeds from assets sales and licensing agreements; and (iii) event risk related to the company decision to explore strategic alternatives. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be downgraded if the company fails to make progress on significantly reducing debt in 2026. If leverage remains above 4.5x at the end of 2026 and the company's EBITDA is expected to remain below $700 million in 2027, Moody's would likely lower the rating. The Ba1 ratings expect that FMC's leverage will be below 3.5x, most of the time. Any event or transaction that would weaken credit metrics would also likely result in a downgrade. An upgrade of the rating is highly unlikely at the current time due to the company's weak credit metrics. However, an upgrade would be considered if Moody's adjusted Debt/EBITDA were to decline below 3.0x on a sustained basis and Retained Cash Flow/Debt were to remain above 20%. In addition any upgrade would be contingent on the success of FMC's new product portfolio and a significant increase in earnings from patent protected products. LIQUIDITY FMC's speculative grade liquidity rating of SGL-2 reflects the company's sizable cash balance of roughly $585 million, over $1.1 billion of availability under its $2 billion unsecured credit facility maturing in December 2028. FMC had $645 million outstanding under the revolver, no commercial paper and roughly $200 million of letters of credit at the end of the year. It also had less than $80 million outstanding under international facilities. In the fourth quarter of 2025, FMC amended its $2 billion revolver to provide covenant relief through its maturity in December 2028. Hence, liquidity in the second half of 2026 and 2027 has significantly improved. However, the company does have $500 million of debt maturing in October 2026. The amendment to the credit facility does include a springing security provision, if the company's ratings are downgraded by another notch. Security would be limited to intellectual property and working capital, due to the limitation on liens (10% of Consolidated Net Tangible Assets) in the company existing debt indentures. ESG CONSIDERATIONS FMC's CIS-3 indicates that ESG considerations have a limited impact on the current rating with potential for greater negative impact over time. The environmental risk score of E-4 reflects the expectation that costs will increase as regulations tighten to address future carbon transition and waste and pollution requirements. Additionally, physical climate risks that impact the agricultural sector can create volatility in revenues and earnings. Social risks are also significant due to the high toxicity of most agricultural chemicals and their potential impact on health and safety and responsible production. However, these products are highly regulated and the company is one of five global producers with R&D capabilities to introduce new active ingredients, as regulatory scrutiny increases on older chemistries. Governance risk score of G-3 reflects the increase in risks due to increased industry competition that has made it difficult for management to maintain profitability and achieve their targeted credit metrics. Headquartered in Philadelphia, Pennsylvania, FMC Corporation is an agricultural chemicals producer with 21 production sites globally, including five in North America, six in EMEA, nine in Asia and one in Latin America. The company has active ingredient manufacturing in Denmark, India, China and the US the company had LTM revenues of $3.5 billion as of December 31, 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. FOOD52 INC: Raj Overseas, Target Lighting Step Down From Committee ------------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 disclosed in a court filing the resignation of Raj Overseas and Target Lighting/Thrive Value from the official committee of unsecured creditors in the Chapter 11 case of Food52, Inc. The remaining members of the committee are: 1. Janel Group Attn: Frank Auriemma 233rd Seventh Street, Suite 100 Garden City, NY 11530 Phone: (631) 327-7440 Email: fauriemma@janelgroup.com 2. Bradshaw International Holdings Hong Kong Ltd. Attn: Marcus Farley Units A-C, 25F, Seabright Plaza 9-23 Shell Street North Point Hong Kong Email: marcus.farley@bradshaw-group.com 3. Pendleton Woolen Mills, Inc. Attn: Alex McEntee 220 NW Broadway Portland, OR 97209 Phone: (503) 535-5722 Fax: (503) 535-5502 Email: alex.mcentee@penwool.com 4. Obeetee Inc. Attn: Vimal Kumar 137 West 25th Street, 12th Floor New York, NY 10001 Phone: (212) 633-9744 Email: vimal.kumar@obeetee.com 5. VistaVu Solutions Ltd Attn: Jason James Suite D3-170, 15015 Westheimer Pkwy Houston, TX 77082 Phone: 1 (888) 300-2727 ext. 232 Email: jason.james@vistavusolutions.com About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Young Conaway Stargatt & Taylor as bankruptcy counsel; Meru, LLC as financial advisor; and Core Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the administrative advisor and claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. FORTREA HOLDINGS: Moody's Alters Outlook on 'B3' CFR to Stable -------------------------------------------------------------- Moody's Ratings affirmed the ratings of Fortrea Holdings Inc ("Fortrea") including the B3 Corporate Family Rating, the B3-PD Probability of Default Rating, the B3 rating on the senior secured bank credit facilities, and the B3 rating on the senior secured notes. The Speculative Grade Liquidity rating (SGL) remains at SGL-3. Concurrently, Moody's revised the outlook to stable from negative. The rating affirmation reflects Moody's expectations that Fortrea's financial leverage will remain very high (Moody's EBITDA calculations do not add back stock compensation expense, and treat $300 million accounts receivable securitization facility as debt-like obligation), but that operating performance will continue to improve such that Moody's adjusted debt-to-EBITDA will decline below 10 times, over the next 12 to 18 months. Moody's anticipates reduction in stock compensation expense will drive meaningful EBITDA improvement. Additionally, Moody's expects the company to continue driving operating efficiencies to support ongoing strengthening of profitability margins. The stable outlook incorporates Moody's expectations that Fortrea's credit metrics will improve over the next 12 to 18 months. The stable outlook also assumes adequate liquidity, partially reflected in modestly positive free cash flow and full access under the company's revolving credit facility. Governance risk factors are material to the rating action. Governance risk considerations are driven by the company's execution risk and management's track record reflected in ongoing operating performance improvement along with debt repayment. However, Moody's notes that company's financial leverage remains significantly higher than initially anticipated. RATINGS RATIONALE Fortrea's B3 Corporate Family Rating considers the company's very high financial leverage with adjusted debt/EBITDA at 12.3x (15.6x inclusive of $300 million accounts receivable securitization facility), for the twelve-month period ended September 30, 2025. Moody's expects financial leverage will improve below 10 times, over the next 12-18 months, partially driven by the reduction in stock compensation expense, which Moody's do not addback in Moody's EBITDA calculations. Fortrea's rating also reflects lower profitability margins relative to company's key peers, and the risks inherent in the pharmaceutical services industry, including project delays and cancellations. The company benefits from its considerable size, geographic footprint, and established market position as a pharmaceutical contract research organization (CRO). Fortrea's SGL-3 Speculative Grade Liquidity rating reflects Moody's views that liquidity will be adequate over the next 12 months. Fortrea reported cash and cash equivalents were approximately $131 million as of September 30, 2025. Over the next 12 months Moody's anticipates that Fortrea will be modestly free cash flow positive. The term loan A will have annual amortization of 5%. Fortrea's liquidity is supported by a $450 million revolving credit facility expiring in June 2028. There were no borrowings under the facility as of September 30, 2025. The senior secured term loan A has a maximum total net leverage covenant set at 6.00x as of September 30, 2025 (with step downs beginning in September 30, 2026 to 5.75x, and to 5.50x and 5.30x in the subsequent quarters) and a minimum consolidated interest coverage covenant set at 2.00x. There are no financial covenants for the senior secured term loan B. Moody's expects Fortrea to maintain sufficient cushion under the covenants, over the next 12 months. The B3 instrument ratings, which are in line with the Corporate Family Rating, reflect the presence of only one class of debt within the capital structure. ESG CONSIDERATIONS Fortrea's CIS-4 (previously CIS-5) indicates that the rating is lower than it would have been if ESG risk exposures did not exist, but that the negative impact is less pronounced than for issuers scored CIS-5. Social risk (S-3) considerations relate to pharmaceutical drug pricing, which could have both positive and negative effects for Fortrea. Legislation that reduces drug prices could have a negative impact on Fortrea if pharmaceutical customers look to trim expenses or reduce the scope of existing projects. Additionally, large mergers could result in customer consolidation and pricing pressure. However, drug pricing pressure in the US may spur the need for Fortrea's customers to invest more heavily in R&D, which would be a benefit. Among governance risk (G-4, previously G-5) considerations are management's track record reflected in significantly weaker operating performance, higher financial leverage, than management initially projected and shareholder activism. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to deliver sustained profitable growth with an improvement in liquidity underpinned by strong free cash flow. Furthermore, for the ratings to be upgraded Fortrea would need to successfully manage its strategic initiatives and external growth opportunities (i.e., acquisitions), under conservative financial policies. Quantitatively, debt/EBITDA sustained below 5.0 times on Moody's adjusted basis would support an upgrade. The ratings could be downgraded if Fortrea is unable to improve operating performance or if Fortrea's credit metrics weaken. Additionally, weakening in liquidity profile partially reflected in sustained negative free cash flow, could result in a downgrade. Fortrea Holdings Inc - headquartered in Durham, NC, is a leading global contract research organization ("CRO") providing comprehensive phase I through IV biopharmaceutical product and medical device services to pharmaceutical, biotechnology and medical device organizations. Fortrea Holdings Inc was spun off from Labcorp in June 2023. Revenue for the twelve months ended September 30, 2025, was approximately $2.8 billion. 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. FRANCESCA'S ACQUISITION: Files Voluntarily Chapter 11 Protection ---------------------------------------------------------------- francesca's(R), a specialty retail brand known for its distinctive boutique-style experience, announced that it has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. The filing is intended to facilitate a court-supervised process to maximize value for stakeholders. Tiger Group, SB360 Capital Partners, and GA Group, acting as advisors to francesca's, have commenced court-approved store closing sales across the Company's entire store fleet as part of the Chapter 11 process. "Shoppers will find discounts of 25 to 40 percent off across all product categories, and new merchandise will continue to arrive at stores," noted Michael McGrail, Member, Tiger Group. "It's an opportunity to add to or accessorize your wardrobe, find unique gifts, or just go on a treasure hunt for extraordinary deals." The merchandise includes: -- Sweaters and cardigans -- Blouses, skirts, loungewear, and intimates -- Denim jackets and skirts -- Black dresses, party and floral dresses, and wedding guest dresses -- Rompers and jumpsuits -- Rings, earrings, necklaces, and bracelets -- Diverse collections of gifts and accessories, and more. Founded in Houston in 1999, francesca's has filed customary motions seeking authority to support ongoing operations, including continuing employee wages and benefits and honoring post-petition obligations to vendors and partners. "This process provides a structured path to pursue the best outcome for all stakeholders," said Curt Kroll, CFO. "We remain focused on operating responsibly and supporting our teams, partners, and guests throughout this process." The full store list is available at: https://francescas.com/store-locator Additional information regarding the Chapter 11 proceedings will be available at https://cases.stretto.com/FrancescasAcquisition GAAT HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On February 6, 2026, GAAT Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About GAAT Holdings LLC GAAT Holdings LLC is a Florida-based holding company engaged in managing and operating a portfolio of businesses across multiple sectors. The company oversees strategic investments and operational management for its subsidiaries. GAAT Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00963) on February 6, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The debtor is represented by Matthew B. Hale, Esq. of Stichter, Riedel, Blain & Postler. GEORGES REALTY: Seeks to Sell Belmont Property to Highest Bidder ---------------------------------------------------------------- Georges Realty LLC seeks permission from the U.S. Bankruptcy Court for the District of New Hampshire, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 82 Sunset Drive, Belmont, New Hampshire and the Debtor wants to sell the Property to Albert S. and Pamela J. Mariano (Stalking Horse) for the purchase price of $1,850,000, increased or decreased by adjustments and pro-rations made (Stalking Horse Price). If the Debtor receives a Qualified Overbid from a Qualified Overbidder before the Qualified Overbid Deadline, the Successful Bidder for the amount and on the terms of the Successful Bid the amount and on the terms of the highest and best bid made for the Subject Property by a Qualified Bid at the Auction of the Subject Property. The Subject Property is a single-family residence located on the shore of Lake Winnisquam in the New Hampshire Lakes Region. The home, which was completely renovated by Debtor, is surrounded by approximately .23 acres of land. It was assessed for $996,700 for real estate tax purposes as of April 1, 2024. Adjusting the real estate tax assessment by the equalization ratio of 93.8% would increase the real estate tax valuation to $1,062,579.96. As of February 20, 2025, Presidential Appraisal Services valued the Subject Property at $2,800,000 on a market value basis. Chesapeake took control of the renovation and marketing of the Subject Property during May, 2025. Chesapeake retained St. Jean Auctioneers to conduct a foreclosure sale of the Subject Property. Hoping to find a buyer for the Subject Property before a foreclosure sale, Debtor terminated the brokerage agreement with the Chesapeake Broker in October, 2025. Debtor retained Kara Chase (Debtor's Broker) to list and market the Subject Property. The Chesapeake Auctioneer expected an opening bid significantly below the Stalking Horse Offer. Nevertheless, Chesapeake refused to postpone the foreclosure sale to let Debtor close the Stalking Horse Agreement. The lienholders of the Property are statutory real estate tax lien held by the Local Government, and Chesapeake and Valentin Realty, LLC and Richard Valentin Gutierrez. Michael Waldt and Danny Sayer hold unrecorded joint venture interests in the Subject Property under joint venture agreements. The Debtor is a limited liability company formed by Wilsony B. Georges under the laws of the State of New Hampshire, which has its principal place of business and executive offices located at 100 Carl Drive, Unit 11-A, Manchester, NH 03103. Wilsony B. Georges owns all of the equity interests in Debtor and serves as the Manager of Debtor. Debtor has been actively engaged in the real estate brokerage business and real estate development business for its own account and through joint ventures – partnerships formed for a specific and limited purpose -- at all times material to this case. Debtor purchased and developed the Subject Property for its own account and investment purposes with money provided by Debtor, and the Joint Venturers. Notwithstanding the delays and unnecessary costs caused by Chesapeake, Chesapeake continued to charge interest at the rate of 20% or more and would not postpone the foreclosure sale to permit Debtor to pursue the Stalking Horse Agreement, which exceeds the projected foreclosure sale price by $550,000 without another forbearance agreement containing a broad release intended to foreclose the claims arising out of Chesapeake's exercising dominion and control over the marketing and completion of the Subject Property, breaches of quasifiduciary duty and other affirmative negligence and misconduct and the penalties and/or unenforceable liquidated damage provisions built into the Chesapeake loan documents. Debtor's Broker recommended that Debtor enter into the Stalking Horse Agreement given the circumstances. The Stalking Horse is not an insider with respect to Debtor or any person that is an insider with respect to Debtor. Except for the Stalking Horse Agreement, the parties have no business, personal or social relationship. About Georges Realty LLC Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Georges Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GLOBAL LOGISTICS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Global Logistics and Fulfillment, LLC 3702 Las Vegas Blvd. N, Suite 100 Las Vegas, NV 89115 Business Description: Global Logistics and Fulfillment, LLC provides third-party logistics services, including order fulfillment, warehousing, distribution, kitting, and transportation coordination, serving business-to-consumer, business-to-business, and e-commerce customers. The company operates logistics and warehouse facilities on the U.S. West Coast, including in Nevada, supporting domestic and international distribution through integrations with e-commerce platforms and logistics networks. It operates in the logistics and supply chain management industry, offering outsourced fulfillment and storage services for retail, wholesale, and online commerce operations. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-10855 Judge: Hon. Natalie M Cox Debtor's Counsel: Zachariah Larson, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: zlarson@lzlawnv.com Total Assets as of December 31, 2025: $590,866 Total Liabilities as of December 31, 2025: $2,015,461 The petition was signed by Stephen Gross as trustee of The ALR Trust. 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/KOHSQZQ/GLOBAL_LOGISTICS_AND_FULFILLMENT__nvbke-26-10855__0001.0.pdf?mcid=tGE4TAMA GRAFFITI PYRAMID: Taps Klehr Harrison Harvey Branzburg as Counsel ----------------------------------------------------------------- Graffiti Pyramid, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Klehr Harrison Harvey Branzburg LLP to serve as legal counsel. The firm will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operation of its business, management of its properties and how to accomplish the Debtor's goals in connection with the prosecution of the case; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing, on behalf of the Debtor, necessary applications, motions, answers, orders, reports, and other legal papers; (d) appearing in Court, at depositions, and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtor as its counsel; (e) attending meetings and negotiating with representatives of creditors and other parties in interest; (f) providing assistance, advice, and representation concerning any investigation of the assets, liabilities, and financial condition of the Debtor that may be required under local, state, or federal law or orders of this or any other court of competent jurisdiction; (g) advising and assisting the Debtor with respect to the reporting requirements of the U.S. Trustee; (h) taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; (i) performing various services in connection with the administration of the case, including preparing certificates of no objection, notices of fee applications and hearings, agendas, hearing binders, monitoring the docket, preparing responses, maintaining critical dates memoranda, preparing motions and notices, handling inquiries from creditors and counsel, and reviewing potential claims and causes of action; and (j) performing all other services assigned by the Debtor to Klehr Harrison as counsel to the Debtor. The firm will be paid at these hourly rates: partners $650 to $1,340; counsel $575 to $670; associates $405 to $600; and paralegals $355 to $435. Klehr Harrison is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: Morton R. Branzburg, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP Telephone: (215) 569-3007 E-mail: MBranzburg@klehr.com About Graffiti Pyramid Graffiti Pyramid, LLC is a Philadelphia, Pa.-based single-asset real estate company that owns, develops, and leases a mixed-use property at 1700 Germantown Avenue in the Olde Kensington neighborhood, comprising commercial space, residential units, and parking. Graffiti Pyramid filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 26-10044) on January 5, 2026, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Derek J. Baker oversees the case. Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as bankruptcy counsel, and Duane Morris, LLP as special litigation counsel. GREAT LAKES: S&P Places 'B' ICR on CreditWatch Positive ------------------------------------------------------- S&P Global Ratings placed all its ratings on Great Lakes Dredge & Dock Corp., including the 'B' issuer credit rating, on CreditWatch with positive implications. The CreditWatch reflects S&P's view that Great Lakes' credit quality will likely strengthen and upon close could result in a one-notch upgrade, or it would withdraw the rating with repayment of debt. Great Lakes announced a definitive agreement to be acquired by Saltchuk Resources Inc. at an aggregate equity value of approximately $1.2 billion and total transaction value of $1.5 billion. S&P said, "An upgrade would reflect our view of Saltchuk's stronger business risk assessment. Seattle-based Saltchuk (not rated) is a privately owned group of diversified freight transportation, marine services, and energy distribution companies domestically and internationally. We believe its larger scale, which we estimate in excess of $5.6 billion pre-acquisition, and its enhanced service offering diversification spanning freight transportation, marine services, energy distribution, dredging, and offshore energy would likely be stronger than Great Lakes stand-alone. "The capital structure and financial risk profile are unknown. Saltchuk's financial statements are private, so we have no visibility into its financial performance or financial policy. However, we believe the potential improvement in business risk and absence of financial sponsor ownership limit downside pressure on the ratings on stand-alone Great Lakes. For the last 12 months as of Sept. 30, 2025, Great Lakes had S&P Global Ratings-adjusted debt to EBITDA of 2.7x and free operating cash flow (FOCF) to debt of 6.2%. Under our base case, we forecast it would end 2025 with EBITDA of about $220 million and FOCF near $80 million. "We expect to withdraw or raise our ratings on Great Lakes. As per public disclosures, the $1.5 billion acquisition (including $300 million of outstanding debt) is supported by fully committed financing. Upon transaction completion, Great Lakes' common stock will no longer be listed. If its outstanding debt is fully repaid at par, we would subsequently withdraw our ratings. "The CreditWatch positive reflects our opinion that Great Lakes' acquisition by Saltchuk would improve its credit quality. We would likely withdraw or raise our ratings. We expect to resolve the CreditWatch at close of the transaction in the second quarter of 2026." HERITAGE COLLEGIATE: 2nd Amended Complaint vs. Elemental Stricken ----------------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan entered an order striking Heritage Collegiate Apparel, Inc.'s second amended complaint in the adversary proceeding captioned as HERITAGE COLLEGIATE APPAREL, INC., Plaintiff, v. ELEMENTAL CAPITAL, INC., and REDSTONE ADVANCE, INC., Defendants, Adv. No. 25-4146 (Bankr. E.D. Mich.). On January 30, 2026, the Plaintiff filed a second amended complaint. Because the filing of such complaint violated Fed. R. Civ. P. 15(a)(2), the Court will strike it. Under the Scheduling Order entered on October 6, 2025, the Plaintiff had leave to, and a deadline of, December 12, 2025 to amend its pleading. The second amended complaint was filed roughly a month and a half after that deadline had expired, and it was filed without leave of court. And there is no indication in the record that the Defendants consented in writing to the filing of this amended complaint. As shared by the Troubled Company Reporter, the Court granted in part, and denied in part, Elemental Capital, Inc. and Redstone Advance, Inc.'s partial motion to dismiss Counts III, VI, VII, and VIII of the amended complaint filed by the Debtor in the adversary proceeding. The motion sought dismissal of four of the counts in the Plaintiff's eight-count amended complaint, namely, Counts III, VI, VII, and VIII. These counts concerned two agreements the Plaintiff made with the Defendants, namely: (1) the agreement dated and effective June 14, 2023 that the Plaintiff made with Defendant Redstone Advance, Inc., entitled "Sale of Future Receipts Agreement" (the "Redstone Agreement"); and (2) the agreement dated and effective December 6, 2023 that the Plaintiff made with Defendant Elemental Capital, Inc., entitled "Sale of Future Receipts Agreement" (the "Elemental Agreement"). According to the Redstone Agreement, Redstone purchased $899,400.00 of the Plaintiff's "Future Receipts," for a purchase price of $600,000.00. The Redstone Agreement stated that the transaction was not a loan, but rather a sale of future receipts. According to the Elemental Agreement, Elemental purchased $5,425,000.00 of the Plaintiff's "Future Receipts," for a purchase price of $3,550,000.00. Like the Redstone Agreement, the Elemental Agreement stated that the transaction was not a loan, but rather a sale of future receipts. Redstone did not file a proof of claim in the Plaintiff's bankruptcy case. Elemental timely filed a proof of claim in the bankruptcy case, in the amount of $4,596,132.00. As the basis of that claim, Elemental alleged "Sale of Future Receipts/Ownership Interest in Future Receipts" and "Breach of Purchase Agreement." The parties' dispute about Elemental's claim matters, because under the Plaintiff's confirmed Chapter 11 liquidation plan, the Plaintiff is holding enough in funds to pay up to the full amount of Elemental's claim, if and to the extent Elemental prevails in this adversary proceeding. Count VI sought a declaration that the Redstone Agreement and the Elemental Agreement are "loan transactions," and therefore are "subject to the laws applicable to loans, including usury laws." Count VII noted that these agreements both state that New York law governs, and alleged that these "disguised loan agreements" are void and unenforceable under New York law. This is so, Count VII alleged, because the agreements both charge disguised interest at a rate much higher than the maximum permitted by New York's criminal usury statute, which is 25% per annum. The Plaintiff argued that Counts VI and VII amount to an objection to the proof of claim filed by Elemental, based on the theory that the Elemental Agreement transaction was a disguised loan, not a true sale, and that the loan violated New York's criminal usury statute. The Defendants argued that these counts say nothing to indicate that they are a claim objection, and should not be viewed as such for that reason. The Court agreed with the Defendants on this point. The Court dismissed Count VI and Count VII of the Plaintiff's Amended Complaint, with prejudice. Count VIII alleged that if Michigan law applies to the Redstone Agreement and the Elemental Agreement, rather than New York law, then those agreements violate Michigan's usury law. The Defendants argued, among other things, that the Plaintiff's alternative claim of usury under Michigan law in Count VIII is barred by Mich. Comp. Laws Sec. 450.1275. The Court agreed with the Defendants. The Court dismissed Count VIII with prejudice. The Amended Complaint alleged that Redstone and Elemental each are Florida corporations. But Count III of the Amended Complaint sought a judgment holding that Elemental and Redstone are alter egos, and asked the Court to disregard their separate existence. The Court dismissed Count III without prejudice. A copy the Court's Order dated February 5, 2026, is available at https://urlcurt.com/u?l=XTYGH7 from PacerMonitor.com. About Heritage Collegiate Apparel Heritage Collegiate Apparel, Inc., serves as the official retailer of the University of Michigan Athletic Department. For more than 20 years, the Debtor has provided a selection of clothing, merchandise and gifts to the University of Michigan. Heritage Collegiate Apparel filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47922) on Aug. 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Scott Hirth as president. Judge Thomas J. Tucker presides over the case. Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the Debtor as legal counsel. On September 3, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Wolfson Bolton Kochis PLLC as counsel and Capstone Partners as financial advisor. HOMESTEAD VILLAGE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Homestead Village, LLC 226 N. 1st Avenue Sandpoint, ID 83864 Business Description: Homestead Village, LLC, based in Sandpoint, Idaho, is a real estate company that owns and manages a residential apartment community known as Homestead Village Apartments, which offers one- and two-bedroom rental units with modern amenities. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of Idaho Case No.: 26-20047 Debtor's Counsel: Michael E. Landis, Esq. LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 E-mail: bkadden@lawla.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Kathy Friedmann as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MF5EQLY/Homestead_Village_LLC__idbke-26-20047__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American On Site Services $669 3808 North Sullivan Road Spokane, WA 99216 2. Apartments.com $1,619 2563 Collection Center Drive Chicago, IL 60693 3. Berkley Aspire $2,823 (Alliant Insu PB Box 639816 Cincinnati, OH 45263-9816 4. Bonner County Tax Collector $4,405 5200 Hwy 2 S Sandpoint, ID 83864-1793 5. Bonner County Tax Collector $52,736 1500 Hwy 2 Ste 304 Sandpoint, ID 83864-1793 6. Camtek $225 PO Box 6520 Spokane, WA 99217 7. Forest Park Owners Asc $223 1211 Michigan Street Suite B Sandpoint, ID 83864 8. James A. Sewell & Associates $150 600 4th Street Newport, WA 99156 9. Jennifer and Tom Waters $419,056 PO Box 861 La Jolla, CA 92038 10. Liberty Mutual Insurance $4,806 PO Box 91013 Chicago, IL 60680-1171 11. Liberty Mutual Insurance $1,261 PO Box 91013 Chicago, IL 60680-1171 12. Lipert Excavation & $316,632 Pipeline Post Falls, ID 83854-0058 13. Ramey Construction $1,835,517 5930 N. Freya Street Spokane, WA 99217-6502 14. The Lofts at Cedar & Main $500,000 226 N 1st Ave Sandpoint, ID 83864 15. The Lofts at Cedar & $839,667 Main, L 226 N 1st Ave Sandpoint, ID 83864 16. TrueNorth Management $11,051 520 Cedar Suite A Sandpoint, ID 83864 17. Waste Management $697 PO Box 541065 Los Angeles, CA 90054-1065 18. Zero Point $394,724 Development, LLC 226 N 1st Avenue Sandpoint, ID 83864 19. Zillow $1,535 PO Box 737412 Dallas, TX 75373-7412 20. ZP Development, LLC $361,419 226 N. 1st Avenue Sandpoint, ID 83864 HUDSON 1701/1706: Plan Exclusivity Period Extended to May 20 ------------------------------------------------------------ Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware extended Hudson 1701/1706, LLC and Hudson 1702, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 20 and July 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that the extension requested in this Motion will provide them and their advisors the opportunity to negotiate, confirm and implement the terms of a chapter 11 plan for the distribution of assets to creditors. Thus, the facts and circumstances of these Chapter 11 Cases warrant the requested extension of the Exclusive Periods. The Debtors explain that the relief requested herein will facilitate their efforts by providing the companies with a full and fair opportunity to resolve open case issues, evaluate certain claims, and formulate, draft, propose, and solicit a plan without the distraction of ill-formed competing plans. The Debtors believe that the requested extensions of the Exclusive Periods will afford the key parties-in-interest time to negotiate a potential plan structure and prepare a draft plan in advance of the proposed extended Exclusive Periods. The Debtors assert that termination of the Exclusive Periods would adversely impact the Debtors' progress in these Chapter 11 Cases. Simply put, if the requested extensions are denied, upon expiration of the Exclusive Periods, any party-in-interest would be free to propose a plan for the Debtors and solicit acceptances thereof. The Debtors further assert that such a ruling could foster chaos, significantly delay the Chapter 11 Cases, and impair the Debtors' ability to propose a plan successfully, without any corresponding benefit to the Debtors' estates and creditors. Counsel for the Debtors: William E. Chipman, Jr., Esq. Mark D. Olivere, Esq. Aaron J. Bach, Esq. Alison R. Maser, 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 olivere@chipmanbrown.com bach@chipmanbrown.com maser@chipmanbrown.com About Hudson 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. INDU MOTEL: To Sell Somerset Property to Dhaval Patel for $1.2MM ---------------------------------------------------------------- Indu MoteL LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 138 Marsh Road, Somerset, PA 15501. The Debtor has an equitable interest in the Property and an agreement to acquire the fee simple interest when the mortgage is paid. The lienholders of the Property are Somerset Trust Company, Somerset County, Somerset County Tax Claim Bureau, Super 8 Worldwide, Inc., Marlin Business Corporation f/k/a Marlin Business Bank, the Commonwealth of Pennsylvania, Department of Revenue, the Commonwealth of Pennsylvania, Department of Labor, CT Corporate System, and Wingate Inns International, Inc. The Debtor entered into a Sales Agreement on January 30, 2026, with Dhaval Patel for the sale of said Property. The purchase price is $1,200,000.00 with initial hand money of $25,000.00. The sale is in the best interest of all parties since it will help the Debtor consummate a Chapter 11 Plan. The settlement agent shall pay all customary settlement charges and closing costs associated with this sale of the Property at closing. The Somerset Trust Company will be paid from the available net proceeds of sale at closing, and they will release their mortgage at closing. The Debtor will be authorized to execute any document necessary to satisfaction of the settlement agent. The Debtor will advertise the sale in accordance with the Bankruptcy Code and Bankruptcy Rules. The Debtor will accept higher and better offers at the time of the sale hearing. Prospective bidders must deposit hand money with the Debtor's counsel in the amount of $25,000.00 at least two days prior to the hearing. About Indu Motel LLC Indu Motel LLC is a motel operator located in Somerset, Pennsylvania. Indu Motel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70304) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Calaiaro Valencik, Esq. INDUSTRY STANDARD: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Industry Standard Electric, Inc. PO Box 1436 Riverbank, CA 95367 Business Description: Industry Standard Electric, Inc. is an electrical contracting company that provides industrial and commercial electrical installation and related services within the construction sector. The company operates from Riverbank, California, and serves clients primarily in industrial and commercial markets through electrical infrastructure, power distribution, and maintenance work. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-10523 Judge: Hon. Rene Lastreto II Debtor's Counsel: David C. Johnston, Esq. DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 E-mail: david@johnstonbusinesslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ryan Cunha as chief financial officer. 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/HTUIQ6Y/Industry_Standard_Electric_Inc__caebke-26-10523__0001.0.pdf?mcid=tGE4TAMA INSPIRED HEALTHCARE: Seeks $35MM DIP Loan From Lapis Municipal -------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and its affiliated debtors ask the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for authority to obtain debtor-in-possession financing and use cash collateral to keep their senior living communities operating during the Chapter 11 cases. The proposed financing is a $35 million senior secured DIP term loan facility from Lapis Municipal Opportunities Fund V LP, with $10 million available immediately upon entry of an interim order and the balance available after a final order. The Debtors intend to use DIP proceeds and cash collateral strictly in accordance with an approved budget to fund post-petition working capital, ordinary course expenses, and administrative costs. As security, the Debtors seek approval to grant the lender automatically perfected priming liens on the collateral and superpriority claims subject only to a carveout for professional fees and permitted liens. They further request waivers of surcharge rights under 11 U.S.C. sections 105, 506(c), and 552(b), a waiver of marshaling doctrines, and limited modification of the automatic stay to allow the lender to exercise remedies upon an event of default. The DIP facility is due and payable 365 calendar days after the petition date (or such later date as agreed to by the lender in its sole discretion), provided the Debtors will have the option to extend the initial maturity date for two successive six-month periods if (i) No event of default or other DIP termination event has occurred, (ii) For each six-month period, the DIP lender receives an extension fee equal to 0.50% of the commitment amount (i.e. $175,000), paid in cash on or prior to the then current maturity date, and (iii) No later than 10 business days prior to the then current maturity date, the borrowers have notified the lender in writing of its election to extend the maturity date. The Debtors are required to comply with these milestones: 1. No later than three days after the petition date, the bankruptcy court must have entered the interim order. 2. No later than 21 days after entry of the interim order, all documentation relating to the DIP facility, including the loan documents, must be in form and substance satisfactory to the lender and must have been duly executed and delivered by all parties thereto. 3. No later than 35 days after the petition date, the bankruptcy court must have entered the final order. 4. No later than 45 days after the petition date, the obligors must have filed a motion for approval of procedures for the solicitation or marketing of a sale, disposition, restructuring, restructuring or other transaction selected by the obligors, which motion must be in form and substance reasonably acceptable to the lender. 5. No later than 75 days after the petition date, the bankruptcy court must have entered an order granting the obligors' motion for approval of procedures for the marketing and transaction, which order must be in form and substance reasonably acceptable to the lender. 6. An auction to select a winning bidder under the bidding procedures order must be conducted no later than 150 days following the petition date. 7. No later than 165 days after the petition date, the bankruptcy court must have entered an order approving the transaction by approving the sale of substantially all the obligors' assets under 11 U.S.C. section 363, which order must be in form and substance acceptable to the lender in its sole discretion. 8. No later than 270 days after the petition date, the transaction must have been consummated. A significant component of the request is the proposed enterprise-wide allocation protocol for allocating DIP obligations and centralized restructuring costs among the Debtors. Inspired Healthcare Capital Holdings provides enterprise-level services such as legal, accounting, IT, reporting, investor relations, and trustee/secretarial functions to all communities, and those costs (including professional fees) are reallocated to each operating Debtor through reallocation fees. The protocol allocates these costs based primarily on each community's revenue as a fair proxy for size and benefit received, with special treatment for two development-stage facilities based on anticipated unit counts. The Debtors propose to maintain a DIP ledger tracking direct costs and reallocation fees, report monthly allocations, and perform a true-up at plan confirmation to ensure each bears its proportionate share. They also reserve rights to reconcile and dispute allocations at confirmation. A court hearing is scheduled for March 3. A copy of the motion is available at https://urlcurt.com/u?l=I7Cw0v from PacerMonitor.com. As of the petition date, Inspired Healthcare has approximately $260 million in total funded debt obligations. This debt arises from 15 different loan agreements with 10 different pre-bankruptcy secured lenders, each associated with a different community. Lapis, as DIP lender, is represented by: Thomas C. Scannell, Esq. Nora J. McGuffey, Esq. Foley & Lardner, LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Telephone: (214) 999-3000 tscannell@foley.com nora.mcguffey@foley.com -and- Adrienne K. Walker, Esq. Foley & Lardner, LLP 111 Huntington Avenue, Suite 2500 Boston, MA 02199 Telephone: (617) 503-3355 awalker@foley.com -and- Michelle N. Saney, Esq. Foley & Lardner, LLP 90 Park Avenue, 39th Floor New York, NY 10016 Telephone (212) 338-3435 michelle.saney@foley.