260216.mbx

260216.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, February 16, 2026, Vol. 30, No. 47 Headlines 1291 INVESTORS: Case Summary & Four Unsecured Creditors 1524 CC RD: Claims Will be Paid from Conditional Refinance 16 WARREN: Hires Law Office of Fred L. Seeman as Counsel 1992 THIRD: Case Summary & 20 Largest Unsecured Creditors 1ST CHOICE UTILITY: Beverly Brister Named Subchapter V Trustee 1ST CHOICE UTILITY: Gets Interim OK to Use Cash Collateral 1ST CHOICE UTILITY: Seeks to Hire Bond Law Office as Counsel 22 EAST C: L. Todd Budgen Named Subchapter V Trustee 250 PHARR: Commences Chapter 7 Bankruptcy in Georgia 301 W NORTH: Court Extends Cash Collateral Access to Feb. 28 4US CORP: Seeks Interim Cash Collateral Access ACEVEDO MEDICAL: Court Directs U.S. Trustee to Appoint PCO ADONAI CONGREGATE: U.S. Trustee Appoints Tamar Terzian as PCO ADVANCED DRAINAGE: S&P Rates New $500MM Sr. Unsecured Notes 'BB-' ADVANCED REHABILITATION: Gets Extension to Access Cash Collateral AEDES CHRISTI: Case Summary & 12 Unsecured Creditors ALEON METALS: Seeks Fast Approval of Disclosure Statement ALL STAR: Reno Property Sale to Javelin Ventures for $575K OK'd ALLSTAR PROPERTIES: To Sell Knife & Firearms Collection at Auction AMERICAN UNION LLC: Lauren Goodman Named Subchapter V Trustee AMERICAN UNION: Lauren Goodman Named Subchapter V Trustee AMERIGO METAL: Unsecureds to Recover Between 44% and 60% in 5 Years AMI ENTERPRISES: Trustee Hires Cozen O'Connor as Counsel ANCARLO BROTHERS: Diana Torres-Cancel Named Subchapter V Trustee ANCARLO BROTHERS: Hires Landrau Rivera & Assoc. as Counsel ANTILLANA SUPER: Retains Law Offices of Alla Kachan as Counsel APPLE TREE: Committee Hires Cole Schotz P.C. as Counsel APPLE TREE: Committee Seeks to Hire Dundon as Financial Advisor ARCHBLOCK LLC: Pursues Wind-Down Amid Fraud Claims ARCHDIOCESE OF NEW ORLEANS: 5th Circ. Defends Jones Walker in Ch.11 ARCHDIOCESE OF NEW ORLEANS: Trahant, et al. Lose Bid to Remand Case ASTICOU HOSPITALITY: Involuntary Chapter 11 Case Summary AUTOMATED TRUCKING: Creditors to Get Proceeds From Liquidation AVANT GARDNER: Wins Court OK for Ch. 11 Plan with Creditor Support AVENGER FLIGHT: Case Summary & 30 Largest Unsecured Creditors AVENGER FLIGHT: Seeks to Sell Flight Training Business at Auction BARE ARMS: Burke & Herbert Wants Mark A. Rubin as Receiver BARROW SHAVER: Hires ABEL Engineering LLC as Expert Witness BARROW SHAVER: Hires Applied Economics as Consultant BARROW SHAVER: Porter Hedges Advises Partnership Claimants Group BB RESTAURANT: Christopher Simpson Named Subchapter V Trustee BE PLASTICS: Unsecureds Will Get 32.12% of Claims over 3 Years BEAR COUNTRY: Kevin Neiman Named Subchapter V Trustee BESTWALL LLC: Claimants Seek Appointment of Bankruptcy Trustee BKM HOLDINGS: Case Summary & Four Unsecured Creditors BLABLMBTQ LLC: Exeter's Loses Bid for Administrative Expense Claim BLINK CHARGING: EVP Aviv Hillo Departs With $552K Separation Pay BLUE STAR: Edward Burr Named Subchapter V Trustee BOSTIC ENTERPRISE: Keith Larson Named Subchapter V Trustee BOY SCOUTS: Bankruptcy Trustee Seeks Docs from Mormon Church BOY SCOUTS: National Surety, et al. Lose Bid to Dismiss Houser Case BRIGHT MINDS: Gets Interim OK to Use Cash Collateral BRIGHT MINDS: Seeks to Hire Jones & Walden LLC as Counsel BRIGHT MINDS: Seeks to Hire Titan as Real Estate Broker BUDDY MAC: Taps Scarbrough Commercial Real Estate as Broker CALDERIA LLC: Hires Ehrhard & Associates as Legal Counsel CALDERIA LLC: Seeks Court OK to Use Cash Collateral CANO ELECTRIC: Scott Seidel Named Subchapter V Trustee CANTOR GROUP III: Case Summary & 18 Unsecured Creditors CARE ONE: Gets Interim OK to Use Cash Collateral Until March 11 CARR'S PLUMBING: Gets Interim OK to Use Cash Collateral CARR'S PLUMBING: Hires Mark J. Lazzo PA as Legal Counsel CCA CONSTRUCTION: Secures Court OK for Chapter 11 Plan CHICAGO SOUTH LOOP: Gets Extension to Access Cash Collateral CHICKASHA HOSPITALITY: Gets Interim OK to Use Cash Collateral CHINA OCEANWIDE: Reaches Chapter 11 Exit Deal with Creditors CIBUS INC: FMR LLC Holds 13.9% Of Class A Common Stock CLEAN GUARANTEED: Janice Seyedin Named Subchapter V Trustee CLYDESDALE ACQUISITION: Fitch Affirms 'BB' IDR, Outlook Stable COLD SPRING: Seeks Consensual Chapter 11 Bankruptcy Exit CONKLIN MEDIA: Court OKs Continued Access to Cash Collateral CONSTANT CONTACT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable CORBIN L. YOUNG: Citizens Bank Wins Bid for Automatic Stay Relief COTY INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR COURTE IN CITRUS: Escapes Receivership After Selling Facility CRC PLATFORM: S&P Alters Outlook to Negative, Affirms 'B' ICR CYPRESSWOOD TX: Hires Blueprint Healthcare Real Estate Broker DATAVAULT AI: Highlights 2025 Accomplishments and Outlook for 2026 DBMP LLC: Herlihy, et al., Lose Bid to Lift Stays on Asbestos Cases DBMP LLC: Split 4th Cir. Rejects Motion to Lift Chapter 11 Stay DCA OUTDOOR: To Sell Nursery Inventory to Taproot Nursery for $52K DEL MONTE: Fresh Del Monte Gets Court OK to Buy Co.'s Food Assets DIOCESE OF SANTA ROSA: Sells More Properties to Stabilize Finances DIOCESE OF SANTA ROSA: To Sell Napa Property to Garcia & Lizarde DOCKSIDE ASSOCIATION: Hires Bundy McDonald as Special Counsel DOCKSIDE ASSOCIATION: Hires Davis & Company as Accountant DOCKSIDE ASSOCIATION: Hires Mark C. Tanenbaum as Special Counsel DOCKSIDE ASSOCIATION: Hires Moss & Yantis CPA PA as Accountant DOMTAR CORP: Fitch Lowers IDR to 'B+', Outlook Stable DRIVE PLANNING: Receiver Reconciles 2,286 Claims DYNATA LLC: PennantPark Floating Marks $14.6MM Loan at 39% Off ECHOSTAR CORP: FMR LLC Holds 10% Of Class A Common Stock EDDIE BAUER LLC: Waning Sales Send Retail Operator to Seek Ch. 11 EDDIE BAUER: Bid Rules for Retail Business Sale at Auction OK'd EDDIE BAUER: Secures Early March Auction Court Approval EDGIO INC: Execs Strike $5MM Settlement in Financial Reporting Suit ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ELRI.PARKER INC: Case Summary & 20 Largest Unsecured Creditors ENDO INT'L: Chubb and Insurers Score Victories in Opioid Litigation ENDO INT'L: Court Narrows Claims in 2013–2014 Insurance Policy Case ENDO INT'L: Court Narrows Claims in 2016–2017 Insurance Policy Case ENVERIC BIOSCIENCES: Lind Global Entities Hold 9.99% Stake ER OF TEXAS: Voluntary Chapter 11 Case Summary EXOTIC COACH: Soneet Kapila Named Subchapter V Trustee FALLS CONDOMINIUM: Hires Myers Brettholtz as Accountant FIREFLY NEUROSCIENCE: CTO Gil Issachar Gets Discretionary Pay FIREFLY NEUROSCIENCE: Launches $7.4MM ATM Offering With Konik FIRST BRANDS: Prospect Capital Marks $6.1MM 1L Loan at 79% Off FIRST BRANDS: Prospect Capital Virtually Writes Off $10MM 1L Loan FIRST BRANDS: Prospect Capital Virtually Writes Off $17.6MM 1L Loan FIRST BRANDS: Prospect Capital Virtually Writes Off $38.7MM 2L Loan FIRST BRANDS: Prospect Capital Virtually Writes Off $5MM 1L Loan FIRST BRANDS: Worker Files WARN Act Suit in Chapter 11 FIRST INVESTMENT: Employs Demetrius J. Parrish Jr. as Counsel FISHER'S FUEL: Hires Sundquist Law as Special Counsel FLEXSHOPPER INC: Financial Services Biz Sale to ReadySett OK'd FLEXSHOPPER INC: Gets Court OK for $15MM Chapter 11 Sale FLUENT INC: Subsidiary Sells Winopoly for $3MM Secured Payment FOOD52 INC: Court OKs Sale of Food Assets to America's Test Kitchen FRANCESCA'S ACQUISITION: Court Rejects DOJ Challenge to Asset Sale FRANCESCA'S ACQUISITION: Feds Urge Tighter Bankruptcy Sale Process FRANCESCA'S ACQUISITION: March IP Auction Set After Altar'd Bid FRANCESCA'S ACQUISITION: Seeks to Hire SierraConstellation as CFO FRANCESCA'S ACQUISITION: Taps Hilco IP as Disposition Consultant FRANCESCA'S ACQUISITION: Taps Stretto as Claims and Noticing Agent FREE SPEECH: Watchdog Backs Suspension of Former Jones Atty. FTX TRADING: Sam Bankman-Fried Seeks New Fraud Case Trial GAAT HOLDINGS: Case Summary & 17 Unsecured Creditors GLENWOOD CAVERNS: Enters Chapter 11 After Wrongful Death Verdict GLUTALITY GLOBAL: Gets Extension to Access Cash Collateral GREEN RIVER: American AgCredit Wants Stapleton as Receiver GREENWAVE TECHNOLOGY: Q2 Loss Drops to $4.9M, Going Concern Remains GREG BEECHE: Dotan Y. Melech Appointed as Receiver GST INC: Committee Seeks to Hire Chipman Brown as Co-Counsel GST INC: Committee Seeks to Hire Thompson Coburn as Counsel HALL LABS: Court OKs Common Stock Sale to Michael Hall for $100K HAWKEYE ENTERTAINMENT: Claims to be Paid from Rental Income HEART 2 HEART: U.S. Trustee Seeks Chapter 11 Trustee Appointment I-HOMES LLC: Case Summary & Two Unsecured Creditors IQSTEL INC: Shareholders OK Board, Auditor at Annual Meeting J&B CONSTRUCTION: Gets Interim OK to Use Cash Collateral J&B CONSTRUCTION: Todd Hennings Named Subchapter V Trustee J.R. BUTLER: Plan Exclusivity Period Extended to April 28 JIB FOODS: Gina Klump Named Subchapter V Trustee JTA1 REAL: Amends Unsecureds & Stormfield Secured Claims Pay JTA4 REAL: Amends Unsecureds & Stormfield Secured Claims Pay JW CONSULTING: Hires Demetrius J. Parrish, Jr. as Counsel JW CONSULTING: Richard Furtek Named Subchapter V Trustee JW CONSULTING: Seeks Cash Collateral Access KEVIN D. CHANEY: Seeks to Hire Robert N. Bassel as Counsel LABL INC: First Trust Marks $1.44MM Loan at 39% Off LAZY T FIREARMS: Hires Stehlik Law Firm P.C. LLO as Counsel LAZY T FIREARMS: Seeks Court OK to Use Cash Collateral LOGMEIN INC: First Trust Marks $2.4MM 1L Loan at 60% Off LTL MANAGEMENT: Wins Bid to Disqualify Beasley Allen in Talc MDL LUCY COOPER'S: Hires Blaise C. Bender PC as Accountant LUCY COOPER'S: Taps Dolezal & Associates Law as Counsel LUMINAR TECHNOLOGIES: Completes $33MM LiDAR Sale to MicroVision LUMINAR TECHNOLOGIES: Shareholders Face Total Loss in Liquidation M&B SERVICES: Case Summary & 20 Largest Unsecured Creditors MANNING MECHANICAL: Gets Interim OK to Use Cash Collateral MANNING MECHANICAL: Hires Stevenson & Bullock PLC as Counsel MANNING MECHANICAL: Mark Shapiro Named Subchapter V Trustee MARINER'S GATE: Hires Goldberg Weprin Finkel as Counsel MEDICAL SOLUTIONS: Prospect Capital Marks $54.4M 2L Loan at 60% Off MERCY HOSPITAL: MercyOne Must Face Liquidation Trust's Lawsuit MEXCOL GROUP: Gets Interim OK to Use Cash Collateral MICK'S GRASS: Gets Interim OK to Use Cash Collateral Until March 9 MIRADOR MASTER: Settles with Insurer, Receiver MM CLOISTERS: Fannie Mae, Borrower Agree to Protective Order MOD JEWELRY: Court Extends Cash Collateral Access to Feb. 19 MORVATT ENTERPRISES: To Sell Propane Tank to Reuben Bontrager MOTUS GROUP: Fitch Alters Outlook on 'B-' Long-Term IDR to Positive MOUNTAIN RIDGE: Case Summary & Five Unsecured Creditors MULTI-COLOR CORP: 3d Cir. Review Denied in Ch. 11 Venue Fight MW MASON: Has Deal on Cash Collateral Access NEED SPACE: Simmons Bank Wins Bid to Appoint Receiver NETCAPITAL INC: 3i LP and Affiliates Hold 7% Equity Stake NEWKIRK LOGISTICS: Gets Interim OK for DIP Financing From TBK Bank NFN8 GROUP: Seeks to Sell Bitcoin Mining Business at Auction NICKLAUS COMPANIES: Court Asked to Keep Biopic Deal Whole NORDICUS PARTNERS: Establishes Three Key Board Committees NORTH PONDEROSA: Court OKs Melissa Property Sale to SR Capital NS8 INC: Court Narrows Claims in Dawson Adversary Case NU STYLE: Seeks to Sell Landscaping Business at Auction NURIEL & GRACE: Gina Klump Named Subchapter V Trustee ONE 7 COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors OSTENDO TECHNOLOGIES: Has Deal on Cash Collateral Access OUTPATIENT SERVICE: Cash Collateral Hearing Reset to March 31 PALADIN CAPITAL: Hires Cards Consulting as Financial Consultant PAVMED INC: Raises $30MM via Series D Preferred Shares, Warrants PEAK NA US: Commences Chapter 11 Bankruptcy in Alabama POSIGEN PBC: Connecticut Court Dismisses Control Suit PROSPECT MEDICAL: RI Lawmakers Fast-Track $18MM to Save Hospitals PROTRADE LOGISTICS: Hires William J. Factor as Legal Counsel PURDUE PHARMA: Judge Denies Claimants' Chapter 11 Plan Stay Bid RBT LOGISTICS: Katharine Battaia Clark Named Subchapter V Trustee RED RIVER: Beasley Allen Asks DQ Pause in 12,000 J&J Talc Cases REDSTONE HOLDCO: Prospect Capital Marks $50M 2L Loan at 59% Off RETO ECO-SOLUTIONS: Registers 454K Shares Under 2022 Incentive Plan REUP GALAXY: Seeks Court OK to Hire Quadrus Consulting as CRO RICARDO MOLINA: Not Qualified to Proceed Under Subchapter V RISING TIDE: Prospect Capital Marks $6.1MM 1L Loan at 46% Off RM IMAGING: Carol Fox of GlassRatner Named Subchapter V Trustee ROCKY MOUNTAIN: Gets Interim OK to Use $100,000 in Cash Collateral ROSE RENTAL: Seeks to Sell Brandon Property for $149K SAKS GLOBAL: Plans to Close Additional 9 Stores in Chapter 11 SAMYS OC: Court Extends Cash Collateral Access to March 2 SCANROCK OIL: Bank Urges Court to Reject Motion to Lift Sale Lien SEAVIEW APARTMENTS: Court Rejects Owner's Chapter 11 Filing SHOSHANAH FASHIONS: Hires Harborside Accounting as Accountant SHOWER DOOR: Hires Abelson Law Offices as Legal Counsel SILVERSTRAND FITNESS: Cash Collateral Access Extended to March 12 SIU-FUNG CERAMICS: Court Denies Chapter 15 Recognition SKYLARK HOTELS: Gets Interim OK to Use Cash Collateral SKYLINE EMS: Amends Unsecured Claims Pay Details SMART FONE: Leona Mogavero Named Subchapter V Trustee SMITH MICRO: Secures $1 Million Loan From Smith Living Trust SMITH MICRO: William Smith Jr. and Trust Holds 32.2% Equity Stake SOUTHEASTERN INDUSTRIAL: Seeks Court OK to Use Cash Collateral SPANSION INC: Administrative Office Makes Unusual Redaction Request SPIRIT AIRLINES: Seeks $533MM Bid for 20-Aircraft Sale ST MARK'S PROPERTY: Unsecureds Will Get 100% over 12 Months STEWARD HEALTH: Creditor Trust Pursues $56MM from Insurance Firms STG DISTRIBUTION: Prospect Capital Marks $39.7MM 1L Loan at 69% Off STOKES & STOKES: Gets Interim OK to Use Cash Collateral STOKES & STOKES: Holly Miller Named Subchapter V Trustee STOLI GROUP: Court Orders Appointment of Chapter 11 Trustee SUNATION ENERGY: Settles $1.1MM Legacy Debt for $800,000 Lump-Sum SUNNYCOVE CAPITAL: Case Summary & Four Unsecured Creditors SURVWEST LLC: Trustee Hires Newpoint Advisors as Accountant TAYLOR CHIP: Case Summary & 15 Unsecured Creditors TECHNOMECH INC: Unsecured Creditors Will Get 100% of Claims in Plan TEMPERTURE CONTROL: Neema Varghese Named Subchapter V Trustee TEMPERTURE CONTROL: Seeks Subchapter V Bankruptcy in Illinois TEXMAR GROUP: Melissa Haselden Named Subchapter V Trustee TIKE LLC: Unsecured Creditors to Get Nothing in Plan TORY BURCH: S&P Affirms 'BB-' ICR, Outlook Stable TRIPLE POINT: Taps Law Office of Raymond W. Verdi as Counsel TWO JAYS: To Sell Berlin Property to Chad Robinette for $125K UNITED SPORTING: Prospect Capital Virtually Writes Off $183MM Loan UNLIMITED DELIVERIES: Court Stays Roberts, et al. Lawsuit UPSTREAM HOLDCO: Prospect Capital Marks $22MM 2L Loan at 21% Off URBAN-GRO: Posts $4M Loss in 2025 Q1, Claims Going Concern Resolved URBANCORE PRESERVATION: Madison's Kimaz Appointed as Receiver VIABLE AMERICAN: Lauren Goodman Named Subchapter V Trustee VICTOR TECHNOLOGY: Prospect Capital Marks $1.8M 1L Loan at 45% Off VIVAKOR INC: Extends $5.94MM Second Note to 2027 With Payoff Plan WEST 3RD HOLDINGS: Hires Ciardi Ciardi & Astin as Counsel WESTLAKE SENIOR: Has Deal on Cash Collateral Access WFO LLC: To Sell Bexar County Property to E. & J. Slaughter WHITEHALL TRUST: U.S. Trustee Appoints Margaret Barajas as PCO WILLIAM D. LEDFORD: Robbin Messerli Named Subchapter V Trustee WRIGHT SCAPES: Linda Leali Named Subchapter V Trustee WRIGHT SCAPES: Seeks Court OK to Use Cash Collateral WSN CONSTRUCTION: Kathleen DiSanto Named Subchapter V Trustee X4 PHARMA: FMR LLC, Abigail Johnson Hold 9.7% Equity Stake [] Fitch Affirms Ratings on 8 North American Services Companies [] Rachel Albanese to Co-Chair Debevoise's Restructuring Group ********* 1291 INVESTORS: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: 1291 Investors, LLC 15700 Winchester Blvd. Los Gatos, CA 95030 Business Description: 1291 Investors, LLC is a single-asset real estate company that owns property at 2352 Gibson Girl Way, San Jose, California, where site improvements have commenced but remain incomplete, with an estimated value of $2.5 million. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-50209 Judge: Hon. Hannah L. Blumenstiel Debtor's Counsel: Lars Fuller, Esq. THE FULLER LAW FIRM PC 60 N Keeble Avenue San Jose, CA 95126 E-mail: lars@fullerlawfirm.net Total Assets: $2,500,238 Total Liabilities: $1,780,381 Daniel Shaw signed the petition as authorized representative of the Debtor. 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/6VM26FA/1291_Investors_LLC__canbke-26-50209__0001.0.pdf?mcid=tGE4TAMA 1524 CC RD: Claims Will be Paid from Conditional Refinance ---------------------------------------------------------- 1524 CC RD LLC and 1528 CC RD LLC filed with the U.S. Bankruptcy Court for the Western District of Virginia a Disclosure Statement for Joint Plan of Conditional Reorganization dated February 4, 2026. Each of the Debtors was formed in June, 2023, to acquire and further develop two parcels of real property in the City of Harrisonburg, located in the Shenandoah Valley of Virginia. Uniquely positioned in the city with access to a body of water and electricity, the Debtors seek to further reorganize their businesses as a warehouse facility, event venue, and potentially expand available opportunities for data center tenants. The data center development remains in a predevelopment stage, and the Debtors currently derive most of their revenue as an entertainment venue and warehouse for various tenants and patrons. Facing a foreclosure sale and being unable to reach a compromise with its secured lender, the Debtors considered several alternative approaches to preserving their businesses. Ultimately, the Debtors determined that it would be in the best interests of all stakeholders to seek the protections and benefits offered by the Bankruptcy Code. On July 14, 2025, on the eve of the foreclosure sale, each of the Debtors filed petitions for relief under chapter 11 of Title 11 of the Bankruptcy Code. Shortly thereafter, the Debtors retained counsel to represent them in these proceedings and advise them during the restructuring process. Roosevelt Road has become the successor-in-interest to the initial secured creditors and is now the sole secured creditor and holder of the notes secured by the Debtors' real property. During the Bankruptcy Case, ongoing DIP funding to facilitate the development of the Plan has been financed through Aquarryum LLC consistent with the Final Order (I) Authorizing Debtors to (A) Obtain Junior Secured Post-Petition Financing and (B) Use Cash Collateral; (II) Granting Adequate Protection; and (III) Scheduling a Final Hearing and (IV) Granting Related Relief (the "Final DIP Order"). The Debtors seek to expand opportunities for current and future tenants and patrons, which are expected to increase revenue streams such that the Debtors' operations will be income-producing assets in the long-term. The Debtors