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on February 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INTERNATIONAL LAND: Completes 1-for-50 Reverse Split ---------------------------------------------------- At a Special Meeting of Stockholders of International Land Alliance, Inc. held on November 4, 2025, the stockholders of the Company approved an amendment to the Company's Amended and Restated Certificate of Incorporation to implement a reverse stock split of the Company's common stock, par value $0.001 per share, at fixed ratios between 1-for-25 and 1-for-75, with the final ratio to be determined by the Board of Directors. On January 30, 2026, the Company received confirmation of acceptance of its filing of a certificate of amendment to the Charter with the Secretary of State of the State of Wyoming, to implement a 1-for-50 reverse split of the Company's common stock, which 1-for-50 ratio had been selected and approved by the Board. The Reverse Stock Split became effective as of February 4, 2026, and the Company's common stock began trading on the OTCQB marketplace on a post-split basis at the open of trading on February 4, 2026, with a new CUSIP number. The trading symbol for the Company's common stock will be "ILALD" for a period of 20 days. As a result of the Reverse Stock Split, every fifty (50) issued and outstanding shares of the Company's common stock, par value $0.001, was converted into one (1) share of common stock, par value $0.001 per share, reducing the number of issued and outstanding shares of the Company's common stock from 133,315,568 shares to approximately 2,666,311 shares. The Company's transfer agent, Dynamic Stock Transfer, Inc, is providing instructions to stockholders of record regarding the process of exchanging shares. The Reverse Stock Split did not alter the par value of the Company's common stock or modify any voting rights or other terms of the common stock. No fractional shares are being issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-Reverse Stock Split shares of the Company's common stock not evenly divisible by fifty (50) are entitled, in lieu of a fractional share, upon surrender to Dynamic of certificate(s) representing their pre-split shares or upon conversion of their shares held in book-entry, to receive a cash payment based on the recent average closing price per share of the Company's common stock, which cash payment shall not have accrued, and shall be without, interest. Dynamic is issuing all of the post-split shares through their paperless Direct Registration System, also known as "book-entry form." Dynamic will hold the shares in an account set up for the stockholder. All book-entry or other electronic positions representing issued and outstanding shares of the Company's common stock are being automatically adjusted. Those stockholders holding common stock in "street name" are receiving instructions from their brokers. In addition, pursuant to their terms, a proportionate adjustment has been made to the per share exercise price and number of shares issuable under all of the Company's outstanding equity awards and warrants to purchase shares of common stock, and the number of shares authorized and reserved for issuance pursuant to the Company's equity incentive plans has been reduced proportionately. A full text copy of the Certificate of Amendment is available at https://tinyurl.com/unyd896s, as filed with the Secretary of State of the State of Wyoming on January 09, 2026. About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 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 substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. IQSTEL INC: Increases Cap on Series D True-Up Ratio to 5 -------------------------------------------------------- iQSTEL Inc. filed a Third Amended and Restated Certificate of Designation for the Series D Preferred Stock with the Secretary of State of Nevada to amend and restate the terms of its Series D Preferred Stock, originally established on November 3, 2023, first amended on July 7, 2025 and amended again on October 10, 2025. The Third Amended and Restated Certificate of Designation maintains the number of authorized shares at 100,000 and revises the terms solely to increase the cap on the True-Up Ratio in the conversion True-Up Adjustment mechanism from 2.5 to 5. No other terms of the Series D Preferred Stock are changed. As consented to by the holders of the Series D Preferred Stock, the increased True-Up Ratio cap of 5 applies retroactively to prior conversions, authorizing the Company to recalculate the True-Up Ratio under the new cap and issue any additional shares of common stock owed as Additional Shares. A full text copy of the Certificate of Designation is available at https://tinyurl.com/24w28k4v About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $46,886,200 in total assets, $29,032,924 in total liabilities, and $17,853,276 in total stockholders' equity. JACKSON VALLEY APARTMENTS: Rampart/Wurth Appointed as Receiver -------------------------------------------------------------- The Hon. Henry T. Wingate of the U.S. District Court for the Southern District of Mississippi, Northern Division, entered an agreed order directing the appointment of Rampart/Wurth Holding, Inc. d/b/a Rampart Multifamily Management, as receiver for Jackson Valley Apartments LLC. Federal National Mortgage Association requested the appointment of a receiver. The Court, being fully advised in the premises and being advised that Fannie Mae and the Defendants have reached an agreement regarding the remaining issues identified but not addressed in the Conditional Order, finds that the Conditional Order should be supplemented. The Court ruled that: A. Rampart/Wurth Holding, Inc. d/b/a Rampart Multifamily Management, is appointed receiver over all the Real Property and improvements known as "Jackson Valley Apartments" located at 1595 West Highland Drive Jackson, MS 39204, together with the Fixtures, Personal Property (tangible and intangible), Rents (including all other incomes, revenues, and profits derived therefrom) owned by Jackson Valley in or upon which Fannie Mae holds a first lien. B. The Receiver shall have all the usual powers and duties of receivers in such cases, including, without limitation, the power to apply all monies collected by the Receiver to the necessary preservation of the Collateral, or as this Court otherwise may direct. C. The Receiver shall post a bond or deposit cash with the registry of this Court in the amount of $2,500. D. Upon entry of this Order and subject to the rights and interests of Fannie Mae, the Receiver is directed and empowered to take from Defendants, their agents (including any property manager or property management company), employees, representatives, and all of their affiliates and subsidiaries who now have or may in the future have any interest in the Collateral, immediate, complete, and exclusive possession and control of the Collateral, wherever located, including all payments, rents, incomes, revenues, and profits arising from the Collateral, all accounts, books, records, keys, equipment, and such other personalty which may be found on or off the Collateral which relate to the operation of the Collateral and which are subject to the mortgage, liens, or security interests of Fannie Mae. E. The Receiver is authorized to initiate, defend, negotiate, settle, or otherwise dispose of any claim or litigation that concerns the Collateral or Receivership estate, subject to Fannie Mae's approval to the extent such settlement would materially impair Fannie Mae's security interests in the Collateral. Neither the Receiver nor its employees, agents, attorneys, other professionals, or contractors shall be personally liable for actions within the scope of authority granted by this Order, except for acts constituting gross negligence, willful misconduct, malfeasance, bad faith, reckless disregard of duties, or actions in violation of orders of this Court, and any such liability will be limited in order of priority first to applicable insurance coverages inuring to the Collateral and to the Receiver (including its employees, agents, attorneys, other professionals or contractors), second to the Receiver Bond, and third to the Revenues generated by the Property and received by the Receiver in the course of the Receivership. Any claims or actions asserting liability against the Receiver, the Receiver's agents, employees, attorneys, or other professionals, or contractors of the Receiver must be brought by motion in this action. In the event revenues or proceeds of the Collateral are insufficient to pay the liabilities incurred by the Receiver (or any successor receiver, bankruptcy trustee, or otherwise), Fannie Mae shall have no liability or other obligation to any such party for amounts which such party believes it is owed on account of the operation of this receivership. F. The compensation for services under this Order performed by the Receiver and any Property Manager, not including any fee of any broker, auctioneer, attorney, or accountant retained by the Receiver. G. The Receiver shall maintain an accounting and keep accurate records concerning the Receivership Estate from the date of entry of this Order. Among the records to be kept are the actual revenues collected and expenses paid each month, and any other records that may be required by any law or would be reasonable and prudent to keep under the circumstances. H. Defendants and their independent contractors and agents, and all persons in active concert and participation with them, including property managers or management companies, officers, directors, employees, agents, accountants, attorneys, insurers, utilities, and banks, are ordered to deliver immediately over to the Receiver or the Receiver's agents, whenever received, all property in the Receivership Estate, including, without limitation, the Collateral, any and all cash, Revenues, rental payments, and lease payments, keys to any aspect of the Collateral (including to all outbuildings and machinery located upon the Collateral or used in the operation and maintenance of the Collateral), accounts receivable, security deposits, trust accounts, bank accounts, personnel files, operations manuals, financial records, payroll records, certificates and licenses, contracts, leases, books, insurance certificates, binders or other records relating to the operation, maintenance, and management of the Collateral, fixtures, inventory, supplies, furniture, and equipment used or associated therewith, including but not limited to all intellectual property owned by or used in connection with the Collateral, and all other things of value relating to the Collateral, and necessary to permit the Receiver to carry out its duties under this Order without interference or delay. I. The Receiver shall permit Fannie Mae and Defendants, upon reasonable request and notice, to fully inspect the Receivership Estate and the books and records kept in connection with the operation of the Collateral. J. The appointment of the Receiver pursuant to this Order shall not impair or in any way affect Fannie Mae's title to and security interest in the rents, issues, profits, and revenues of the Collateral, and Fannie Mae shall retain all rights and remedies under the Loan Documents and applicable law, and all such rights and remedies are hereby preserved. The Receiver is vested with all the powers and responsibilities of a receiver as provided in this Order, subject to the rights, titles, powers, privileges, and functions of the FHFA and Fannie Mae under the Housing and Economic Recovery Act of 2008. Nothing in this Order is intended to interfere with, or adversely affect, any foreclosure sale or other exercise of Fannie Mae's or FHFA's rights, nor is the Order intended to constitute a waiver of, or election not to proceed with, any foreclosure sale. The Defendants' deadline to respond to the Complaint is currently held in abeyance. Defendants shall file a responsive pleading within thirty (30) days' written request from counsel for Fannie Mae or as otherwise directed by this Court. About Jackson Valley Apartments LLC Jackson Valley Apartments LLC is a limited liability company that is the owner of the Real Property and improvements known as "Jackson Valley Apartments" located at 1595 West Highland Drive Jackson, MS 39204. Jackson is facing a receivership case captioned as Federal National Mortgage Association v. Jackson Valley Apartments LLC, Case No. 3:25-cv-00581 (S.D. Fla.), before the Hon. Henry T. Wingate. The case was filed on Aug. 6, 2025. Counsel for Fannie Mae: Jeffrey R. Barber, Esq. JONES WALKER LLP 3100 North State Street, Suite 300 (39216) P.O. Box 427 Jackson, MS 39205 Tel: 601-949-4765 Fax: 601-949-4804 E-mail: jbarber@joneswalker.com Counsel for Defendants:: Scherrie L. Prince, Esq. PRINCE & ASSOCIATES, PLLC P.O. Box 320937 Flowood, MS 39232 Tel: (601) 206-0284 Fax: (601) 499-4498 E-mail: scherrie@princelawassociates.com JERSEY AUTO: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Jersey Auto Trans, LLC 69 Greentree Road Clifton, NJ 07013 Business Description: Jersey Auto Trans, LLC provides freight and logistics services across the continental United States, operating a fleet of dry van and temperature-controlled trucks for transportation of general and perishable cargo. Based in Clifton, New Jersey, the company offers drayage, refrigerated, and long-haul trucking services, focusing on compliance, safety, and fleet maintenance. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11557 Debtor's Counsel: Brian G Hannon, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 Fax: (201) 871-3161 Email: bhannon@norgaardfirm.com Total Assets: $1,386,158 Total Liabilities: $2,699,384 The petition was signed by Ali Tatarkulov as 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/NJ2KGQY/Jersey_Auto_Trans_LLC__njbke-26-11557__0001.0.pdf?mcid=tGE4TAMA JTA SPRINGS: Unsecured Creditors to Split $10K in Plan ------------------------------------------------------ JTA Springs LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated February 3, 2026. The Debtor is a Delaware limited liability company. Debtor's Articles of Organization were originally executed and filed with the Secretary of State of Colorado on or about April 4, 2014. The Debtor subsequently converted to a Delaware limited liability company by filing conversion documents with both the State of Delaware Division of Corporations and the Secretary of State of Colorado. The Debtor's main asset is the real property located at 1202-1240 Potter Drive, Colorado Springs, Colorado (the "Property"), sometimes referred to as "Vista Peak Apartments." The Property consists of 32 two-story apartment buildings, containing a total of 258 apartment units. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor's Property is managed by Peoples Choice Apartments LLC ("Manager"), a Florida limited liability company, which also manages other properties owned by other affiliate companies in the same portfolio of common ownership as the Debtor. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado which are managed by Peoples Choice Apartments LLC. Although these apartment projects have been generally successful overall, there are issues unique to each project and geographical location. The Denver-area properties, in particular, have experienced significantly elevated vacancy rates during the previous year. These vacancies appear correlated with heightened immigration enforcement activities by U.S. Immigration and Customs Enforcement ("ICE") in the Denver metropolitan area. Although occupancy at the Property has recently begun to stabilize, the sudden and substantial increase in vacancies created immediate cash flow constraints that contributed to the Debtor's need for chapter 11 relief. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. The Plan designates four Classes of secured claims (Classes 1 through 4); one Class of unsecured claims (Class 5); and one Class of equity security (i.e., membership interest) holders (Class 6). Class 5 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 5 Claims, Holders of Allowed Class 5 Claims shall receive a pro rata distribution of $10,000.00. The Class 5 Allowed General Unsecured Claims will receive their pro rata distribution on the Effective Date. Class 6 consists of any and all membership interests currently issued or authorized in the Debtor. This Class is Impaired. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date, if the Property is foreclosed, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain post-petition financing, the Plan contemplates the sale of substantially all of the Debtor's assets, consisting primarily of the Property, by private sale. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. A full-text copy of the Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=8x8PCP from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About JTA Springs LLC JTA Springs LLC is a single asset real estate company. JTA Springs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04071) on Nov. 5, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, at Bransonlaw PLLC. KAIMUKI REALTY: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Kaimuki Realty Co. LLC 4906 Thonotosassa Road Plant City, FL 33565 Case No.: 26-00988 Business Description: Kaimuki Realty Co. LLC is a single-asset real estate company that holds a residential property in Plant City, Florida, valued at $685,000. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Middle District of Florida Judge: TBD Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Email: sdammer@bbdglaw.com Total Assets: $685,000 Total Liabilities: $1,091,421 The petition was signed by Morris Williams as manager. The Debtor listed Stage Point Capital LLC, c/o Damian Waldman, Esq., P.O. Box 5162 Largo, FL 33779, as its only unsecured creditor, which has a $406,421 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DUXMNTY/Kaimuki_Realty_Co_LLC__flmbke-26-00988__0001.0.pdf?mcid=tGE4TAMA KENNEDY CONSTRUCTION: Plan Exclusivity Period Extended to Feb. 27 ----------------------------------------------------------------- Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida extended Kennedy Construction Groups, LLC's exclusive period to file a plan of reorganization to February 27, 2026. In a court filing, 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 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. KODIAK GAS: Distributed Transaction No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------------ Moody's Ratings commented that Kodiak Gas Services, Inc.'s (Kodiak Gas) proposed acquisition of Distributed Power Solutions (DPS, unrated) does not currently affect its ratings, including its Ba3 Corporate Family Rating and the B1 rating assigned to the backed senior unsecured note issued by its subsidiary, Kodiak Gas Services, LLC. The outlook for both Kodiak Gas and Kodiak Gas Services, LLC is stable. Under the announced agreement, Kodiak Gas will pay $675 million, including approximately $100 million of Kodiak Gas equity, to acquire 100% of DPS. The $575 million cash portion of the consideration will be funded with borrowings under Kodiak Gas's secured revolving credit facility. The proposed transaction has been approved by the board of directors of both companies and is expected to close in April 2026, subject to regulatory approvals and customary closing conditions. The acquisition will provide Kodiak Gas with exposure to the distributed power generation business and high-growth digital infrastructure customers. The acquisition should also provide opportunities to provide additional services to existing and new upstream and midstream energy customers. DPS's assets include a fleet of approximately 384 megawatt (MW) of Caterpillar Inc. (Caterpillar, A2 positive) reciprocating engines and turbines. Kodiak Gas expects its strong track record of operating and maintaining large horsepower engines to be applicable to DPS's generation assets and its increased scale may result in purchasing synergies from Caterpillar and its dealers. The proposed transaction brings inherent execution risk given the differences between compression services and distributed power generation, however, these risks are somewhat mitigated by the expectation that DPS's leadership team will join Kodiak Gas. The proposed transaction will initially increase leverage owing to $575 million of revolver borrowings that Kodiak Gas will incur in order to fund the cash portion of the deal. Pro forma Debt/EBITDA will rise modestly above 4.5x, but Kodiak Gas's management remains committed to adhering to its conservative financial policies and has reiterated its long-term debt/EBITDA target of 3.5-4.0x, which Moody's expects it to achieve over the coming year. The company previously incurred debt to fund its acquisition of CSI Compressco LP in 2024 and subsequently reduced its leverage back to target levels. Kodiak Gas Services, Inc. is an operator of contract compression in the US which operates under fixed-revenue contracts with upstream and midstream customers. The company's primary operating regions are the Permian Basin and Eagle Ford, but it also maintains operations in the Powder River Basin, DJ Basin, Appalachian Basin, Barnett Shale/East Texas Region, and Black Warrior Basin. Kodiak Gas Services, LLC is a wholly owned subsidiary of Kodiak Gas and the issuer of Kodiak Gas's senior notes. KUPONO RESORT: 25-Acre Kauai Parcel in Bankruptcy Sale ------------------------------------------------------ The Hilco Global real estate group announces April 13, 2026, as the qualifying bid deadline for the development land in the Kukui ula subdivision, K loa, Hawaii. The Chapter 7 bankruptcy sale is subject to approval by the United States Bankruptcy Court for the District of Hawaii, Honolulu Division. An exceptional development opportunity, the parcel sits on the sun-drenched southern coast of Kaua i. This sale presents a rare chance to create a legacy residential and hospitality enclave within one of the island's most prestigious and thoughtfully planned resort communities. Located on a former sugar cane plantation within the K loa District, this nearly 25-acre parcel is situated inside a renowned master-planned community synonymous with refined island living and long-term value. Identified as Parcel X-1, the 24.93+/- AC site is generally level and captures commanding ocean and mountain views. Positioned within the Visitor Destination Area, the property is zoned R-10 Residential and RR-10 Resort and sits within one of Hawai i's most supply-constrained markets. "The combination of scale, location and prestige places this offering in a class of its own," said Stephen Madura, senior director at Hilco Global. "Opportunities of this caliber on Kaua i's south shore are extraordinarily limited and should attract interest from investors and developers the world over." A nearby high-end shopping center offers immediate access to dining and retail in a discreet, buffered setting that preserves the privacy and serenity expected of a premier coastal retreat, while beach access is located just blocks away. Known as the Garden Isle, Kaua i is revered for its dramatic landscapes, pristine beaches and deep-rooted cultural heritage. From the N Pali Coast and Waimea Canyon to world-class snorkeling and hiking, the island offers a rare blend of natural grandeur and understated sophistication. With a strong commitment to conservation and carefully managed development, Kaua i continues to attract discerning buyers and operators seeking authenticity, exclusivity and enduring value. Ideal for bespoke residences or an intimate luxury hospitality offering, this south shore opportunity represents a once-in-a-generation chance to craft a lasting legacy that honors the land while delivering an exceptional living and guest experience in one of Hawaii's most coveted destinations. The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the District of Hawaii, Honolulu Division, Petition No. 25-00652. Bids must be received on or before the deadline of April 13, 2026, by 7:00 p.m. (CDT)/2:00 p.m. (HST) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should reach out directly for requirements to participate in the sale process. For further information, please contact Stephen Madura at (847) 504-2478 or smadura@hilcoglobal.com and Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com.To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About Kupono Resort LLC Kupono Resort LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Haw. Case No. 25-00652) on July 28, 2025. At the time of the filing, the Debtor was a single asset real estate entity owning a 25-acre parcel of resort-zoned land in Poipu, Kauai, with a tax assessed value of approximately $23.7 million, and had no operations. As of the petition date, the Debtor was a defendant in a collection lawsuit seeking approximately $6.05 million and a foreclosure lawsuit involving a mortgage with a balance of approximately $5.33 million. Honorable Judge Robert J. Faris oversees the case. Chuck C. Choi of Choi & Ito serves as the Debtor's legal counsel. L3DFX LLC: Gets Interim OK to Use Cash Collateral Until March 20 ---------------------------------------------------------------- L3DFX, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use its secured creditor's cash collateral to fund operations. The court authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from February 11 to March 20 consistent with its budget, with expenses not to exceed 10% above budgeted amounts. The SBA will receive protection through replacement liens and security interests in the Debtor's property, whether acquired before or after the bankruptcy filing, with the same validity, priority, and extent it held prior to filing. A further hearing is scheduled for March 18. Objections are due by March 11. The interim order is available at https://is.gd/scmirf from PacerMonitor.com. L3DFX filed for bankruptcy protection due to ongoing litigation with its landlord and other creditors, compounded by delays in collecting accounts receivable. On the petition date, the Debtor had approximately $70,000 in cash and $409,675 in accounts receivable while owing the SBA about $1,775,020. The Debtor's cash and accounts receivable constitute SBA's cash collateral. About L3DFX LLC L3DFX, LLC is an Illinois limited liability company engaged in designing and fabricating custom scenic elements and immersive environments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01909) on February 2, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Paul Ciesiun, sole manager, signed the petition. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, represents the Debtor as legal counsel. LA ALMITA: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: La Almita Corp. 1903 Harrison Avenue Bronx, NY 10453 Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10258 Judge: Hon. Shireen A Barday Debtor's Counsel: Lauren M. Osa, Esq. CABANILLAS & ASSOCIATES, P.C. 120 Bloomingdale Road, Suite 400 White Plains, NY 10605 Tel: 914-418-2048 or 914-418-2018 E-mail: bankruptcy@cabanillaslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lisandro Amezquita as legal representative. The Debtor listed US Bank Home Mortgage, based in Saint Louis, Missouri, as its sole unsecured creditor, reporting a claim of $194,244. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MJWMMQA/La_Almita_Corp__nysbke-26-10258__0001.0.pdf?mcid=tGE4TAMA LANCASTER PACKAGING: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Lancaster Packaging, Inc. 12 Baltic Lane Fitchburg, MA 01420 Business Description: Lancaster Packaging, Inc., based in Hudson, Massachusetts, is a woman-minority-owned distributor of packaging and industrial supplies in the United States, offering standard and custom packaging products as well as services including packaging design, procurement, kitting and fulfillment, material audits, warehousing, and supply chain management. The company serves commercial and industrial clients, providing solutions such as corrugated boxes, cushioning materials, and protective packaging. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-40138 Judge: Hon. Christopher J Panos Debtor's Counsel: Nina M. Parker, Esq. MADOFF & KHOURY LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 Email: alston@mandkllp.com Total Assets: $537,142 Total Liabilities: $1,038,674 The petition was signed by Marianne Lancaster 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/E2LKU6Y/Lancaster_Packaging_Inc__mabke-26-40138__0001.0.pdf?mcid=tGE4TAMA LAS VEGAS COLOR: Seeks to Extend Plan Exclusivity to June 4 ----------------------------------------------------------- Las Vegas Color Graphics, Inc., and affiliates asked the U.S. Bankruptcy Court for the District of Nevada to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 4 and August 3, 2026, respectively. The Debtors submit there is ample cause to grant the extension of the Exclusive Periods to allow the companies to seek to file their plan and obtain the requisite acceptances of their plan before incurring the costs, in terms of distraction, time, and expense, of responding to any competing plan of reorganization. * Weighing in favor of the first and second factors, these Chapter 11 Cases are not only relatively large in terms of the amount of creditors and money at stake but have proven complex and contentious. The Chapter 11 Cases were immediately contentious with instant contested First Day Motions and other post-petition litigation. The CROs efforts and attention to evaluating ongoing business issues to stabilize operations have left Debtors with insufficient time to develop a plan to reorganize by the initial deadline. * Weighing in favor of the third factor, the Debtors' diligent actions to this point described above evidences their good faith progress toward reorganization. The Debtors, along with their professionals, have taken the necessary steps to prosecute the Chapter 11 Cases. * Weighing in favor of the fourth, fifth, and six factors, the Debtors have diligently worked with Aequum, both to resolve cash collateral issues and to develop a viable path moving forward. Now that the CRO and GTG have been employed, the cash collateral stipulations are in place, and the debtors have completed the initial stipulations and litigation to reject various leases that are not valuable to the estates, the Debtors can make expeditious progress on determining their next steps moving forward. * Weighing in favor of the seventh factor, this Motion is the first request to extend the Exclusive Periods. As noted by the court in Texaco, in particularly complex cases, it is not unusual for two or three years to pass before a debtor is in a position to file a plan. As these Chapter 11 Cases are complex and only a few months have passed since the Petition Date, this factor weighs in favor of extending exclusivity. * Weighing in favor of the eighth factor, Debtors are not seeking this extension to harass their creditors or as a tactical device. Debtors continue to proceed in good faith with prosecution of their Chapter 11 Cases. * Weighing in favor of the ninth factor, unresolved contingencies initially needed to be resolved in order to see if a plan could be formulated, including permitting the CRO time to weigh in while managing the Debtors' ongoing business concerns. There remain unresolved contingencies that need to be resolved in that Debtors are still working to scale down operations to determine what their future will be. Counsel to the Debtors: Gregory Garman, Esq. Teresa M. Pilatowicz, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Telephone: (725) 777-3000 Facsimile: (725) 777-3112 About Las Vegas Color Graphics Inc. Las Vegas Color Graphics Inc. offers a full suite of graphic communication solutions, including offset and digital printing, finishing, mailing, signage, and large-format display services. Las Vegas Color Graphics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16697) on Nov. 5, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Teresa M. Pilatowicz, Esq. of GARMAN TURNER GORDON. LASEN INC: To Lease ALPIS Detection Sensor to Timberland Helicopter ------------------------------------------------------------------- Lasen Inc. and its affiliate, Skyshopes Inc., seek approval from the U.S. Bankruptcy Court for the District of Arizona, to use certain Asset out side the ordinary course of business, free and clear of liens, claims, interests, and encumbrances. The Debtor's Asset is an Airborne LIDAR Pipeline Inspection System methane detection sensor (ALPIS). On June 11, 2025, Lasen filed a voluntary Chapter 11 petition and became debtor-in-possession in this proceeding. Lasen is in the business of providing methane detection services for natural gas transmission and distribution infrastructure. Lasen accomplishes this by using a proprietary setup of ALPIS equipment which are then mounted on helicopters. These ALPIS equipped helicopters then fly over a customer’s natural gas pipelines taking measurements. The data accumulated during these overflights is then analyzed using Lasen's proprietary software and methane leaks, if any, are identified and reports are generated for the customer. Lasen's business model is transitioning away from full-service detection services model where Lasen rented and maintained helicopters, provided flight crews, transported the ALPIS system to the necessary location, mounted the ALPIS system to the helicopter, performed the overflight, downloaded all data to its New Mexico facilities for processing and then provide the customer with a report. Under the leasing model that Lasen is moving to, the customer is responsible for providing the helicopters and flight crews, the overflight and downloading the information to the New Mexico facility. Lasen will lease the ALPIS detector and provide data analytics. This leasing model dramatically reduces the overhead for Lasen operations and allows Lasen to focus on data analytics. This new business model requires significant adjustments by Lasen customers. Specifically, until the customers enter into service agreements with helicopter providers, Lasen must still act as the prime contractor that in turn relies on a third-party helicopter provider to perform the flyover required. These third-party helicopter providers have expressed concern regarding subcontracting with Lasen while it is in bankruptcy. Normally the companies demand prepayment of the helicopter services. Lasen does not have the cash flow to do so. Lasen has a contract with a customer to provide 405.8 miles of pipeline inspection and associated leak detection analysis which is expected to provide a gross profit of $44,500 to Lasen after all subcontractors are paid (Project). Lasen has contacted Timberland Helicopters regarding providing the helicopters and associated flight crews for the Project. Timberland normally requires pre-payment of the cost of the helicopter services, but Lasen does not have the available cash flow to do so. Lasen and Timberland have expressed an intention to work on numerous projects in the future and are willing to explore an alternative arrangement. Timberland and Lasen have agreed that Lasen will ship one of the ALPIS units (specifically ALPIS unit number 18 – "ALPIS-18") to the Timberland location for use in the Project. Timberland shall hold ALPIS-18 solely for safekeeping and shall not file any UCC financing statement, assert secured creditor status, or claim any lien, pledge, or ownership interest in ALPIS-18. Timberland shall have no right to sell, transfer, encumber, or otherwise dispose of ALPIS-18 under any circumstances absent further order of the Court. Timberland's continued possession is intended only to maintain the status quo pending payment and does not grant Timberland enforcement rights of any kind. ALPIS-18 remains property of the bankruptcy estate. The proposed use by Timberland does not modify, impair, subordinate, or prime any existing liens or security interests, nor does it grant Timberland secured status. Upon payment in full for services rendered in connection with the Project, Timberland shall immediately release ALPIS-18 to Lasen upon request. If the parties mutually agree to use ALPIS-18 for future projects, Timberland's continued possession shall remain subject to the same bailment terms. Lasen acknowledges that the ALPIS-18 unit is collateral and that it is otherwise proposed to be security for the modified DIP Loan, subject to the outcome of the final hearing on those motions. Mr. Farstad has consented to the senior lien of Timberland to secure the progress on this contract and preserve the cash flow as projected. In the present case, the parties have arrived at a solution that gives Timberland Helicopters comfort regarding its provision of services, Lasen is able to take a further step forward on its new leasing model, Jeff Farstad (the only putative secured creditor involved) has consented to the use of the ALPIS-18 unit. The Debtor requests an order permitting Lasen to use the ALPIS-18 unit, to the extent it further the purposes of Lasen-s leasing model, Lasen requests an order confirming that such prepositioning of ther ALPIS detectors with third parties is approved. About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. Its proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 25-05316) on June 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Bankruptcy Judge Brenda K. Martin handles the case. The Debtor tapped Randy Nussbaum, Esq., at The Cavanagh Law Firm, PA as counsel and Benjamin T. Koeller CPA, PLLC as accountant. LEISURE INVESTMENTS: Plan Exclusivity Period Extended to April 27 ----------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Leisure Investments Holdings LLC, and certain of its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 27 and June 29, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors are currently in the process of documenting the proposed disposition of their Mexican assets and anticipate submitting to the Court a chapter 11 plan that will effectuate the Debtors go-forward strategy. As the Debtors move toward confirmation and the eventual wind down of their estates, the Debtors and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. The Debtors explain that the companies and their professionals have expended, and will continue to expend, substantial resources to maintain control over their books, records, and operations. Even so, the Debtors have diligently pursued their marketing and sale strategy, which is nearing consummation. The Debtors require additional time to submit a chapter 11 plan that effectuates the Debtors' sale transactions and ultimate wind down strategy. The Debtors assert that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LINQTO INC: Wins Court Approval to Emergence from Bankruptcy ------------------------------------------------------------ Linqto, Inc. announced on February 6, 2026, that the Company's Plan of Reorganization was confirmed by the United States Bankruptcy Court for the Southern District of Texas. With this approval in place, the Company expects the Plan to be effective and to emerge from Chapter 11 as soon as practicable. Last week, Linqto announced that customers overwhelmingly voted to approve the Company's Chapter 11 bankruptcy plan, with more than 95% of the customers who cast ballots voting to approve the plan. According to the court-approved preliminary Disclosure Statement, which laid out the voting procedures, customers were asked to vote "yes" or "no" on the overall plan and then those who voted were subsequently given a choice to select how to allocate their claim between a Liquidating Trust, a Closed-End Fund, or a combination of both options. On January 13, 2026, the Company announced that VanEck was selected to be the manager of the Closed-End Fund, and Forge Global, Inc. was chosen as the Liquidating Trustee of the Liquidating Trust. "Today's confirmation approval brings us closer to the successful conclusion of our in-court process," said Dan Siciliano, Linqto Chief Executive Officer. "Among complex bankruptcies, in our case prompted by prior management's regulatory violations and alleged fraud, this Chapter 11 is likely to be one of the fastest and most successful reorganizations in history because it will give customers a recovery of about 95% of the current fair market value of their original investment." Siciliano also noted, "I am especially grateful for the successful partnership and leadership of the Official Committee of Unsecured Creditors and their professionals, John Deaton, as well as other stakeholders who worked collaboratively to achieve this very positive outcome for customers in record time." After the Plan effective date, Linqto creditors will be contacted by either Forge, VanEck or both, regarding their allocation to the Liquidating Trust and Closed-End Fund. Creditors will be able to change their allocation from the Liquidating Trust to the Closed-End Fund before the Closed-End Fund launches. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. LUMEN TECHNOLOGIES: Jeffery Sharritts Named EVP, CRO ---------------------------------------------------- Lumen Technologies, Inc. announced a regulatory filing that Ashley Haynes-Gaspar would be leaving her role as Executive Vice President, Chief Revenue Officer of the Company. Accordingly, Jeffery S. Sharritts has been appointed as the Company's Executive Vice President, Chief Revenue Officer, effective as of February 4, 2026. Ms. Haynes-Gaspar will provide transition services to the Company through March 6, 2026, in order to ensure an orderly transition of her role to Mr. Sharritts. In connection with the transition of her role and in exchange for a release of claims against the Company and its affiliates, Ms. Haynes Gaspar will receive: (i) salary through her Transition Date, (ii) a short-term incentive bonus for fiscal year 2025 calculated based on actual performance for fiscal year 2025 and paid at the normal time such bonus is paid, (iii) any other benefits to which Ms. Haynes-Gaspar is entitled to under pre-existing plans or programs of the Company, including under the Lumen Executive Severance Plan, and (iv) accelerated vesting of certain time-based restricted shares and retention of certain performance-based restricted shares outstanding on her Transition Date, provided that Ms. Haynes-Gaspar continues to perform her duties as requested by and to the reasonable satisfaction of the Company's Chief Executive Officer through her Transition Date. 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: Commences Asset Sale Offer for 2028 Notes --------------------------------------------------------------- Luminar Technologies, Inc. announced that it is commencing a tender offer to purchase for cash up to the maximum principal amount of its outstanding Floating Rate Senior Secured Notes due 2028 that may be purchased at a purchase price equal to the purchase price of 103% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, including any applicable default interest, using an aggregate amount of cash of $89,350,000. The Asset Sale Offer Amount is equal to the net proceeds received by the Company on February 2, 2026 from the sale of all of the issued and outstanding shares of common stock of its wholly-owned subsidiary, Luminar Semiconductor, Inc., a Delaware corporation. The Asset Sale Offer is being made pursuant to the requirements set forth in the indenture governing the Notes, which provides that within ten business days of the aggregate amount of Excess Proceeds (as defined in the Indenture) exceeding $3,500,000, the Company will make an offer to purchase, prepay or redeem the maximum principal amount of Notes from each registered or beneficial holder of Notes that may be purchased out of the Excess Proceeds after taking into account in the calculation of such amount all accrued and unpaid interest on the Notes and the amount of all fees and expenses, including premiums, incurred in connection with such purchase, prepayment or redemption. The net proceeds received by the Company from the LSI Asset Sale are deemed to be "Excess Proceeds" under the Indenture. The Asset Sale Offer will expire at 5:00 p.m., New York City time, on March 9, 2026, unless extended or the Asset Sale Offer is earlier terminated by the Company, in its sole discretion. If the aggregate Total Consideration for the Notes tendered pursuant to the Asset Sale Offer and accepted for purchase is in excess of the Asset Sale Offer Amount, the Company will purchase Notes having an aggregate Total Consideration equal to the Asset Sale Offer Amount on a pro rata basis from tendering Holders (subject to adjustment to maintain the authorized minimum denomination of the Notes), in accordance with the procedures of The Depository Trust Company. In the event that the aggregate Total Consideration for the Notes tendered pursuant to the Asset Sale Offer and accepted for purchase is less than the Asset Sale Offer Amount, the remaining Net Proceeds from the LSI Asset Sale will be used by the Company to make a separate asset sale offer to the holders of its outstanding second lien notes in accordance with, and subject to, the terms of the indenture governing such second lien notes. The Asset Sale Offer is being made pursuant to an Offer to Purchase, dated the date hereof, which sets forth the complete terms and conditions of the Asset Sale Offer. The Asset Sale Offer is made only by and pursuant to the terms set forth in the Offer to Purchase, and the information in this press release is qualified by reference to such document. Subject to applicable law, the Company may amend, extend or terminate the Asset Sale Offer. Copies of the Offer to Purchase may be requested from the tender agent for the Asset Sale Offer, GLAS Trust Company LLC, Telephone: (201) 778-0404, Email: USREORG@glas.agency. About Luminar Technologies Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. LUMINAR TECHNOLOGIES: Completes $110M Semiconductor Sale to Quantum ------------------------------------------------------------------- Following receipt of Bankruptcy Court approval in accordance with section 363 of the Bankruptcy Code, on February 2, 2026, the Company completed the previously announced sale of all the issued and outstanding shares of Luminar Semiconductor, Inc. to Quantum Computing Inc., as contemplated by the Stock Purchase Agreement, dated December 15, 2025, by and among the Company, LSI and Quantum, for $110 million in cash subject to certain adjustments as contemplated by the LSI Stock Purchase Agreement. In accordance with the LSI Stock Purchase Agreement: (i) $11 million of the Closing Cash Consideration will be held in a post-closing escrow account for a period of 12 months, as Quantum's sole recourse against the Company in the event of a breach of certain representations and warranties and for certain indemnification claims, (ii) the Company has agreed to refrain from competing with LSI and to refrain from soliciting LSI's employees, customers, vendors, suppliers and other business partners (subject to limited exceptions) for a period of three years following the LSI Closing Date, and (iii) the Company and LSI have granted each other certain mutual non-exclusive licenses to respective intellectual property currently used in the other party's business to ensure freedom to operate following the LSI Closing Date. A full text copy of the LSI Stock Purchase Agreement is available at https://tinyurl.com/ycyzujs8 About Luminar Technologies Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. MAISEL-HINSON: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Maisel-Hinson Mainland Floral Incorporated Mainland Floral Window Box Florist Flower Box Florist The Empty Vase of Houston Mainland Events by Dan 2710 Broadway Ave. J Galveston, TX 77550 Business Description: Maisel-Hinson Mainland Floral Incorporated operates a multi-brand floral and event design business with design centers in Galveston and Pearland, Texas, under the Window Box Florist brand, and also manages online and legacy brands including The Empty Vase of Houston and Flower Box Florist. The company provides custom floral arrangements for daily orders, special occasions, and events such as weddings and corporate functions, while servicing ongoing commercial and residential accounts. Its operations include event setup and breakdown, sourcing, processing, inventory management, and delivery of fresh flowers and related products, with sales generated through in-store, phone, online, recurring accounts, and event-based projects. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-80074 Judge: Hon. Alfredo R Perez Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $1,326,109 Total Debts: $1,839,706 The petition was signed by Daniel Hinson as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WJGB4JA/Maisel-Hinson_Mainland_Floral__txsbke-26-80074__0001.0.pdf?mcid=tGE4TAMA MAIYA WISH: Has Deal on Cash Collateral Access ---------------------------------------------- Maiya Wish LLC and CFT Clear Finance Technology Corp advise the U.S. Bankruptcy Court for the Central District of Califoria, Northern Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor filed for Chapter 11 relief on January 9 and prior to the bankruptcy had entered into payment obligations with ClearCo that are evidenced in ClearCo's Proof of Claim and secured by the Debtor's accounts receivable, which constitute the cash collateral, perfected by a UCC-1 filing from September 19, 2024. Under the stipulation, ClearCo consents to the Debtor's continued post-petition use of cash collateral, in exchange for specific forms of adequate protection. These include the granting of replacement liens and postpetition security interests in all collateral acquired by the debtor after the petition date, with the same extent and priority as ClearCo's prepetition liens, deemed perfected as of the petition date without further filings. In addition, the Debtor agrees to make adequate protection payments to ClearCo of $250 immediately upon court approval and then $250 weekly thereafter, starting the first week after approval. The stipulation limits the Debtor's ability to use cash collateral to pay insiders unless Bankruptcy Code and local rule requirements are met, requires the Debtor to maintain insurance on the collateral with ClearCo named as loss payee or additional insured, and obligates the Debtor to provide timely monthly financial reporting, including U.S. Trustee operating reports. It also requires the Debtor to use best efforts to pursue confirmation of a Chapter 11 plan of reorganization, while preserving ClearCo's rights to object to any plan and expressly reserving all of ClearCo's rights and remedies with respect to existing defaults and the underlying obligations. The agreement makes clear that nothing in the stipulation waives defaults, accelerations, or contractual rights, and that the stipulation can be modified only in writing or by court order. It binds successors and assigns, survives dismissal as to ClearCo's replacement liens, and remains effective until a plan is confirmed, the case is converted or dismissed, or the parties enter into a new stipulation. A copy of the stipulation is available at https://urlcurt.com/u?l=5pKgCD from PacerMonitor.com. About Maiya Wish LLC Maiya Wish LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 9:26-bk-10018-RC) on January 9, 2026. In the petition signed by Jeffrey Zurofsky, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Ronald A. Clifford III oversees the case. Brian K. Tester, Esq., at McConnell Valdes LLC, represents the Debtor as legal counsel. MANAGEMENT MCOA: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Management MCOA LLC, according to court dockets. About Management MCOA LLC Management MCOA, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25184) on December 23, 2025. In its petition, the Debtor reported between $50,001 and $100,000 in assets and liabilities. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Jordi Guso, Esq. MARINER'S GATE: Seeks to Sell New York Property at Auction ---------------------------------------------------------- Mariner's Gate LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 548 West 28th Street, New York, NY. The Debtor is the owner of the Building which is currently occupied by approximately 50 commercial tenants. The Building has a current rent roll of approximately $350,000 per month with the potential to increase the monthly rent roll to $450,000 when and if disputes with a multi-floor tenant, Hudson Guild School are resolved. The Debtor's senior secured lender, JP Morgan Chase obtained a judgment of foreclosure on October 27, 2025 in the sum of $40,906,865.06 and pursued a foreclosure sale of the Building. The Debtor opposed the Trustee Motion upon the primary ground that the Debtor intended to sell the Building in a relatively prompt fashion, and, in fact, had procured a proposed contract with East CP Ventures, LLC to buy the Building with a proposed purchase price of $53 million subject to competitive bidding and certain due diligence. The Sale of the Building for $53 million will enable the Debtor to pay all creditors in full. As a means to resolve the Trustee Motion at least on an interim basis pending further developments with the Sale and conclusion of due diligence which has been limited to primarily a phase II environmental study, the Debtor and Chase entered into a Stipulation and Order authorizing the use of cash collateral through March 30, 2026, so as to provide the Debtor with liquidity to operate the Building during the start of the sale process. As part of its overall proposal, East CP is also seeking to acquire the adjoining property at 554 West 28th Street, owned by a non-debtor affiliate, Franklin Towers under a separate contract with a sale price of $5 million for a total package of $58 million. The Debtor's ability to conduct an auction sale of the Building is the lynchpin of the Debtor’s ongoing efforts to maximize recoveries for all creditors through an intended plan. The proposed bid procedures are designed to strike a proper balance between the Debtor's desire to potentially obtain a higher offer for the Building, and East CP’s desire to achieve finality with respect to its Stalking Horse Contract. The proposed Stalking Horse Contract contains bid protection in favor of East CP in the form of the Break-Up Fee equal to 3% of the proposed purchase price. The Debtor's believe that the proposed Break-Up Fee is fair and reasonable under the circumstances and should be approved. In fact, there was multiple negotiations surrounding the scope of the Break-Up Fee which was ultimately finalized at 3%. The Debtor is seeking approval of the of the proposed Stalking Horse Contract to establish a baseline offer and timeline that allows the Debtor the opportunity to potentially increase the purchase price for the Building above $53 million. Sale Process Key Dates and Deadlines -- Bid Deadline April 6, 2026 -- Auction (if necessary) No Later Than April 13, 2026 -- Sale Approval Hearing No Later Than April 26, 2026 -- Plan Confirmation Hearing No Later Than April 26, 2026 -- Closing Date No Later Than May 26, 2026 Each bidder must fully disclose the identity of each entity or person(s) making the Bid, listing controlling shareholders, partners, and financial backers otherwise participating in connection with such bid, and the complete terms of any such participation, along with sufficient evidence that the potential bidder is legally empowered to complete the transaction. Each bidder must set forth the purchase price to be paid of at least $54,590,000 plus $50,000 for the Building, representing the initial overbid that will be entertained (which clears the Break-Up Fee and augments the estate’s recovery by $50,000) with bidding in increments of $100,000. The Debtor notes that the Stalking Horse Contract retains limited due diligence rights which have been clarified in the amended version which was filed on February 6, 2026. Due diligence ends on March 6, 2026, based on an effective date of February 4, 2026. This is not a sale to an insider, nor a private sale, and the Debtor shall continue to operate the Building pursuant to the Cash Collateral Order. The Debtor believes that the Bid Procedures will provide an opportunity to solicit potential higher offers under the agreed milestone timeline with Chase that allows for a competitive process. The Debtor remains confident that the Sale will generate sufficient proceeds to pay all creditors in full, including the lienholders Chase and W Financial which holds a subordinate mortgage in the principal sum of $5 million plus accrued interest. About Mariner's Gate LLC Mariner's Gate LLC is a single asset real estate company. Mariner's Gate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12819) on December 16, 2025. In its petition, the Debtor reports estimated assets in the range of $50 million to $100 million and estimated liabilities in the range of $50 million to $100 million. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by J. Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. MERYDE GROUP: Seeks to Hire Frances M. Caruso as Bookkeeper ----------------------------------------------------------- Meryde Group of Hotels LLC, d/b/a Central Motel Court Yard, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Frances M. Caruso, a professional practicing bookkeeping, to serve as bookkeeper in its Chapter 11 case. Ms. Caruso will provide these services: (a) prepare monthly operating statements and other financial reports or statements required by the Court of the Office of the United States Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor and/or its estate; and (b) render such other financial assistance or services as may be necessary in the chapter 11 case. Ms. Caruso's requested compensation for professional services will be based upon the time expended and will be computed at an hourly billing rate of $75. She will also seek reimbursement for all out-of-pocket disbursements, if any. Ms. Caruso has requested an up-front retainer payment of $1,500 from the Debtor in connection with her retention. Ms. Caruso is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The professional can be reached at: Frances M. Caruso 45 Popham Road, 4F Scarsdale, New York 10583 About Meryde Group of Hotels LLC Meryde Group of Hotels LLC is a hospitality company engaged in the ownership and operation of hotel properties. Meryde Group of Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22056) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Douglas J. Pick, Esq. of Pick & Zabicki LLP. MERYDE GROUP: Seeks to Hire Pick & Zabicki as Counsel ----------------------------------------------------- Meryde Group of Hotels LLC, d/b/a Central Motel Court Yard, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Pick & Zabicki LLP to serve as legal counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights and duties as a debtor-in-possession; (b) assist and advise the Debtor in the preparation of its financial statements, schedules of assets and liabilities, statement of financial affairs and other reports and documentation required pursuant to the Bankruptcy Code and the Bankruptcy Rules; (c) represent the Debtor at all hearings and other proceedings relating to its affairs as a Chapter 11 debtor; (d) prosecute and defend litigated matters that may arise during this Chapter 11 case; (e) assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; (f) assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors; (g) prepare any and all necessary motions, applications, answers, orders, reports and papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and (h) perform such other legal services as may be required and/or deemed to be in the interest of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. Pick & Zabicki LLP will bill the Debtor at hourly rates of $475 to $565 for partners, $250 to $385 for associates, and $125 for paraprofessionals, and will seek reimbursement for expenses. The firm received a $35,000 professional retainer and $2,500 for expenses prior to the petition date. Pick & Zabicki LLP is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Douglas J. Pick, Esq. Eric C. Zabicki, Esq. PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Telephone: (212) 695-6000 About Meryde Group of Hotels LLC Meryde Group of Hotels LLC is a hospitality company engaged in the ownership and operation of hotel properties. Meryde Group of Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22056) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Douglas J. Pick, Esq. of Pick & Zabicki LLP. MG LOGISTICS: Court Extends Cash Collateral Access to Feb. 19 ------------------------------------------------------------- MG Logistics Incorporated received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The interim order authorized the Debtor to use the cash collateral of its secured lenders from February 3 to 19, for the disbursements set forth in the budget. Existing protections from prior orders continue for all secured lenders, including PNC Bank and Daimler Truck Financial Services USA, LLC. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted a security interest in and lien on all assets of the Debtor, including assets acquired by the Debtor after its Chapter 11 filing, with the same priority as the lenders' pre-bankruptcy lien. These replacement liens do not apply to any causes of action under the Bankruptcy Code and are subject only to (i) any lien on the Debtor's assets that the court may approve in the future as being senior to a lender's lien; (ii) valid, perfected, and enforceable pre-bankruptcy liens, which are senior to the lenders' respective liens or security interests as of the petition date; (iii) the payment of the U.S. trustee's fees; and (iv) the amount of the Debtor's professionals' fees and disbursements accrued as of the date of the termination of the Debtor's use of cash collateral. As further protection, the court approved the following payments to lenders: (i) a monthly payment of $7,500 to M&T Equipment Finance Corp. during the fifth interim period; and (ii) a monthly payment of $40,000 to Bank Midwest during the fifth interim period (and subsequent months). The Debtor agrees Bank Midwest's claim is fully secured, valued at $2,214,347.89 as of August 1. The next hearing is set for February 17. A copy of the interim order is available at https://is.gd/KFBnrU from PacerMonitor.com. Bank Midwest is represented by: Benjamin J. Court, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Phone: 612-335-1500 Fax: 612-335-1657 benjamin.court@stinson.com M&T is represented by: Kenneth D. Peters, Esq. Dressler Peters, LLC 101 W. Grand Ave., Suite 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 kpeters@dresslerpeters.com jmmertz@michaelbest.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MIDWEST SKIING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Wisconsin entered a final order approving Midwest Skiing Company, LLC's use of cash collateral. The court authorized the Debtor to continue using cash collateral for the duration of the bankruptcy case or until further order. This authorization allows the Debtor to operate its ski resort business while the Chapter 11 case proceeds. As adequate protection, Brighton Asset Management and any other creditor holding an interest in cash collateral were granted automatically perfected replacement liens, with the same priority and extent as their pre-bankruptcy liens. Pre-bankruptcy liens were extended to post-petition proceeds under Section 552(b) of the Bankruptcy Code, and creditors were prohibited from improving their secured position as a result of the replacement liens. As additional protection, the Debtor must continue its monthly payments to Brighton, provide monthly operating reports, maintain insurance appropriate for ski resort operations, timely pay employee payroll and required withholdings, and comply with non-monetary loan covenants to the extent consistent with the Bankruptcy Code and court orders. The order is available at https://is.gd/5f4wEZ from PacerMonitor.com. About Midwest Skiing Company LLC Midwest Skiing Company, LLC operates the Whitecap Mountains Resort in Upson, Wisconsin, where it manages downhill skiing, snowboarding, lodging, and year-round recreational activities. The Company oversees on-site facilities including food and beverage services, guest accommodations, and outdoor amenities across the resort property. Midwest Skiing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12543) on November 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Evan P. Schmit, Esq., at Kerk & Dunn. MMA LAW: Baptiste's Bid to Exclude Ex-Counsel From Settlement Nixed ------------------------------------------------------------------- Chief Judge Shelly D. Dick of the U.S. District Court for the Middle District of Louisiana denied Nityoke Baptiste's motion to exclude former counsel from settlement payment in the case captioned as NITYOKE BAPTISTE VERSUS STATE FARM FIRE AND CASUALTY INSURANCE COMPANY, CASE NO. 23-1408-SDD-EWD (M.D. La.). This proceeding arises out of damage to Plaintiff's home due to Hurricane Ida. Plaintiff was originally represented by law firm of McClenny, Moseley & Associates ("MMA"), and this matter was settled in principle on October 23, 2024. Plaintiff maintains that, since this time, counsel had made diligent efforts to find a mutually acceptable means of settlement with MMA and/or division of attorneys' fees. However, these requests for compromise have been ignored. Thus, Plaintiff asks the District Court to do "everything in its power to make sure that the homeowner in this case" receives the proceeds of the settlement. On April 9, 2024, MMA filed a Petition for Chapter 11 Bankruptcy in the Bankruptcy Court for the Southern District of Texas, Case No. 24-31596, and an automatic stay was issued pursuant to Section 362 of the Bankruptcy Code. Thus, the District Court lacks jurisdiction to act on Plaintiff's motion unless MMA's bankruptcy case has been resolved or the Bankruptcy Court has issued an Order allowing this Court to proceed. A copy the Court's Ruling dated February 4, 2026, is available at https://urlcurt.com/u?l=7Tta2c About MMA Law Firm MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Johnie Patterson, Esq., at Walker & Patterson, P.C. MMA LAW: TMLF's Objections to 2004 Notice Documents Overruled ------------------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas ruled on the disputed issues with respect to documents and testimony contained in a 2004 Notice issued by MMA Law Firm, PLLC. As a matter of first impression, this Court must determine whether MMA Law Firm, PLLC is using Rule 2004 to punish The Monson Law Firm for exercising its First Amendment rights and to avoid the hurdle of proving a prima facie case of defamation by clear and specific evidence, as required under an anti-SLAPP statute. The instant dispute arises from an impasse between MMA Law Firm, PLLC and the Monson Law Firm regarding certain categories of documents and testimony contained in a 2004 Notice. The 2004 Notice seeks to obtain discovery from the Monson Law Firm regarding information distributed by the Monson Law Firm, LLC, that allegedly defames MMA Law Firm, PLLC. On January 15, 2026, MMA issued Debtor's Notice of 2004 Examination of The Monson Law Firm, LLC ("Rule 2004 Exam"). On January 27, 2026, MMA and TMLF filed a joint Stipulation (the "First Stipulation"). On January 28, 2026, MMA and TMLF filed a "Limited Stipulation" (the "Second Stipulation"). On January 29, 2026, the Court entered an order approving the Second Stipulation. The First Stipulation lists the specific issues that the parties requested the Court to decide at the Emergency Hearing. The Second Stipulation, which the Court approved on January 29, 2026, contains stipulations as to the permissible scope of the Rule 2004 Exam and resolves some of the issues raised in the First Stipulation. The production of information requested in the Rule 2004 Exam at Request Nos. 1(a); 1(c); 1(e); 1(f); (1)(g); (1)(k); 1(l); 1(m) (1)(o); 1(p); and (1)(s) were disputed pursuant to the First Stipulation. As to Request No. 2, the First Stipulation provides that TMLF urges this court that the identical objections lodged above to the Document Requests No. 1 communications apply and re-urges those same objections as if copied herein in extenso. As to Request No. 4, the First Stipulation provides that TMLF objects to Request No. 4 on the grounds that it: (1) is overbroad; (2) infringes on TMLF's First Amendment rights; and (3) uses Rule 2004 to avoid the pleading requirements of a defamation case. In the Second Stipulation, TMLF agreed that MMA may issue a subpoena to Matthew Monson as the representative of TMLF for his appearance on behalf of TMLF at the Rule 2004 Exam and that TMLF waives any right to object or otherwise challenge the subpoena. On January 29, 2026, the Court held an evidentiary hearing. The Court finds that: (i) the Monson Law Firm, LLC's objections to categories of documents and testimony contained in a 2004 Notice issued by MMA Law Firm, PLLC are overruled; (ii) MMA Law Firm, PLLC's request for the entry of a judgement based on partial findings pursuant to Federal Rule of Civil Procedure 52(c) is appropriate and is granted; (iii) Matthew Monson, on behalf of The Monson Law Firm must appear and testify at a Rule 2004 examination on February 26, 2026, at 10:00 a.m. (Central Standard Time), at the offices of Sternberg, Naccari & White, LLC, located at 935 Gravier Street, Suite 1800, New Orleans, LA 70112; (iv) MMA Law Firm PPLC's Requests for Production Nos. 1(a), (b), (c), (e), (f), (g), (k), (l), (m), (o), (p) and Requests for Production Nos. 2(a), (b), (c), (e), (f), (g), (k), (l), (m), (o), and (p) must be produced by electronic transmission to MMA Law Firm, PLLC's counsel at mgoott@walkerandpatterson.com no later than 5:00 p.m. Central Standard Time, February 19, 2026; (v); The Monson Law Firm must fully comply with the Limited Stipulation at ECF No. 1299; and (vi) all topics addressed in Request No. 1 and Request No. 2 are proper topics for examination and may be inquired into during the Rule 2004 Examination. The Court finds that the pleadings submitted by TMLF fail to articulate the specific information held by TMLF that is allegedly protected by the statutes and rules TMLF relies upon. In any event, at the Emergency Hearing, the only evidence admitted into the record was (1) a July 9, 2025 cease-and-desist letter from MMA's counsel to Mr. Monson; 30 and (2) a July 9, 2025 preservation letter from MMA's counsel to Mr. Monson. The Court finds that this evidence is insufficient to meet TMLF's burden to show that it is entitled to protection under the various statelaw privileges it asserts. In sum, TMLF's objections to the Request Nos. 1 and 2 are vague and not supported by evidence. As such, the Court finds it appropriate to overrule TMLF's objections to Request Nos. 1(a), (b), (c), (e), (f), (g), (k), (l), (m), (o), and (p) and Request Nos. 2(a), (b), (c), (e), (f), (g), (k), (l), (m), (o), and (p). A copy the Court's Order dated February 5, 2026, is available at https://urlcurt.com/u?l=4whkHO from PacerMonitor.com. About MMA Law Firm MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Johnie Patterson, Esq., at Walker & Patterson, P.C. MODUS SYSTEMS: Updates Buc-ee's Secured Claim Details ----------------------------------------------------- Modus Systems, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Liquidation dated February 3, 2026. The Plan is a liquidating plan. It provides for the liquidation and monetization of all of the Assets of the Debtor's Estate, and for treatment of the outstanding Allowed Claims against and Interests in the Debtor. The Plan is centered around a Court-supervised sale process pursuant to which the Debtor's Assets, including that certain Intellectual Property, pertaining to a product known as Tooshlights, will be sold either by Private Sale to either Sloan or Buc-ee's or at an Auction held in the Bankruptcy Court at the hearing on confirmation of this Plan. After the closing of the Sale of the Intellectual Property and any other Assets, the Plan appoints a Plan Administrator as the sole officer and director of the Debtor for the purposes of carrying out the terms of the Plan, including making distributions to Holders of Allowed Claims. The Plan provides that once the Plan Administrator has carried out his duties under this Plan, the Debtor shall be deemed dissolved. Class 3 consists of the Buc-ee's Secured Claim. On the Effective Date (or as soon as reasonably practicable thereafter), each holder of an Allowed Bucee's Secured Claim shall receive (in accordance with the lien priority under applicable law): (a) cash equal to the amount of such Allowed Buc-ee's Secured Claim; or (b) such other less favorable treatment as to which the Debtor and the holder of an Allowed Bucee's Secured Claim have agreed. Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim in Class 5 shall receive in full and final satisfaction, settlement, and release of such Allowed General Unsecured Claim shall be paid in full from the General Unsecured Claim Distribution Fund. The allowed unsecured claims total $610.80. This Class will receive a distribution of 100% of their allowed claims. For the avoidance of doubt, neither the Sloan Deficiency Claim or the Buc-ee's Deficiency Claim shall be treated as a Class 4 General Unsecured Claim; rather, the Sloan Deficiency Claim and the Buc-ee's Deficiency Claim shall be treated as a Class 5A and Class 5B Claim. Holders of Interests in the Debtor will not receive any Distribution under the Plan on account of such Interests. On the Effective Date, all Interests in the Debtor shall be deemed cancelled. The Debtor will sell the Intellectual Property through a Private Sale to either Sloan and/or Buc-ee's, and in the absence of such Private Sale, via a Court-supervised Auction (in which case will culminate in a live Auction held in Court at the Confirmation Hearing). To the extent the Intellectual Property is sold to Sloan or any Sloan Related Party via a Private Sale or Auction, then such Intellectual Property acquired shall be jointly owned by Sloan and Buc-ee's equally and on an undivided basis notwithstanding Sloan's purchase or acquisition by agreement between Sloan and Buc-ee's pursuant to and in accordance with that certain Technology Ownership Agreement, entered into between Sloan and Buc-ee's as of June 17, 2020, as later amended, clarified and/or supplemented. To the extent Sloan and/or Buc-ee's are interested in acquiring the Intellectual Property as set forth herein, the Debtor shall conduct a Private Sale to either Sloan and/or Buc-ee's, the sale amount and proceeds of which shall be governed by the terms, conditions and requirements of this Plan. The hearing at which the Court will determine whether to confirm the Plan will take place on April 22, 2026, at 1:30 p.m., in Courtroom 5C of the United States Bankruptcy Court, 411 West Fourth Street, Santa Ana CA 92701. Ballots must be received by Goe Forsythe & Hodges LLP on March 13, 2026 to be counted as votes to accept or reject the Plan. Any such objection must be filed and served on the Debtor, Sloan and Buc-ee's, and on each of their respective counsel and the U.S. Trustee by March 31, 2026. A full-text copy of the Amended Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=53S16m from PacerMonitor.com at no charge. Counsel to the Debtor: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Tel: (949) 796-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About Modus Systems, LLC Modus Systems, LLC, filed a Chapter 7 petition (Bankr. C.D. Cal. Case No. 24-10655) on March 19, 2024. The case was converted to a Chapter 11 case on Jan. 10, 2025. Judge Scott C. Clarkson oversees the case. Goe Forsythe & Hodges, LLP, is the Debtor's legal counsel. MONARCH BAY: City Updates Liquidating Plan Disclosures ------------------------------------------------------ The City of San Leandro, holder of a secured claim against the Estate, submitted a Disclosure Statement describing First Amended Liquidating Plan for Monarch Bay For Sale Residential, LLC dated February 3, 2026. The Plan creates a liquidating trust, appoints a liquidating trustee, and effects a sale of the Debtor's Property to a buyer developer for the purpose of making Distributions to the Holders of Allowed Claims and Interests, and otherwise satisfying the outstanding obligations of the bankruptcy Estate in accordance with the Plan. On July 22, 2020, the Debtor's parent company, Cal Coast Companies, LLC ("Cal Coast") entered into a purchase and sale agreement with the City (the "Debtor PSA") to purchase the real property located in the City of San Leandro, County of Alameda, State of California, and as described in the Deed of Trust as follows: Parcel 1 of map entitled Parcel Map No. 11312 filed for record November 30, 2022 in Book 356 of Maps at Pages 58-61 Alameda County Records. APN's: 079A-0590-001-05 & 079A-0590-003 (the "Property"). The Property is adjacent to City-owned real property. The Property and the City-owned real property constitute seventy-five acres located within the City limits in the Shoreline-Marina area. The Debtor PSA provides that Cal Coast as the "Buyer" desires to develop the "Shoreline Project" and has entered into the Disposition and Development Agreement dated July 22, 2020 ("DDA") regarding the development of the "Shoreline Project." In December 2022, Cal Coast assigned to the Debtor all of Cal Coast's right, title and interest in and to the Debtor PSA, and the Debtor accepted the assignment, and agreed to assume all of Cal Coast's duties and obligations as buyer under the Debtor PSA, as if the Debtor was the original Buyer under the Debtor PSA. Class 2 consists of the secured claim of Henry C. Levy Treasurer Tax Collector Alameda County. On September 23, 2024, the Treasurer-Tax Collector filed Proof of Claim No. 4 in the amount of $614,615.08 for unpaid taxes for fiscal years 2023 and 2024. The City estimates the current amount of the claim to be approximately $1,078,596.63, plus penalties, interest and fees on delinquent tax bills. The Class 2 claimant shall be paid in full from the sale of the Property. Class 2 is impaired and is entitled to vote on confirmation of the Plan. Like in the prior iteration of the Plan, all Class 3 general unsecured claims will receive the following estimated percentage of their claims: 100%, to be paid after the Adequate Assurance Reserve has been funded and Classes 1 and 2 have been paid in full. Class 3 is impaired and is entitled to vote on confirmation of the Plan. Class 4 consists of all membership interests in the Debtor. The Debtor's Statement of Financial Affairs states that Edward J. Miller owns a 63% interest in the Debtor, which is inconsistent with the Debtor's LLC Operating Agreement. The LLC Operating Agreement states that 100% of the Debtor is owned by Cal Coast. The Debtor's 2023 tax return, however, provides that it is a multi-member LLC reporting as a partnership. The Debtor's operating reports identify additional equity interests in the Debtor. The Plan shall be funded through the sale of the Property to a Qualified Developer pursuant to the terms of a purchase and sale agreement to be negotiated by the Liquidating Trustee and a Qualified Developer and approved by the City (the "Shoreline PSA"). Upon the Effective Date, the Property shall vest in the Liquidating Trust created on the Effective Date pursuant to the Trust Agreement. The City anticipates that the proceeds from the sale will be sufficient to pay all Allowed Claims against the Debtor in full provided by the Plan. There are infrastructure elements and requirements that benefit both the Eastside and the Westside. Given that Cal Coast and its affiliates are in default under the ground leases and DDA, the Plan proposes to create a segregated account deemed the Adequate Assurance Reserve, which will be held and disbursed exclusively to facilitate compliance with the contractual requirements for completing the Monarch Bay Drive Element and the Infrastructure Element. Specifically, of the proceeds from the sale of the Property, the Liquidating Trustee shall deposit a maximum amount of $9,300,000.00, or in the amount necessary to fund the construction of the Monarch Bay Drive Element and the Infrastructure Element on the Westside, which shall be funded prior to the payment of any amount on account of Allowed Class 3 Claims and Class 4 Equity Interests. Disbursement of funds from the Adequate Assurance Reserve shall be governed by the terms of the Trust Agreement. A full-text copy of the Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=pOPN5t from PacerMonitor.com at no charge. Attorneys for Creditor the City of San Leandro: Maggie E. Schroedter, Esq. Lane C. Hilton, Esq. ROBBERSON SCHROEDTER LLP 501 West Broadway, Suite 1260 San Diego, California 92101 Tel: (619) 353-5691 About Monarch Bay for Sale Residential Monarch Bay For Sale Residential, LLC, is engaged in activities related to real estate. Monarch Bay For Sale Residential, in Los Angeles CA, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-14877) on June 20, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Edward J. Miller as president of Manager, signed the petition. Judge Deborah J Saltzman oversees the case. David B. Shemano, Esq., at ShemanoLaw, serves as the Debtor's legal counsel. MONTGOMERY TRANSPORT: Founder Clarifies Receivership Events ----------------------------------------------------------- Rollins Montgomery, founder and former chief executive officer of Montgomery Transport, has released a first-person account describing the events that led to the company's placement into receivership following a change in control to private equity ownership. Montgomery Transport, founded in 2011, operated profitably for more than a decade prior to its sale in 2022. In his statement, Montgomery outlines the company's operational history, the transition of control, and the circumstances that preceded the October 2025 shutdown of operations. "This account is intended to honor the people who built Montgomery Transport and to clarify the record," Montgomery said. "The company did not fail because of its drivers, vendors, customers, or employees. What occurred followed a pattern that has become increasingly common in the trucking industry when financial control replaces experienced leadership." In the statement, Montgomery details how operational decision-making, financial controls, and workforce stability changed following the transfer of ownership. He also addresses the distinction between receivership and bankruptcy, noting that Montgomery Transport has not filed for bankruptcy. Montgomery emphasized that the statement is not about revisiting the past, but about recognizing the people impacted and applying hard-earned lessons moving forward. "I believe in this industry and the people who make it work," Montgomery said. "Those values and experiences move forward with us." Montgomery Transport was placed into receivership in late October 2025 and remains in receivership. Related litigation is pending. About Rollins Montgomery Rollins Montgomery is a transportation executive and entrepreneur based in Birmingham, Alabama. He founded Montgomery Transport in 2011 and led the company for more than a decade prior to its sale in 2022. He is currently focused on building Second Mile Transport, a new transportation platform grounded in operational discipline and industry experience. MOUNT ACADIA: Live Oak Wins Bid to Dismiss Bankruptcy Case ---------------------------------------------------------- The Hon. J. Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California granted Live Oak Banking Company's motion to dismiss the Chapter 11 case of Mount Acadia Senior Properties LLC. Creditor Live Oak Banking Company moves to dismiss the Debtor's Chapter 11 case on the grounds that the Debtor filed the Chapter 11 petition without authorization. Alternatively Live Oak requests that the Court excuse the state court receiver's turnover of certain estate property under Sec. 543(d)(1). Prior to the Chapter 11 petition, Live Oak sued the Debtor and related affiliates, including the Debtor's sole manager, Mount Acadia Ventures, LLC, in San Diego Superior Court, and eventually filed an application for receivership over the Debtor and the related affiliates. The state court conducted a two-day evidentiary hearing in early December 2025. On December 9, 2025, the state court entered an order, which granted Live Oak's application and appointed David Kieffer of The Stapleton Group as the receiver over the real and personal property assets of the Debtor and Mount Acadia Senior Operations, LLC, defined jointly in the State Court Order as the "Mount Acadia Parties," and their "going concern operations," defined in the State Court Order as the receivership properties. The Receiver is the same individual whom the Debtor seeks to employ as CRO in the Chapter 11 case. In the bankruptcy case, Live Oak filed opposition to the Debtor's CRO Motion. Among other things, it asserted that the Debtor's filing of the Chapter 11 petition was unauthorized based on the State Court Order, which divested the Debtor's manager of authority to file the petition commencing the bankruptcy case. Live Oak also argued that the Debtor had no cash collateral and lacked funds to pay the CRO. The Debtor subsequently filed opposition to the Motion to Dismiss. Among other things, it argued that the Debtor was authorized to file the Chapter 11 petition because the State Court Order did not purport to replace the Debtor's manager. The Debtor also argued that if it lacked authority to file the petition, then Live Oak lacked standing to challenge the validity of the petition based on a long-established Supreme Court case. Finally, the Debtor argued that if its Chapter 11 petition was defective, the Receiver ratified the petition by both his participation in the bankruptcy case and his failure to move to dismiss. Judge Marum explains, "There is no dispute that the State Court Order divested the Debtor's manager from its authority to act on behalf of the Debtor, albeit during the period of the receivership. The State Court Order expressly states that the authority of any manager in existence immediately prior to entry of the order was 'hereby suspended.' And there is no dispute that the State Court Order was effectuated; pursuant to representations made to the Court, the Receiver promptly posted the requisite bond, took the oath required, and has worked with the parties on the development project both on a pre- and post-petition basis. Thus, the Court concludes that the Debtor was without authority on December 23, 2025 to file the Chapter 11 petition, or to execute the written consent to file the bankruptcy case. On December 23, 2025, the only party vested with authority to take such action on behalf of the Debtor was the Receiver." The Court concludes that, pursuant to the State Court Order, the Debtor lacked authorization to file the Chapter 11 petition on December 23, 2025. The Court concludes that the Receiver has not during the course of the bankruptcy case ratified the Debtor's unauthorized Chapter 11 petition. The Court dismisses the Chapter 11 case. All stays now in effect are vacated. Live Oak's alternative request for relief, with respect to authorizing excuse of the Receiver's turnover of estate property under 11 U.S.C. Sec. 543(d)(1), is denied as moot. A copy the Court's Memorandum Decision dated February 5, 2026, is available at https://urlcurt.com/u?l=qAFIB6 from PacerMonitor.com. About Mount Acadia Senior Properties LLC Mount Acadia Senior Properties LLC is a single-asset real estate company that owns one income-producing property. Mount Acadia Senior Properties LLC in Cardiff by the Sea, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 25-05308) on Dec. 23, 2025, listing as much as $10 million to $50 million in both assets and liabilities. John T. DeWald as managing partner, signed the petition. Judge J. Barrett Marum oversees the case. WINTHROP GOLUBOW HOLLANDER, LLP serve as the Debtor's legal counsel. MOUNTAINS OF SABER: Unsecured Creditors Unimpaired in Plan ---------------------------------------------------------- Mountains of Saber, LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated February 3, 2026. The Debtor was formed on or about May 5, 2005, for the purpose of owning and operating the buildings located at 797-815 Stanley Avenue, Brooklyn, NY consisting of 9 commercial rentable units (the "Property"). The Debtor believes that the Property is valued at approximately $3,000,000. There is no mortgage because the secured loan was paid off and the new lender (an affiliate of the Debtor) did not record the new debt as a mortgage. This bankruptcy filing was prompted by the litigation instigated by Kamal Alsaidi ("Kamal"), a purported minority limited liability company owner. Mr. Kamal Alsaidi's interest in the Debtor was terminated by resolution and his share was reallocated to Ali Alsaede, the son of Abdo Alsaede. The interest of Kamal Alsaidi of 33.34% has been definitively reestablished by the Stipulation The state court action was commenced in Kings County Supreme Court on or about July 13, 2020, Kamal Alsaidi and Mountain of Saber, LLC v. Ali Alsaede and Capital A Management NY Inc., case no.:512191/2020 (the "State Court Litigation"). The individual Plaintiff and two of the Defendants are related family members. The case was amended to add the other owners of the Debtor, Abdo Alsaede, Ahmed Nasser, and Abdo M. Nasser. In the State Court litigation David Scop was appointed as receiver (the "Receiver"). The Debtor filed for relief under Chapter 11 of the bankruptcy code on September 5, 2024, because the Receiver was mismanaging the Debtor and Debtor was behind in real property tax payments and other obligations. Class 3A Unsecured Claims consists of creditors Internal Revenue Service ($11,972.22) and Consolidated Edison ($602.10). The Class 3A Allowed Unsecured Claims will be paid in full on the Effective Date. Disputed amounts, if any, will be escrowed pending resolution of the Claim. These claims are not impaired in that they will be paid in full to the extent they are documented and there is no setoff against them. Class 3B Allowed Unsecured Claims of Capital A. Management ($36,000 for management fees) and Its Mine2 Realty LLC ($300,000 for payoff of secured debt). Allowed Unsecured Claims will be paid over ten years in equal monthly payments commencing on the later of the Confirmation Date or the date the Forensic Accountant completes his forensic report in an amount equal to $2,800 per month. These Claims are subject to documentation of the debt and a potential set off for amounts determined by the forensic accountant. These claims are not impaired in that they will be paid in full to the extent they are documented and there is no setoff against them. Class 4 consists of the Equity Interests of the limited liability owners of Debtor, as set forth in the Petition. The Equity Interest holders will keep their equity interests since the creditors are all being paid in full. The Equity Interest holders will not be entitled to vote since they are not impaired. On the first of the month following the Effective Date of the Plan the Debtor will make the lump sum distributions and will begin making the monthly payments. A full-text copy of the Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=Uc6ezM from PacerMonitor.com at no charge. Counsel for the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About Mountains of Saber Mountains of Saber LLC is the fee simple owner of nine rentable commercial spaces varying in size located at 797-815 Stanley Avenue Brooklyn, NY valued at $3 million (based on Debtor's estimate). Mountains of Saber LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43693) on Sept. 5, 2024. In the petition filed by Ali Alsaede, chief restructuring officer, the Debtor reports total assets of $3,000,000 and total liabilities of $525,677. Judge Jil Mazer-Marino oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C., serves as the Debtor's counsel. MTF ENTERPRISES: Subway Franchisee Seeks Chapter 11 Bankruptcy -------------------------------------------------------------- Niti Majethia of Daily Express US reports that a Subway franchise operator overseeing locations in four states has filed for Chapter 11 bankruptcy, citing mounting debt and cash flow pressures. MTF Enterprises, a Pennsylvania-based company, sought bankruptcy protection on Jan. 21 in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. The company operates 43 Subway restaurants in Pennsylvania, Maine, New Hampshire, and Virginia. In filings, MTF said it was unable to meet its financial obligations. The operator also runs a childcare business across parts of the Mid-Atlantic, according to Restaurant Business. The bankruptcy filing arrives as Subway continues to reduce its U.S. restaurant count. The chain was acquired by Roark Capital in 2024 for $9.6 billion, but store closures have persisted. After maintaining more than 20,000 U.S. locations for years, Subway ended 2024 with 19,502 outlets, shedding hundreds of stores amid changing consumer habits and franchisee pressures, the report relays. MTF Enterprises disclosed assets valued between $500,000 and $1 million, alongside liabilities of $1 million to $10 million. The company owes roughly $2.3 million on various loans and equipment leases, in addition to $761,000 in SBA loans. Court documents indicate that a merchant cash advance arrangement, which allowed a lender to claim a lien on franchise revenues, significantly contributed to the company's financial collapse, the report states. About MTF Enterprises MTF Enterprises is a Pennsylvania-based franchise company that operates 43 Subway restaurants across Pennsylvania, Maine, New Hampshire, and Virginia. The company manages daily restaurant operations, employee staffing, and franchise obligations for its multi-state portfolio. Beyond its quick-service restaurant business, MTF Enterprises also operates a childcare division with facilities throughout the Mid-Atlantic region, according to industry reports. MTF Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26‑10237) on January 21, 2026. In its petition, the Debtor reports assets valued between $500,000 and $1 million, alongside liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. NATIONWIDE TREE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida entered an interim order authorizing Nationwide Tree Service, LLC to use cash collateral. The court authorized the Debtor to use the cash collateral of the U.S. Small Business Administration, Financial Pacific Leasing, LLC, Corporation Service Company (as representative), and Quaint Oak Bank, subject to a court-approved budget. The Debtor may pay ordinary and necessary operating expenses within the budget, with up to a 10% variance per line item, but may not pay insider or professional compensation without further court approval. The Debtor projects total operational expenses of $81,033.00 for February and $97,278.00 for March. As adequate protection, the secured creditors will be granted post-petition replacement liens on cash collateral with the same validity, priority, and extent as their pre-bankruptcy liens, without the need for additional filings. Nationwide Tree Service must also comply with all debtor-in-possession duties, maintain required insurance, provide financial reporting upon request, and allow reasonable access to business records and premises. The order is entered without prejudice to future challenges to lien validity or requests for modified adequate protection, including by any creditors' committee that may be appointed. The next hearing is scheduled for February 18. The order is available at https://is.gd/lRJEwj from PacerMonitor.com. About Nationwide Tree Service Nationwide Tree Service, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00450) on January 21, 2026, listing up to $50,000 in assets and liabilities. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. NEW GRANT: Unsecured Creditors Will Get 1% to 3% of Claims ---------------------------------------------------------- New Grant Acquisitions, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement to accompany Plan of Reorganization dated January 3, 2026. The Debtor owns the historic W. D. Grant Building (the "Grant Building" or the "Real Estate"), located at 44 Broad Street in downtown Atlanta's Fairlie-Poplar Historic District. Built in 1898, the 125,000 square foot, ten story building is reportedly the second oldest steel-frame building in the Southeast and has been listed on the National Register of Historic Places since 1979. The Debtor acquired the historic office building in 2022 as part of a joint venture formed between a Texas-based developer and a national redeveloper with the intention of converting the top 7 stories into approximately 165 apartments, with offices and retail space on the lower floors. In connection with the Debtor's purchase of the Grant Building, the Debtor and UC Grant Building Holder, LLC (the "Lender" or "UC Grant") executed a loan agreement on or about December 21, 2022 (the "Loan Agreement"), whereby Lender agreed to loan the Debtor up to $36,500,000 (the "Loan"), in order to finance the continued rehabilitation and conversion of the Grant Building from office space into modern apartment rental units. The Lender obtained a security interest in the Grant Building as collateral for the Loan. Initially, the project commenced without issue as Bush Construction engaged numerous subcontractors for the renovation of the real estate and conversion work began. Unfortunately, the project ultimately came to a halt in February of 2024 when the Debtor experienced significant funding issues and could no longer make payments to Bush Construction or the subcontractors. To that end, Bush Construction and its affiliated development arm, Bush Real Estate Development, LLC attempted to work with the Debtor and Lender to take over the renovation project and see it to final completion, enabling the significant value a completed project would have to be realized. Following these failed efforts, Bush Construction and its affiliated development arm, Bush Real Estate Development, LLC attempted to work out a deal with the Debtor and UC Grant for Bush to take over the renovation project and see it to final completion. Those efforts were similarly unsuccessful, and UC Grant scheduled a foreclosure on the Grant Building for October 7, 2025. The Chapter 11 was filed in order to provide time for the Debtor to formulate a reorganization plan and preserve the value of the project which would be realized upon completion, including valuable historic tax credits. Class 6 consists of all Allowed Unsecured Claims which are not included in any other Class. Each Holder of a Class 6 Claim shall receive a pro rata share of Distributions to be made from any Plan Sponsor Proceeds remaining after payment in full of all Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Allowed Priority Claims, and Allowed Class 5 Claims of Lincoln Savings Bank. Additionally, any net proceeds generated from pursuit of any Causes of Action by the Reorganized Debtor shall be used to fund pro rata Distributions to the Holders of Allowed Unsecured Claims. Each Holder of an Allowed Unsecured Claim in Class 6 is entitled to vote to accept or reject the Plan. The allowed unsecured claims total $7,800,000 to $28,000,000. This Class will receive a distribution of 1% to 3% of their allowed claims. Class 7 consists of all Allowed Equity Interests of Grant ATL in the Debtor. As of the Effective Date, Grant ATL shall retain its Equity Interests in the Reorganized Debtor following Confirmation of the Plan, but shall not receive any Distributions under the Plan; provided, however, that at the Plan Sponsor's election, upon closing the Plan Sponsor Transaction: (a) Grant ATL's Equity Interests shall be canceled and new equity interests in the Reorganized Debtor issued to the Plan Sponsor or its designee(s), or (b) the Allowed Equity Interests of Grant ATL shall be transferred to the Plan Sponsor or its designee(s). The Class 7 Equity Interest Holder is impaired and is deemed to reject the Plan, and, therefore, is not entitled to vote on the Plan. No later than five business days following the entry of an order approving the Debtor's Disclosure Statement the Debtor shall file with the Court the proposed Plan Sponsor Transaction Documents, which may be subject to further amendment, identifying, with respect to the proposed Plan Sponsor Transaction: (a) the proposed Plan Sponsor(s); (b) the consideration to be provided; (c) the structure of the proposed transaction, including whether it will be an asset or equity purchase, or some combination thereof, (d) description of executory contracts and/or unexpired leases to be assumed and assigned, and any proposed Cure Costs; (e) the proposed closing date; (f) any proposed bidding procedures with respect to the transaction; and (g) any other material terms and conditions. All Payments to Holders of Allowed Claims shall be paid from the Plan Sponsor Transaction Proceeds. Additionally, any net proceeds generated from pursuit of any Causes of Action by the Reorganized Debtor shall be used to fund pro rata Distributions to the Holders of Allowed Unsecured Claims. Except as otherwise provided in the Plan, no Claims shall bear interest from and after the Petition Date. A full-text copy of the Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=07GVv0 from PacerMonitor.com at no charge. Counsel to the Debtor: J. Robert Williamson, Esq. Matthew W. Levin, Esq. Scroggins, Williamson & Ray, PC 4401 Northside Parkway, Suite 230 Atlanta, GA 30327 Telephone: (404) 893-3880 Facsimile: (404) 893-3886 Email: rwilliamson@swlawfirm.com About New Grant Acquisitions New Grant Acquisitions, LLC is a real estate lessor with its principal assets located at 44 Broad Street NW in Atlanta, Georgia. New Grant Acquisitions, LLC in Davenport, IA, sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61599) on Oct. 6, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Brent Crittenden, authorized agent, signed the petition. Scroggins, Williamson & Ray, PC serves as the Debtor's counsel. NEW YORK BEACH: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: New York Beach Club, Ltd. 1751 Ocean Blvd Atlantic Beach, NY 11509 Business Description: New York Beach Club, Ltd. operates a private seasonal beach club and oceanfront social venue at 1751 Ocean Boulevard in Atlantic Beach, New York. The company manages the club's facilities, including cabanas, pools, dining, and recreational amenities, under a non-residential lease from the property owner, Ocean Blvd., LLC. It functions as a hospitality and leisure services entity within the private beach club and resort sector. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-70576 Judge: Hon. Louis A Scarcella Debtor's Counsel: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass Suite 101 Smithtown, NY 11787 Tel: 516-703-3672 Email: fkantrow@thekantrowlawgroup.com Total Assets: $902,221 Total Liabilities: $17,267,359 The petition was signed by Alexander Jacobson 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/3PUIIGQ/New_York_Beach_Club_Ltd__nyebke-26-70576__0001.0.pdf?mcid=tGE4TAMA NFN8 GROUP: Gets Interim OK for DIP Financing From Twelve Bridge ---------------------------------------------------------------- NFN8 Group, Inc. and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to obtain debtor-in-possession financing to get through bankruptcy. The interim order signed by Judge Shad Robinson authorized the companies to access $750,000 of a $2.75 million DIP facility from Twelve Bridge Capital, with the balance available upon entry of a final order. The companies intend to use the loan under an approved budget for transaction costs, professional fees, working capital, and general corporate purposes. The DIP facility is structured as a multi-draw term loan, with NFN8 Group as borrower and NFN8 Capital, LLC and NFN8 Holdings, LLC as guarantors. It bears 13% annual interest, payable in kind monthly, with an additional 3% default rate. The DIP facility includes a carveout protecting professional and U.S. Trustee fees, along with a professional fee reserve funded from the DIP proceeds to ensure orderly payment during the Chapter 11 cases. As protection, Twelve Bridge Capital will receive security interests and liens on all assets of the companies except Chapter 5 avoidance actions. Proceeds from avoidance actions will be included as collateral upon entry of a final order. Moreover, the companies' DIP obligations carry superpriority administrative expense status, ensuring they are paid before any other claims or administrative expenses. Obligations under the DIP facility are due in full on the earliest of May 29, closing of a sale of substantially all assets, confirmation of a Chapter 11 plan, acceleration under the DIP documents, dismissal or conversion of the companies' Chapter 11 cases, or certain termination events. Use of Cash Collateral The interim order also authorized the companies to use the cash collateral of Twelve Bridge Capital to fund their operations consistent with the budget. All cash and cash equivalents of the companies and the proceeds of all collateral pledged to the DIP lender constitute cash collateral. Based on the companies' testimony, the court found that no pre-bankruptcy lender holds a claim to cash collateral. The interim order is available at https://is.gd/1WiTvW from PacerMonitor.com. The court will hold a final hearing on March 9, at 9:30 a.m. (Prevailing Central Time). Objections must be filed no later than March 2, at 5:00 p.m. (Prevailing Central Time). The companies are operators of an asset-intensive, industrial-scale Bitcoin mining business, which depend on continuous funding to maintain their fleet of mining equipment, pay employees, and cover substantial ongoing expenses. Their liquidity has been materially impaired by multiple extraordinary events: a fire at their Crystal City, Texas facility in late 2025, which reduced mining capacity and cash flow; industry-wide revenue compression following the April 2024 Bitcoin halving; operational delays and cost overruns from internalizing hosting operations; and escalating professional fees associated with pending arbitration. The companies' insurance coverage for the fire is expected but the timing and amount of recovery remain uncertain. Twelve Bridge Capital, as DIP lender, is represented by: Michael Fishel, Esq. Fishel Law Group 602 Sawyer, Suite 400 Houston, TX 77007 Telephone: (713) 294-0379 michael@FishelLawGroup.com About NFN8 Group Inc. NFN8 Group, Inc. and affiliates are operators of an asset-intensive, industrial-scale Bitcoin mining business, which depend on continuous funding to maintain their fleet of mining equipment, pay employees, and cover substantial ongoing expenses, including power, hosting, labor, and equipment maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10193-smr) on February 2, 2026. In the petition signed by Erik White, chief restructuring officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Shad M. Robinson oversees the case. William R. Nix, Esq., at Kane Russell Coleman Logan PC, represents the Debtor as legal counsel. NORTH STAR: Commences Chapter 11 to Stabilize Finances ------------------------------------------------------ The North Star Health Alliance, Inc. (NSHA), a trusted, rural non-profit health system delivering community--centered healthcare services to the North Country region, announced on February 10, 2026, that it has commenced a bankruptcy court restructuring process for itself and three of its affiliates, Carthage Area Hospital, Inc., Claxton-Hepburn Medical Center, Inc. and Meadowbrook Terrace, Inc., through the filing of voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 process will stabilize NSHA's finances which is necessary to ensure access to quality care for communities throughout the North Country, including Fort Drum service members, families, and retirees. NSHA plans to continue its day-to-day operations throughout the court process. Patients and their families can expect normal operations, access to appointments, and continuity of all essential medical, surgical, behavioral health, and assisted living services. Employees will continue to receive their regular pay and benefits throughout the Chapter 11 process. The decision by NSHA to file for Chapter 11 protection is driven by a number of complex events, which generated a gap between the cost of services rendered and revenue received. This gap was caused by, among other things, delays in payments while transitioning to a critical access hospital reimbursement model, increased operating expenses, a challenging legacy model of revenue collection at Claxton-Hepburn Medical Center, and other external pressures such as multiple cyber attacks. NSHA is undertaking the Chapter 11 process as a voluntary, strategic and proactive action to realign financial obligations, ensure long--term sustainability, and preserve the system's deep community roots and ability to provide quality health care. "We are taking this step to safeguard what matters most - quality driven care available close to home and the preservation of essential healthcare careers that support local families and anchor our North Country economy," said Chet Truskowski, Chairman of the NSHA Board. "This court--supervised restructuring puts us on a path to stabilize our finances while preserving essential services and protecting our workforce. Providing for our patients and their families, caregivers and our staff that make up our community, is central to our mission. This process is designed to ensure we can continue serving our neighbors for years to come." Additional details regarding the Chapter 11 process will be shared as they become available. About North Star Health Alliance The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, we aim to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen our local health infrastructure. United in our efforts, we are committed to keeping healthcare local, to ensure sustainable patient centered healthcare solutions for our communities. NORTHERN IRELAND: Restaurant & Event Space Up for Sale ------------------------------------------------------ The Hilco Global real estate group announces March 11, 2026, as the bid deadline for the Chapter 7 Bankruptcy Case No. 25-11889-smr sale of a premier restaurant and event venue located at 4000 E. Palm Valley Boulevard, Round Rock, Texas. This site represents a rare opportunity to acquire a well-located, turnkey hospitality asset in one of the fastest-growing metropolitan areas in the country. Built in 2021 and formerly home to Cork & Barrel Pub, this building was thoughtfully designed to blend the charm of a traditional Irish pub with modern Austin living -- an approach that earned the property the 2022 Austin Business Journal Award for Best Design and Architecture. Encompassing 13,960+/- SF of total building size, and situated on approximately 3.3+/- acres, this offering features 10,465+/- SF of interior space for dining and microbrewing operations and is supported by extensive outdoor amenities. The exterior features include a 1,025+/- SF pavilion, 1,560+/- SF shaded deck, 410+/- SF paddock, 500+/- SF covered outdoor stage and a scenic creek-side beer garden equipped with a professional outdoor sound system and lighting. Purpose-built for restaurant, entertainment and event use, this property has a maximum guest capacity of 350+/- and offers a flexible indoor--outdoor layout well suited for high-volume dining, live music, private events and experiential hospitality concepts. Additional property features include a hidden speakeasy, three bar stations providing 24 beer taps at each, dog-friendly outdoor areas and an assortment of historical artifacts that may be included in the sale. Strategically located along E. Palm Valley Boulevard (FM 1431) with convenient access to Interstate 35, the site benefits from strong visibility and regional connectivity. The surrounding area includes major attractions such as Dell Diamond, Kalahari Resorts and Convention Center, Old Settlers Park, and a growing mix of residential, retail and entertainment uses, including the highly-anticipated mixed-use development, The District. Round Rock is a key growth market within the Austin--Round Rock--Georgetown MSA, supported by strong population growth and major employers including Dell Technologies. In 2023, the U.S. Bureau of Labor Statistics noted the Round Rock job market grew 49.9% in the past ten years. By June 2025, Round Rock was ranked 10th on a list of the 50 Most Affordable Fast-Growing Cities, with a 3.2% population growth over a one-year period. In response to this rapid population growth, the city approved updates to downtown zoning in October 2025 to accommodate mid-rise buildings and other future developments. Stephen Madura, senior director of the Hilco Global real estate group, stated, "With its prime location, modern facilities and flexible floor plans, this property offers exceptional potential for restaurateurs, hospitality operators and investors alike looking to expand or optimize their footprint in a very stable and rapidly growing area. We welcome the opportunity to connect qualified buyers with this premier asset and to facilitate a seamless transaction that supports long-term growth." Benjamin Zaslav, J.D., director of the Hilco Global real estate group, added, "The former Cork & Barrel Pub offers a rare combination of award-winning design, expansive land, and a well-executed indoor--outdoor environment. With its creek-side setting, event infrastructure and location in one of the fastest-growing markets in the country, this asset presents a compelling opportunity for hospitality operators and investors seeking scale and flexibility." Bids must be received on or before the deadline of March 11, 2026, at 5:00 p.m. (CT) and must be submitted on the Asset Purchase Agreement (APA) available for review and download from the Hilco Global real estate sales website. Interested buyers should reach out directly for requirements to participate in the sale process. For further information, please contact Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com or Stephen Madura at (847) 504-2478 or smadura@hilcoglobal.com. To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. NORTHWESTERN LEARNING: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On February 8, 2026, Northwestern Learning Center Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. About Northwestern Learning Center Inc. Northwestern Learning Center Inc. is a Florida-based educational services company providing early childhood and after-school programs to students in the region. The organization focuses on delivering structured learning, enrichment activities, and supportive care for children. Northwestern Learning Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00844) on February 8, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1 million and liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The debtor is represented by Eric A. Lanigan, Esq. of Lanigan & Lanigan, P.L. NU STYLE: Loses Bid to Adjourn Feb. 17 Plan Confirmation Hearing ---------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District Court for the District of Colorado denied Nu Style Landscape & Development, LLC's emergency motion to adjourn the evidentiary hearing on: (i) confirmation of the Debtor's Plan of Reorganization; and (ii) Unsecured Creditors' Committee's motion to convert case to Chapter 7. The Debtor, Nu Style Landscape & Development, LLC, filed for protection under Chapter 11 of the Bankruptcy Code on October 2, 2023. This Chapter 11 proceeding has been pending for over two years and four months -- without confirmation of a Chapter 11 reorganization plan. Meanwhile, creditors have not been paid on their claims. Apparently frustrated with the progress of the Debtor's reorganization efforts, on October 21, 2025, the Unsecured Creditors Committee filed a Motion to Convert the bankruptcy case from Chapter 11 reorganization to Chapter 7 liquidation. The Debtor opposed the Motion to Convert. On January 9, 2026, the Debtor submitted a fifth amended Chapter 11 reorganization plan. The Court understands that the Debtor seeks confirmation of the Fifth Amended Plan. On January 21, 2026, agreed to the allowance of DBC Irrigation Supply's claim in the amount of $559,634.71 and agreed that DBC's vote against the Third and Fourth Amended Plans would count. The Debtor further confirmed the foregoing on January 28, 2026, by submitting an amended ballot voting report stating that DBC's rejection vote would count. The Court set a three-day trial on confirmation of the Fifth Amended Plan and the Unsecured Creditors Committee objection, and at the renewed request from Debtor's counsel, the Court combined the evidentiary confirmation hearing with the evidentiary hearing on the Motion to Convert set to commence on February 17, 2026. The Debtor filed the motion to adjourn asking that the combined hearing on the Motion to Convert and confirmation of the Fifth Amended Plan be delayed so that the Debtor can litigate the Designation Motion first. No party has objected, but it all smells of improper gamesmanship and delay. The Designation Motion dispute will center on DBC's alleged bad faith conduct as well as possibly on the Debtor's conduct in apparently retracting its prior agreement with DBC about claim allowance and voting. In any event, DBC has not joined the Motion to Convert and did not file an objection to the Fifth Amended Plan. The Court rejects the last-minute Motion to Adjourn for multiple reasons. First, as recited in the foregoing procedural history, this case has languished in Chapter 11 for far too long -- two years and four months already. The Debtor already has submitted six Chapter 11 reorganization plans. Creditors have been harmed by the delay. Second, the Motion to Convert was filed on October 21, 2025 and trial was set about two months ago. All of the pre-trial deadlines pertaining to the scheduled trial already have expired. Per 11 U.S.C. Sec. 1112(b), conversion issues require timely adjudication. Third, the Designation Motion is not ripe yet. Fourth, there is no real reason to delay the Court's conduct of the trial on the Motion to Convert until the Designation is decided. According Judge McNamara, "Again, the issues are mostly different. In the Motion to Convert, the Unsecured Creditors Committee argued that the Court should convert the bankruptcy case from Chapter 11 to Chapter 7 because of continuing loss to or diminution of estate assets (including excessive administrative expenses) under 11 U.S.C. Sec. 1112(b)(4)(A). And, the Unsecured Creditors Committee contends that the Debtor lacks sufficient cash to pay all post-petition administrative expenses and the Debtor has failed to significantly reduce compensation to its insiders. Further, the Unsecured Creditors Committee asserts that there has been gross mismanagement of the Debtor and the Debtor has failed to timely pay its taxes. All these issues may be adjudicated without waiting for the results of the Designation Motion and do not depend on DBC's vote." Fifth, there is no legitimate reason to delay the Court's conduct of the trial on confirmation of the Fifth Amended Plan until the Designation Motion is decided. It is true that if the Court barred DBC's vote, that may affect some legal issues such as cramdown and the “fair and equitable test” under 11 U.S.C. Sec. 1129(b)(1). But again, there are many other factual and legal issues set for adjudication during the February 17, 2026 trial. Given the history of this case and the Debtor's conduct, the Court assesses that the best course from a case management, efficiency, and economic perspective is to proceed with the combined trial on February 17, 2026. If necessary, the Court may defer a final judgment on the Motion to Convert and/or confirmation of the Fifth Amended Plan until after adjudication of the Designation Motion. However, such deferment may not be necessary. Accordingly, the Court denies the Motion to Adjourn. A copy the Court's Order dated February 6, 2026, is available at https://urlcurt.com/u?l=Qzhrkf About NU Style Landscape & Development Nu Style Landscape & Development, LLC, a company in Denver, Colo., filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Michael Moilanen, managing member, signed the petition. Judge Thomas B. McNamara oversees the case. Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's legal counsel. OCEAN BLVD: Case Summary & Four Unsecured Creditors --------------------------------------------------- Debtor: Ocean Blvd., LLC 613 Eagle Ave West Hempstead, NY 11552 Business Description: Ocean Blvd., LLC, based in Atlantic Beach, New York, is a real estate company that owns the land at 1751 Ocean Boulevard, leased to New York Beach Club, Ltd., which operates a beach club on the site. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-70577 Judge: Hon. Louis A. Scarcella Debtor's Counsel: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass Suite 101 Smithtown, NY 11787 Tel: 516-703-3672 Email: fkantrow@thekantrowlawgroup.com Total Assets: $25,000,004 Totall Liabilities: $14,262,396 The petition was signed by Alexander Jacobson as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6IIDAGQ/Ocean_Blvd_LLC__nyebke-26-70577__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Accounting Solutions Loan $121,000 1620 Callahan Rd Fort Mill, SC 29715 2. Accounting Solutions Professional Fees $23,500 1620 Callahan Rd Fort Mill, SC 29715 3. Accounting Solutions Professional Fees $3,625 1620 Callahan Rd Fort Mill, SC 29715 4. Newtek Small Business Fin Guarantee $5,000,000 1981 Marcus Ave Ste 130 New Hyde Park, NY 11042 OCEAN HARBOR: A.M. Best Affirms B(Fair) Fin. Strength Rating ------------------------------------------------------------ AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of "bb+" (Fair) of Ocean Harbor Casualty Insurance Company (OHCIC) (Tallahassee, FL) and its affiliates, Great Northwest Insurance Company (Shoreview, MN) and Hawaiian Insurance and Guaranty Insurance Company, Limited (Honolulu, HI). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect OHCIC's balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The stable Long-Term ICR outlook reflects improvements in OHCIC's investment returns and operating profitability, as well as its risk-adjusted capitalization, while also recognizing the group's appropriate ERM when assessing, measuring and mitigating its catastrophe risk through modeling, reinsurance and non-traditions collateralized resources. The outlook of the FSR is stable. The ratings could be impacted negatively if overall results lead to erosion of policyholders' surplus and risk-adjusted capitalization. The ratings could also be impacted negatively by persistent unfavorable underwriting performance. While unlikely, positive rating action could occur if the group experiences continued and sustained improvements in operating results and risk-adjusted capitalization. OHCIC is an automobile and homeowners' carrier, which writes non-standard private passenger automobile coverage in Florida and homeowners' coverage in 10 states. OCUMETICS TECHNOLOGY: Forbearance Extends $4 Million Notes to 2027 ------------------------------------------------------------------ Ocumetics Technology Corp. announced on February, 10, 2026, that the Corporation has entered into a forbearance agreement with the holders of secured convertible debentures that were issued by the Corporation in May and June 2024. Pursuant to the forbearance agreement the debentureholders will forbear from demanding payment of the Debentures and from taking any steps to realize upon any security granted in respect of the Debentures until June 19, 2027 notwithstanding the maturity of the Debentures. The Debentures have an aggregate face value principal amount of up to $4,000,000. The Debentures bear interest at rate of 18% per annum, compounded annually. Subject to the forbearance, the Debentures will mature, and Principal and interest will be payable by the Corporation, on the date which is two years from the date of issue. The Corporation may prepay the indebtedness under the Debentures at any time upon ninety (90) days prior written notice, without penalty. Principal is convertible at the option of the holder into common shares of the Corporation at a conversion price of $0.32 per share to and including the Maturity Date. Interest will be convertible into common shares of the Corporation pursuant to shares for debt applications, from time to time, at the option of the debentureholders. Such shares for debt applications will be subject to the approval of the Exchange. The Debentures are secured by a general security agreement on the personal property of the Corporation among other things. In consideration for the within forbearance, the Corporation has issued to the Debentureholders an aggregate of 9,153,277 share purchase warrants, each Warrant entitling the holder thereof to purchase one common share at an exercise price of $0.58 until June 19, 2027. The Warrants are issued as bonus Warrants pursuant to Policy 5.1 of the TSX Venture Exchange. Pursuant to Policy 5.1, if the Debentures are repaid or converted in whole or in part within one year of the date the Warrants are issued, a percentage of the Warrants equal to the percentage of the amount of the indebtedness repaid or converted will be amended to the later of: (a) one year from the date of issuance, and (b) 30 days from the date of the repayment or conversion. The Expiry Date of all other Warrants shall remain June 19, 2027. LIFE Offering The Corporation's previously announced offering under the listed issuer financing under section 5A.2 of National Instrument 45-106 -- Prospectus Exemptions, as amended, has terminated. A total of 1,706,383 units were sold under the offering at a price of $0.60 per unit for aggregate gross proceeds of approximately $1,023,830. Each Unit consists of one common share in the capital of the Corporation and one Common Share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.75 until December 30, 2028. The issuance of the Units was announced in the Corporation's press release dated January 2, 2026. The Corporation did not complete any other tranches under the offering. About Ocumetics Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) is a Canadian research and product development company that is dedicated to developing advanced vision correction solutions that enhance the quality of life for patients. Through innovative research and development, Ocumetics aims to transform the field of ophthalmology with state-of-the-art intraocular lenses and other vision-enhancing technologies. Ocumetics is in the first-in-human early feasibility study phase of a game-changing technology for the ophthalmic industry. Ocumetics has developed an intraocular lens that fits within the natural lens compartment of the eye, potentially to eliminate the need for corrective lenses. It is designed to allow the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without the help of glasses or contact lenses. OMNI HEALTH: Gets Extension to Access Cash Collateral ----------------------------------------------------- Omni Health Services, Inc. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget until the next hearing scheduled for March 11. The Debtor said it needs to use the cash collateral of secured creditors to fund operations, payroll, and other expenses. As adequate protection, Berkshire Bank and other secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, the Debtor was directed to continue its regular debt service payments to Berkshire Bank on account of its loans. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yJets from PacerMonitor.com. Omni Health Services holds cash and certain accounts receivable constituting cash collateral, which is subject to claims from several pre-bankruptcy secured creditors, including Berkshire Bank, the U.S. Small Business Administration, Graybar Financial Services, IOU Central, Inc., Global Merchant Cash, Inc., and Likety Capital, LLC. The Debtor, a provider of clinic-based outpatient mental health services for children and adults, has faced financial difficulties due to declining in-person patient visits, staffing shortages, and increased competition from telehealth services, prompting it to close 10 unprofitable locations and consolidate operations in an effort to reorganize successfully. About Omni Health Services Inc. Omni Health Services, Inc. is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on November 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. ONH AFC: SS Associates Wins Bid to Dismiss Adversary Case --------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware will grant SS Associates LLC's motion to dismiss the adversary proceeding captioned as ANNA PHILLIPS, in her capacity as the Liquidating Trustee of the ONH Liquidating Trust, Plaintiff, v. SS ASSOCIATES LLC, Defendant, Adv. Proc. No. 25-51090-CTG (Bankr. D. Del.) without prejudice to the plaintiff's right to file an amended complaint. Elchonon Schwartz, the principal of the debtors, allegedly raised money from investors by promising to use the funds to invest in commercial real estate projects. The complaint in this adversary proceeding alleges that those promises were false, and that Schwartz fraudulently diverted those funds into his own account to use for his own personal benefit. The nub of the complaint, subject to one complication, is that after misappropriating the investors' funds, Schwartz then transferred $250,000 from his own bank account to the defendant, SS Associates. The one complication is that the complaint waffles a bit about whether it is alleging that SS Associates was the initial transferee of an alleged fraudulent conveyance from the debtors, or a subsequent transferee of an alleged fraudulent conveyance made by the debtors to Schwartz. On the one hand, the complaint talks about avoiding transfers from the Debtors to Defendant and asserts that the debtors did not receive any value from the defendant in exchange for the transfers. Those statements suggest that the trustee is suing SS Associates as the initial transferee of an alleged fraudulent conveyance. On the other hand, the exhibit to the complaint states that the alleged $250,000 transfer was made from an account in Schwartz' name, not an account owned by the debtors. At argument on SS Associates' motion to dismiss the complaint, counsel for the trustee acknowledged that the alleged transfer to SS Associates was made by Schwartz, and that the trustee was thus seeking recovery from SS Associates as a subsequent transferee. SS Associates' central argument is that: (a) the initial transfer must be avoided before there can be a recovery; and (b) the initial transferee must be a party to the suit seeking to avoid the initial transfer. The Court rejects SS Associates' argument that the complaint fails to state a claim on account of Schwartz' absence as a defendant. Judge Goldblatt explains, "The complaint alleges that Schwartz fraudulently misappropriated investors funds for his own personal use by transferring the funds from ONH to his personal Chase bank account. That adequately alleges that Schwartz is an initial transferee of a fraudulent conveyance. If the trustee can prove those facts in an action to which SS Associates is a party and Schwartz is not, the transfer will be 'avoided' as to SS Associates, but that finding would not be binding on Schwartz. It is no different from proceeding in an action against a grocery store that is premised on the negligence of the non-party store clerk. Simply as a matter of ordinary legal principles, there is no reason why the initial transferee must be a party to the action." Judge Goldblatt holds, "While a complaint may go forward that seeks to avoid the initial transfer to Schwartz and then recover against SS Associates as a subsequent transferee, SS Associates makes a fair point that this complaint does not quite seek to do that. Rather, Counts I-IV purport to seek the 'avoidance' of the transfers to SS Associates, as if it were the initial transferee. But as counsel for the trustee noted at oral argument, it was not. The existing complaint will therefore be dismissed. The plaintiff, however, will be granted leave to file an amended complaint within 30 days. Such leave will be without prejudice to any further arguments that SS Associates may wish to advance regarding the sufficiency of any such amended complaint." A copy the Court's Memorandum Opinion dated February 4, 2026, is available at https://urlcurt.com/u?l=jLp96R About ONH AFC CS Investors LLC ONH AFC CS Investors, LLC and ONH 1601 CS Investors, LLC filed their petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10931) on July 14, 2023. At the time of the filing, ONH AFC reported $100,001 to $500,000 in both assets and liabilities while ONH 1601 reported up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Jorian L. Rose, Esq., at Baker & Hostetler, LLP and Matthew B. McGuire, Esq., at Landis Rath & Cobb, LLP as legal counsel. GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, is the Debtors' restructuring advisor. ORWELL TRUMBULL: Court Upholds Receiver's Sale of Pipeline ---------------------------------------------------------- In the appeal styled RICHARD M. OSBORNE, ET AL., Plaintiffs-Appellees, v. PARKVIEW FEDERAL SAVINGS BANK, ET AL., Defendants-Appellants, Nos. 115067, 115068, and 105069 (Ohio Ct. App.), Judges Michael John Ryan, Eileen T. Gallagher and Mary J. Boyle of the Ohio Eighth District Court of Appeals affirmed the trial court's March 28, 2025 judgment granting the motion of appellee Northeast Ohio Natural Gas Corporation to enforce the October 16, 2019 order granting the motion of the receiver in this case for approval of sale. The parties in this appeal were all nonparties in the trial court. The appellants are the treasurers of Geauga County, Lake County, and Portage County. In 2014, plaintiff Richard Osborne and numerous other plaintiffs, including Orwell-Trumbull Pipeline Co., LLC, initiated this action against Parkview Federal Savings Bank, now known as First National Bank of Pennsylvania. The complaint sought, among other things, declaratory judgment and injunctive relief relative to a loan agreement executed by FNBPA; the Osborne parties were guarantors on the loan, secured by their respective assets. In 2016, the trial court granted judgment in favor of FNBPA and against the Osborne parties. In September 2017, FNBPA filed a motion to appoint a receiver over the Osborne parties' subject secured assets. One of the assets was a 141-mile pipeline owned by OTP. The pipeline runs through Geauga, Lake, and Portage Counties. The trial court granted the motion to appoint a receiver in October 2017. In December 2017, the case was stayed because OTP filed a Chapter 11 bankruptcy action. A little over a week later, FNBPA, a creditor in the bankruptcy action, filed a motion to dismiss OTP's bankruptcy petition. In January 2018, a notice of a hearing from the bankruptcy court was served on the appellant counties via regular mail. In February 2018, the bankruptcy court granted FNBPA's motion and OTP's bankruptcy petition was dismissed. In January 2019, the receiver filed a motion for an order to sell OTP's assets, including the pipeline. The receiver found a buyer -- appellee NEO -- for the pipeline in August 2019, and at that time, filed a motion with the trial court to approve the sale and requested a hearing. A hearing on the motion was held in September 2019, and the day after the hearing, the trial court issued an entry granting the motion and authorizing the receiver to sell OTP's assets, including the pipeline. In October 2019, the trial court issued findings of fact and conclusions of law, in which the court approved the sale of OTP's assets, including the sale of the pipeline. The trial court also adopted the purchase agreement entered into between OTP and NEO by and through the receiver. In December 2019, the receiver filed a motion seeking permission to make an interim disbursement of funds to FNBPA. In February 2023, the intervening plaintiff who had filed an opposition to the receiver's motion seeking permission to make an interim disbursement of funds withdrew its opposition. Thereafter, on February 27, 2023, the trial court granted the receiver's motion to make an interim distribution of funds. In May 2024, the Geauga County Treasurer filed a foreclosure action in the Geauga County Court of Common Pleas seeking to foreclose on the pipeline asset because of a tax delinquency. Geauga County alleged that at the time of the filing of its complaint, the tax delinquency in Geauga County, including penalties and interest, was approximately $12 million. The Lake and Portage County Treasurers filed answers and cross-claims in the action, claiming tax delinquencies on the pipeline as well. Lake County alleged that at the time of its filing it was due approximately $3.4 million and Portage County alleged that at the time of its filing it was due $386,319.87. In July 2024, NEO filed the subject motion to enforce the court's October 16, 2019 order granting the receiver's motion for approval of the OTP's assets. In the motion, NEO requested that the trial court enjoin the treasurers from foreclosing on the pipeline. In December 2024, the trial court held a hearing on NEO's motion, and in March 2025, the trial court issued the judgment at issue in this appeal. The trial court found that any liens OTP incurred remained an obligation of OTP and would attach to real property owned by OTP. The court concluded that the October 16, 2019 sale of OTP's property to NEO was free and clear and remains valid and enforceable against claims not previously asserted against the property at issue. Thus, any lien incurred by OTP remains an obligation of OTP and attaches to real property owned by OTP. Geauga and Portage Counties contend that the trial court lacked personal and subject-matter jurisdiction over the property and the treasurers. Portage County further contends that even if the trial court properly exercised subject-matter jurisdiction, venue was improper. The appeals court notes the counties were not parties to the action, and the trial court did not enter a judgment against the counties or the treasurers. Thus, personal jurisdiction was not implicated in this case. Geauga and Portage Counties' claims of lack of subject-matter jurisdiction are without merit. The appeals court also finds the trial court did not err in upholding the receiver's sale of the pipeline free and clear of the counties' liens. In sum, the panel concludes the property at issue in this case -- the pipeline -- was personal, not real, property. Under the prevailing law, the receiver was permitted to sell it without notice to the counties and the sale extinguished the liens the counties had against the pipeline. Consequently, as the trial court held, the liens incurred by OTP remain the obligation of OTP and attach to real property owned by OTP. NEO is not responsible for them. All assignments of error asserted by Geauga, Portage, and Lake Counties are overruled. A copy the Court's Opinion is available at https://urlcurt.com/u?l=9Ww6NU About Orwell Trumbull Pipeline Based in Willoughby, Ohio, Orwell-Trumbull Pipeline Co., LLC, engineers, installs, constructs, and inspects electronic measuring equipment for the natural gas industry. Orwell Trumbull Pipeline filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 17-17135) on Dec. 4, 2017. In the petition signed by Managing Member Richard M. Osborne, the Debtor estimated $10 million to $50 million in both assets and liabilities. The Hon. Arthur I. Harris presides over the case. Glenn E. Forbes, Esq., at Forbes Law LLC, serves as bankruptcy counsel to the Debtor. Dettelbach Sicherman & Baumgart, LLCPA; Kravitz Brown & Dortch, LLC; and Wuliger and Wuliger, is the Debtor's special counsel. Chiron Financial LLC is the Debtor's investment banker. OUTPATIENT SERVICE: Unsecured Creditors to Split $5K over 5 Years ----------------------------------------------------------------- Outpatient Service Providers, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement regarding Plan of Reorganization dated February 3, 2026. The Debtor is a Florida limited liability company engaged in the operation of a surgical facility. The Debtor operates out of its office located at 9726 Touchton Rd., Ste 305, Jacksonville, FL 32246. The Debtor leases the facility and is in arrears on lease payments to its landlord VPU Jacksonville II, LLC The Debtor has fallen behind on certain trade debt and payments to equipment and secured lenders. This Chapter 11 bankruptcy case has primarily been filed to restructure its secured loans and resolve its unsecured debt including merchant cash advances by providing payment to general unsecured creditors on a pro rata basis on the effective date of the plan. The Plan proposes to pay all allowed unsecured creditor claims $5,000.00 whereas should this case be converted to a case pending under Chapter 7, the amount unsecured creditors would receive after considering reduced auction value and deducting Chapter 7 trustee statutory fees and estimated professional costs of disposition, is estimated to be $0.00. Clearly the Plan provides more to unsecured creditors than would be received in a Chapter 7 liquidation. This Plan provides for one class of priority claims; two classes of secured claims; and one class of general unsecured claims. Class four unsecured creditors holding allowed claims will receive distribution under this Plan on a pro rata basis via monthly payments for 60 months beginning on the Effective Date of this Plan. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan, as agreed or as allowed under the Bankruptcy Code. The Plan places all general unsecured creditors in one creditor class: Class 4. The Plan proposes payment of $5,000 on account of all allowed claims of unsecured creditors on a pro-rata basis in quarterly payments over 5 years. Class 4 consists of General Unsecured Creditors. To the extent that unsecured claims are filed and allowed, the Debtor shall pay the total amount of $5,000.00 to Class 4 unsecured claims at the rate of $250.00/quarter during years 1-5 of the plan. Payments shall be made without interest (0% interest). Each allowed unsecured claim will receive its pro-rata share of this payment. Class 4 is impaired by this Plan. Except as otherwise provided in the Plan or in the order confirming the Plan, (i) The Debtor will retain all property of the estate and confirmation of the Plan vests all property of the estate in the Debtor, and (ii) after confirmation of the Plan, the property dealt with by the Plan shall be free and clear of any and all liens, claims, and interests of any creditors. A full-text copy of the Disclosure Statement dated February 3, 2026 is available at https://urlcurt.com/u?l=5PcUjf from PacerMonitor.com at no charge. Counsel for the Debtor: Thomas C. Adam, Esq. ADAM LAW GROUP, P.A. 2258 Riverside Avenue Jacksonville, FL 32204 (904) 329-7249 telephone (904) 606 -1245 facsimile Email: tadam@adamlawgroup.com About Outpatient Service Providers Outpatient Service Providers, LLC, is a Florida limited liability company engaged in the operation of a surgical facility. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on Oct. 6, 2025, listing between $1 million and $10 million in liabilities. Andrew Layden serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. PAPPAS PIPING: Seeks to Hire Stretto as Claims Noticing Agent ------------------------------------------------------------- Pappas Piping Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Stretto, Inc. to serve as claims, noticing, and solicitation agent. Stretto will provide these services: (a) assist the Debtor with the preparation and distribution of all required notices and documents in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtor and/or the Court, including: (i) notice of the commencement of this chapter 11 case and the initial meeting of creditors under Bankruptcy Code section 341(a); (ii) notice of any claims bar date; (iii) notice of any proposed sale of the Debtor's assets; (iv) notices of objections to claims and objections to transfers of claims; (v) notices of any hearings on a disclosure statement and confirmation of any plan or plans of reorganization, including under Bankruptcy Rule 3017(d); (vi) notice of the effective date of any plan; and (vii) all other notices, orders, pleadings, publications and other documents as the Debtor, Court, or Clerk may deem necessary or appropriate for an orderly administration of these chapter 11 cases; (b) maintain an official copy of the Debtor's Schedules, listing the Debtor's known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties-in-interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j), and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010, and update and make said lists available upon request by a party-in-interest or the Clerk; (d) to the extent applicable, furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service no more frequently than every 7 days that includes: (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served; (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses; (iii) the manner of service; and (iv) the date served; (g) receive and process all proofs of claim, including those received by the Clerk, check said processing for accuracy and maintain the original proofs of claim in a secure location other than where originals are maintained; (h) provide an electronic interface for filing proofs of claim; (i) maintain the official claims register for the Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Register; and specify in the Claims Register the following information for each claim docketed: (i) the claim number assigned; (ii) the date received; (iii) the name and address of the claimant and agent, if applicable, who filed the claim; (iv) address for payment, if different from the notice address; (v) the amount asserted; (vi) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.); and (vii) any disposition of the claim; (j) provide public access to the Claims Register, including complete proofs of claim with attachments, if any, without charge, during regular business hours in a viewing area at the following address: 410 Exchange, Suite 100, Irvine, California 92602 and on a case-specific website maintained by Stretto (k) allow the Clerk to inspect Stretto's premises at any time during regular business hours; (l) periodically audit the claims information to assure the Clerk that the claims information is being appropriately and accurately recorded in the official claims register; (m) allow the Clerk to independently audit the claims information during regular business hours; (n) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (o) implement reasonable security measures designed to ensure the completeness and integrity of the Claims Register and the safekeeping of any proofs of claim; (p) transmit to the Clerk a copy of the claims register on a weekly basis or at such other times as the Clerk may direct; (q) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Stretto not less than weekly; (r) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the claims register and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; (s) identify and correct any incomplete or incorrect addresses in any mailing or service lists (to the extent such information is available); (t) assist in the dissemination of information to the public and respond to requests for administrative information regarding these chapter 11 cases as directed by the Debtor or the Court, including through the use of a case website and/or call center; (u) provide docket updates via email to parties who subscribe for such service on the Debtor's case website; (v) comply with applicable federal, state, municipal, and local statutes, ordinances, rules, regulations, orders, and other requirements in connection with the Services; (w) if these chapter 11 cases are converted to cases under chapter 7 of the Bankruptcy Code, contact the Clerk within 3 days of notice to Stretto of entry of the order converting the cases; (x) 30 days prior to the close of these chapter 11 cases, to the extent practicable, request that the Debtor submits to the Court a proposed order dismissing Stretto as claims, noticing, and solicitation agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of these chapter 11 cases; (y) within 7 days of notice to Stretto of entry of an order closing these chapter 11 cases, provide to the Court the final version of the Claims Registers as of the date immediately before the close of the cases; (z) at the close of this chapter 11 case: (i) box and transport all original documents, in proper format, as provided by the Clerk, to (A) the Federal Archives Record Administration, or (B) any other location requested by the Clerk; and (ii) docket a completed SF-135 Form indicating the accession and location numbers of the archived claims; (aa) assist the Debtor with, among other things, plan-solicitation services including: (i) balloting; (ii) distribution of applicable solicitation materials; (iii) tabulation and calculation of votes; (iv) determining with respect to each ballot cast, its timeliness and its compliance with the Bankruptcy Code, Bankruptcy Rules, and procedures ordered by this Court; (v) preparing an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; and (vi) in connection with the foregoing services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices and institutional holders; (bb) if requested, assist with the preparation of the Debtor's Schedules and gather data in conjunction therewith; (cc) coordinate publication of certain notices in periodicals and other media; (dd) manage and coordinate any distributions pursuant to a chapter 11 plan; and (ee) provide such other claims, noticing, processing, solicitation, and balloting services that may be requested from time to time by the Debtor, the Court, or the Clerk. Prior to the Petition Date, Stretto received an initial retainer of $7,500, of which $6,599.50 remained as of the Petition Date. Stretto is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, St. 100 Irvine, CA 92602 About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. Honorable Judge Mark D. Houle oversees the case. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PEER STREET: To Sell Joshua Creek Property to AMJ Homes ------------------------------------------------------- Elizabeth A. LaPuma, in her capacity as the Plan Administrator of Peer Street, Inc. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 10307 Joshua Creek Court, Cypress, Texas 77433 (Joshua Creek Property). Prior to the Petition Date, debtors, PS Funding Inc. and PSF REO LLC commenced litigation in the 125th Judicial District Court of Harris County, Texas against Newrez LLC d/b/a Shellpoint Mortgage Servicing and Wilmington Savings Fund Society, FSB, solely in its capacity as Owner Trustee for Verus Securitization Trust 2020-NPL1. The Texas Action relates to, inter alia, lien priority of certain loans that were secured by the Joshua Creek Property. For more than three years, PSF Funding, PSF REO and Shellpoint diligently prosecuted the Texas Action, filed various motions, participated in discovery, and began settlement conversations. The Parties had scheduled a mediation for May 4, 2024. The Joshua Creek Property was listed for sale on November 21, 2025, with an asking price of $789,900. Multiple offers were received shortly after listing, and all prospective purchasers were informed to submit their highest and best offers. The highest and best offer came from AMJ Homes, Inc., located at 10414 E. Rio Grande River, Cypress, Texas 77433 (email: anjtradinginc@gmail.com). AMJ Homes submitted an $810,000 all‑cash offer, waiving inspection and containing no financing contingencies. Given the Property’s distressed condition, the offer provides the greatest certainty of closing and the highest net value available to the estate. Recognizing the need to resolve their disputes expeditiously—and in light of the pending February 27, 2026 deadline in the Texas Action—the Parties agreed that it is in their mutual best interests to sell the Property and convert the asset to cash. The Parties further agreed that all right, title, and interest each may hold or assert in the Joshua Creek Property shall instead attach to the proceeds of sale, preserving their respective lien‑priority and equitable subrogation arguments without impairing a sale. Given the Texas Court’s explicit warning that the Texas Action will be dismissed unless action is taken to close the matter by February 27, 2026, the need for prompt relief through a motion is immediate. The Texas Court has made clear that no further motions to retain will be granted, meaning that the Parties face a deadline with no procedural safety net. The purchase price for the Joshua Creek Property is $810,000.00, and the proposed closing date for the transaction is 30 days after execution of the contract and becomes final or such other date and time mutually agreed upon by the Buyer and Seller in writing. The Plan Administrator, in consultation with Shellpoint, accepted the offer and the Seller entered into the Purchase Agreement. The Plan Administrator respectfully submits that a strong business justification exists for the private sale of the Joshua Creek Property to the Purchaser. The Joshua Creek Property was listed for sale on November 21, 2025, and received eleven offers. The selected offer is an $810,000 all-cash bid that waives inspection and contains no contingencies. The Plan Administrator's decision to sell the Joshua Creek Property through a private sale, rather than a public auction, is supported by the specific facts and circumstances of the case. About Peer Street, Inc. Peer Street, Inc. is a technology platform that democratizes access to real estate debt investments. The company's unique technology-driven marketplace enables investors to diversify their capital in a fixed-income asset class that had previously been difficult for individuals to access. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10815) on June 26, 2023. In the petition signed by Brewster Johnson, president, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the case. The Debtors tapped Joseph Barry, Esq., at Young Conaway Stargatt and Taylor, LLP represents the Debtor as legal counsel, Kramer Levin Naftalis and Frankel LLP as co-bankruptcy counsel, Stretto, Inc. as claims and noticing agent, and Piper Sandler is broker. PENNBROOK PORTFOLIO: PHL6 Wants Gellert Seitz Named as Receiver --------------------------------------------------------------- PHL6 LLC, as successor-in-interest to Computershare Trust Company, National Association, as Trustee for the Benefit of the Registered Holders of BBCMS Mortgage Trust 2023-C19, Commercial Mortgage Pass Through Certificates, Series 2023-C19, filed a motion with the U.S. District Court for the Eastern District of Pennsylvania, seeking the appointment of Gellert Seitz Busenkell & Brown, LLC's Gary F. Seitz as Receiver to collect rent and income and operate and manage the properties of Pennbrook Portfolio CC LLC to protect and preserve the assets that Pennbrook Portfolio pledged as collateral under the Mortgage. On February 10, 2023, Pennbrook Portfolio as borrower entered into a Loan Agreement with LMF Commercial, LLC, the Original Lender. LMF Commercial has agreed, among other things, to lend Borrower, on a commercial basis and subject to the terms and conditions outlined in the Loan Agreement, the principal amount of $7,580,000 in exchange for Borrower's agreement to repay the Loan with interest. Simultaneously with the execution and delivery of the Loan Agreement, Borrower made, executed, and delivered a promissory note to Original Lender in the principal amount of $7,580,000, evidencing the Loan made to Borrower. The Loan is guaranteed by Abe Cohen pursuant to the terms of a Guaranty of Recourse Obligations dated as of the Loan Origination Date in favor of Lender. As a condition precedent to the making of the Loan, Borrower granted to Original Lender a mortgage and security interest in its interest in the real property described below to secure the payment of and performance of the obligations owing under the Loan Agreement, Note, and other Loan Documents. The Mortgage grants to Lender a first-priority lien and security interest in Borrower's present and future property, rights, interests and estates in the Property, Leases and Rents, and various other enumerated property owned by Borrower and collectively defined in the Mortgage. The Loan Agreement provides that "Borrower shall pay or, if Borrower fails to pay, reimburse Lender upon receipt of notice from Lender, for all actual and reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with… enforcing any Obligations of or collecting any payments due from Borrower or Guarantor under the Loan Documents." Borrower's financial condition has materially deteriorated, and they are unable to pay critical property-related expenses as they become due and have failed to comply with the requirements under Section 5.1 of the Loan Agreement to maintain Property and General Liability insurance on the Property: (i) Policies for Lender's approval as to the insurers, amounts, deductible, loss payees, and insureds; (ii) certificates of insurance of the Policies and complete copies of the Policies; and (iii) evidence that Borrower paid the premiums due under such Policies. To be clear, Borrower failed to provide such necessary Policy information not only to Plaintiff but also to its predecessors-in-interest. To protect its interests, Lender established an insurance policy for Property and General Liability on the Property as of the effective date of the Fourth Assignment Mortgage Assignment. Borrower allowed the Rental Licenses to expire at the Property as follows: a. The Rental License at 716 S 2nd Street, Philadelphia, Pennsylvania 19147 expired as of January 6, 2024; b. The Rental License at 716 South Street, Philadelphia, Pennsylvania 19147 expired as of December 26, 2023; c. The Rental License at 2027 Pine Street, Philadelphia, Pennsylvania 19103 expired as of January 5, 2024; d. The Rental License at 750-52 Martin Street, Philadelphia, Pennsylvania 19146 expired as of December 23, 2023; and e. The Rental License at 902 Spruce Street, Philadelphia, Pennsylvania 19107 expired as of December 24, 2023. PHL6 submits that Gary F. Seitz of Esquire of Gellert Seitz Busenkell & Brown, LLC should serve as Receiver for the Property. Mr. Seitz and his team are qualified to serve as Receiver for the Property, and are fully capable of performing all of the duties and obligations required of the Receiver for the benefit of all parties to this action. PHL6 notes that the Court held that a defendant's failure to cure the events of default is considered by this court to be an indication that the defendant is financially unstable. As of January 13, 2025, the Debt totaled $9,926,307.73, on which interest and fees continue to accrue. PHL6 says Pennbrook Portfolio has been unwilling or unable to cure the Events of Default, thereby indicating that it is financially unstable. Defendant has also been unwilling or unable to pay the necessary fees and costs associated with the operation and maintenance of the Property, similarly evidencing its financial instability. Finally, PHL6 continues, the Court addressed that such financial instability risked the value of the mortgaged property. Pennbrook Portfolio failed to maintain the Property in a manner acceptable to the City of Philadelphia, causing a number of citations. Pennbrook Portfolio permitted the rental licenses, which confirm that a property's life safety system is compliant with city regulations and permits the property owner to collect rent, at each of the Premises to lapse, causing significant economic and life safety risks. About Pennbrook Portfolio CC LLC Pennbrook Portfolio CC LLC is a limited liability company that owns the land and buildings commonly known as (i) 2027 Pine Street, Philadelphia, Pennsylvania 19103; (ii) 716 S. 2nd Street, Philadelphia, Pennsylvania 19147; (iii) 716 South Street, Philadelphia, Pennsylvania 19146; (iv) 750-752 S. Martin Street, Philadelphia, Pennsylvania 19146; and (v) 902 Spruce Street, Philadelphia, Pennsylvania 19106 located in Philadelphia County, Pennsylvania. Pennbrook is facing a receivership case captioned as PHL6 LLC as Successor-in-Interest to ComputerShare Trust Company, National Association v. Pennbrook Portfolio CC LLC, Case No. 2:25-cv-00247 (E.D. PA), before the Hon. Wendy Beetlestone. The case was filed on Jan. 15, 2025. The firm may be reached at: Michael J. Barrie, Esq. John C. Gentile, Esq. Kevin M. Capuzzi, Esq. BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP 1313 North Market Street, Suite 1201 Wilmington, DE 19801 Email: mbarrie@beneschlaw.com jgentile@beneschlaw.com kcapuzzi@beneschlaw.com PERFORMANCE FOOD: Moody's Rates New $1.06BB Unsecured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Performance Food Group, Inc.'s (PFG) proposed $1.06 billion backed senior unsecured notes due 2034. PFG's existing ratings are unchanged, including its Ba2 corporate family rating, Ba2-PD probability of default rating, B1 ratings on its existing backed senior unsecured notes and SGL-2 speculative grade liquidity rating (SGL). The outlook remains unchanged at stable. Proceeds from the new notes will be used to refinance its existing $1.06 billion backed senior unsecured notes due 2027. The proposed notes will rank pari passu with the company's existing senior unsecured notes. RATINGS RATIONALE PFG's Ba2 CFR is supported by the company's scale and market position as a top 3 distributor in the relatively recession-resilient food distribution industry in North America. The company has more than tripled its revenue and EBITDA since FYE June 2019, through both acquisitions and organic growth. The credit profile also benefits from governance considerations, specifically PFG's balanced financial strategy, which includes a 2.5-3.5x leverage target (based on the company's definition) outside of major acquisitions. Net leverage remains elevated following the October 2024 Cheney Brothers acquisition, with debt/EBITDA at about 4x based on the company's calculation. However, Moody's expects credit metrics to improve over the next 12-18 months, driven by revolver repayment and earnings growth. Moody's also projects continued good liquidity, including solid free cash flow and excess revolver availability. PFG's credit profile is constrained by its low operating margins and the intensely competitive nature of the food distribution industry. PFG's acquisitive business strategy creates increased event, debt and execution risk; however this risk is mitigated by the company's good track record of deleveraging following acquisitions. The stable outlook reflects Moody's expectations for earnings growth, deleveraging and good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade include continued organic revenue and earnings growth, very good liquidity and a balanced financial strategy including limited revolver use for funding long-term investments and acquisitions. Quantitatively, the rating could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3.5x and EBITA/interest expense above 4.0x. Factors that could lead to a downgrade include sustained declines in operating performance or the adoption of a more aggressive financial strategy. Quantitatively, the rating could be downgraded if Moody's-adjusted debt/EBITDA is maintained above 4.0x or EBITA/interest expense declines below 3.25x. A deterioration in liquidity for any reason could also lead to a downgrade. Headquartered in Richmond, Virginia, Performance Food Group, Inc., a wholly owned subsidiary of Performance Food Group Company (PFGC), is a food distributor with revenue of approximately $65 billion for the twelve months ended September 27, 2025. The company serves restaurants, convenience stores, vending operators and other end markets in North America. The principal methodology used in this rating was Distribution and Supply Chain Services published in November 2025. PHH ESCROW: Moody's Withdraws Caa1 Rating on Unsec. Notes Due 2029 ------------------------------------------------------------------ Moody's Ratings has withdrawn the Caa1 rating assigned to PHH Escrow Issuer LLC's senior unsecured notes due 2029, because the instrument is already rated as issued by a related entity, PHH Corporation. Moody's have also withdrawn PHH Escrow Issuer LLC's stable outlook. The withdrawal is for business reasons. RATINGS RATIONALE The withdrawal does not affect the Caa1 rating previously assigned to the senior unsecured notes due 2029 issued by PHH Corporation. Moody's Ratings has revised the display on its websites to reflect that these notes were co-issued by PHH Corporation and PHH Escrow Issuer LLC. Moody's Ratings withdrew the duplicative rating to consolidate coverage under a single rating for the instrument. The withdrawal does not reflect any change in Moody's assessments of the credit quality of the notes. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. PHYSICAL INVESTMENTS: To Sell Roanoke Property to Z Hill Properties ------------------------------------------------------------------- Physical Investments Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On July 18, 2025, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor's Property that is up for sale is located at 813 30th Street, NW, Roanoke, VA 24017. The lienholders of the Property are: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke City, Virginia. ii. Deed of Trust in favor of Blue Ocean Mortgage, LLC. The balance currently owed to Blue Ocean is approximately $145,000.00 with proceeds to Blue Ocean of approximately $27,000.00; As of the time of the filing of the case and the related schedules, the Debtor was unaware that the Property was actually owned by Vanguard Holdings Group, LLC, an affiliated entity. The Property was transferred to Vanguard on April 7, 2025 in an effort to facilitate its refinance as an alternative to the eventual Chapter 11 filing for the Debtor. The refinance efforts were unsuccessful and the Debtor's principal, who also owns and controls Vanguard, believed that he directed the Property to be deeded back to the Debtor prior to the July 18, 2025 petition date. In fact, despite the Debtor's schedules indicating that it owns the Property, the Property was never deeded back to the Debtor. The Debtor and Vanguard both agree that the April 7, 2025 transfer was without material consideration and would likely be avoidable. The Debtor and Vanguard both agree that the Debtor is the beneficial owner of the Property. The Debtor requests that the Court authorize it to sell the Property and proposes that any liens on the Property attach to the proceeds of the Property to the same extent, with the same validity and priority, as the liens have in the Property. The purchaser of the property is Z Hill Properties, LLC. The amount of the purchase price is less than the aggregate secured debt. Blue Ocean will agree to accept the net purchase price in satisfaction of its lien and all claims it has against the Debtor. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PMA LLC: Seeks to Hire Law Office of Tullio DeLuca as Legal Counsel ------------------------------------------------------------------- PMA, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Tullio DeLuca of Law Office of Tullio DeLuca to serve as legal counsel. Mr. DeLuca will provide these services: (a) advise Debtor-in-Possession with respect to its rights, powers, duties and obligations as Debtor-in-Possession in the administration of this case and the management of its property; (b) prepare pleadings, applications and conduct examinations incidental to administration; (c) advise and represent Applicant in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of trustee or examiner, and all other similar matters; (d) develop the relationship of the status of Debtor-in-Possession to the claims of creditors in these proceedings; (e) advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan pursuant to Chapter 11, of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) perform any and all other legal services incident and necessary herein. Mr. DeLuca will receive a general retainer providing for hourly fees of $300 and $120 for legal assistants, plus reimbursement for out-of-pocket expenses. Law Office of Tullio DeLuca is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Tullio DeLuca, Esq. LAW OFFICE OF TULLIO DELUCA 4113 Birney Ave., Suite 2 Moosic, PA 18507 Telephone: (570) 347-7764 About PMA, LLC PMA, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. Case No. 5-26-00241) on January 29, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge (not specified in the source) oversees the case. Law Office of Tullio DeLuca is Debtor's legal counsel. POTOMAC ENERGY: Moody's Affirms Ba3 Rating on Senior Secured Loans ------------------------------------------------------------------ Moody's Ratings has affirmed the Ba3 rating assigned to Potomac Energy Center LLC's (Potomac Energy, or the Project) senior secured credit facilities, which includes the proposed $201 million and $30 million upsizing of the senior secured term loan and senior secured revolver credit facility, respectively. The outlook is stable. RATINGS RATIONALE The Ba3 rating affirmation reflects Moody's views that Potomac Energy's decision to increase its senior secured Term Loan B by approximately $201 million and to upsize its senior secured revolving credit facility by an additional $30 million will not impact Potomac's credit profile. The additional debt is supported by Potomac's strengthened contractual position and greater cash flow predictability, which partially offset the project's increased leverage level. Potomac Energy entered into 15-year capacity and energy hedge agreements with North Carolina Electric Membership Corporation (NCEMC), for nearly 39% of the project's installed capacity through 2042, which is beyond the term loan final maturity in 2032. The NCEMC contracts provide a mix of fixed monthly option premiums, pass through of variable operating costs via the strike mechanism when energy is scheduled, reimbursement of RGGI related environmental compliance costs, and fixed fuel transport costs. These contractual elements meaningfully reduce Potomac's historical reliance on merchant energy and capacity revenues and provide downside protection for its cash flows when compared the historical operating performance of the plant with the parameters set under these contracts. Approximately 39% of Potomac Energy's annual gross margin is contracted through the term of the debt under Moody's base case. Since the financial closing in August 2025, the Project has generated strong cash flow, which allowed Potomac to reduce leverage by approximately $26 million through January 2026. Despite the increased leverage, Moody's believes that the term loan can be repaid down to less than approximately 69% of the initial face amount by the scheduled 2032 term loan maturity based on the cash flow scenarios considered. The Ba3 acknowledges Potomac Energy's competitive position as a relatively highly efficient natural gas fired generating plant as demonstrated by its low heat rate of about 7,100 Btu/kWh. The rating further factors in the view that the project will be subject to the Regional Greenhouse Gas Initiative (RGGI) upon Virgina's reentry into RGGI in 2026, which will reduce the facility's future realized spark spreads, weighing on its relative competitiveness across the dispatch curve. The rating considers standard project financing structural features under the proposed transaction, which includes a six month debt service reserve account, backed by LCs, limitations on additional indebtedness, a security package including all property and assets of Potomac Energy, a cash flow waterfall, and an excess cash flow sweep mechanism in the financing document that begins at 75% but declines to 50% if leverage ratio is below 4.0x. The structure includes a $20 million cap of permitted tax distributions to the Sponsor which would occur prior to the excess cash flow sweep mechanism can begin to sweep excess cash. RATING OUTLOOK The stable outlook reflects Moody's expectations that Potomac Energy will remain a competitive asset within PJM Dominion Zone, that it should continue to benefit from premium energy and capacity pricing and that its operational performance will continuing to improve following the repairs made in 2023 and 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade Solid financial performance supporting strong credit metrics and faster than expected debt reduction, which provide visibility of DSCR above 2.5x and Project CFO to debt above 15% for a sustained period. Factors that Could Lead to a Downgrade The borrower's rating can be downgraded if the facility incurs major operating problems, or financial metrics are substantially weaker than Moody's expected case leading to DSCR below 1.5x or Project CFO to Debt below 5% on a sustained basis. PROFILE Potomac Energy Center LLC owns and operates a 774 MW combined cycle gas-fired generation facility located in Virginia within PJM's Dominion capacity zone. The equipment includes two Siemens Model SGT6-5000F(5ee) combustion turbines and one steam turbine. The facility commissioned its operations in April 2017. LIST OF AFFECTED RATINGS Issuer: Potomac Energy Center LLC Affirmations: Senior Secured, Affirmed Ba3 Outlook Actions: Outlook, Remains Stable 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. PRECIOUS GEMS: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: Precious Gems Academy, Inc. 433 US 202 Flemington, NJ 08822 Business Description: Precious Gems Academy, Inc. operates a childcare and early education center in Hunterdon County, New Jersey, providing infant, toddler, and preschool care services. The academy offers structured early childhood programs that incorporate the HighScope curriculum and provides meals through participation in the Child and Adult Care Food Program. The company operates within the childcare and early education services industry, serving families through full-time and part-time care programs. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11503 Debtor's Counsel: Andrew J. Kelly, Esq. THE KELLY FIRM, P.C. 1011 Highway 71 Suite 200 Spring Lake, NJ 07762 Tel: 732-449-0525 Fax: 732-449-0592 E-mail: akelly@kbtlaw.com Total Assets: $189,813 Total Liabilities: $1,100,025 The petition was signed by Karen Villacari as director. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5ZD662Y/Precious_Gems_Academy_Inc__njbke-26-11503__0001.0.pdf?mcid=tGE4TAMA PRETIUM PKG: Moody's Lowers CFR to Ca & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded Pretium PKG Holdings, Inc. (Pretium) corporate family rating to Ca from Caa3 and its probability of default rating to D-PD from Caa3-PD/LD. At the same time Moody's downgraded Pretium's senior secured first lien super senior first-out term loan due 2028 to Caa1 from B3, the senior secured first lien super senior second-out term loan due 2028 to Ca from Caa3, and the senior secured second lien term loan due 2029 to C from Ca. The outlook is changed to stable from negative. On January 28, 2026, Pretium filed voluntary petitions in the US Bankruptcy Court for the District of New Jersey for relief under Chapter 11. The company commenced these Chapter 11 cases to implement a deleveraging and recapitalization transaction in partnership with its primary equity sponsor and lenders holding approximately 95 percent of both the company's first lien term loan and second lien term loan. The proposed transactions are expected to reduce the Company's funded debt by roughly $900 million. Pretium is also expected to receive new money commitments for up to $533.5 million in new debtor-in-possession ("DIP") financing and access to a $100 million DIP ABL facility. US-based private equity company Clearlake Capital Group will retain its status as the principal shareholder under the newly signed arrangement with creditors. The company expects to close the entire transaction in the next couple of weeks. Subsequent to this rating action, Moody's will withdraw all of Pretium's ratings. The downgrades, including the CFR to Ca from Caa3, reflects governance considerations related to Pretium's aggressive financial policy and untenable capital structure that led to this debt restructuring transaction through filing for Chapter 11. The ratings also reflect the expected loss for the existing debt holders upon completion of the transaction. RATINGS RATIONALE The Ca CFR predominantly reflects the default via the bankruptcy filing and imminent debt exchange to address the company's unsustainable capital structure, as well as weak liquidity that contributed to the bankruptcy. The rating also reflects the company's weak credit metrics including the very high debt-to-EBITDA leverage above 15x for the last 12 months (LTM) period ended June 30, 2025 and negative free cash flow resulting from packaging volume declines and cost pressures. The aggressive financial policy, illustrated by its debt load and history of acquisition-driven growth, contributed to the unsustainable leverage. These credit weaknesses are partially counterbalanced by the company's diverse end-markets, including nutrition and wellness, specialty food and beverage, household and commercial chemicals, and personal care. The company's target customer base includes small to medium sized businesses, which enables it to compete less directly against larger rigid plastic packaging manufacturers and more against independently owned regional companies. Furthermore, nearly all of Pretium's business is under contract with resin cost pass-throughs, which helps the company maintain its margins even in an unfavorable macroeconomic environment. Under the current capital structure before incorporating the debt restructuring, Moody's expects Pretium to have weak liquidity over the next 12-15 months. Projected negative funds from operations and negative free cash flow through fiscal 2026, as well as increased dependence on its ABL revolver drive Moody's assessments of Pretium's weak liquidity profile. As of June 30, 2025, the company had $57 million available under its $100 million ABL revolver (due October 2026). Cash on hand has declined substantially since the October 2023 debt restructuring because of negative free cash flow and various debt repurchases. The stable outlook reflects the high likelihood that the debt exchange transaction will close based on the proposed terms, and Moody's views that the current ratings reflect Moody's views of expected loss. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Pretium's ratings if it grows revenue and earnings, materially reduces debt and leverage, and extends maturities to achieve a more sustainable capital structure. An upgrade would also require an improved liquidity profile. Moody's could downgrade Pretium's ratings if Moody's recovery expectations decline. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. Pretium's assigned Ca CFR is two notches below the scorecard-indicated outcome of Caa2 for the twelve month period ended June 30, 2025. The difference reflects that Pretium is operating under bankruptcy default due to the company's very high debt load, negative free cash flow and weak liquidity, as well as its imminent debt restructuring. Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. (Pretium) is a leading full-service designer and manufacturer of rigid plastic solutions for a variety of end markets, including food and beverage, chemicals, healthcare, nutrition and wellness, and personal care. Pretium has been a portfolio company of Clearlake since January 2020. The company recorded $735 million in sales for the 12 month period ended June 30, 2025. PRIMEONE INSURANCE: A.M. Best Puts bb- LongTerm ICR Under Review ---------------------------------------------------------------- AM Best has placed under review with developing implications the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-" (Fair) of PrimeOne Insurance Company (Dallas, TX) (PrimeOne), following its recently announced acquisition. PrimeOne, a Texas domiciled insurer and wholly owned subsidiary of PrimeOne Insurance Group, provides commercial property, general liability and liquor liability coverages. The company is being acquired by Gryphon Holdings LLC (Gryphon), according to a Jan. 15, 2026 press release. Gryphon is a financial services company focused on the insurance and reinsurance sectors, with an emphasis on specialty markets. Gryphon has indicated that the PrimeOne acquisition will allow it to build a comprehensive platform serving investors and clients across the insurance and reinsurance segments. The acquisition is subject to regulatory approvals and is expected to be completed in the first quarter of 2026. The ratings for PrimeOne will remain under review with developing implications until AM Best is provided additional information concerning PrimeOne's integration and structure within a growing organization. PRINCETON LAKES: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Princeton Lakes Pediatrics, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with a court-approved budget, with flexibility to modify aggregate expenses by up to 15% and carry over unused amounts. The Debtor may also pay utilities, taxes, and insurance obligations as incurred and is authorized to fund a $1,000 monthly post-petition escrow for Subchapter V trustee fees, subject to later court approval of compensation. The secured creditors that may assert liens on the Debtor's assets and cash collateral, include the U.S. Small Business Administration, Corporation Service Company as representative of unknown principals, the City of Kennesaw Tax Administrator, and potential financing entities such as Rapid Finance, Forward Financing, LLC, and ODK Capital, LLC. The Debtor said it has not located filed UCC financing statements evidencing cash collateral liens for some of these entities. As protection, the secured creditors will be granted replacement liens on all of the Debtor's post-petition assets similar to their pre-bankruptcy collateral, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not extend to claims or causes of action under Bankruptcy Code Sections 544, 545, 546, 547, 548, 549, 550, or 553(b). The order is effective immediately, constitutes a final cash collateral order under Section 363, and preserves all parties' rights to later challenge the validity, priority, or extent of asserted liens or claims. A copy of the final order and the Debtor's budget is available at https://shorturl.at/gdvFu from PacerMonitor.com. About Princeton Lakes Pediatrics LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Princeton Lakes Pediatrics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64395) on December 10, 2025. In the petition signed by Dekisha Drayton, sole member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Barbara Ellis-Monro oversees the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. QUALITY LIVING: Seeks to Employ Vanessa Cash Adams as Legal Counsel ------------------------------------------------------------------- Quality Living Property Management LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Vanessa Cash Adams of Law Offices of Vanessa Cash Adams, Inc. to serve as legal counsel. Ms. Cash Adams will provide these services: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in-Possession of its organization and management of the property; (b) prepare on behalf of Debtor, as Debtor in Possession, a Petition, Schedules, Statement of Financial Affairs, any necessary deficient schedules and other documents, applications, answers, orders, reports, complaints, motions, etc. file such required documents, and to appear before this Court and any other court in reference thereto; and (c) perform all other legal services for Debtor in Possession that may be necessary to effectuate a reorganization of Debtor's financial affairs. Vanessa Cash Adams will charge an hourly rate of $310 for worked performed by her. The firm will also charge $85 for work performed by support staff. Vanessa Cash Adams and Law Offices of Vanessa Cash Adams, Inc. do not represent any interests adverse to the Debtor or the estate, according to court filings. The firm can be reached at: Vanessa Cash Adams, Esq. Law Office of Vanessa Cash Adams, Inc PO Box 250056 Little Rock, AR 72225 Telephone: (501) 400-7395 Facsimile: (501) 500-6072 E-mail: vanessa@vanessacash.org About Quality Living Property Management Quality Living Property Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10299) on January 28, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Phyllis M. Jones presides over the case. Vanessa Cash Adams, Esq., at the Law Office of Vanessa Cash Adams,Inc. represents the Debtor as bankruptcy counsel. R&G HOME: To Sell Remodelling Services Biz to C&B Design for $1.2MM ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted R & G Home Concepts LLC to sell remodelling services business, free and clear of liens, claims, interests, and encumbrances. Since its founding in 2024, R&G provided design and remodeling services focusing on kitchen and bath remodeling throughout the greater Houston area. In addition, R&G maintains a showroom selling tile and marble products from its showroom in Katy, Texas. R&G's founders, Renata Garcia Vasquez and Gabriel Cruz Avila started the company as husband and wife, but have since divorced. As part of their divorce, both agreed that it was best to sell the business since Renata no longer wished to participate and she was the primary borrower on the only secured debt, a loan from the First Bank of the Lake, that was taken to originally acquire the property. The Court has authorized the Debtor to sell the Property to C&B Design Innovations LLC in the purchase price of $1,230,000. The Court held that any ad valorem personal property taxes owed by the Debtor to the Taxing Authorities shall attach to the sales proceeds and that the title company closing agent shall pay all ad valorem tax debt owed incident to the Assets immediately upon closing and prior to any disbursement of proceeds to any other person or entity. The Court ordered that purchaser assumes full responsibility for the 2026 ad valorem taxes and shall be responsible for paying the ad valorem taxes in full, in the ordinary course of businesses, when due. About R & G Home Concepts LLC R & G Home Concepts, LLC, doing business as Katy Tile & Marble, operates a home improvement and remodeling business in Katy, Texas, offering kitchen and bathroom remodeling services as well as the sale and installation of flooring, including hardwood, luxury vinyl, laminate, tile, and natural stone, along with custom fabrication of quartz and granite countertops. It serves surrounding areas such as Fulshear, Sealy, Cypress, Richmond, Energy Corridor, Memorial, and Sugar Land. Founded in 2024, R & G Home Concepts manages a showroom and provides design, layout, and installation services for residential remodeling projects. R & G Home Concepts sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30294) on January 15, 2026, with $1,200,665 in assets and $1,430,729 in liabilities. Gabriel Cruz Avila, owner, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. RAMIRO S SILVA: Wolfe, et al., Case Remanded to State Court ----------------------------------------------------------- The Hon. Wesley L. Hsu of the U.S. District Court for the Central District of California remands the case captioned as PAULA FERREIRA SILVA, an individual; and RAMIRO SANTOS SILVA, an individual, Plaintiffs, v. BRANDON WOLFE, individually and doing business as WOLFE CANYON RANCH, LLC, a California limited liability company; WOLFE CANYON RANCH, LLC, a California limited liability company; PEAK FORECLOSURE SERVICES, INC., a California corporation; SCOTT ANGE, individually and doing business as XBQ MANGAGEMENT, INC., a California corporation DBA RE/MAX ONE; LANDMARK ESCROW, INC., a California Corporation, and; DOES 1- 50, Defendants, Case No. 2:24-CV-06433-WLH-SK (C.D. Cal.) for further proceedings before the Superior Court of California, County of Ventura. On January 20, 2026, the parties filed a joint status report updating the Court on the status of the bankruptcy case (Case No. 9:24-bk10909-RC). Attached to the status report was the bankruptcy court's signed order granting debtor and debtor-in-possession Ramiro Silva's motion to dismiss the Chapter 11 case. The bankruptcy court order states: The $1,200,000 ("Security Funds") deposited by WCR in the BG Law client trust account pursuant to the "Stipulation Between Debtor and Debtor in Possession Ramiro S. Silva and Secured Creditor Wolfe Canyon Ranch, LLC Resolving Evidentiary Hearing Portion of Debtor's Motion for Order Authorizing: (1) Employment of Premiere Estate Auction Company, Inc. Pursuant to 11 U.S.C. Secs. 327 and 328(a) as Auctioneer; (2) Terms of Auction; and (3) Sale of the Real Property Located at 2127 East Olsen Road, Thousand Oaks, California 91360 Free and Clear of Liens and Interests Pursuant to Secs. 363(b) and (f)" as Docket No. 229, shall remain in BG Law's client-trust account and subject to the terms of the Stipulation upon dismissal of the Case, but, rather than further order of this Court, pending further order of the United States District Court for the Central District of California, Western Division – Los Angeles, in connection with pending Case Number 2:24-cv-06433- PD. Having reviewed the status report and bankruptcy court order, the District Court declines to exercise supplemental jurisdiction over the remaining security funds issue. A copy the Court's Order dated February 3, 2026, is available at https://urlcurt.com/u?l=uZa6hM Ramiro S Silva filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 24-10909) on August 8, 2024, listing under $1 million in both assets and liabilities. The bankruptcy court granted the debtor's motion to dismiss the Chapter 11 case. RAS DATA: Loses Bid for Judgment on Pleadings in Infinity Case -------------------------------------------------------------- The Hon. Michael B. Slade of the U.S. Bankruptcy Court for the Northern District of Illinois denied the motion for judgment on the pleadings filed by the Official Committee of Unsecured Creditors in the adversary proceeding captioned as INFINITY TRANSPORTATION 2024, LLC., et al., Plaintiffs and Counter-Defendants, v. RAS DATA SERVICES, INC., and OFFICIAL COMMITTEE OF UNSECURED CREDITORS, Defendants and Counter-Plaintiffs, Adversary No. 25-00244 (Bankr. N.D. Ill.). The question posed in this Adversary Proceeding is whether payments made pre-petition to debtor RAS Data Services, Inc. under the parties' management service agreements ("MSAs") are property of the estate under 11 U.S.C. Sec. 541. The plaintiffs, led by Infinity Transportation 2024, LLC, contend they are not, arguing that RAS was acting only as the Plaintiffs' agent when it took possession of the funds. Plaintiffs claim that RAS holds no legal or equitable interest in any funds it holds other than the small sum of management fees collected and not yet spent. Although cash is fungible, Plaintiffs assert that the funds held by RAS in which they claim legal and equitable title are identifiable and traceable." So they seek a declaration that the funds held by RAS as agent for the Infinity Lessors are not property of the estate and ask the Court to impose a constructive trust to prevent RAS from using the Infinity Lessors' property to fund this Chapter 11 bankruptcy case. They also seek an accounting of all funds collected by RAS on their behalf and all subsequent transfers out of the accounts into which such funds were deposited. In this case, the Committee is essentially arguing that, in addition to not stating a plausible claim for a declaration that the contractual payments do not belong to the estate, the Plaintiffs' allegations (along with the MSA attached to the Complaint) instead establish that they are not entitled to that declaration as a matter of law. According to the Court, there is no agency relationship, but rather a mere debtor-creditor relationship, where an alleged agent was entitled to keep the funds that it collected for a specified period of time before remitting them to the principal because it is permitted to maintain some control over the funds it receives on the purported principal's behalf. Plaintiffs allege that notwithstanding what the MSA says, in practice the Debtor renders no payment to railroads and repair vendors on behalf of the Infinity Lessors unless and until the Infinity Lessors transfer sufficient funds to the Debtor in advance, which are specifically earmarked for payment to such vendors for specific repair services. But the connection between this allegation and Plaintiffs' agency theory too is unclear. The Court says Plaintiffs' own allegation that RAS was required to remit to the Plaintiffs funds it collected for them from other parties on a monthly basis seems to work against them -- because RAS was not required to turnover collections immediately, RAS exercised control over the funds, which courts have found suggests a lack of an agency relationship. Plaintiffs also emphasize their allegation that they can trace specific funds paid to RAS shortly before the petition date to specific dollars RAS still holds. But the Court notes it isn't clear how that fact, assumed true, would mean that RAS holds those funds only as an agent. A copy the Court's Memorandum Opinion dated February 6, 2026, is available at https://urlcurt.com/u?l=fuDo0J from PacerMonitor.com. About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor tapped Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd. as bankruptcy counsel and ArentFox Schiff LLP as special criminal investigation counsel. REDSTONE BUYER: S&P Downgrades ICR to 'SD' on Debt Restructuring ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Redstone Buyer LLC (dba RSA) to 'SD' from 'CCC-'. S&P also lowered its issue-level ratings on the existing first-lien term loan to 'D' from 'CCC-' and on the second-lien term loan to 'D' from 'C'. On Jan. 30, 2026, RSA completed a debt exchange with all of its first- and second-lien debt holders. The company also obtained a new $135 million first-lien term loan and revolver to replenish liquidity. S&P said, "We view this transaction as a distressed exchange because term loan lenders receive less than the original promise. Without it, we believe the company would have faced risk of a liquidity shortfall. "We view the debt exchange as tantamount to default because first- and second-lien term loan lenders receive less than originally promised. They took a material discount to par (with the exceptions of a few select lenders who did not take a material discount opted to subordinate their debt to the lower seniority of the pro forma capital structure) for a mix of new term loans at various tranches (first-lien, first-out; first-lien, second-out; and first-lien, third-out maturing in December 2030; and first-lien, fourth-out maturing in December 2031), preferred equity, and common equity. Nonparticipating lenders would have their collateral stripped and pushed down the repayment line due to the new super-priority debt structure. We do not consider this the case for RSA's revolving credit facility, which had a $48 million outstanding balance as of the end of October 2025. The balance was repaid, and lenders provided a new $165 million super-priority revolver maturing in 2030 (91 days springing maturity before the first-lien, first-out term loan), undrawn at close. Absent the transaction, we believe RSA's free cash flow deficit would have led to a liquidity shortfall since the revolver balance was coming due in April. "We plan to raise our issuer credit rating in the coming days, after we reassess the company's new debt issuance. We believe RSA's uncertain growth prospects with increasing investment needed to innovate and maintain its competitive position continue to impose risks to consistent free cash flow. While we believe the Outseer and SecurID businesses operate in expanding and viable--albeit increasingly competitive--end markets, RSA's franchises operate at a smaller scale than those of many other market participants." ROYAL HASS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Royal Hass, LLC 5061 Kennedy Dr Forest Park, GA 30297 Business Description: Royal Hass, LLC is a Georgia-based wholesaler of fresh produce specializing in avocados sourced from Mexico and distributed from its headquarters in Forest Park, Georgia. The company also supplies other produce, including lemons, onions and tomatoes, to wholesale and retail customers from its Atlanta-area location. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-51801 Judge: Hon. Lisa Ritchey Craig Debtor's Counsel: Leslie Pineyro, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: info@joneswalden.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Antonio Moreno as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EDTA42I/Royal_Hass_LLC__ganbke-26-51801__0001.0.pdf?mcid=tGE4TAMA RUNITONETIME LLC: Seeks to Extend Plan Exclusivity to May 11 ------------------------------------------------------------ RunItOneTime LLC and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 11 and July 9, 2026, respectively. The Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. The cases have involved numerous first day motions, employment of a broad slate of professionals, and the administration of assets and claims across a substantial number of subsidiaries. The complexity of these Chapter 11 Cases is further evidenced by the contested hearings and litigation surrounding approval of the DIP Facility on a final basis. Second, termination of the Exclusive Periods at this juncture would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance these Chapter 11 Cases. The Debtors are engaged in a robust sale process of substantially all of their assets, as approved by the Court and some of these asset sales have already closed. If exclusivity were terminated, the Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay or derail the progress made toward a value-maximizing resolution. Third, the Debtors obtained critical first day relief, secured postpetition financing, retained necessary professionals, completed their schedules and statements, and implemented procedures for claims and professional compensation. The Debtors have also advanced their sale and restructuring efforts, demonstrating significant progress toward a successful reorganization and satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the extension will allow the Debtors to continue making progress with key stakeholders. The Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods. Finally, the Debtors continue to make timely payments on their undisputed postpetition obligations. Accordingly, the seventh factor weighs in favor of extending the Exclusive Periods. The Debtors' Co-Counsel: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com - and - Jeffrey E. Bjork, Esq. Helena G. Tseregounis, Esq. Nicholas J. Messana, Esq. LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, California 90071-1560 Tel: (213) 485-1234 E-mail: jeff.bjork@lw.com helena.tseregounis@lw.com nicholas.messana@lw.com and Ray C. Schrock, Esq. Andrew Sorkin, Esq. 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 E-mail: ray.schrock@lw.com andrew.sorkin@lw.com About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RYVYL INC: Issues 122,164 Shares in Class Action Settlement ----------------------------------------------------------- Pursuant to a previously disclosed stipulation and agreement of settlement, dated as of July 9, 2025, between RYVYL Inc. and other parties named in Settlement Agreement in connection with the putative class action lawsuit Case No. 3:23-cv-00185-GPC-SBC, on January 2, 2026, the Company became obligated to issue 122,164 shares of its common stock, par value $0.001. The Settlement Agreement required the Company to issue 700,000 Settlement Shares or, in the event of a reverse stock split prior to the Effective Date (as defined in the Settlement Agreement), a number of Settlement Shares such that the value of such shares equals no less than $700,000 as of the Effective Date. The Company effected a one-for-thirty-five (1-for-35) reverse stock split of its outstanding shares of Common Stock prior to the Effective Date. Pursuant to the order approving the Settlement Agreement by the United States District Court for the Southern District of California, the Company issued the Settlement Shares in consideration for settlement with the plaintiffs in the Class Action in reliance on the exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended. Pursuant to the Settlement Agreement and Court Order, the Company also provided a put option for the benefit of the Settlement Class (as defined in the Settlement Agreement), exercisable by the Settlement Class counsel in its sole discretion, pursuant to which it may the sell the Settlement Shares back to the Company at a price being reformulated pursuant to the Settlement Agreement in light of the Reverse Split in the event that the 10-day average closing price of the Common Stock falls below the closing price on the date of the issuance of the Settlement Shares. A copy of the Settlement Agreement is available at https://tinyurl.com/2phdv9sk About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. SAY YES REALTY: To Sell Mulberry Road Property to Jesse & J. Escot ------------------------------------------------------------------ Say Yes Realty of Birmingham LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 253 Mulberry Road, Birmingham, AL 35214. Jesse Carl Escott, Jessica Escott (a member of the Debtor)'s father, has made an offer to purchase this property for $350,000.00. The outstanding lien of the property with Demetria and Francesa Pennington will be paid in full at closing in the approximate amount of $311,230.37. The sale is contingent on financing through the Veterans Administration. The closing date is expected to occur in March 2026. About Say Yes Realty of Birmingham, LLC Say Yes Really of Birmingham, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-00943-TOM11) on June 4, 2025. In the petition signed by Alonzo McCruten, manager-member, the Debtor disclosed up to $500,000 in assets and up to $50,000 in liabilities. Judge Tamara O. Mitchell oversees the case. Robert C. Keller, Esq., at Russo, White & Keller, P.C., represents the Debtor as legal counsel. SCILEX HOLDING: Revokes Series 1 Preferred Dividend Declaration --------------------------------------------------------------- As previously disclosed, on October 28, 2024, in connection with and in order to consummate the distribution of the previously contemplated dividend, Scilex Holding Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series 1 Mandatory Exchangeable Preferred Stock with the Secretary of State of the State of Delaware, designating 5,000,000 shares of the Company's authorized but unissued preferred stock, par value $0.0001 per share, as Series 1 Mandatory Exchangeable Preferred Stock, and issued a press release announcing that the Board of Directors had declared a stock dividend consisting of an aggregate of 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock to be paid to the Company's stockholders and certain other of its securityholders as of the close of business on November 7, 2024, which date was subsequently changed to January 28, 2025, then to April 11, 2025, then to May 2, 2025, and then to a future date to be determined in the sole discretion of the Board. The Dividend was to be paid on a date to be determined by resolutions of the Board, which was to have been within 60 days following the Record Date (and if such 60th date was not a business day, then the immediately preceding business day). In declaring the Dividend, the Board retained the right to, among other things, revoke the Dividend, and the payment of the Dividend was conditioned upon the Board not having revoked the Dividend prior to the Payment Date. On February 2, 2026, the Board approved revocation of the declaration of the Dividend. No shares of Series 1 Mandatory Exchangeable Preferred Stock had ever been issued or outstanding as of such date as the Spin-off Dividend (as defined in the Certificate of Designation) did not occur by the Preferred Stock End Date (as defined in the Certificate of Designation). On February 3, 2026, in connection with the Dividend Revocation, the Company filed a Certificate of Elimination of Series 1 Mandatory Exchangeable Preferred Stock with the Secretary of State of the State of Delaware. The Certificate of Elimination, which became effective immediately upon filing, eliminated the previously designated 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock and caused such shares to resume their status as undesignated shares of preferred stock of the Company. No shares of Series 1 Mandatory Exchangeable Preferred Stock were issued or outstanding upon the filing of the Certificate of Elimination. A full text copy of the Certificate of Elimination is available at https://tinyurl.com/589938vs 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. SCOOTER'S TRUCKING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Scooter's Trucking Services, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the February 10 hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for March 26. Scooter's is a Florida S-corporation formed in 2005 that operates a heavy-haul trucking business transporting construction materials throughout Florida, with Scott Donaldson as its president and sole owner. As debtor-in-possession, Scooter's' immediate access to cash is essential to meet payroll and other expenses and to preserve the going-concern value needed for a successful reorganization. Several merchant cash advance lenders may assert liens on the Debtor's cash accounts, including Channel Partners Capital ($13,000), Forward Financing ($100,000), Fox Funding Group ($85,000), and Rosewood Business Ventures ($65,000). The Debtor disputes the validity of any MCA liens on the cash collateral. About Scooter's Trucking Services Inc. Scooter's Trucking Services, Inc. is a Florida-based transportation company providing commercial trucking and freight services to regional customers. Scooter's Trucking Services, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00510) on January 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Scott W. Spradley, Esq., of the Law Offices of Scott W. Spradley, P.A. SECOND STREET: Court Extends Cash Collateral Access to Feb. 25 -------------------------------------------------------------- Second Street Sandwiches, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of Missouri to use cash collateral. The court issued a third interim order extending the Debtor's authority to use cash collateral from January 26 to February 25 in accordance with an approved budget. The Debtor's secured creditors are Midwest Regional Bank and the U.S. Small Business Administration, which hold perfected liens on substantially all business assets. Midwest is owed approximately $2.41 million as of the petition date and holds first-priority liens on both real property and business assets while the SBA holds a $150,000 secured claim subordinate to Midwest's. As adequate protection, the Debtor must make post-petition interest payments of $20,000 to Midwest and $731 to SBA. The Debtor must also provide bi-weekly cash flow reports, maintain insurance naming both secured creditors as additional insureds, and continue performing its obligations under the pre-bankruptcy loan documents. As additional protection, both creditors will be granted replacement liens on post-petition collateral, with the same priority as their pre-bankruptcy liens, excluding Chapter 5 avoidance actions. Events of default that would terminate the Debtor's authority to use cash collateral include violation of the third interim order and the entry of an order dismissing or converting the Debtor's Chapter 11 case; granting Midwest and the SBA relief from the automatic stay; terminating the third interim order; appointing a trustee or examiner; and reversing, staying, vacating or otherwise modifying the terms of the third interim order.. A further hearing is scheduled for February 23. Midwest Regional Bank is represented by: Paul C. Hamill, Esq. Hockensmith McKinnis Hamill, P.C. 12801 Flushing Meadow Drive, Suite 101 St. Louis, MO 63131 (314) 965-2255 Hamill@hmhpc.com About Second Street Sandwiches Inc. Second Street Sandwiches, Inc. doing business as Rooster, operates a food service establishment at 3150 S. Grand Blvd. Saint Louis, Missouri, serving sandwiches, brunch, local coffee, craft beer, and cocktails. Second Street Sandwiches sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-44600) on November 25, 2025, listing up to $10 million in assets and liabilities. David Bailey, president of Second Street Sandwiches, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. SEMILEDS CORP: Fails to Meet Nasdaq $2.5MM Equity Requirement ------------------------------------------------------------- SemiLEDs Corporation disclosed in a regulatory filing that it received a separate notice from The NASDAQ Stock Market indicating that the Company does not meet the minimum of $2,500,000 in stockholders' equity required by Listing Rule 5550(b)(1) for continued listing. The Company also does not meet the alternatives of market value of listed securities or net income from continuing operations. Under the listing rule, the Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted by The NASDAQ Stock Market, an extension of up to 180 calendar days from January 30, 2026 will be granted. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. Irvine, California-based YCM CPA INC., the Company's auditor since 2025, issued a "going concern" qualification in its report dated November 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $14.2 million in total assets, $12.2 million in total liabilities, and a total stockholders' equity of $2.1 million. SEQUOIA GROVE: Updates Wells Fargo Secured Claims Pay ----------------------------------------------------- Sequoia Grove, Inc., submitted a Second Amended Small Business Plan of Reorganization under Subchapter V dated February 3, 2026. The Debtor asserts that the reorganization of its bankruptcy estate which is proposed in this Plan will maximize the recovery that its general unsecured creditors and those creditors with secured claims that are undersecured; therefore, liquidation under Chapter 7 would not be in the best interest of the creditors. The Plan Proponent's financial projections show that the Debtor will have projected Disposable Income of $292,928.18. The final Plan payment is expected to be paid in month 36, which is projected to be December 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of the Debtor's real property and paying its future Disposable Income to its creditors over a term of four years. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at a di minimis amount. This Plan also provides for the payment of administrative claims and priority claims, to the extent such claims are entitled to priority. Class 1 consists of a two, secured claims held by Wells Fargo Bank, N.A. As of the Petition Date, Wells Fargo holds two debts based on promissory notes. The first is a promissory note in the original principal amount of $1,620,500.00 that matures December 9, 2034. As of the Petition Date, the amount due, including pre-petition delinquencies, was $1,562,243.07. At the Effective Date, Wells Fargo will have an Allowed Claim of $1,604,558.69, plus all interest that has accrued since the Petition Date, less those adequate protections payments received by it between the Petition Date and the Confirmation Date. Debtor estimates that the total Allowed Claim as of the Effective Date will be approximately, $1,631,034.56. This claim is secured by collateral on all of the property of the estate, subject only to senior liens, such a property tax liens or other motor vehicle liens securing debts in Classes 2 through 5. The value of Wells Fargo’s collateral is estimated to be $344,848.23, leaving the remaining claim as a general, unsecured claim. Wells Fargo will retain all of its liens in all property described in its Deed of Trust and UCC Financing Statement(s) until the final payments due to Wells Fargo Bank, in month 36 are made. As part of the Court’s retention of jurisdiction in Section XII(H), the Court retains jurisdiction to adjudicate any dispute as to amounts required to be paid to Wells Fargo Bank and/or the release of any lien. Upon the Confirmation Date, the automatic stay under Section 362(a) of the Bankruptcy Code shall be modified to allow the creditor to: (a) send account statements to the Reorganized Debtor to advise it of its payment history and amounts due, and (b) provide loan payoff amounts to the Reorganized Debtor. Wells Fargo Bank shall designate the address where all payments required by this Plan shall be mailed or delivered. Like in the prior iteration of the Plan, holders of claims in Class 7 General Unsecured Claims shall receive a pro rata share of a quarterly payment of $3,075.16. These payments will be paid starting in Month 4 and continue through Month 36. Class 7 consists of the general, unsecured claims of American Express ($100,000.00) and Continental Casualty Co. ($12,964.06). This Class is impaired. Class 8 consists of the holder of the common stock of the Debtor, Martin Rafter. As a result of confirmation of this Plan, Mr. Rafter will retain his common stock in the Debtor but will not be entitled to any distribution of dividends. Until the occurrence of both: (1) the distribution of all amounts due to holders of allowed claims in Classes 1 through 7 and (2) the Debtor receiving a discharge under Section 1192 of the Bankruptcy Code, the shareholder(s) in Class 8 will not be entitled to receive any payment from the Debtor except for salary or reimbursement for post-confirmation purchases of inventory or supplies purchased with funds or credit advanced by Mr. Rafter. The Debtor has determined, in its business judgment, that the real property at 1207 West Ferguson Street, Humble, Texas 77336 is not needed for an effective reorganization. In that regard in consultation with Wells Fargo Bank, the Debtor shall employ Stelios Castillo of Atlantis Management Group, Broker LLC, to list and market the Real Property. This application will be made prior to confirmation of this Plan. In addition to the sale of its real property, the Debtor will pay its future Disposable Income to the satisfaction of the Allowed Claims provided for in this Plan for a period 3 years following the Effective Date. The Debtor projects that its Disposable Income for the 36 months following confirmation will be $282,928.18, and the Debtor commits to making this payment of Disposable Income during the term of this Plan. A full-text copy of the Second Amended Plan dated February 3, 2026 is available at https://urlcurt.com/u?l=vJ9N16 from PacerMonitor.com at no charge. Counsel to the Debtor: Leonard H. Simon, Esq. PENDERGRAFT & SIMON, LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Telephone: (713) 528-8555 Facsimile: (713) 868-1267 About Sequoia Grove Inc. Sequoia Grove, Inc., doing business as GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on Sept. 16, 2025. In the petition signed by Martin Rafter, president and CEO, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP, is the Debtor's legal counsel. SIO2 MEDICAL: Oaktree Specialty Marks $1.8MM 1L Loan at 76% Off --------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $1,859,000 loan extended to SIO2 Medical Products, Inc. to market at $441,000 or 24% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to SIO2 Medical Products, Inc. The loan accrues interest at a rate of 12.00% per annum. The loan matures on August 3, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. Sio2 Medical Products, Inc., doing business as Sio2 Materials Science, manufacturing medical equipment. The Company provides blood tubes, syringes, vials, and other customized products. Sio2 Materials Science serves customers in the United States. SIO2 MEDICAL: Oaktree Specialty Marks $1.8MM 1L Loan at 76% Off --------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $1,808,000 loan extended to SIO2 Medical Products, Inc. to market at $429,000 or 24% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to SIO2 Medical Products, Inc. The loan accrues interest at a rate of 12.00% per annum. The loan matures on August 3, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. Sio2 Medical Products, Inc., doing business as Sio2 Materials Science, manufacturing medical equipment. The Company provides blood tubes, syringes, vials, and other customized products. Sio2 Materials Science serves customers in the United States. SIO2 MEDICAL: Oaktree Specialty Marks $20.8MM 1L Loan at 76% Off ---------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $20,806,000 loan extended to SIO2 Medical Products, Inc. to market at $4,941,000 or 24% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to SIO2 Medical Products, Inc. The loan accrues interest at a rate of 12.00% per annum. The loan matures on August 3, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. Sio2 Medical Products, Inc., doing business as Sio2 Materials Science, manufacturing medical equipment. The Company provides blood tubes, syringes, vials, and other customized products. Sio2 Materials Science serves customers in the United States. SIO2 MEDICAL: Oaktree Specialty Marks $3.8MM 1L Loan at 76% Off --------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $3,872,000 loan extended to SIO2 Medical Products, Inc. to market at $920,000 or 24% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to SIO2 Medical Products, Inc. The loan accrues interest at a rate of 12.00% per annum. The loan matures on August 3, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. Sio2 Medical Products, Inc., doing business as Sio2 Materials Science, manufacturing medical equipment. The Company provides blood tubes, syringes, vials, and other customized products. Sio2 Materials Science serves customers in the United States. SIO2 MEDICAL: Oaktree Specialty Marks $4.1MM 1L Loan at 76% Off --------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $4,124,000 loan extended to SIO2 Medical Products, Inc. to market at $980,000 or 24% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to SIO2 Medical Products, Inc. The loan accrues interest at a rate of 12.00% per annum. The loan matures on August 3, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. Sio2 Medical Products, Inc., doing business as Sio2 Materials Science, manufacturing medical equipment. The Company provides blood tubes, syringes, vials, and other customized products. Sio2 Materials Science serves customers in the United States. SPECIALTY PHARMA III: S&P Withdraws 'B-' Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Specialty Pharma III Inc. at the issuer's request following the private refinancing of its rated debt. At the same time, S&P withdrew its 'B-' issue-level rating and '3' recovery rating on the company's senior secured revolver and term loan. At the time of the withdrawal, its outlook on Specialty Pharma III Inc. was stable. STONEPEAK NILE: $150MM Loan Add-on No Impact on Moody's Ba1 Rating ------------------------------------------------------------------ Moody's Ratings said that the Ba1 rating on Stonepeak Nile Parent LLC's existing $1,650 million senior secured term loan maturing April 09, 2032 was unaffected by the $150 million upsize. The transaction has no effect on Stonepeak Nile Parent LLC's (Stonepeak) Ba1 corporate family rating or other senior secured ratings. The outlook is stable. Stonepeak is the parent company of Air Transport Services Group, Inc. (ATSG). Moody's refer to Stonepeak and its wholly owned subsidiaries, including ATSG, as "ATSG (new)" throughout this announcement. The publication follows the announcement by ATSG that it plans to issue $150 million of additional term loan, the proceeds of which will be used to make a dividend distribution to its sponsor. RATING RATIONALE ATSG (new)'s credit profile reflects its strong position as one of the providers of air cargo fleet leasing and related services, including crew, maintenance and insurance (CMI) services, primarily in the United States. The company's Cargo Aircraft Management segment provides a level of stability to the company's earnings due to the long-term nature of the segment's contractual agreements. Although this transaction is credit negative because it increases ATSG (new)'s already moderately elevated leverage, Moody's expects ATSG (new)'s debt-to-EBITDA leverage will remain around its stated target of 3.0x and Moody's expects that in 2026 the company will benefit from the earnings of the newly converted aircraft that the company plans to put on lease. In addition, ATSG (new) is undergoing an asset revaluation after the closing of its acquisition by Stonepeak in April 2025. As such, the company's goodwill is increasing, weighing on its capitalization as measured by tangible common equity to tangible managed assets, which declined to about 16% as of September 30, 2025 from 30% in recent years. ATSG (new) maintains good liquidity, anchored by availability (combined $400 million outstanding) under its $400 million 5-year secured revolving credit facility and $100 million 5-year Irish revolving facility. However, the company's funding structure is fully secured, including its term loan and senior notes, which encumbers its assets and limits its ability to access alternative sources of liquidity. The stable outlook reflects Moody's expectations of a sustained improvement in earnings where debt-to-EBITDA leverage will remain at the stated target of 3.0x and that tangible common equity to tangible managed assets will remain within the expected range. Additionally, the stable outlook reflects Moody's expectations of a generally favorable environment for air cargo, allowing the company to continue to renew leases in advance of their expirations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ATSG (new)'s ratings if the company: 1) maintains debt-to-EBITDA of 2.0x or less; 2) maintains profitability as measured by net income to average assets that compares well with peers; 3) effectively manages its customer concentrations; and 4) grows its capital expenditures and fleet at a moderate pace. Moody's could downgrade ATSG (new)'s ratings if: 1) the company's operating results deteriorate; 2) the company's capital or liquidity profiles weaken as a result of debt-financed acquisitions or capital expenditures; or 3) the company loses a material customer or suffers a business disruption that weakens its financial prospects. ATSG (new) is a privately-owned aircraft leasing company that also provides contracted airline operations and other related support services to the air transport, e-commerce and logistics industries. Stonepeak, a New York-based alternative investment firm, owns ATSG (new) since April 2025. As of September 30, 2025, ATSG had total assets of $4.3 billion. STRATEGIC CHEMICAL: Prospect Capital Marks $19M 1L Loan at 49% Off ------------------------------------------------------------------ Prospect Capital Corporation has marked its $19,102,000 million loan extended to Strategic Chemical Solutions Corp. to market at $9,693,000 million or 51% of the outstanding amount, according to Prospect Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Prospect Capital Corporation is a participant in a First Lien Equipment Term Loan extended to Strategic Chemical Solutions Corp. The loan accrues interest at a rate of 12.98% per annum. The loan matures on August 15, 2026. Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. The company is a closed-end investment firm incorporated in Maryland. The company has elected to be regulated as a business development company under the Investment Company Act of 1940. The firm was organized on April 13, 2004, and was funded in an initial public offering completed on July 27, 2004. The Company is led by John F. Barry III as Chairman of the Board and Chief Executive Officer and Kristin L. Van Dask as Chief Financial Officer. The Company can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About Strategic Chemical Solutions Corp. Strategic Chemical Solutions Corp. is focused on specialty chemical distribution, management, or bespoke chemical manufacturing. STRATEGIC CHEMICAL: Prospect Capital Marks $2MM 1L Loan at 49% Off ------------------------------------------------------------------ Prospect Capital Corporation has marked its $2,000,000 million loan extended to Strategic Chemical Solutions Corp. to market at $1,015,000 million or 51% of the outstanding amount, according to Prospect Capital's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Prospect Capital Corporation is a participant in a First Lien Term Loan extended to Strategic Chemical Solutions Corp. The loan accrues interest at a rate of 12.98% per annum. The loan matures on August 15, 2026. Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. The company is a closed-end investment firm incorporated in Maryland. The company has elected to be regulated as a business development company under the Investment Company Act of 1940. The firm was organized on April 13, 2004, and was funded in an initial public offering completed on July 27, 2004. The Company is led by John F. Barry III as Chairman of the Board and Chief Executive Officer and Kristin L. Van Dask as Chief Financial Officer. The Company can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About Strategic Chemical Solutions Corp. Strategic Chemical Solutions Corp. is focused on specialty chemical distribution, management, or bespoke chemical manufacturing. THE AVERY: Oaktree Specialty Marks $10.8MM 1L Loan at 79% Off ------------------------------------------------------------- Oaktree Specialty Lending Corporation has marked its $10,843,000 loan extended to The Avery to market at $2,255,000 or 21% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to The Avery. The loan accrues interest at a rate of 10.00% per annum. The loan matures on February 16, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About The Avery The Avery is a real estate operating company, focused on owning or managing income-producing properties within its market. THE AVERY: Oaktree Specialty Marks $5.3MM 1L Loan at 38% Off ------------------------------------------------------------ Oaktree Specialty Lending Corporation has marked its $5,343,000 loan extended to The Avery to market at $3,305,000 or 62% of the outstanding amount, according to Oaktree Specialty's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corporation is a participant in a First Lien Term Loan extended to The Avery. The loan accrues interest at a rate of 10.00% per annum. The loan matures on February 16, 2028. Oaktree Specialty Lending Corporation is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Company can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About The Avery The Avery is a real estate operating company, focused on owning or managing income-producing properties within its market. TKC HOLDINGS: Moody's Rates New $1BB Secured First Lien Notes 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned a B2 rating to TKC Holdings, Inc.'s proposed $1 billion Backed Senior Secured First Lien Notes and a Caa2 rating to the proposed $575 million Backed Senior Secured Second Lien Notes. TKC Intermediate Holdings, LLC's (TKC) B3 corporate family rating and B3-PD probability of default rating remain unchanged. The outlooks for both entities are stable. Following the B2 First Lien Term Loan rating assignment and CFR affirmation (https://urlcurt.com/u?l=d1hKLs), TKC is completing the expected capital structure refinancing through the issuance of the proposed notes. Moody's ratings are subject to confirmation of the final allocation. Upon completion, funding, and full repayment of the existing TKC debt, Moody's will withdraw the repaid debt ratings at that time. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE TKC's B3 CFR is constrained by: (1) Moody's expectations of high financial leverage remaining above 7x through 2026; (2) aggressive financial policies under private ownership by H.I.G. Capital, including a history of debt-funded distributions; and (3) a volume-based business exposed to social risks linked to prison policy reform. The rating benefits from: (1) Moody's expectations of improving operating performance in 2026 as a result of net new business wins and higher growth cross selling services like tablets, technology, and payments; (2) good revenue visibility supported by multiyear contracts and high renewal rates; and (3) a strong market position in its commissary and food service businesses, providing competitive advantages in pricing and bidding processes. TKC has good liquidity, with sources of around $205 million, compared to about $8 million of uses until the end of 2026. Sources consist of Moody's expectations of about $50 million in cash pro forma for 2025, full availability under the new $75 million revolving credit facility expiring 2031 and Moody's expectations of free cash flow of about $80 million over the next 12 months. Uses of liquidity include $8 million of mandatory term loan amortization. While Moody's don't expect the company to use its revolving credit facility during the year, the company might use it occasionally to cover working capital needs. The revolving credit facility has a springing covenant based on a Maximum First Lien Net Leverage of 5.15x when drawings exceed 35% of total borrowing capacity. Moody's expects sufficient covenant cushion in the next four quarters. The company has limited ability to generate alternate liquidity from asset sales. The B2 ratings on TKC Holdings, Inc.'s $600 million Senior Secured First Lien Term Loan, $75 million Revolving Credit Facility, and $1 billion Senior Secured First Lien Notes reflects their priority ranking in the capital structure and benefits from loss absorption cushion provided by the company's Senior Secured Second Lien Notes. The Caa2 rating on the $575 million Senior Secured Second Lien Notes reflects contractual subordination to the first lien debt. All the aforementioned debt are guaranteed by TKC Intermediate Holdings, LLC. The stable outlook reflects Moody's views that TKC's operating performance will improve over the next 12-18 months, but financial leverage will remain relatively elevated. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TKC's ratings could be upgraded if debt/EBITDA sustains below 6x, positive free cash flow continues to improve, and operating performance also continues to improve. The ratings could be downgraded if EBITA / interest expense is sustained less than 1.0x, liquidity erodes through greater than expected cash burn, operating performance deteriorates, or the market position weakens. TKC is a leading provider of commissary, food service, and related products to the corrections industry across the United States. The company is headquartered in St. Louis, Missouri and is owned by funds affiliated with H.I.G. Capital. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TKC maps to a B1 historical scorecard-indicated outcome under Moody's Global Business and Consumer Services Methodology which is two notches above the actual rating assigned. The difference reflects the company's high financial leverage and track record of dividend recapitalizations under ownership by H.I.G. Capital. TONIX PHARMACEUTICALS: Reports Preliminary FY25 Net Loss of $119MM ------------------------------------------------------------------ Tonix Pharmaceuticals Holding Corp. disclosed selected preliminary operating results for the year and quarter ended December 31, 2025, and certain preliminary financial condition information as of January 30, 2026, as set forth: * The Company ended the year with approximately $207.6 million in cash and cash equivalents. As of January 30, 2026, the Company had 12,793,952 shares of common stock outstanding. * The Company's net cash used in operating activities for the year ended December 31, 2025, was approximately $99.0 million compared to $60.9 million for the year ended December 31, 2024. * The Company's capital expenditures for the year ended December 31, 2025, was approximately $3.4 million compared to $0.1 million for the year ended December 31, 2024. * The Company's net loss for the year ended December 31, 2025, was approximately $118.9 million compared to $130.0 million for the year ended December 31, 2024. * The Company's net revenue from sales of its marketed products for the year ended December 31, 2025, was approximately $13.1 million compared to $10.1 million for the year ended December 31, 2024. * Net revenue from sales of Zembrace(R) SymTouch(R) and Tosymra(R) for the year ended December 31, 2025, was approximately $11.7 million compared to $10.1 million for the year ended December 31, 2024. * Net revenue from sales of TONMYA(TM) for the period from November 17, 2025, to December 31, 2025, was approximately $1.4 million. The Company believes that its cash resources at December 31, 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027. The information is preliminary financial information for the quarter and year ended December 31, 2025, and subject to completion. The unaudited, estimated results for the quarter and year ended December 31, 2025, are preliminary and were prepared by the Company's management, based upon its estimates, a number of assumptions and currently available information, and are subject to revision based upon, among other things, quarter and year end closing procedures and/or adjustments, the completion of the Company's consolidated financial statements and other operational procedures. This preliminary financial information is the responsibility of management and has been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the quarter and year ended December 31, 2025, and its actual results could be materially different from this preliminary financial information, which preliminary information should not be regarded as a representation by the Company or its management as to its actual results for the quarter and year ended December 31, 2025. In addition, EisnerAmper LLP, the Company's independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial information and does not express an opinion or any other form of assurance with respect to this preliminary financial information. During the course of the preparation of the Company's financial statements and related notes as of and for the year ended December 31, 2025, the Company may identify items that would require it to make material adjustments to this preliminary financial information. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles and reviewed by the Company's auditors. 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. TOPPOS LLC: Green State CU Wins Bid for Automatic Stay Relief ------------------------------------------------------------- Judge Pamela W. McAfee of the U.S. Bankruptcy Court for the Eastern District of North Carolina granted the motion of Green State Credit Union for relief from the automatic stay as to Toppos LLC, pursuant to the provisions of 11 U.S.C. Sec. 362 and Bankruptcy Rule 9014. Prior to the Petition Date, on or about May 19, 2021, the Debtor executed a Loan Agreement by and between, on the one hand, the Debtor, Brittany Court MHP LLC, Scottsdale MHP LLC, MR Property Group, LTD n/k/a Patch Place MHC LLC (the "Borrowers") and Green State, on the other, for the purpose of obtaining a commercial loan to refinance the properties locally known as 720 Forrest Avenue, Springfield IL, 62702, 2735 S. 14th Street, Springfield, IL, 62703, and 3206 E. Elm Street, Springfield, IL 62702, as well as certain mobile homes located on the Real Estate. On or about May 19, 2021, the Debtor (together with the other Borrowers) executed a Promissory Note in favor of Green State in the original principal amount of $10,000,000.00, which was to be repaid by an initial payment of principal and interest in the amount of $81,242.00, followed by monthly payments of $50,631.00 beginning on August 15, 2021 and continuing on the 15th day of each month thereafter through May 15, 2031 and a final payment of all then outstanding principal and interest on May 19, 2031. Debtor granted Green State a lien on a total of one-hundred forty-nine (149) mobile homes Green State's security interests in the Mobile Homes were perfected. Green State's security interest in the Real Estate was perfected. As of December 12, 2025, the amount owed to Green State is $13,371,501.91 as evidenced by the Loan Payoff Statement. According to the Debtor's Schedules, the fair market value of the Mobile Homes (all 149 units) is approximately $5.6 million. Green State is grossly under-secured with respect to the Mobile Homes and Real Estate, as it is owed approximately $7 million more than the combined fair market value of the Real Estate and Mobile Homes. The Court finds Green State's interest in the Real Property and Perfected Mobile Homes is not adequately protected, and the Debtor lacks equity in the Real Property and the Perfected Mobile Homes. The Court therefore determines that "cause" exists to terminate the automatic stay as to the Debtor, the Real Property, and the Perfected Mobile Homes pursuant to 11 U.S.C. Sec. 362(d). Accordingly, the automatic stay is terminated with respect to the Loan Agreement, Note, Real Estate, and the Perfected Mobile Homes, and Green State. A copy of the Court's Order dated February 4, 2026, is available at https://urlcurt.com/u?l=wCqy9J from PacerMonitor.com. About Toppos LLC Toppos LLC is primarily engaged in acting as lessors of buildings used as residences or dwellings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02889) on October 5, 2023. In the petition signed by Neil Carmichael Bender, II, member-manager, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Pamela W. Mcafee oversees the case. Blake Y. Boyette, Esq., at Buckmiller, Boyette & Frost, PLLC, represents the Debtor as legal counsel. On January 9, 2025, the Court entered an Order Allowing Motion for Joint Administration, pursuant to which the Debtor's case was jointly administered with the cases of several other related debtors, and the case of Time Out Properties, LLC, Case No. 24-03435-5-PWM was designated the Lead Case. The Bankruptcy Case was subsequently converted to Chapter 7 by Order entered on April 30, 2024. TP BRANDS: Seeks to Extend Plan Filing Deadline to February 16 -------------------------------------------------------------- TP Brands Worldwide Inc. and its affiliates asked the U.S. Bankruptcy Court for the Middle District of Florida to extend their period to file disclosure statement and plan to February 16, 2026. The Debtors explain that they have prepared their disclosure statement and plan but require additional time to finalize same and prepare their liquidation analysis and projections. The extension requested herein will not prejudice any parties and the benefits of the extension and a possible consensual conclusion of the chapter 11 cases outweigh any potential prejudice. This is the Debtors' first request for an extension of the deadline to file their disclosure statement and plan. The requested extension is reasonable given the Debtors' progress to date and the current posture of these chapter 11 cases. The Debtors claim that they have communicated with counsel for their prepetition secured lender, PNC Bank, National Association, as well as the Office of the U.S. Trustee, and both have advised that they do not oppose the extension of the deadline for the Debtors to file their disclosure statement and plan to and including February 16, 2026. Counsel for the Debtors: BERGER SINGERMAN LLP Edward J. Peterson, Esq. Clay B. Roberts, Esq. 101 E. Kennedy Boulevard, Suite 1165 Tampa, FL 33602 Tel. (813) 498-3400 Fax (813) 527-3705 Email: epeterson@bergersingerman.com croberts@bergersingerman.com About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed up to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, and Clay B. Roberts, at Berger Singerman, LLP, serve as the Debtors' counsel. TRANSDIGM INC: Moody's Rates First Lien Tranche N Term Loan 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to TransDigm Inc.'s (TransDigm) new backed senior secured first lien Tranche N term loan due 2033 and a B3 rating to its new backed senior subordinated notes due 2034. The B1 corporate family rating, B1-PD probability of default rating, existing Ba3 backed senior secured and B3 backed senior subordinated ratings and the stable outlook are unaffected by the debt issuance. TransDigm will use the net proceeds of the financings plus cash on hand to fund three recently announced acquisitions. On January 16, TransDigm agreed to acquire Jet Parts Engineering and Victor Sierra Aviation Holdings from private-equity firm Vance Street Capital for about $2.2 billion. On December 31, TransDigm agreed to acquire Stellant Systems, Inc. from Arlington Capital Partners for about $960 million. TransDigm's strong business profile supports us maintaining the B1 corporate family rating while the company mostly debt funds these acquisitions. TransDigm has a strong track record of effectively and profitably growing via acquisitions, bolstering its position as a key supplier to a large swath of the commercial and defense aerospace market. Few manufacturers achieve EBITDA margins that exceed 35% let alone reach the 52% TransDigm achieved in fiscal 2025. RATINGS RATIONALE TransDigm's B1 CFR reflects its leading market position in highly engineered aerospace components, strong profitability and scale. The company's products are used by commercial airlines, aircraft maintenance facilities, OEMs, and US and foreign militaries. TransDigm's business model produces outsized profit margins, with its EBITDA margin near 50%. Products are highly engineered and about 90% are proprietary. Once parts are designed and sold onto new aircraft, they generate aftermarket sales over that program's life, which can run for decades. The ratings are constrained by TransDigm's aggressive financial policy, defined by recurring, multi-billion dollar special dividends that are funded with debt. It distributed $9.6 billion of special dividends in fiscal 2025, up from $2.0 billion of these dividends in fiscal 2024. Debt on Moody's adjusted basis increased to $30.1 billion at September 30, 2025, from $25.0 billion and $19.8 billion at the two prior fiscal year ends, respectively. However, EBITDA growth has mostly kept pace, resulting in debt/EBITDA of 6.6x at September 30, 2025, up from 6.3x at the end of fiscal 2023. TransDigm's leverage target is between 5x and 7x. Moody's expects debt/EBITDA will remain below 7x as demand and earnings remain strong because of the favorable multi-year outlook for commercial and defense aerospace equipment and increases in margins of acquired companies. The stable outlook reflects Moody's expectations for the company to sustain its strong financial performance, including its high profit margins and for debt/EBITDA to remain below 7.0x, notwithstanding ongoing acquisitions and or debt-funded, special dividends. Liquidity will remain very good over the next 12-18 months, with cash in excess of $2.0 billion and the $910 million revolver that expires in February 2029 remaining mostly undrawn. Moody's projects annual operating cash flow of at least $2 billion, though special dividends will weigh on free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if operating cash flow materially weakens. EBITDA margin falling towards 40% or debt/EBITDA sustained near 7.0x could also lead to a ratings downgrade. There will be no upwards pressure on the rating as long as there remains the prospect of ongoing, significantly large, debt-funded dividends or the leverage target remains between 5.0x and 7.0x. Following adoption of a more conservative financial policy, debt/EBITDA sustained below 5.0x could lead to a ratings upgrade. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. TransDigm Inc., headquartered in Cleveland, Ohio, is a manufacturer of engineered aerospace components for commercial airlines, aircraft maintenance facilities, equipment manufacturers and various agencies of the US Government. TransDigm Inc. is the wholly-owned subsidiary of TransDigm Group Incorporated. Revenue is approximately $8.8 billion for the fiscal year ended September 30, 2025. TRANSPORTING CARS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Transporting Cars Champion, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. At the February 10 hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for March 24. Transporting Cars Champion filed for Chapter 11 protection on January 24, and continues to operate as a nationwide trucking company providing dry cargo transportation across all 48 states, with operations relocated from California to Texas in late 2022. Once a stable business with 11 employees and a fleet of 38 tractors and 40 trailers, the Debtor experienced a severe financial downturn beginning in 2023 due to falling freight rates, rising fuel and insurance costs, higher driver wages, and the burden of short-term merchant cash advance loans with aggressive repayment terms. These pressures forced major downsizing, leaving only the owner and one employee and a reduced fleet of 14 tractors and 16 trailers. The purpose of the Chapter 11 case is to stop current debt servicing levels and restructure obligations into lower, longer-term payments so the company can stabilize operations and negotiate sustainable arrangements with creditors. Transporting Cars Champion has at least 17 recorded liens held by seven claimants, and that its ongoing revenues may constitute cash collateral subject to those liens. The Debtor intends to use this cash collateral to pay only essential operating expenses set forth in a limited initial weekly cash flow budget through March 22 while it works toward a consensual arrangement with lenders. In exchange, the Debtor offers to grant lenders superpriority administrative expense claims under 11 U.S.C. section 507(b) for any post-petition diminution in the value of their collateral and to provide adequate protection in the form of replacement liens on post-petition assets and proceeds with the same validity and priority as their pre-bankruptcy liens. About Transporting Cars Champion Inc. Transporting Cars Champion, Inc. operates in the vehicle transportation industry, providing logistics and auto delivery services across California and nationwide. Transporting Cars Champion, Inc. serves dealerships, auto auctions, and individual clients. The company filed for Subchapter V of Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20337) on January 24, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is assigned to Judge Christopher D. Jaime, with legal representation by Thomas B. Ure, III, Esq., of Ure Law Firm. TWIN PINES: Court Remands Aguilar Adversary Case to State Court --------------------------------------------------------------- Judge Robert H. Jacobvitz of the U.S. Bankruptcy Court for the District of New Mexico will remand the adversary proceeding captioned as RICHARD AGUILAR, Plaintiff, v. TWIN PINES, LLC, JOHN PACHECO, and FIRST NATIONAL BANK, Defendants, FIRST ALAMOGORDO BANCORP OF NEVADA, INC., d/b/a FIRST NATIONAL BANK, Counterclaim/Cross-Claim Plaintiff, v. RICHARD AGUILAR, Counterclaim Defendant, and JOHN PACHECO, Crossclaim Defendant, FIRST ALAMOGORDO BANCORP OF NEVADA, INC. d/b/a FIRST NATIONAL BANK, Third-Party Plaintiff, v. MICHAEL W. BOWEN, JASON E. EDMISTER, VALORIE EDMISTER, an ANDREA PACHECO, Third-Party Defendants, Adversary No. 25-1018-j (Bankr. D.N.M.) to the Twelfth Judicial District Court, State of New Mexico, Lincoln County. Debtor Twin Pines, LLC initiated this Adversary Proceeding by filing a Notice of Removal to the United States Bankruptcy Court, which removed a civil action pending in the Twelfth Judicial District Court, State of New Mexico, Lincoln County, as Case No. D-1226-CV-2017-00232. First Alamogordo Bancorp of Nevada, Inc. d/b/a First National Bank objects to the removal of the State Court Action, arguing, among other things, that the Removal Notice was not timely, and that the Bankruptcy Court should exercise its equitable authority under 28 U.S.C. Sec. 1452(b) to remand this adversary proceeding to the State Court. Pre-petition, on August 30, 2017, Richard Aguilar commenced the State Court Action seeking to foreclose a judgment lien against real property owned by Twin Pines, LLC. On October 2, 2017, FNB asserted cross-claims against Twin Pines and John Pacheco, and a third-party complaint against Michael W. Bowen, Jason E. Edmister, Valorie Edmister, and Andrea Pacheco in the State Court Action. The cross-claim against John Pacheco, and the thirdparty complaint against Michael W. Bowen, Jason Edmister, Valorie Edmister, and Andrea Pacheco, are based on those individuals' personal guarantees of Twin Pines' indebtedness to FNB. The State Court Action was stayed upon the filing of Twin Pines' bankruptcy case. Twin Pines confirmed a subchapter V plan on December 31, 2021. Under the terms of the confirmed plan, Twin Pines was required to pay FNB's secured claim. After completion of Twin Pines' bankruptcy case, Twin Pines was dismissed from the State Court Action on March 29, 2024. On April 28, 2025, Twin Pines filed a motion to reopen its bankruptcy case for the purpose of reviewing and interpreting matters relating to the Plan and the loan agreements and adjudicating the claims of FNB that have been raised in the State Court Action. The Bankruptcy Court reopened Twin Pines' bankruptcy case on April 30, 2025. On May 7, 2025, John Pacheco, Andrea Pacheco, and Jason Edmister filed a motion in the State Court Action seeking to stay the State Court Action while Twin Pines returned to this Court so this Court, rather than the State Court, could decide the issues that FNB raised in the State Court Action. The State Court Action was pending at the time Twin Pines commenced its chapter 11 bankruptcy case. Twin Pines filed the Removal Notice on May 18, 2025, more than six years after Twin Pines commenced its bankruptcy case, and nearly two and a half years after the entry of the Final Decree and Order Closing Case Twin Pines' bankruptcy case, which is long after any of the deadlines fixed in Fed. R. Bankr. P. 9027(a) had expired. Twin Pines contends that the deadlines in Fed. R. Bankr. P. 9027 do not apply to the removal of the State Court Action because Twin Pines could not have reasonably anticipated that FNB would seek to use the State Court Action as a means to request the State Court to interpret the terms of Twin Pines' confirmed plan, the confirmation order, and other orders entered in the bankruptcy case. Twin Pines points out that FNB only recently sought a judgment in the State Court Action against the non-Debtor defendant guarantors of Twin Pines' obligations. The Bankruptcy Court disagrees with Twin Pines position that the deadlines in Fed. R. Bankr. P. 9027 do not apply to the removal of the State Court Action under the circumstances. According to the Bankruptcy Court, Twin Pines's contention that the deadlines for timely removal should not apply because FNB only recently re-engaged in the litigation against the guarantors in the State Court Action, or that FNB's recent activity in the State Court Action somehow excuses Twin Pines from the time constraints in Fed. R. Bankr. P. 9027, is not a valid reason for its failure to comply with the procedural bankruptcy removal requirements fixed in the rule. The Bankruptcy Court finds although it may be possible to extend the time constraints for filing a notice of removal under Fed. R. Bankr. P. 9027 based on a showing of excusable neglect under Fed. R. Bankr. P. 9006(b)(1),30 Twin Pines has neither alleged, nor demonstrated that its failure to timely file the Removal Notice was the result of excusable neglect. The Bankruptcy Court finds and concludes that the Removal Notice was untimely and that this adversary proceeding should be remanded to State Court. A copy the Court's Memorandum Opinion dated February 4, 2026, is available at https://urlcurt.com/u?l=hlBcGf from PacerMonitor.com. About Twin Pines Twin Pines LLC, a New Mexico limited liability company, provides automotive repair and maintenance services. Twin Pines owns condos valued at $523,618, and a commercial property valued at $741,908, in Ruidoso, New Mexico. Twin Pines LLC sought Chapter 11 protection (Bankr. D.N.M. Case No. 19-10295) on Feb. 12, 2019, in Albuquerque, N.M. At the time of filing, the Debtor disclosed $1,361,978 in assets and $1,338,629 in liabilities. Judge Robert H. Jacobvitz oversees the case. William F. Davis & Assoc., P.C. is the Debtor's legal counsel. VC GROUP: In Discussions with Creditors to Restructure Debt ----------------------------------------------------------- Reshmi Basu of Bloomberg News reports that QVC Group Inc. is negotiating with creditors on a voluntary debt restructuring that may be implemented as part of a Chapter 11 bankruptcy, according to people familiar with the situation. The television shopping giant is grappling with declining viewership and a heavy debt burden, prompting the company to explore options to stabilize its finances. The discussions with lenders have been confidential, with both sides working to address the complexity of QVC's balance sheet and explore possible paths forward. Insiders said that while talks are ongoing, no definitive terms have been set and no decision has been made yet on whether to formally file for bankruptcy. The individuals spoke on condition of anonymity because the matter is private, the report states. QVC did not immediately respond to requests for comment. The network's situation highlights the pressures on legacy retail and media brands to restructure and adapt amid evolving consumer preferences and financial constraints, according to Bloomberg News. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+'. The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." VENUS CONCEPT: Gains Madryn Liquidity Relief -------------------------------------------- Venus Concept Inc. disclosed in a regulatory filing that on January 29, 2026, the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company (collectively, the "Loan Parties"), entered into a Consent Agreement with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower, such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through February 13, 2026, and (ii) Venus USA is permitted to apply the February 8, 2026 cash interest payment due under each Note (as defined in the Consent Agreement) to the respective outstanding principal balance of each Note. A full text copy of the Consent Agreement is available at https://tinyurl.com/v8hraf7w Twenty Fifth Bridge Loan Amendment The Loan Parties also entered into a Twenty Fifth Bridge Loan Amendment Agreement with the Lenders on January 29, 2026. The Twenty Fifth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders, such that: (i) the maturity date of the Bridge Loan is extended from January 31, 2026 to February 13, 2026, (ii) certain minimum liquidity requirements under Loan and Security Agreement are waived through February 13, 2026, and (iii) and increase the delayed draw commitment from $26,000,000 to $28,000,000. A full text copy of the Twenty Fifth Bridge Loan Amendment is available at https://tinyurl.com/mryxfcft Seventeeth Delayed Drawdown As previously disclosed, on April 23, 2024, the Company, Venus USA, Venus Canada, and Venus Israel, entered into a Loan and Security Agreement, with the Lenders and Madryn, as administrative agent. Pursuant to the Loan and Security Agreement (as amended), the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000 which amount was subsequently increased to $28,237,906.85. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. -- The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. -- The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. -- The third drawdown under the Loan and Security Agreement occurred on September 11, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. -- The fourth drawdown under the Loan and Security Agreement occurred on November 1, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. -- The fifth drawdown under the Loan and Security Agreement occurred on November 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,200,000. -- The sixth drawdown under the Loan and Security Agreement occurred on December 9, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. -- The seventh drawdown under the Loan and Security Agreement occurred on January 27, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $3,000,000. -- The eighth drawdown under the Loan and Security Agreement occurred on February 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,300,000. -- The ninth drawdown under the Loan and Security Agreement occurred on April 4, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The tenth drawdown under the Loan and Security Agreement occurred on May 22, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The eleventh drawdown under the Loan and Security Agreement occurred on July 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The twelfth drawdown under the Loan and Security Agreement occurred on August 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The thirteenth drawdown under the Loan and Security Agreement occurred on September 19, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The fourteenth drawdown under the Loan and Security Agreement occurred on October 28, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. -- The fifteenth drawdown under the Loan and Security Agreement occurred on November 25, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. -- The sixteenth drawdown under the Loan and Security Agreement occurred on December 9, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. On January 29, 2026, the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The Seventeenth Delayed Drawdown was funded on January 29, 2026. The Company expects to use the proceeds of the Seventeenth Delayed Drawdown, after payment of transaction expenses, for general working capital purposes. For additional information regarding the Bridge Financing, please see the Current Report on Form 8-K, including the exhibits thereto, filed by the Company with the Securities and Exchange Commission on April 24, 2024. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $61.6 million in total assets, $58.5 million in total liabilities, and $2.7 million in total stockholders' equity. VIVAKOR INC: Pushes Notes Maturity to Jan 2027 with Payoff Plan --------------------------------------------------------------- Vivakor, Inc. disclosed in a regulatory filing that the Company entered into Forbearance and Note Amendment Agreements with the each of the seven non-affiliated accredited investors (the "Lenders"). As previously reported, between June 6, 2025 and June 9, 2025, the Company issued convertible promissory notes, to the Lenders, in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. As of the date the Forbearance and Note Amendment Agreements were entered into the Company owes approximately $2,242,793 under the Lender Notes, having satisfied approximately $2,874,854 of the aggregate principal amount since the Lender Notes were issued. Under the terms of the Agreements: (i) the parties agreed to extend the maturity date of the Lender Notes until January 31, 2027; (ii) the Company agreed to issue an aggregate of 56,167,665 shares of its restricted common stock; (iii) the Company agreed to pay the following aggregate amounts to payoff the Lender Notes: * $378,433.25 on or before March 1, 2026, * $396,414.53 on or before April 30, 2026, * $258,903.84 on or before June 30, 2026, * $454,796.89 on or before July 31, 2026, * $17,433.25 on or before September 30, 2026, * $356,193.98 on or before October 31, 2026, * $372,627.23 on or before January 31, 2027; and (iv) no conversions will be permitted under the Lender Notes unless the Company either fails to pay the Lender Notes in accordance with the payment terms or the Company fails to get re-listed on Nasdaq on or before February 28, 2026, which date will be extended if the only requirement for the Company to get re-listed is the completion of a reverse stock split of the Company's common stock so long as the Company is in the process of completing the reverse stock split. A full text of copy the Form of Forbearance and Note Amendment Agreement and its exhibits are available at https://tinyurl.com/mv4y6dxv About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $160,131,145 in total assets, $96,092,579 in total liabilities, and $64,038,566 in total stockholders' equity. VIVAKOR INC: Secures Forbearance on Convertible Notes to 2027 ------------------------------------------------------------- Vivakor, Inc., an integrated provider of energy transportation, storage, reuse, and remediation service, announced on Feb. 9, 202, that it has entered into forbearance agreements with eight investors holding the Company's convertible promissory notes, extending maturities until 2027 and revising payment terms as part of its ongoing efforts to address its capital structure and support compliance with Nasdaq listing standards. Under the terms of the agreements, the noteholders have agreed to forbear from exercising default remedies, subject to Vivakor's compliance with amended terms. The agreements extend the maturity of the notes to January 2027 and establish revised payment schedules requiring scheduled cash payments through maturity. Vivakor Chairman and Chief Executive Officer James Ballengee, commented, "These agreements provide additional time and address our near-term obligations and align our capital structure as we complete the steps required to restore our Nasdaq listing. Our ability to extend and pay off these Noteholders is supported by our recently executed non-binding Letter of Intent to sell our midstream business and transportation assets of CPE Gathering MidCon, LLC to Olenox Industries, Inc. for approximately $36 million, which would be paid in a combination of cash, promissory note, common and preferred stock, and is based on $4.56 million in annual EBITDA, pursuant to a take-or-pay guarantee of Vivakor. Concurrently, we continue to evaluate strategic, operational, and financial alternatives to strengthen the Company's long-term position." Conversions under the notes are limited unless the Company fails to make the agreed payments or does not get relisted on Nasdaq by February 28, 2026. This deadline may be extended if the Company has applied for a reverse stock split and is awaiting regulatory approval necessary to complete the split. As a result of the amended terms, the agreements reduce near-term maturity and conversion pressure while the Company works to complete the steps required to regain compliance with Nasdaq listing standards. The Company entered into the agreements as part of its ongoing efforts to address its capital structure, preserve liquidity, and support compliance with Nasdaq listing standards, while it continues to evaluate strategic, operational, and financial alternatives to enhance long-term value. There can be no assurance that the Company will regain compliance with Nasdaq listing requirements, get relisted on Nasdaq, or meet all obligations under the forbearance agreements. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VPR BRANDS: Settles ELF Trademark Disputes for $5.25 Million ------------------------------------------------------------ VPR Brands, LP, disclosed in a regulatory filing that the Company and Elf Brand, LLC, an unaffiliated licensee of the Company, entered into a Litigation Resolution Agreement with Shenzhen Weiboli Technology Co, Ltd, Shenzhen iMiracle Technology Co. Ltd., iMiracle (HK) Limited, Heaven Gifts International Limited, YLSN Distribution LLC, ECTO World LLC, D&A Distribution LLC, UNISHOW (U.S.A.), Inc., SV3 LLC d/b/a MI-POD, Kingdom Vapor Inc., and GD Sigelei Electronic Tech. Co Ltd., Waterfall Holding LLC, LA Vapor, Inc., World Wholesale Inc., G&A Wholesale Distributors Inc., and Kloud King Distributors, Inc. d/b/a KKSMOKE.COM (collectively the "Defendants"). The parties entered into the Agreement in connection with settlement of all disputes between them, including certain pending litigation identified in the Agreement concerning U.S. trademark 5,486,616 for the mark ELF in International Class 34 for use in connection with "Electronic cigarette lighters; Electronic cigarettes; Smokeless cigarette vaporizer pipe" and U.S. patent number 8,205,622 entitled "Electronic Cigarette". The parties to the Agreement deny any other party's allegations and claims in such litigation, do not admit liability, and desire to settle and compromise all disputes between them, including the Actions, on the terms and conditions set forth in the Agreement. Pursuant to the terms of the Agreement: (i) the Company and the Defendants agreed to dismiss the Actions with prejudice within one business day of receipt by the Company of $5,250,000 from the Defendants, and (ii) the Company agreed to dismiss with prejudice any other pending action in the U.S. and worldwide against any Defendant within five business days of receipt of the Consideration. The Company will receive $3,200,000 of the Consideration, after payment of attorneys' fees. Additionally, the Company irrevocably conveyed, transferred and assigned to iMiracle all of the Company's right, title and interest in and to the '616 Trademark and all U.S. trademark registrations and trademark applications for any elf-formative marks, together with the goodwill of the business connected with the use of, and symbolized by, the Assigned Trademarks (as defined in the Agreement). In furtherance thereof, the Company agreed to transfer, assign, convey and deliver to iMiracle, at no additional consideration, certain tangible and/or intangible assets materially related to and necessary to evidence and preserve the goodwill symbolized by the Assigned Trademarks, and to assign and transfer to iMiracle all of the Company's right, title and interest in the ELF trademarks identified in the Agreement. Pursuant to the terms of the Agreement, within the 75-day period after the effective date of the Agreement, the Company and EBL may sell off existing inventory of ELF branded products already manufactured and in stock as of the effective date of the Agreement. The Company and its affiliates may not manufacture or produce any new products bearing the Assigned Trademarks, including but not limited to, any products branded, labeled, packaged or otherwise identified as "ELF" or any confusingly similar designation, at any time on or after the effective date of the Agreement. The Company also agreed to, and agreed to cause its affiliates to, irrevocably withdraw, dismiss and terminate all ELF Trademark Challenge Proceedings (as defined in the Agreement) within 10 business days following execution of the Agreement. The Company also agreed to file with the U.S. Patent and Trademark Office, within 14 days of execution of the Agreement, a request for the express abandonment of U.S. Application Serial No. 97834845, and to irrevocably withdraw and abandon the trademark applications identified in the Agreement filed with the European Union Intellectual Property Office, the United Kingdom Intellectual Property Office and the Canadian Intellectual Property Office. Pursuant to the terms of the Agreement, the Company granted to Defendants a fully paid, worldwide, irrevocable, non-exclusive, perpetual license to the '622 Patent. The Agreement contains customary representations, warranties and covenants of the Company and the Defendants. A full text copy of the Agreement is available at https://tinyurl.com/yt6n6kw8 About VPR Brands Headquartered in Ft. Lauderdale, Fla., VPR Brands, LP -- http://www.VPRBrands.com/-- is a company engaged in the electronic cigarette and personal vaporizer business. Los Angeles, Calif.-based Kreit & Chiu CPA LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's financial position and operating results raise substantial doubt about the Company's ability to continue as a going concern. The Company generated negative cash flows from operations of $729,536 for the nine months ended September 30, 2025, and had negative working capital of $272,000 and cash of $540,650 as of September 30, 2025. The Company's financial position and operating results raise substantial doubt about the Company's ability to continue as a going concern, as reflected by the net loss of $449,752 and $1,061,615 for the three and nine months ended September 30, 2025, respectively, and accumulated deficit of $8,656,012 and $7,594,395, as of September 30, 2025, and December 31, 2024, respectively. As of September 30, 2025, the Company had $1,879,741 in total assets, $2,223,079 in total liabilities, and total partners' deficit of $343,338. WASHINGTON-MCLAUGHLIN: Case Summary & Four Unsecured Creditors -------------------------------------------------------------- Debtor: The Washington-McLaughlin Christian School, Inc. a/k/a The Washington-McLaughlin Christian School 6501 Poplar Avenue Takoma Park, MD 20912 Business Description: The Washington-McLaughlin Christian School, Inc., based in Takoma Park, Maryland, holds property formerly used for a private Christian school and constitutes its primary real estate asset. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-11355 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Counsel: Augustus T. Curtis, Esq. OFFIT KURMAN, P.A. 7501 Wisconsin Ave, Suite 1000W Bethesda, MD 20814 Tel: 240-507-1756 Fax: 240-507-1735 E-mail: augie.curtis@offitkurman.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Pauline P. Washington as president and administrator. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PLTAKAI/The_Washington-McLaughlin_Christian__mdbke-26-11355__0001.0.pdf?mcid=tGE4TAMA WE WEST: Seeks to Sell Towing Services Business at Auction ---------------------------------------------------------- WE West Texas Towco LLC and its affiliates Sheffield Towing Service LLC, Balmorhea Towing Service, LLC, Sanderson Towing and Truck Tires LLC, Fort Stockton Towing and Truck Tires LLC, and 24/7 Towing and Recovery LLC seek permission from the U.S. Bankruptcy Court for the Western District of Texas, Midland Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Sheffield, Balmorhea, Sanderson, Fort Stockton, and 24/7 (all Texas limited liability companies) are wholly owned subsidiaries of Towco (a Delaware limited liability company). Together, the Debtors provide towing, recovery, and roadside services in West Texas. In May 2025, one of the Debtors’ drivers was involved in a motor vehicle accident, and multiple lawsuits were filed against the Debtors. The Debtors commenced these bankruptcy cases to manage litigation exposure through insurance, preserve asset value, and conduct a sale of the Debtors' business and assets free and clear under section 363, which the Debtors anticipate will generate available cash flow and payments to creditors. The Debtors have negotiated a Letter of Intent with FirstLine Road Solutions, LLC dated December 30, 2025, pursuant to which FirstLine proposes to acquire substantially all of the Debtor’s assets for $1,800,000 in cash, subject to higher and better offers through a competitive bidding process. The assets to be sold include, but are not limited to: a. Real property in Sheffield, Texas, including: i. Main office at 1015 Garrett Street, Sheffield, TX 79781; ii. Storage yard-garage shop-trailers at 900 Garrett Street, Sheffield, TX 79781; and iii. Boneyard at coordinates 30.68694839259028 -101.82087515597057. b. Real property in Balmorhea, Texas, including: i. 304 Dallas Street, Balmorhea, TX 79718. c. Real property in Fort Stockton, Texas, including: i. 2269 W Gomez Rd, Fort Stockton, TX 79735. d. The Debtor's approximately 29 vehicles. e. Certain executory contracts. "Sheffield Towing" branding is an excluded asset. Substantially all other assets utilized in the operation of the business, including customer and vendor agreements, but excluding the "Sheffield Towing" branding. The proposed sale would be on a cash-free, debt-free basis, with the purchase price payable in cash at closing. The Debtors believe that the proposed sale to FirstLine as the stalking horse bidder, subject to higher and better offers through a competitive bidding process, represents the best opportunity to maximize value for the benefit of the Debtor’s creditors and estate. To participate in the auction, a potential bidder must submit a written offer to purchase the Assets on terms and conditions at least as favorable to the Debtors as those contained in the LOI with FirstLine, accompanied by a good faith deposit of at least 10% of the purchase price. The initial minimum overbid must exceed FirstLine's bid by at least $140,000, representing the sum of the Break-Up Fee of $50,000, the maximum Expense Reimbursement of $65,000, and an initial bidding increment of $25,000. Subsequent bids must be in increments of at least $75,000. At the conclusion of the auction, the Debtors will select the highest and best offer as the successful bid, subject to Court approval. A cash payment of $50,000 break-up fee to FirstLine if the Assets are sold to a party other than FirstLine. The Debtors believe that the proposed bid protections are reasonable and appropriate under the circumstances and are necessary to induce FirstLine to serve as the stalking horse bidder. The Debtors seek approval of GM Consultants, Inc.'s (Broker) commission of 5% of proceeds that exceed $1.75 million for services rendered in connection with the proposed sale. The Debtors request that the Court schedule an auction and sale hearing to consider an auction (if required) and to approve the sale of the Assets to the successful bidder on or about April 13, 2026, or as soon thereafter as the Court's calendar permits. The Debtors propose that objections to the sale, if any, be filed and served no later than April 6, 2026. Holding the auction at the sale hearing is in the best interest of the estates because it reduces administrative costs and provides for immediate judicial oversight of the competitive process. The proposed bidding procedures are designed to maximize the value received for the Assets by encouraging competitive bidding while providing reasonable bid protections to the stalking horse bidder. About WE West Texas Towco LLC WE West Texas Towco, LLC provides towing, roadside assistance, and vehicle recovery services across West Texas, including light, medium, and heavy-duty towing for motorcycles, cars, semi-trucks, and construction equipment. Towco and its subsidiary, Sheffield Towing Service, LLC, filed Chapter 11 petitions (Bankr. W.D. Texas Lead Case No. 26-70003) on January 2, 2026. At the time of the filing, Towco reported $6,550,489 in total assets and $2,255,739 in total liabilities while Sheffield reported between $1 million and $10 million in assets and liabilities. Charlie Shelton, Esq., at Hayward, PLLC represents the Debtors as legal counsel. WEINBERG CAPITAL: Unsecured Creditors to Split $40K in Plan ----------------------------------------------------------- Weinberg Capital Investments LLC ("WCI") filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated February 3, 2026. WCI develops property. It holds three pieces of real estate, two of which are currently vacant lots. The third one is commonly known as 1641 Viewmont Drive, Los Angeles, California 90069 ("Viewmont Property"). The property was acquired on February 2, 2022 for approximately $1,218,599. The Viewmont Property was acquired from Leonard Steckler & Enid P. Steckler on or about December 13, 2013. As part of the acquisition, the existing liens were assumed but remained under the names of the former owners. The Debtor has been in the process of developing the Viewmont Property. However, because the loans were not under its name, the Debtor has been impeded in simply refinancing and has focused on developing it so that it can be refinanced or sold for an amount sufficient to pay off the encumbrances. At one point, the Debtor was making monthly payments to the Bank, but then stopped accepting payments when the Debtor's previous bankruptcy case was dismissed. The Bank's constant threat to foreclose on the Viewmont Property while not accepting monthly payments has made obtaining funding and working on the property difficult. The Debtor's Plan basically consists of assuming its contract with Prime Point Contracting, Inc. by which Prime Point Contracting, Inc. commits to pay hundreds of thousands of dollars to complete the Viewmont Property in exchange for payment of the full contracted amount of $1,540,751.64. Completion of the project will increase the value of the Viewmont Property by $1-2 Million. The Debtor will have its Viewmont Property completed by Prime Point Contracting, Inc., which will fund the completion out of its own pockets to fund payments under the Plan. Proof of Prime Point Contracting, Inc.'s expertise, experience and wherewithal would be Exhibit 2, will be provided to parties upon request. The Plan Proponent anticipates selling the Viewmont Property for $3,600,000 to $4,000,000 after it has been completed by Prime Point Contracting. The final Plan payment is expected to be paid in approximately November or December 2026, which is the time after the Viewmont Property has been completed, marketed and sold. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $40,000. This Plan also provides for the payment of administrative and priority claims. The Plan provides for: * Payment of administrative claims on the Effective Date or after they have been approved by the Court as agreed upon by the holders of administrative claims; and, * Payment in full of property taxes (which are both a priority claim and a secured claim classified as part of Class 1), secured claims, priority claim of the IRS of $1,470, cure and total amounts due under the Debtor's executory contract with Prime Point Contracting, Inc., which will pay for and complete the Viewmont Property in exchange for such payment. Class 6 consists of Non-priority unsecured creditors. Holders of claims in this class shall receive a pro rata share of $40,000. This amount may increase as required by law or decrease due to feasibility pursuant only to order of the Court. In addition, in a nonconsensual plan, holders of general unsecured claims may receive additional distributions from any surplus funds from the sale of the Viewmont Property after paying all secured claims, administrative claims and expenses of sale. Class 7 consists of Convenience Claims of Non-priority unsecured creditors. Paid in full on Effective Date. The interests of the holders of equity in property of the estate. All of the Debtor's equity interests shall vest in the Debtor's members as of the Petition Date in the same percentage they held as of that time. The Debtor anticipates funding the Plan with contributions from its managing member and the sale of the Viewmont Property. A full-text copy of the Plan of Reorganization dated February 3, 2026 is available at https://urlcurt.com/u?l=2ygsaf from PacerMonitor.com at no charge. Counsel to the Debtor: Giovanni Orantes, Esq. The Orantes Law Firm, P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Telephone: (213) 389-4362 Facsimile: (877) 789-5776 E-mail: go@gobklaw.com About Weinberg Capital Investments Weinberg Capital Investments LLC develops property and holds three pieces of real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12068) on Nov. 5, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Victoria S. Kaufman presides over the case. Giovanni Orantes, at Orantes Law Firm PC, is the Debtor's legal counsel. WELTY SERVICES: Brazoria County Property to Coastal Cutters OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, has granted Welty Services, LLC, d/b/a Brazoria County Truck Outfitters, d/b/a Jones And Hadley and d/b/a Mike’s Paint and Body Shop, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 2201 South Velasco, Hwy 288B, consists of 5 acres of unimproved land located in Brazoria County, TX, generally in the Angleton area. The Court has authorized the Debtor to sell the Property to Coastal Cutters, LLC and Joel Delgado in the purchase price of $325,000. The Debtor is authorized to sell the raw land, free and clear of any lien, claim, interest or encumbrance with any liens to attach to the net proceeds. The Debtor is authorized to pay all lien holders in full, to pay commissions and all costs of sale. The transaction is one at arms' length and the sale is in the best interests of the estate and creditors. About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. The Debtor tapped Genevieve Graham, Esq., at Graham, PLLC and Steven R. Fox, Esq., at FoxLaw Corporation Inc. as counsel. WH INTERMEDIATE: Lands' End Transaction No Impact on Moody's B2 CFR ------------------------------------------------------------------- Moody's Ratings said that WH Intermediate, LLC's (WHP) joint venture agreement with Lands' End, Inc. (LE, unrated) does not impact WHP's existing ratings or outlook, including its B2 corporate family rating and B2-PD probability of default rating, and the B2 ratings on the senior secured credit facilities issued by WHP's subsidiary, WH Borrower, LLC. While the transaction will modestly increase WHP's leverage, it will increase the company's scale and add a well-recognized brand to its portfolio. WHP is acquiring a controlling 50% stake in Lands' End's intellectual property (IP) for $300 million and is purchasing $100 million of LE common stock through a tender offer. LE will contribute all intellectual property to a newly formed joint venture, including all license agreements. LE will serve as the core licensee under a long-term licensing agreement that includes annual guaranteed minimum royalties of $50 million. Following the transaction, WHP will own up to a 7% share of LE's common equity, while LE will remain a public company and will use the proceeds to retire its outstanding term loan. The transaction will be funded with a proposed $250 million add-on first-lien term loan, a $60 million borrowing on WHP's $175 million revolving credit facility issued by WH Borrower, LLC, and balance sheet cash. The add-on term loan is expected to be rated in-line with the company's existing first-lien term loan. The IP acquisition will increase WHP's scale through the addition of a well-recognized, predominantly digital direct-to-consumer brand with a heritage in core apparel categories. LE generated approximately $1.3 billion of revenue and $93 million of adjusted EBITDA for the twelve months ended September 2025. The transaction will modestly increase WHP's Moody's adjusted debt/EBITDA to an estimated pro-forma 5.6x from 5.4x as of Q3 2025 while EBITA/interest coverage remains at 2.0x. Moody's expects WHP to have a good liquidity profile over the next 12-18 months, including solid free cash flow, good revolver availability and a lack of near term debt maturities. Headquartered in New York, NY, WH Intermediate, LLC is a brand management company with a portfolio of brands that includes EXPRESS, Toys "R" Us, Vera Wang, G-Star Raw, Anne Klein, Warners, Rag & Bone, Joseph Abboud, Lotto, Bonobos, Joe's Jeans, Isaac Mizrahi, and Babies "R" Us. The company is majority owned by private equity firms and management, including funds managed by Oaktree Capital Management, L.P. and Ares Management Corporation. WH Borrower, LLC is the borrowing entity in the credit group and WH Intermediate, LLC is its direct parent, guarantor and financial reporting entity. Pro forma annual revenue exceeds $300 million. WILD KITTY: Employs Kutner Brinen Dickey Riley as Counsel --------------------------------------------------------- Wild Kitty Waxing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree continuation of pending proceedings and commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm's customary hourly rates are: Jeffrey S. Brinen $600, Jenny Fujii $440, Jonathan M. Dickey $425, Keri L. Riley $410, and Paralegal $100. The firm received a retainer of $20,000, of which $15,149.50 remained on the Petition Date. To the best of Debtor's and Counsel's knowledge, Counsel has no connection or relationship with creditors and is disinterested as defined in the Bankruptcy Code, according to court filings. The firm can be reached at: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com About Wild Kitty Waxing, LLC Wild Kitty Waxing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10687) on February 5, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $50,001 and $100,000. Judge Michael E. Romero oversees the case. Kutner Brinen Dickey Riley, P.C. is Debtor's legal counsel. WILLIAM D. LEDFORD: Seeks Court OK to Use Cash Collateral --------------------------------------------------------- William D. Ledford, DDS, LLC asks the U.S. Bankruptcy Court for the Western District of Missouri for authority to use cash collateral and provide adequate protection. At the time of its Chapter 11 filing, the Debtor held $2,572 in its bank accounts and anticipates collecting additional payments from clients, which will be deposited as further cash collateral. These funds are critical to paying regular operating expenses, including salaries, utilities, and other costs essential to maintaining the practice, as the Debtor has no other source of income and insufficient funds to operate otherwise. The Debtor has filed a four-month cash flow statement detailing anticipated expenses. Several creditors hold UCC-1 liens on the Debtor's assets, including BMO Bank, N.A., which is believed to be the senior lienholder. BMO Bank is owed approximately $570,724, and the Debtor's total assets including $2,572 in cash, $71,461 in accounts receivable, and dental equipment valued at $71,397, are significantly less than this debt. As adequate protection, the Debtor proposes monthly payments of $3,100 to BMO Bank starting March 4, which over time would cover the value of the collateral as of the petition date. Other secured creditors include the U.S. Small Business Administration, Idea 247, Inc., and OnDeck, against whom no equity remains for collateral attachment. OneView Finance, holding a purchase-money lien on certain dental equipment, will receive monthly adequate protection payments of $220 starting March 4. A copy of the motion is available at https://urlcurt.com/u?l=4zYRoT from PacerMonitor.com. About William D. Ledford DDS William D. Ledford, DDS, LLC is a Missouri-based dental practice providing general and specialty dental care services. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40187) on February 2, 2026. In its petition, the Debtor reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Cynthia A. Norton handles the case. The Debtor is represented by Gary Mardian, Esq., at Wiesner & Frackowiak, L.C. YUM BRANDS: To Close 250 Pizza Hut Restaurants Nationwide --------------------------------------------------------- Restaurant Dive reports that Pizza Hut will close roughly 250 U.S. stores during the first half of 2026 as Yum Brands continues to evaluate the chain's long-term strategy, executives said during the company's fourth-quarter earnings call. The review, which began last 2025, includes consideration of a potential divestiture of the brand. Pizza Hut has faced ongoing competitive pressures and has not matched the sales growth of other national pizza operators. Yum reported that Pizza Hut's domestic same-store sales fell 3% in the fourth quarter and declined 5% for the full year, signaling persistent headwinds for the chain. About Yum Brands Yum! Brands, Inc., based in Louisville, Kentucky, owns the KFC (R), Pizza Hut (R) and Taco Bell (R) brands. [] Canadian Insolvencies Hit Record $67,496 Unsecured Debt in 2025 ------------------------------------------------------------------ Canadians filing insolvency are carrying more debt, across more accounts, with higher balances than at any point since tracking began, according to the latest study by Licensed Insolvency Trustees Hoyes, Michalos & Associates Inc. The annual study, which examines the financial profile of individuals filing insolvency, found that the average insolvent debtor owed $67,496 in unsecured debt in 2025, the highest level recorded since the study began in 2011. Debt loads increased 11.2% in just one year and nearly 37% over the past three years. "This isn't about one bad financial decision or a sudden crisis," said Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates. "Canadians are layering borrowing on top of borrowing, leading to insolvencies with unprecedented debt levels." Scale and Accumulation Key indicators of financial strain among insolvent Canadians in 2025 include: -- A higher number of creditors (10.5 on average, the highest level since 2013) -- More credit cards (3.5 per debtor, up 13.3% in one year) -- More payday loans among users (4.9 loans, the highest ever) -- Higher balances across nearly every major debt category "Canadians are using credit as a coping strategy," said Ted Michalos, Licensed Insolvency Trustee and co-founder of the firm. "That strategy works for a while, but it's a delaying tactic, not a solution. By the time people file, they're not dealing with one problem -- they're dealing with ten." Credit card debt continued to play a leading role. Average credit card balances increased 20.2% in 2025 and now account for 36% of total unsecured debt, the highest share seen in more than a decade. Homeowner Insolvency Risk Is Rising While homeowners still account for a relatively small share of insolvency filings, their presence is growing. In 2025, homeowners represented 8% of all insolvencies, up from 5% in 2024. More concerning is the deterioration in their financial position. Nearly one in four insolvent homeowners (23%) filed with negative home equity. At the same time, unsecured debt among insolvent homeowners increased 12.6% year over year, compounding the strain of higher mortgage payments. On average, insolvent homeowners carried $111,995 in unsecured debt. "For years, home equity has acted as a pressure valve," said Doug Hoyes. "That buffer is eroding. When homeowners lose the ability to refinance or consolidate, unsecured debt starts to pile up quickly, and insolvency risk rises." Why Insolvencies Haven't Surged -- Yet Despite worsening debt profiles, insolvency filings increased by just 1.2% in Ontario and 1.4% nationally in 2025. This apparent stability does not signal improving financial health. Instead, it reflects households stretching their finances further by borrowing more, prioritizing minimum payments, and delaying financial reckoning. "Layering credit can buy time, but it doesn't fix the problem. Once borrowing capacity runs out, insolvency filings tend to rise quickly," said Ted Michalos. Debtors are entering insolvency later in the debt cycle, with higher balances and more accounts, suggesting that financial stress is being stored rather than resolved. As higher interest rates and mortgage renewals continue to work their way through household budgets, insolvency filings are likely to rise in 2026. For more information, see the complete Joe Debtor study at https://www.hoyes.com/press/joe-debtor/. About Hoyes, Michalos & Associates, Inc. Hoyes, Michalos & Associates Inc., a Licensed Insolvency Trustee firm co-founded by Doug Hoyes and Ted Michalos in 1999, has established itself as the leading voice on personal debt issues in Ontario. Hoyes Michalos provides real debt management solutions to help Ontarians climb out of debt, including consumer proposals and personal bankruptcy, with offices throughout Ontario. Further information is available at www.hoyes.com [] Fitch Affirms 10 NA Utilities/Power/Gas Holding Cos' Ratings --------------------------------------------------------------- Fitch Ratings has affirmed 10 North American utilities, power and gas holding companies' ratings and their related subsidiaries' ratings: 1. Centerpoint Energy, Inc. 2. Consolidated Edison, Inc. 3. Dominion Energy, Inc. 4. Eversource Energy 5. The Southern Company 6. DTE Energy Co.   7. Emera Incorporated (related subsidiaries EUSHI Finance, Inc.; Emera US Finance LP) 8. NiSource Inc. (related subsidiary Northern Indiana Public Service Company) 9. CMS Energy Corporation 10. Sempra 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 Centerpoint Energy, 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 (a, Moderate), Company Operational Characteristics (bbb+, Higher), 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 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 a consolidated approach. Consolidated Edison, 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 (bbb+, 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 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 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. Dominion Energy, 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 (a, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast year 2026, 33% for the forecast year 2027 and 33% 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 'bbb+'.  To derive the IDR:    - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Eversource Energy 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-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, 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: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. The Southern 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+, Moderate), Sector Characteristics (a-, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a, Higher), 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 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 a consolidated approach. DTE Energy Co. 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 (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), 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 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 a consolidated approach. Emera 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+, Moderate), Sector Characteristics (a, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, 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 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. NiSource 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 (a-, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), 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 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 Rating Criteria results in a(n) consolidated approach. CMS Energy 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 (a-, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), 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 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'. - The ST-IDR is 'F2'.   To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated approach. Sempra 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 (a, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (a, 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 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 a consolidated approach. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- CenterPoint Energy, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB junior subordinated LT BB+ Affirmed BB+ senior secured LT A Affirmed A senior unsecured ST F2 Affirmed F2 senior secured ULT A Affirmed A The Southern Company LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 junior subordinated LT BBB Affirmed BBB senior unsecured LT BBB+ Affirmed BBB+ junior subordinated LT BBB- Affirmed BBB- senior unsecured ST F2 Affirmed F2 Eversource Energy LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 senior unsecured LT BBB Affirmed BBB senior unsecured ST F3 Affirmed F3 NiSource Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB junior subordinated LT BB+ Affirmed BB+ senior unsecured ST F2 Affirmed F2 Emera US Finance LP senior unsecured LT BBB Affirmed BBB EUSHI Finance, Inc. junior subordinated LTBB+ Affirmed BB+ DTE Energy Company LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB junior subordinated LT BB+ Affirmed BB+ senior unsecured ST F2 Affirmed F2 Dominion Energy, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ preferred LT BBB- Affirmed BBB- junior subordinated LT BBB- Affirmed BBB- senior unsecured ST F2 Affirmed F2 Emera Incorporated LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB preferred LT BB+ Affirmed BB+ junior subordinated LT BB+ Affirmed BB+ Consolidated Edison, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured ST F2 Affirmed F2 Northern Indiana Public Service Company LT IDR BBB Affirmed BBB senior unsecured LT BBB+ Affirmed BBB+ CMS Energy Corporation LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB junior subordinated LT BB+ Affirmed BB+ preferred LT BB+ Affirmed BB+ Sempra LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ junior subordinated LT BBB- Affirmed BBB- senior unsecured ST F2 Affirmed F2 [] Fitch Affirms Rating on Several North American Telecom Issuers ----------------------------------------------------------------- Fitch Ratings has affirmed six North American telecommunication companies' and their related subsidiaries' and affiliates' ratings and also maintained Rating Watches on three companies and their related subsidiaries' ratings: 1. AT&T, Inc. 2. Charter Communications, Inc. 3. Cincinnati Bell, Inc. 4. Cox Enterprises, Inc. 5. DIRECTV Entertainment Holdings, LLC 6. Iridium Communications, Inc. 7. Telephone and Data Systems, Inc. 8. T-Mobile US, Inc. 9. Viasat, 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. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- New Cingular Wireless Services, Inc. LT IDR BBB+ Rating Watch Maintained BBB+ Connect U.S. FinCo LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Array Digital Infrastructure, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Iridium Satellite LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Charter Communications, Inc. LT IDR BB+ Rating Watch Maintained BB+ Telephone and Data Systems, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ preferred LT BB- Affirmed RR6 BB- Cox Communications, Inc. LT IDR BBB+ Rating Watch Maintained BBB+ ST IDR F1 Rating Watch Maintained F1 senior unsecured LT BBB+ Rating Watch Maintained BBB+ senior unsecured ST F1 Rating Watch Maintained F1 Connect Bidco Limited LT IDR B+ Affirmed B+ Cox Enterprises, Inc. LT IDR BBB+ Rating Watch Maintained BBB+ ST IDR F1 Rating Watch Maintained F1 senior unsecured LT BBB+ Rating Watch Maintained BBB+ senior unsecured ST F1 Rating Watch Maintained F1 T-Mobile USA, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Charter Communications Operating, LLC LT IDR BB+ Rating Watch Maintained BB+ senior secured LT BBB- Rating Watch RR1 BBB- Maintained Iridium Communications Inc. LT IDR BB Affirmed BB DIRECTV Financing, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Time Warner Cable Enterprises LLC LT IDR BB+ Rating Watch Maintained BB+ senior secured LT BBB- Rating Watch Maintained RR1 BBB- DIRECTV Entertainment Holdings LLC LT IDR BB Affirmed BB Viasat Technologies Limited LT IDR B Affirmed B Bellsouth Telecommunications, LLC LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ AT&T Enterprises, LLC LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ Wisconsin Bell, LLC LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ Connect Finco SARL LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Pacific Bell Telephone Company LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ AT&T Teleholdings, Inc. LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ Indiana Bell Telephone Company, LLC LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ Time Warner Cable, LLC LT IDR BB+ Rating Watch Maintained BB+ senior secured LT BBB- Rating Watch Maintained RR1 BBB- Cincinnati Bell Telephone Company LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ AT&T Mobility II LLC LT IDR BBB+ Rating Watch Maintained BBB+ AT&T Mobility LLC LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LT BBB+ Rating Watch Maintained BBB+ Cincinnati Bell, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ T-Mobile US, Inc. LT IDR BBB+ Affirmed BBB+ Viasat, Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- CCO Holdings, LLC LT IDR BB+ Rating Watch Maintained BB+ senior unsecured LT BB+ Rating Watch Maintained RR4 BB+ AT&T Inc. LT IDR BBB+ Rating Watch Maintained BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Rating Watch Maintained BBB+ preferred LT BBB- Rating Watch Maintained BBB- senior unsecured ST F2 Affirmed F2 Sprint Capital Corp. senior unsecured LT BBB Affirmed BBB Sprint Communications LLC LT IDR BBB+ Affirmed BBB+ Sprint LLC LT IDR BBB+ Affirmed BBB+ DIRECTV Financing Co-Obligor, Inc. senior secured LT BB+ Affirmed BB+ AT&T DW Holdings, Inc. LT IDR BBB+ Rating Watch Maintained BBB+ senior unsecured LTB BB+ Rating Watch Maintained BBB+ Key Rating Drivers Corporate Rating Tool Inputs and Scores AT&T, 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 (a-, Lower), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a, Moderate), Profitability (a, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 15% weight for the historical year 2024, 5% for the forecast 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 'bbb+'. Charter Communications, Inc. Fitch scored the issuer as follows, using Fitch's 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 (a-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Moderate), 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 assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Cincinnati Bell, 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, Lower), Market & Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b, Higher). - 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'. Cox Enterprises, 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+, Moderate), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Higher), 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 assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. DIRECTV Entertainment Holdings, 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 (bb+, Lower), Market & Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Higher), Financial Structure (a, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 35% for the forecast year 2025, 35% 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'. Iridium Communications, 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-, Lower), Market & Competitive Positioning (b+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (bbb-, 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'. Telephone and Data Systems, 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+, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 40% for the forecast year 2026, 40% for the forecast year 2027 and 10% 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 'bb+'. T-Mobile US, 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 (a-, Lower), Market and Competitive Positioning (a+, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (a-, Moderate), Profitability (a, 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 assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. Viasat, 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 (a-, Lower), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb, Moderate), 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. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b'. [] Fitch Affirms Ratings on 10 North American Mining Companies -------------------------------------------------------------- Fitch Ratings has affirmed 10 North American mining companies' and related subsidiaries' ratings: 1. Newmont Corporation (related subsidiaries Newcrest Mining Limited and Newcrest Finance PTY Limited) 2. Agnico Eagle Mines Limited 3. Freeport-McMoRan Inc. (related subsidiary Freeport Minerals Corporation) 4. Kinross Gold Corporation 5. Alliance Resource Partners, L.P. (related subsidiaries Alliance Resource Operating Partners, L.P. and Alliance Coal, LLC) 6. Champion Iron Limited (related subsidiary Champion Iron Canada Inc.) 7. Capstone Copper Corp. 8. Hudbay Minerals Inc. (related subsidiary HudBay Peru S.A.C.) 9. Eldorado Gold Corporation 10. Taseko Mines Limited 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 Newmont 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 (a, Higher), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'a-'. Agnico Eagle Mines Limited 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 (a-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'bbb+'. Freeport-McMoRan 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+, Lower), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bbb, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'bbb'. Kinross Gold 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, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (a-, Moderate), 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, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'bbb'. Alliance Resource 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 (bbb, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (a+, Lower), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'bb'. Champion Iron Limited 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 & Competitive Positioning (b+, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, 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, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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-'. Capstone Copper 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 (bbb, Lower), Market & Competitive Positioning (bb-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb-, Higher), Profitability (bb+, Moderate), Financial Structure (a, Lower), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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-'. Hudbay Minerals 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, Lower), Market & Competitive Positioning (bb-, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (a, Lower), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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-'. Eldorado Gold 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-, Lower), Market & Competitive Positioning (b-, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Moderate), Financial Structure (a, 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, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'b+'. Taseko Mines Limited 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 & Competitive Positioning (b-, Higher), Diversification and Asset Quality (b-, Moderate), Company Operational Characteristics (b-, Higher), Profitability (bb+, Lower), Financial Structure (bbb-, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 30% 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 'b-. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Capstone Copper Corp. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ Alliance Resource Operating Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Alliance Coal, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Newcrest Mining Limited LT IDR A- Affirmed A- Freeport-McMoRan Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Newcrest Finance PTY Limited senior unsecured LT A- Affirmed A- Taseko Mines Limited LT IDR B- Affirmed B- Senior Secured 2nd Lien LT B- Affirmed RR4 B- senior secured LT BB- Affirmed RR1 BB- Agnico Eagle Mines Limited LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Freeport Minerals Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Champion Iron Limited LT IDR BB- Affirmed BB- HudBay Peru S.A.C. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Kinross Gold Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Alliance Resource Partners, L.P. LT IDR BB Affirmed BB Champion Iron Canada Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Hudbay Minerals Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ Eldorado Gold Corporation LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT B+ Affirmed RR4 B+ Newmont Corporation LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- [] Fitch Affirms Ratings on Five North American Metals Companies ---------------------------------------------------------------- Fitch Ratings has affirmed five North American metals companies' and their related subsidiaries' ratings: 1. Reliance, Inc. 2. Carpenter Technology Corporation 3. AZZ Inc. 4. Ryerson Holding Corporation (related subsidiary Joseph T. Ryerson & Son, Inc.) 5. Kaiser Aluminum Corporation 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 Profiles (SCPs): Reliance, Inc. -- 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+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Higher), Financial Structure (a+, Lower), and Financial Flexibility (a, Lower); -- 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, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% 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+'. Carpenter Technology Corporation -- Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a+, Lower), Financial Structure (a+, Lower), and Financial Flexibility (bbb-, Higher); -- The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029; -- 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-'. AZZ Inc. -- Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Lower), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb+, Lower), Profitability (a+, Lower), Financial Structure (bbb+, Lower), and Financial Flexibility (bb, Higher); -- 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, 20% for the forecast year 2026, 20% for the forecast year 2027 an 20% 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 'bb'. Ryerson Holding Corporation -- 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, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Moderate), Financial Structure (bb, Moderate), 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, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% 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 'bb'. Kaiser Aluminum Corporation -- 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-, Lower), Profitability (b, Higher), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, 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, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% 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 'bb-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Carpenter Technology Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Kaiser Aluminum Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Joseph T. Ryerson & Son, Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Reliance, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ AZZ Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Ryerson Holding Corporation LT IDR BB Affirmed BB [] Fitch Affirms Ratings on Five North American Steel Companies --------------------------------------------------------------- Fitch Rating has affirmed Five North American steel companies' and their related subsidiaries' ratings: 1. Nucor Corporation 2. Steel Dynamics, Inc. 3. United States Steel Corporation 4. Commercial Metals Company 5. Algoma Steel Group Inc. (related subsidiary Algoma Steel 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 Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Nucor 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 (a-, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (bbb+, Higher), Financial Structure (a-, Higher), and Financial Flexibility (a, 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, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% 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-'. Steel Dynamics, 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+, Moderate), Profitability (bbb, Higher), Financial Structure (bbb+, Moderate), and Financial Flexibility (a, Lower). - 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, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% 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+'. Commercial Metals 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 & Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Higher), 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 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - 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+'. Algoma Steel Group 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+, Lower), Market & Competitive Positioning (b, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (b-, Moderate), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 20% for the forecast year 2027 and 60% 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 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- United States Steel Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB Steel Dynamics, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Commercial Metals Company LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Algoma Steel Inc. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB Senior Secured 2nd Lien LT BB- Affirmed RR2 BB- Algoma Steel Group Inc. LT IDR B Affirmed B Nucor Corporation LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- [] January 2026 U.S. Commercial Chapter 11 Filings Up 76% --------------------------------------------------------- There were 956 commercial Chapter 11 filings in January 2026, an increase of 76% from the 544 filings registered in January 2025, according to data provided by Epiq AACER, the leading provider of US bankruptcy filing data. The rise in overall commercial Chapter 11 filings is primarily driven by related filings from larger corporate parent companies. Small business filings, captured as subchapter V elections within Chapter 11, totaled 255 in January 2026, representing an increase of 68% from the 152 filings in January 2025. Overall, commercial filings increased 18% to 2840 in January 2026, up from the 2408 commercial filings in January 2025. "The significant spike in commercial Chapter 11 filings this month reflects the outsized impact that related filings from large corporate families can have on the overall landscape," said Michael Hunter, Vice President of Epiq AACER. "Individual filings also continue to show strong increases. With volumes steadily moving back toward pre-pandemic levels, it's clear that financial strain among those seeking bankruptcy protection is broad-based across both businesses and consumers." Total bankruptcy filings were 45,808 in January 2026, a 10% increase from the January 2025 total of 41,551. Individual bankruptcy filings also increased 10% to 42,968 in January 2026 from the 39,143 filings in January 2025. There were 25,805 individual Chapter 7 filings in January 2026, a 13% increase from the 22,934 filings recorded in January 2025. In addition, there were 17,052 individual Chapter 13 filings in January 2026, a 6% increase over the 16,103 filings in January the previous year. "The gap between current and pre-pandemic bankruptcy filing totals continues to narrow amid the growing financial strains on households and businesses," said Amy Quackenboss, Executive Director at ABI. "For distressed families and companies struggling with higher costs, tighter lending terms, and heightened geopolitical risks, bankruptcy remains a step toward restoring their financial footing." The large number of related filings pushed commercial Chapter 11s to a 61% increase over December's 593 filings. Overall, commercial filings increased 11% from the 2560 filings registered in December, and subchapter V elections within Chapter 11 increased 7% from the 239 filed in December 2025. Total bankruptcies registered a small decrease of 0.3% when compared to the December 2025 filing total of 45,950. Individual bankruptcies fell 1% from the 43,390 filings the previous month. Individual Chapter 7 filings decreased 5% from December's total of 27,151, but Chapter 13 filings increased 6% from 16,150 filings the previous month. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporations, law firms, and the courts by integrating people, process, technology, and data intelligence. Clients rely on Epiq to streamline legal, compliance, and settlement administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 17 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and its 4000 people worldwide create meaningful change at www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists, and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [] Pres. Trump Signs Bill Boosting Bankruptcy Fees, Judge Tenures ----------------------------------------------------------------- James Nani of Bloomberg Law reports that new bankruptcy reform legislation has been signed into law, updating long‑standing provisions for trustee compensation and judicial appointments. President Donald Trump signed the Bankruptcy Administration Improvement Act of 2025 on February 6, 2026. Under the act, Chapter 7 trustees in no‑asset cases will see their compensation double to $120 per case, the first such increase in over 30 years. The law also lengthens the terms of temporary bankruptcy judges from five years to 10 years, enhancing stability in the bankruptcy bench. The Senate bill, S. 3424, moved quickly through Congress, passing the House by voice vote last month after Senate approval in December. The House version, H.R. 3867, was introduced to parallel the Senate proposal and facilitate bipartisan passage, the report states. [] U.S. Farm Bankruptcies Continue to Increase in 2025 ------------------------------------------------------ Samantha Ayoub of Farm Bureau reports that Chapter 12 filings climbed to 315 in 2025, marking a second straight year of increases and a 46% jump over 2024. The growth highlights the financial challenges facing family farms across the nation. The Midwest and Southeast posted the highest numbers, with 121 and 105 cases, respectively. Farmers in these regions have suffered severe crop losses, compounding years of declining income and rising operational costs, the report relays. Only families earning the majority of their income from farming qualify for Chapter 12. As off-farm earnings become more critical for sustaining operations, many farms fall outside eligibility and may face closure when mounting debt and expenses overwhelm them, according to report. [^] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures --------------------------------------------------------------- Bailout: An Insider's Account of Bank Failures and Rescues Author: Irvine H. Sprague Publisher: Beard Books Soft cover: 321 pages List Price: $34.95 Order your personal copy at https://ecommerce.beardbooks.com/beardbooks/bailout.html No one is more qualified to write a work on this subject of bank bailouts. Holding the positions of chairman or director of the Federal Deposit Insurance Corporation (FDIC) during the 1970s and 1980s, one of Sprague's most important tasks was to close down banks that were failing before they could cause wider damage. The decades of the 1970s and '80s were times of high interest rates for both depositors and borrowers. Rates for depositors at many banks approached 10%, with rates for loans higher than that. The fierce competition in the banking industry to offer the highest rates to attract and keep depositors caused severe financial stress to an unusually high number of banks. Having to pay out so much in interest to stay competitive without taking in much greater deposits was straining the cash and other assets of many banks. The unprecedented high interest rates also had the effect of reducing the number of loans banks were giving out. There were not so many borrowers willing to take on loans with the high interest rates. With the disruptions in their interrelated deposits and loans, many banks began to engage in unprecedented and unfamiliar financial activities, including investing in risky business ventures. As well as having harmful effects on local economies, the widely reported troubles of a number of well-known and well-respected banks were having a harmful effect on the public's confidence in the entire banking industry. Sprague along with other government and private-sector leaders in the banking and financial field realized the problems with banks of all sizes in all parts of the country had to be dealt with decisively. Action had to be taken to restore public confidence, as well as prevent widespread and long-lasting damage to the U.S. economy. Sprague's task was one of damage control largely on the blind. The banking industry, the financial community, and the government and the public had never faced such a large number of bank failures at one time. The Home Loan Bank Board for the savings-and-loans associations had allowed these institutions to treat goodwill as an asset in an effort to shore up their deteriorating financial situations with disastrous results for their depositors and U.S. taxpayers. Such a desperate stratagem only made the problems with the savings-and-loans worse. The banks covered by the FDIC headed by Sprague were different from these institutions. But the problems with their basic business of deposits and loans were more or less the same. And the cause of the problem was precisely the same: the high interest rates. Faced with so many bank failures, Sprague and the government officials, Congresspersons, and leaders he worked with realized they could not deal effectively with every bank failure. So one of their first tasks was to devise criteria for which failures they would deal with. Their criteria formed what came to be known as the "essentiality doctrine." This was crucial for guidance in dealing with the banking crisis, as well as for explanation and justification to the public for the government agency's decisions and actions. Sprague's tale is mainly a "chronicle [of] the evolution of the essentiality doctrine, which derives from the statutory authority for bank bailouts." The doctrine was first used in the bailout of the small Unity Bank of Boston and refined in the bailouts of the Bank of the Commonwealth and First Pennsylvania Bank. It then came into use for the multi-billion dollar bailout of the Continental Illinois National Bank and Trust Company in the early 1980s. Continental's failure came about almost overnight by the "lightening-fast removal of large deposits from around the world by electronic transfer." This was another of the unprecedented causes for the bank failures Sprague had to deal with in the new, high-interest, world of banking in the '70s and '80s. The main part of the book is how the essentiality doctrine was applied in the case of each of these four banks, with the especially high-stakes bailout of Continental having a section of its own. Although stability and reliability have returned to the banking industry with the return of modest and low interest rates in following decades, Sprague's recounting of the momentous activities for damage control of bank failures for whatever reasons still holds lessons for today. For bank failures inevitably occur in any economic conditions; and in dealing with these promptly and effectively in the ways pioneered by Sprague, the unfavorable economic effects will be contained, and public confidence in the banking system maintained. As chairman or director of the FDIC for more than 11 years, Irvine H. Sprague (1921-2004) handled 374 bank failures. He was a special assistant to President Johnson, and has worked on economic issues with other high government officials. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***