are the proponents of the Plan. The Plan provides for a conditional three-stage process through which the Debtors will reorganize within a specified timeframe or, if reorganization is unsuccessful, liquidate. The three-stage process is summarized as follows: * Stage 1: The Debtors, while continuing to operate their businesses, will seek an exit financing facility from which the Debtors will pay one hundred percent of the allowed claims of all creditors on or before the later to occur of the date that is two months following the Effective Date and, as to any disputed claims, within three business days of the resolution of any disputed claims and equity interests (herein, a "Stage 1 Reorganization"). * Stage 2: If the Debtors have not closed or executed a binding commitment on an exit financing facility sufficient in amount to fund a Stage 1 Reorganization, the Debtors will continue to operate their business for a period of three additional months, during which time the Debtors will continue to seek an exit financing facility, but shall simultaneously market for sale all or substantially all of their assets for an amount sufficient to provide for payment and satisfaction of one hundred percent of the allowed claims of all creditors on the later to occur of the date that is five months following the Effective Date and, as to any disputed claims, within three business days of the resolution of any disputed claims and equity interests (herein a "Stage 2 Transaction"). * Stage 3: If, at the end of five months from the Effective Date, the Debtors have not closed or executed a binding commitment to fund either a Stage 1 Reorganization or a Stage 2 Transaction, then the Debtors may continue to seek an exit financing facility, but shall simultaneously engage a Court approved auctioneer and proceed to sell all or substantially all of their assets at public auction to be set within 60 days, or such other time as the auctioneer recommends in the best interests of the creditors, which sale date shall be determined in consultation with Roosevelt Road, and the proceeds shall be distributed to claimants and creditors in accordance with their respective priority under the Bankruptcy Code and the Plan (herein, a "Stage 3 Sale"). The Stage 3 Sale shall close on or before December 15, 2026, unless another date is consented to by Roosevelt Road, which consent shall not be unreasonably withheld. The Plan proposes to pay creditors of the Debtors through a conditional refinancing process to take place through up to three stages, and from existing assets of the Debtors. If the Plan is consummated through a Stage 1 Reorganization or a Stage 2 Transaction, then all creditors, including non-priority unsecured creditors holding allowed claims will receive distributions in accordance with the Plan that will satisfy their allowed claims in full, together with the full payment of administrative claims and expenses and priority claims. If the Plan is consummated under a Stage 3 Sale, then after the full payment or satisfactory resolution of all administrative claims and expenses and any priority claims, then each class of creditors will receive pro rata payments in order of priority, up to the full amount of their respective allowed claims. Stage 3 does not alter the priorities established in the Final DIP Order in any way. Class 2 consists of Allowed General Unsecured Claims against 1524 CC RD LLC. Creditors in this Class include City of Harrisonburg ($3,202.82) and Fulcrum Development LLC ($181,000.00). Class 2 is impaired by the Plan under the Stage 3 Treatment. * Stage 1 or Stage 2 Treatment: If the Plan is consummated under Stage 1 or Stage 2, then on the date that is the later of: (i) three business days following the closing under Stage 1 or Stage 2; or (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive payment in full in Cash. * Stage 3 Treatment: If the Plan is consummated under Stage 3, after the payment in full of the Allowed Administrative Expense Claims and the Allowed Priority Claims, then on the date that is the later to occur of: (i) three business days following the auction closing; and (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive pro rata payment of Cash from the auction proceeds. Class 2 consists of Allowed General Unsecured Claims against 1528 CC RD LLC. Creditors in this Class include City of Harrisonburg ($19,496.00); Fulcrum Development LLC ($181,000.00); and Balzar Engineering ($7,925.00). Class 2 is impaired by the Plan under the Stage 3 Treatment. * Stage 1 or Stage 2 Treatment: If the Plan is consummated under Stage 1 or Stage 2, then on the date that is the later of: (i) three business days following the closing under Stage 1 or Stage 2; or (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive payment in full in Cash. * Stage 3 Treatment: If the Plan is consummated under Stage 3, after the payment in full of the Allowed Administrative Expense Claims and the Allowed Priority Claims, then on the date that is the later to occur of: (i) three business days following the auction closing; and (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive pro rata payment of Cash from the auction proceeds. The Plan shall be funded through a conditional restructuring process by which the Debtors will proceed through up to three Stages to fund the Plan, with the consummation date of the Plan to be the closing date on the funding source. A full-text copy of the Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=tNirrS from PacerMonitor.com at no charge. Counsel to the Debtors: Michael E. Hastings, Esq. Brian H. Richardson, Esq. Woods Rogers PLC 10 S. Jefferson Street, Suite 1400 Roanoke, VA 24011 Telephone: (540) 983-7568 Facsimile: (540) 322-3417 e-mail: michael.hastings@woodsrogers.com brian.richardson@woodsrogers.com About 1524 CC RD LLC 1524 CC RD LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50402) on July 14, 2025, listing up to $10 million in both assets and liabilities. Michael E. Hastings, at Woods Rogers Vandeventer Black PLC, is serving as the Debtor's counsel. 16 WARREN: Hires Law Office of Fred L. Seeman as Counsel -------------------------------------------------------- 16 Warren Street PH LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Fred L. Seeman of The Law Office of Fred L. Seeman to serve as special litigation and real estate counsel. Mr. Seeman will provide these services: (a) represent the Debtor in the Appeal of the Litigation; and (b) advise the Debtor and its bankruptcy counsel as to all real estate matters, including, but not limited to negotiating and drafting a contract of sale for the Penthouse and performing all services in connection with the closing and transfer of title in connection with any contract of sale. The firm's 2026 hourly rates are $435 for attorneys and $200 for paraprofessionals. The firm is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Fred L. Seeman, Esq. THE LAW OFFICE OF FRED L. SEEMAN 32 Broadway, Suite 1214 New York, NY 10004 Telephone: (212) 608-5000 E-mail: fred@seemanlaw.com About 16 Warren Street PH LLC 16 Warren Street PH LLC is a single asset real estate company. 16 Warren Street PH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12953) on December 31, 2025. In its petition, the debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge David S. Jones oversees the case. The debtor is represented by Dawn Kirby, Esq. of Kirby Aisner & Curley, LLP. 1992 THIRD: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: 1992 Third Realty LLC 2026 Third Avenue #2F New York NY 10029 Business Description: 1992 Third Realty LLC owns and leases a mixed-use property at 1992 Third Avenue in New York, NY, featuring 16 residential units and a single commercial unit, operating within the real estate sector. Chapter 11 Petition Date: February 12, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10283 Judge: Hon. Martin Glenn Debtor's Counsel: Douglas Pick, Esq. PICK & ZABICKI LLP 369 Lexinton Avenue 12th Floor New York City NY 10017 Tel: (212) 695-6000 Email: dpick@picklaw.net Total Assets: $11,540,900 Total Liabilities: $4,536,741 The petition was signed by Courtney H. Kim as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VS4JZZQ/1992_Third_Realty_LLC__nysbke-26-10283__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Greenspoon Marder LLP $419,254 Trade Center South, Suite 700 100 West Cyrpress Creek Rd. Fort Lauderdale, FL, 33309 2. 2026 Third Realty LLC $271,000 2026 Third Avenue New York, NY, 10029 3. KBN Services Inc. $106,574 2527A 8th Avenue New York, NY, 10030 4. Daniel Kim $92,000 152 Delaware Avenue Haworth, NJ, 07641 5. Murray Engineering $29,175 330 Seventh Avenue Suite 1203 New York, NY, 10001 6. Harlem Fitz LLC $20,000 1992 Third Avenue New York, NY, 10029 7. Chloe Veronique Dumas $5,600 1992 Third Avenue Apt. 9N New York, NY, 10029 8. Jason Goncalves $2,800 1992 Third Avenue Apt. 5B New York, NY, 10029 9. Vincent Gerardo IV & Kaiylyn Montague $2,750 1992 Third Avenue Apt. 2B New York, NY, 10029 10. Ydiel Flores Torres $2,600 1992 Third Avenue Apt. 8F New York, NY, 10029 11. Beth Cai Traver $2,550 1992 Third Avenue Apt. 4B New York, NY, 10029 12. Nia Jolly $2,500 1992 Third Avenue Apt. 8B New York, NY, 10029 13. Kristhyan Benitez $2,425 1992 Third Avenue Apt. 3B New York, NY, 10029 14. Rossana Cheng He $2,400 1992 Third Avenue Apt. 7B New York, NY, 10029 15. Jenna Dickerson $2,253 1992 Third Avenue Apt. 3F New York, NY, 10029 16. Nicholas Bonaddio $2,253 1992 Third Avenue Apt. 6F New York, NY, 10029 17. Grace Chariya $2,253 1992 Third Avenue Apt. 4F New York, NY, 10029 18. Stephany Mata $2,253 1992 Third Avenue Apt. 5F New York, NY, 10029 19. Michelle Lavoie $2,253 1992 Third Avenue Apt. 2F New York, NY, 10029 20. Abigail Gutmacher-Morgano $2,000 1992 Third Avenue Apt. 6B New York, NY, 10029 1ST CHOICE UTILITY: Beverly Brister Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for 1st Choice Utility Construction, LLC. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About 1st Choice Utility Construction LLC 1st Choice Utility Construction, LLC is an Arkansas-based construction company specializing in utility infrastructure and related construction services. 1st Choice Utility Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10397) on February 4, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker is presiding over the case. Stanley V. Bond, Esq. at Attorney At Law represents the Debtor as bankruptcy counsel. 1ST CHOICE UTILITY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- 1st Choice Utility Construction, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, to use cash collateral. Prior to the petition date, the Debtor had a receivables factoring arrangement with Corporate Billing, LLC, under which the latter purchases the Debtor's accounts receivable. Corporate Billing holds a properly perfected, first-priority blanket security interest in the Debtor's assets. At filing, the estimated claim of Corporate Billing totaled approximately $352,357. Under the interim order, the Debtor is authorized to continue factoring with Corporate Billing under the pre-bankruptcy agreement and use the resulting cash collateral for ordinary business operations, including payment of employees, utilities, professional fees, and Subchapter V Trustee fees, as well as other operational expenses. As protection, Corporate Billing will receive a superpriority claim and first-priority security interest in all accounts receivable and other collateral, effective retroactively to February 9. The interim order is available at https://is.gd/e3NV8p from PacerMonitor.com. About 1st Choice Utility Construction LLC 1st Choice Utility Construction, LLC is an Arkansas-based construction company specializing in utility infrastructure and related construction services. 1st Choice Utility Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10397) on February 4, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker is presiding over the case. Stanley V. Bond, Esq. at Attorney At Law represents the Debtor as bankruptcy counsel. 1ST CHOICE UTILITY: Seeks to Hire Bond Law Office as Counsel ------------------------------------------------------------ 1st Choice Utility Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Bond Law Office to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Stanley Bond, Lead Counsel $375 Kathryn Worlow, Associate Counsel $250 Paraprofessional $125 Before the commencement of the case, the firm agreed to a retainer of $15,000 for representation in the case and received from the Debtor a filing fee of $1,738.00 and a partial attorney retainer of $8,262 as of the petition date. Mr. Bond disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 265-2827 Email: attybond@me.com About 1st Choice Utility Construction, LLC 1st Choice Utility Construction, LLC is an Arkansas-based construction company specializing in utility infrastructure and related construction services. 1st Choice Utility Construction, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10397) on February 4, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker is presiding over the case. The Debtor is represented by Stanley V. Bond, Esq. 22 EAST C: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for 22 East C, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About 22 East C, LLC 22 East C, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00726) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. 250 PHARR: Commences Chapter 7 Bankruptcy in Georgia ---------------------------------------------------- On February 2, 2026, 250 Pharr Rd NE #1212, LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filings, the Debtor reports liabilities between $100,001 and $1,000,000 owed to 1–49 creditors. About 250 Pharr Rd NE #1212, LLC 250 Pharr Rd NE #1212, LLC is a Georgia‑based real estate holding company that owns and manages commercial property at 250 Pharr Road NE in Atlanta. 250 Pharr Rd NE #1212, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51394) on February 2, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sage M. Sigler handles the case. 301 W NORTH: Court Extends Cash Collateral Access to Feb. 28 ------------------------------------------------------------ 301 W North Avenue, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of BDS III Mortgage Capital G, LLC. The court issued its sixth interim order authorizing the Debtor to use the secured lender's cash collateral through February 28 in accordance with its budget. The budget projects total operational expenses of $152,713 for February. All provisions from the earlier agreed orders remain in effect. A status hearing will be held on February 25. The sixth interim order is available at https://shorturl.at/ZSsN0 from PacerMonitor.com. About 301 W North Avenue 301 W North Avenue, LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5, 2025, listing between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq., at Rob Glantz - Much Shelist, P.C. BDS III Mortgage Capital G LLC, as secured lender, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. Kelley Drye & Warren, LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 4US CORP: Seeks Interim Cash Collateral Access ---------------------------------------------- 4US Corp, Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for interim authority to use cash collateral to continue operating its commercial trucking and freight business. 4US Corp filed for bankruptcy on February 2 and is operating as a debtor-in-possession. Its principal assets include minimal cash, approximately $50,000 in accounts receivable, office equipment, a fleet of 26 trucks and 30 trailers valued at about $3.03 million, and a forklift worth $35,000, all of which constitute the Collateral. The U.S. Small Business Administration holds a perfected first-position lien arising from a 2021 EIDL loan. The Debtor asserts that it cannot operate, pay ordinary expenses, or fund its reorganization without continued use of this collateral and that denial of access would cause immediate and irreparable harm. It argues that the SBA is adequately protected by the value of the assets, continued business operations, insurance coverage, compliance with reporting requirements, and the likelihood that cash and receivables will increase as the business stabilizes. A court hearing is scheduled for February 17. A copy of the motion is available at https://urlcurt.com/u?l=a8v4kH from PacerMonitor.com. About 4US Corp Inc. 4US Corp, Inc. operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2, 2026. In the petition signed by Eli Malikovsky, president, the Debtor disclosed $3,118,000 in total assets and $9,253,165 in total liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, represents the Debtor as legal counsel. ACEVEDO MEDICAL: Court Directs U.S. Trustee to Appoint PCO ---------------------------------------------------------- Judge Maria De Los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico directed the U.S. Trustee for Region 21 to appoint a patient care ombudsman for Acevedo Medical Center, LLC. The bankruptcy judge found that the provisions of Section 333(a)(1) of the Bankruptcy Code for appointment of a PCO apply to Acevedo Medical Center after having filed its bankruptcy petition, indicating that it operates a health care business. About Acevedo Medical Center LLC Acevedo Medical Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26−00406) on February 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Maria De Los Angeles Gonzalez presides over the case. Carmen D. Conde Torres, Esq., at C. Conde & Associates represents the Debtor as legal counsel. ADONAI CONGREGATE: U.S. Trustee Appoints Tamar Terzian as PCO ------------------------------------------------------------- Peter Anderson, the U.S. Trustee for Region 17, appointed Tamar Terzian as patient care ombudsman for Adonai Congregate Living, Inc. The ombudsman will perform the duties required under Section 333 of the Bankruptcy Code and as outlined in the court's February 6 order. To the best of the U.S. Trustee's knowledge and based on the PCO's verified statement, Ms. Terzian has no connections with Adonai, creditors and other parties-in-interest in the bankruptcy case. The ombudsman may be reached at: Tamar Terzian, Esq. Terzian Law Group, a PC 1122 E. Green Street Pasadena, Ca 91106 Telephone: (818) 242-1100 Facsimile: (818) 242-1012 Email: tamar@terzlaw.com About Adonai Congregate Living Inc. Adonai Congregate Living, Inc. operates as a provider of congregate living and residential care services. Adonai Congregate Living, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10098) on January 20, 2026. In its petition, the debtor did not disclose estimated assets or estimated liabilities. Honorable Bankruptcy Judge Martin R. Barash handles the case. The debtor is represented by Neil C. Evans, Esq. of the Law Offices of Neil C. Evans. ADVANCED DRAINAGE: S&P Rates New $500MM Sr. Unsecured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Advanced Drainage System Inc.'s (ADS) proposed $500 million senior unsecured notes due 2034. The 'BB-' issue level rating on the company's existing $500 million senior unsecured notes due 2030 is unchanged, as is its 'BB' rating on ADS and positive outlook. Proceeds will repay ADS' $350 million senior unsecured notes due 2027 with the remainder used for general corporate purposes. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate:15%) recovery in the event of a default. ADVANCED REHABILITATION: Gets Extension to Access Cash Collateral ----------------------------------------------------------------- Advanced Rehabilitation Clinics, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of Village Bank and Trust. The court authorized the Debtor's interim use of cash collateral through February 28 in accordance with its budget. The Debtor must not exceed disbursements by more than 10% per month without prior consent from secured creditor, Village Bank & Trust. The Debtor projects total operational expenses of $67,779 for February. As adequate protection, Village Bank & Trust will continue to receive a monthly payment of $2,300 and a replacement lien on all property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. This replacement lien will have the same validity, extent, and priority as the bank's pre-bankruptcy lien. Events of default under the interim order include failure to make payments and maintain insurance; use of cash collateral outside the budget; failure to provide required reporting; and violation of any provision of the interim order. The interim order is available at https://is.gd/4Y65eY from PacerMonitor.com. The next hearing is scheduled for February 25. Village Bank and Trust is the Debtor's only secured creditor, holding a lien on the Debtor's assets for a loan of approximately $111,000. The Debtor asserts that the value of its assets exceeds the amount owed and emphasizes that access to cash collateral is essential to continue business operations and avoid premature liquidation. Village Bank and Trust is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com About Advanced Rehabilitation Clinics Inc. Advanced Rehabilitation Clinics, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16498) on October 27, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Deborah L. Thorne oversees the case. Penelope N. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. AEDES CHRISTI: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: Aedes Christi Holdings, Inc. Dubal Brothers Classy Cufflinks Classy Cufflinks and More 1006 Oakmead Drive Arlington, TX 76011 Business Description: Aedes Christi Holdings, Inc. operates in the wholesale and retail of men's apparel and accessories, including cufflinks, ties, and socks, from its base in Arlington, Texas. The company markets and conducts business using the names Dubal Brothers, Classy Cufflinks, and Classy Cufflinks and More. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-40648 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano TX 75074 Plano, TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jonathan Parry as president. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FVXAVVQ/Aedes_Christi_Holdings_Inc__txnbke-26-40648__0001.0.pdf?mcid=tGE4TAMA ALEON METALS: Seeks Fast Approval of Disclosure Statement --------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that recycling firm Aleon Metals and its unsecured creditor body have requested expedited approval of the debtor's Chapter 11 disclosure statement, asking a Texas bankruptcy court to act to facilitate a creditor vote. They argued that the disclosure materials meet the Bankruptcy Code's "adequate information" standard and that swift authorization is critical to preserving restructuring momentum. Any delay, the parties said, risks increasing administrative costs and prolonging uncertainty. Aleon's proposed plan outlines the treatment of creditor classes and projected distributions as part of a broader effort to emerge from Chapter 11 with a sustainable capital structure. The debtor and committee maintain that prompt solicitation is in the best interests of the estate and its stakeholders, the report states. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. ALL STAR: Reno Property Sale to Javelin Ventures for $575K OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has granted All Star Transportation Group LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 949 E. 4th Street, Reno, NV 89512. The Court has authorized the Debtor to sell the Property to Javelin Ventures, LLC in the purchase price of $575,000. The Debtor is authorized and empowered to perform their obligations under the Purchase Agreement and to act as necessary to effectuate the sale without further corporate authorization or Order of the Court. The transfer of E. 4th Street Property to Javelin constitutes a legal, valid and effective transfer and shall vest Javelin with all right, title and interest of the Debtor in and to E. 4th Street Property free and clear of all claims, liens and encumbrances. The claim of Dawn Tout, which is secured by a deed of trust recorded against the E. 4th Street Property in the real property records of the Washoe County Recorder on March 31, 2024 as Document Number 5459461 will be paid in full directly from escrow as of the date of the closing of the sale and the sale will be conducted through an escrow. Tout shall retain the right to submit an updated payoff demand prior to any close of escrow to ensure their claims are paid in full. All of Debtor’s costs of sale, including real estate agent commissions and title/escrow fees and the remaining net proceeds, shall be paid directly from escrow. All remaining net proceeds, after payment of the Tout claim and Debtor's costs of sale, shall be disbursed directly from escrow to Debtor c/o Darby Law Practice, Ltd. IOLTA and shall be held in Debtor’s Counsel’s trust account. The purchase of E. 4th Street Property by Javelin is a purchase in good faith for fair value within the meaning of section 363(m) of the Bankruptcy Code, and Javelin is entitled to all of the protections afforded good faith purchasers by section 363(m) of the Bankruptcy Code. About All Star Transportation Group All Star Transportation Group, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51229) on Dec. 10, 2024, with $917,504 in assets and $1,303,069 in liabilities. Tim Ledesma, manager of All Star, signed the petition. Judge Hilary L. Barnes oversees the case. Kevin A Darby, Esq., at Darby Law Practice, is the Debtor's bankruptcy counsel. ALLSTAR PROPERTIES: To Sell Knife & Firearms Collection at Auction ------------------------------------------------------------------ Allstar Properties LLC's (ASP) sole member, Andrew C. Heaner, seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell knife and firearms collection, free and clear of liens, claims, interests, and encumbrances. The Debtor's companies, Allstar Properties, LLC filed a voluntary petition, along with its affiliates Allstar Properties I, LLC (ASPI) and ACH Rental Properties, LLC (ACH), for relief under Title 11, Chapter 11 of the United States Code on August 31, 2025. Debtor filed a Joint Petition, along with his wife Mary Helen Heaner, under Chapter 11 of the U.S. Bankruptcy Code on September 12, 2025. ASP is a Georgia limited liability company. ASP 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. ASPI owns certain commercial properties that it rents to business tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties. Where applicable, ASPI collects rent on the Commercial Properties. ACH is a Georgia limited liability company. ACH owns certain residential properties that it rents to individual tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties. Where applicable, ACH collects rent on the Residential Properties. ASPI and ACH were created for the purpose of obtaining and managing the Commercial and Residential Properties. Andrew Heaner is the sole member ASP, and the majority member in ASPI and ACH. Mr. Heaner’s wife, Mary Helen Heaner, and adult son, Gardner Heaner, are the other minority owners in ASPI and ACH. Heaner had also acquired numerous personal property collections including but not limited to an extensive firearm, ammunition and knife collection including accessories. In order to maximize the sales prices for the Firearms & Knife Collection, Heaner, with input from his proposed auctioneer, proposes a series of on-line auctions which shall be reported to the U.S. Trustee and any creditor requesting notice. The Proposed Auctioneer will take possession of the Firearms & Knife Collection in a series of Lots, approximately 250-300 items per Lot, at which time the Proposed Auctioneer will take each Lot to its facility in South Carolina to inventory and prepare for an on-line auction including but not limited to the completion of any and all necessary paperwork to conduct the sale, transfer the ownership of firearms and/or ammunition, as well as clean, otherwise prepare and photograph all items in the Lot; The Proposed Auctioneer will charge $275 per trip to pick up each Lot and believes that it can pick up the entire Firearms & Knife Collection in 5 or less trips to Georgia; should the number of trips exceed 10 (or $2,750 in fees), Heaner shall provide notice by electronic mail to the U.S. Trustee and any creditor requesting notice. Heaner proposes that Meares be entitled to compensation in the form of a commission in the amount of 15% of the proceeds of the sale of the firearms and 20% of the proceeds of the sale of the knives, ammunition and any related accessories, plus $275 per trip to Heaner's various storage locations to pick up the Firearms & Knife Collection in segments, not to exceed $2,750, without further notice and an opportunity to object. Heaner will file all Auction Reports, after the conclusion of all auctions of the Firearms & Knife Collection, detailing the results of the auctions. Heaner requests that the Court authorize the auctioning of the Firearms & Knife Collection free and clear of all liens, with any valid liens, attaching to the Sales Proceeds. Heaner further shows that the auctioning of the Firearms & Knife Collection is beneficial to and in the best interests of the estate and his creditors. 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. AMERICAN UNION LLC: Lauren Goodman Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as Subchapter V trustee for American Union, L.L.C. Ms. Goodman will be paid an hourly fee of $360 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goodman declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lauren R. Goodman McGrath North 1601 Dodge Street, Suite 3700 Omaha, NE 68102 Phone: 402-341-3070 Email: lgoodman@mcgrathnorth.com About American Union L.L.C. American Union, L.L.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-40122) on February 4, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Brian S. Kruse presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as bankruptcy counsel. AMERICAN UNION: Lauren Goodman Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as Subchapter V trustee for American Union Ventures, Inc. Ms. Goodman will be paid an hourly fee of $360 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goodman declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lauren R. Goodman McGrath North 1601 Dodge Street, Suite 3700 Omaha, NE 68102 Phone: 402-341-3070 Email: lgoodman@mcgrathnorth.com About American Union Ventures Inc. American Union Ventures Inc., operating under the trade names American Recycling and American Metal Recycling, provides certified electronic waste recycling services in the United States, handling a broad range of devices including computers, monitors, servers, printers, and other electronics. The company offers secure asset disposal, pick-up services, and community recycling events, emphasizing environmentally responsible and transparent processing. It also refurbishes and resells electronics, extending device lifecycles through its online retail platforms. American Union Ventures filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-40121) on February 4, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Brian S. Kruse presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as legal counsel. AMERIGO METAL: Unsecureds to Recover Between 44% and 60% in 5 Years ------------------------------------------------------------------- Amerigo Metal Recycling, LLC submitted a Second Amended Disclosure Statement describing Second Amended Disclosure Statement. The Debtor immediately began working on bids for installation of the new recycling recovery line. Debtor has determined in its best business judgment, after intense review and communications with companies who perform this work, that OrbCon is the most qualified and economically advantageous contractor to install the line. The OrbCon bid is $2,280,272, which Debtor may reduce by performing some of the build-out work in-house. The source of funds for this project is Cammllarie's sale of 32% of his 83%-member interest in Debtor to IQAP, Inc. (the "Buyer") for $2,000,000 (the "Purchase Proceeds"). Contemporaneously with the member interest sale, Cammllarie shall pay to Debtor the full Purchase Proceeds. Debtor then will use the Purchase Proceeds to fund the purchase and installation of the new recycling recovery line. The entire proceeds from the sale of the Cammllarie's Equity Interests will be used to fund the Copper Line. The Plan is a comprehensive resolution of all potential claims against Debtor. The Plan provides for the treatment of all secured, priority, unsecured claims, administrative claims, and retention of equity interests of Debtor. Class 6 consists of the General Unsecured Creditor Convenience Class which includes the Allowed Claims of General Unsecured Creditors $1,000 or less who provided goods and services to Debtor. These claims total $11,749. They shall be paid in full seven days after the Effective Date. Debtor and Reorganized Debtor reserve the right to object to any Claim. Nothing herein shall constitute an admission as to the nature, validity, or amount of the claim. Class 6 is Impaired and is entitled to vote on the Plan. Class 7 consists of the General Unsecured Creditors Allowed Claims that will receive between forty-four percent and sixty percent of their claims on a Pro Rata Basis over sixty months from Debtor's projected disposal net income for 5 years beginning on the Effective Date of the Plan based upon the estimated total of General Unsecured Claims with payments to Class 4 and without payments to Class 4. The projected disposal net income over the course of 5 years is estimated to be $1,822,535. The Debtor estimates, but does not warrant, that the General Unsecured Claims total approximately $3,014,212. In the event the General Unsecured Claims exceed Debtor's estimate, the percentage distribution will decrease. Debtor and Reorganized Debtor reserve the right to object to any Claim. Nothing herein shall constitute an admission as to the nature, validity, or amount of the claim. Class 7 is Impaired and is entitled to vote on the Plan. Class 8 consists of the Unsecured Claims of Merchant Cash Advance Companies. Debtor scheduled the claims of BizFund, LLC, Rapid Finance, Small Business Solutions, Unique Funding, and United Capital West (collectively, the "MCAs") as disputed. These creditors are the MCAs who purportedly purchased Debtor's accounts receivable in 2024 and 2025. At the time of these purchases, Debtor's accounts receivable were wholly encumbered by First Horizon and the SBA. There were no accounts receivable to purchase from Debtor at the time the MCAs distributed funds to Debtor. As a result, the Class 8 Claims are unsecured. Only Unique Funding filed a proof of claim, Proof of Claim 25. Unique Funding will receive a credit against the amount of the preference payments it owes Debtor. Any remaining unsecured claim shall be paid on a Pro Rata Basis with the Class 7 General Unsecured Creditors. Unique Funding received $68,291.74 in preference payments. Its Pro Rata Share of a Class 7 Distribution will be reduced by the preference payments. The remaining MCAs, BizFund, LLC, Rapid Finance, Small Business Solutions, and United Capital West shall not receive any Distributions under the Plan as Debtor scheduled their claims as disputed and they failed to file proofs of claim. Debtor, however, reserves the right to pursue the avoidance and recovery of the payments Debtor paid to them during the 90-day preference period under Sections 547 and 550 of the Bankruptcy Code. Debtor and Reorganized Debtor reserve the right to object to any Claim. Class 8 is Impaired and is entitled to vote on the Plan. Class 9 consists of Equity Interests. On the Effective Date of the Plan, Cammllarie, IQAP, Inc., and Cooper will be the members of Debtor. Each shall retain their respective member interests in Debtor as of the Effective Date: Cammllarie 51%, IQAP, Inc. 32%, and Cooper 17%. Cammllarie receives gross annual income from Debtor in the amount of $150,000. Cammllarie is selling 32% of his member interest to IQAP, Inc. but will not retain any of the Purchase Proceeds. Cammllarie shall contribute the Purchase Proceeds to Debtor to fund installation of the Copper Line to increase revenue to pay Allowed Claims under the Plan. Cammllarie also is the personal guarantor of the FH Loan and the SBA Loans. The Purchase Proceeds paid to Debtor by Cammllarie are not a loan to Debtor but a contribution of new value to Debtor from Cammllarie. Cooper has provided operating capital loans to Debtor in an amount of $2,800,000 over the past ten years. Cooper is forgiving $1,062,500 of his loan balance to reflect the value of his 17% interest in Debtor which is valued at $62,500 per 1%-member interest in Debtor based upon the valuation of IQAP, Inc's purchase price of $2,000,000 for a 32%-member interest in Debtor. Cooper's adjusted claim of $1,737,500 shall be treated and administered as a Class 7 claim. IQAP, Inc. paid $2,000,000 for the purchase of a 32%-member interest in Debtor for funding of the Copper Line. Distributions and payments under the Plan shall be paid from Debtor's revenue. Debtor's projected August 2026 through December 2030 monthly income and expenses are set forth in the Plan budget (the "Budget"). A full-text copy of the Second Amended Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=COD7qG from PacerMonitor.com at no charge. Amerigo Metal Recycling, LLC is represented by: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: cchristy@rlkglaw.com About Amerigo Metal Recycling Amerigo Metal Recycling, LLC, operates a metal recycling business. Amerigo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57425) on July 1, 2025, listing up to $50,000 in assets and up to $50 million in liabilities. Jeffrey H. Cammllarie, manager, signed the petition. The Debtor tapped William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC as counsel, and Elite Tax Preparers as tax preparer. AMI ENTERPRISES: Trustee Hires Cozen O'Connor as Counsel -------------------------------------------------------- Janice H. Seyedin, the Trustee for AMI Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Cozen O'Connor as counsel. The firm will provide these services: (a) advise and consult with the Trustee concerning questions arising in the conduct of the administration of the Estate and concerning the Trustee's rights and remedies with regard to the Estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; (b) assist the Trustee in the carrying out her duties as a Subchapter V Trustee; (c) advise and assist the Trustee with all issues concerning the operations of the Debtor including use of cash collateral; (d) advise and consult with the Trustee concerning the sale or other disposition of any assets of the Estate; (e) advise and appear for, prosecute, defend and represent the Trustee's interest in contested matters, adversary proceedings, and other actions arising in or related to the Case; (f) investigate and, if appropriate, pursue the Estate's interest in assets of the Estate including claims and causes of action; (g) assist in the preparation of such pleadings, motions, notices, and orders as are required for the orderly administration of the Estate; and (h) handle such other matters as the Trustee may require during the course of her administration of the Case. The firm will be paid at these rates: Shareholders $675 to $1,130 per hour Members $695 to $995 per hour Associates $355 per hour Paralegals $395 to $410 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bodenstein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ira Bodenstein, Esq. Cozen O'Connor 123 N. Wacker Drive, Suite 1800 Chicago, IL 60606 Tel: (312) 474-1647 Email: ibodenstein@cozen.com About AMI Enterprises, LLC AMI Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18803) on December 8, 2025, with up to $50,000 in assets and liabilities. Judge David D. Cleary presides over the case. Gregory J. Jordan, Esq., at Jordan & Zito, LLC represents the Debtor as legal counsel. ANCARLO BROTHERS: Diana Torres-Cancel Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Ancarlo Brothers Inc. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Ancarlo Brothers Inc. Ancarlo Brothers, Inc. owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Ancarlo Brothers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00423) on February 4, 2026, with between $1 million and $10 million in both assets and liabilities. Noemi Landrau Rivera, Esq., represents the Debtor as legal counsel. ANCARLO BROTHERS: Hires Landrau Rivera & Assoc. as Counsel ---------------------------------------------------------- Ancarlo Brothers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) advise the Debtor with respect to its negotiations with creditors for the purpose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Noemi Landrau Rivera, Attorney $250 hour Legal and Financial Assistants $75 hour In addition, the firm will seek reimbursement for expenses incurred. The firm will be paid a retainer in the amount of $15,000. Ms. Rivera disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About Ancarlo Brothers, Inc. Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Ancarlo Brothers Inc. in Toa Baja, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00423) on Feb. 4, 2026, listing $1,433,490 in assets and $1,303,440 in liabilities. Javier Eladio Lopez Quinones, signed the petition. LANDRAU RIVERA & ASSOC. serve as the Debtor's legal counsel. ANTILLANA SUPER: Retains Law Offices of Alla Kachan as Counsel -------------------------------------------------------------- Antillana Super Food Meat Corp seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Alla Kachan of Law Offices of Alla Kachan, P.C. to serve as counsel to the Debtor. Ms. Kachan will provide these services: (a) assist Debtor in administering this case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; (d) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (e) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (f) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and (g) render such additional services as Debtor may require in this case. The Law Offices of Alla Kachan, P.C. will bill the Debtor at its regular hourly rates, which range from $300 for clerks' and paraprofessionals' time to $650 for attorney time, subject to change. The firm will also be reimbursed for disbursements. The Debtor paid an initial retainer of $18,000, of which $3,000 was drawn down for pre-filing services and $15,000 remained on the petition date. Law Offices of Alla Kachan, P.C. 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: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Antillana Super Food Meat Corp Antillana Super Food Meat Corp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10221) on February 2, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $500,001 and $1 million. Law Offices of Alla Kachan, P.C. is Debtor's legal counsel. APPLE TREE: Committee Hires Cole Schotz P.C. as Counsel ------------------------------------------------------- The official committee of unsecured creditors of Apple Tree Life Science, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm's services include: a) serving as counsel to the Committee; b) providing legal advice with respect to the Committee's powers, rights, duties and obligations in the Chapter 11 Cases; c) assisting and advising the Committee in its consultations with the Debtors regarding the administration of the Chapter 11 Cases; d) assisting the Committee in reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) sale of the Debtors' assets, including negotiating proposed asset purchase agreements, (iii) confirmation of a chapter 11 plan, and (iv) other requests for relief which would impact unsecured creditors; e) investigating liens, if any, and any related potential causes of action; f) advising the Committee on the corporate aspects of the Chapter 11 Cases and any plan(s) or other means to effect the Debtors' liquidation that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; g) taking all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors, including the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the investigation of the prior operation of the Debtors' business and the investigation and prosecution of estate claims, causes of action and any other matters relevant to the Chapter 11 Cases; h) preparing on behalf of the Committee, all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with the Committee's duties in the Chapter 11 Cases; i) advising and representing the Committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the Committee; and j) performing all other necessary legal services as may be required and authorized by the Committee that are in the best interests of unsecured creditors. The firm will be paid at these rates: Members $650 to $1,800 per hour Associates and Special Counsel $425 to $950 per hour Paralegals $330 to $485 per hour Litigation Support Specialists $460 to $560 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Cole Schotz professionals working on this matter will bill at their standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Cole Schotz did not represent the Committee during the 12 months preceding the filing of the Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Mr. Alberto disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Justin R. Alberto, Esq. Patrick J. Reilley, Esq. Jack M. Dougherty, Esq. Carol E. Thompson, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com preilley@coleschotz.com jdougherty@coleschotz.com cthompson@coleschotz.com About Apple Tree Life Science, Inc. Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. It provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Committee Seeks to Hire Dundon as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Apple Tree Life Science, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as financial advisor. The firm's services include: a. serving as financial advisor to the Committee; b. assisting in the analysis, review, and monitoring of the restructuring process, including, but not limited to, an assessment of potential recoveries for unsecured creditors; c. developing a complete understanding of Debtors' business, including their debtor and non-debtor portfolio companies, intellectual property and their valuations; d. determining whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future proposed by any Debtors; e. advising the Committee on the marketing process of the Debtors' assets to any company or on a potential plan of reorganization; f. assisting in valuing any bids or term sheets received for the Debtors' assets; g. evaluating term sheets received related to potential DIP financing, litigation funding/financing, and/or exit financing; h. assisting the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability, and lender liability; i. assisting the Committee to analyze, classify and address claims against the Debtors and to estimate (in any formal or informal sense) the different claims pools, including the analysis of contingent, unliquidated, and disputed claims; j. assisting the Committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; k. advising the Committee in negotiations with the Debtors, lenders of the Debtors' portfolio companies, and third parties; l. analyzing and reviewing the Debtors' financial reports, including monthly operating reports and the filed statement of financial affairs and schedule of assets and liabilities; m. assisting the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases (if necessary); n. reviewing and providing analysis of operating budgets, actual budget variances, and liquidity; o. assisting the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; p. reviewing and providing analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; q. attending meetings and assisting in discussions with the Committee, the Debtor, the secured lender, the U.S. Trustee and other parties in interest and professionals; r. presenting at meetings of the Committee, as well as meetings with other key stakeholders and parties; s. providing testimony on behalf of the Committee as and when may be deemed appropriate; and t. performing other advisory services for the Committee as may be necessary or proper in these proceedings. The firm will be paid at these rates: Principal $1,090 per hour Managing Director $960 per hour Senior Advisor $960 per hour Senior Director $850 per hour Director $755 per hour Associate Director $650 per hour Senior Associate $495 per hour Associate $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew Dundon, a partner at Dundon Advisers LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Dundon Dundon Advisers LLC 1601 Belvedere Rd., Ste. 305 S West Palm Beach, FL 33406 Telephone: (561) 814-8303 About Apple Tree Life Science, Inc. Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. It provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. ARCHBLOCK LLC: Pursues Wind-Down Amid Fraud Claims -------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Thursday, February 12, 2026, Archblock, a company operating in the blockchain sector, advised a Delaware bankruptcy judge that it has initiated Chapter 11 proceedings to facilitate an orderly wind-down as it contends with tens of millions of dollars in liabilities. The move comes amid mounting financial and legal pressures. In its filing, Archblock explained that ongoing litigation and debt burdens rendered it unable to continue normal business operations. The Chapter 11 case is intended to provide a centralized forum for resolving claims and preserving asset value. The company plans to cease active operations and oversee the distribution of assets under bankruptcy court supervision. Archblock indicated that the restructuring process will allow it to address creditor claims in a fair and systematic manner consistent with federal bankruptcy law, the report states. About Archblock LLC Archblock LLC is a financial technology company operating in the blockchain and digital asset space. The company develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock LLC sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by William E. Chipman, Jr., Esq. of Chipman Brown Cicero & Cole, LLP. ARCHDIOCESE OF NEW ORLEANS: 5th Circ. Defends Jones Walker in Ch.11 ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the bankruptcy court professionals who follow a judge's instructions to serve an order are entitled to immunity from suit, the Fifth Circuit has ruled. The appellate court affirmed a Louisiana federal court's dismissal, concluding that the claims are core bankruptcy matters properly handled within the bankruptcy system. The panel explained that derivative judicial immunity applies when defendants act at the direction of the bankruptcy court and in conformity with its orders. Such protection ensures that court-appointed actors can perform their duties without fear of personal liability. The litigation arose from the Chapter 11 reorganization of the Roman Catholic Archdiocese of New Orleans. The Fifth Circuit found that because the contested actions were carried out under court authority, the defendants were shielded from liability and the claims belonged before the bankruptcy court, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARCHDIOCESE OF NEW ORLEANS: Trahant, et al. Lose Bid to Remand Case ------------------------------------------------------------------- In the appeal styled Richard Trahant; Amy Trahant, Appellants, versus Mark Alan Mintz; Jones Walker, L.L.P.; Donlin Recano & Company, Incorporated, Appellees, No. 25-30193 (5th Cir.), Judges Catharina Haynes, Stuart Kyle Duncan, and Irma Carrillo Ramirez of the U.S. Court of Appeals for the Fifth Circuit affirmed various orders of the United States District Court for the Eastern District of Louisiana with respect to a protective order against Richard Trahant. The claims at issue in this case are based on the alleged improper service of an order in which the bankruptcy court concluded that Richard Trahant, Plaintiff below, violated a protective order and removed his clients from the committee of unsecured creditors. Trahant was later sanctioned by the bankruptcy court. Plaintiffs, Trahant and his wife, Amy Trahant, sued debtor's counsel, Mark Mintz; Mintz's law firm, Jones Walker LLP; and the debtor's service agent, Donlin, Recano & Co. Inc., for various state-law torts. Defendants removed, arguing, among other things, that Plaintiffs' action was a core bankruptcy proceeding. The district court referred the action to the same bankruptcy court that sanctioned Trahant. Plaintiffs filed a motion to remand, which was denied because the bankruptcy court concluded that it was in fact a core proceeding. Plaintiffs filed motions to recuse aimed at both the bankruptcy court and the district court -- all were denied. Defendants eventually filed a motion for summary judgment alleging entitlement to derivative judicial immunity because they served the order at issue at the bankruptcy court's direction. The bankruptcy court agreed and granted the motion. Plaintiffs appealed the various orders, and the district court affirmed in all respects. Plaintiffs timely appealed that decision. Plaintiffs contend that remand was appropriate for a few reasons. They say that the district court lacked federal subject-matter jurisdiction and, in the alternative, assert that either mandatory or permissive abstention was appropriate. The panel holds, "The district court did not err by affirming the bankruptcy court's order denying Plaintiffs' motion to remand. Subject-matter jurisdiction exists in this case. Plaintiffs' claims constitute 'core proceedings,' and they have failed to demonstrate that it was error for the district court to affirm the bankruptcy court's decision not to abstain." Plaintiffs take issue with the bankruptcy court's denial of their motions to recuse under both 28 U.S.C. Secs. 455 and 144, as well as the district court's denial of their additional motion to disqualify. As Defendants aver, each of these motions was properly denied. The panel agrees, concluding that the district court did not err by affirming the bankruptcy court's decision denying Plaintiffs' motions to recuse and did not err by denying Plaintiffs' motion to disqualify. Plaintiffs also challenge the bankruptcy court's grant of summary judgment and denial of their request for discovery. Plaintiffs' central contention is that Defendants acted in bad faith, and ultra vires. Plaintiffs aver that the bankruptcy court erred by granting Defendants' motion for summary judgment on the basis that Defendants are entitled to derivative absolute judicial immunity because there is a fact issue as to whether Defendants actually complied with the bankruptcy court's order. Plaintiffs also argue that they should have been permitted to conduct discovery. The panel disagrees on both counts. In the end, the district court did not err by affirming the bankruptcy court's grant of summary judgment and decision to deny Plaintiffs' request for discovery. A copy the Court's Opinion dated February 11, 2026, is available at https://urlcurt.com/u?l=1rakEV About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ASTICOU HOSPITALITY: Involuntary Chapter 11 Case Summary -------------------------------------------------------- Alleged Debtor: Asticou Hospitality, LLC Asticou Inn The Asticou Hotel 15 Peabody Drive Northeast Harbor ME 04662 Business Description: Asticou Hospitality, LLC is a Maine-registered limited liability company that owns and operates The Asticou Hotel, a historic luxury lodging property in Northeast Harbor, Maine. The company was created by Maine hotelier Tim Harrington to acquire and renovate the Asticou property, a grand coastal inn on Mount Desert Island with dining, accommodations, and hospitality services, and has overseen a multi-million-dollar redevelopment and reopening of the hotel. Involuntary Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20030 Judge: Hon. Michael A Fagone Petitioners' Counsel: Randy J. Creswell, Esq. CRESWELL LAW PO Box 7340 Portland ME 04112 Tel: 207-358-1010 Email: rcreswell@cresselllaw.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M2QBE2I/Asticou_Hospitality_LLC__mebke-26-20030__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount 1. Castropor LLC Goods/Services $45,302 10 Mill Brook Road Unit 9 Saco ME 04072 2. The Glass Guy Inc. Goods/Services $58,583 8 Riverside Drive Biddeford ME 04005 3. Somi, Inc. Goods/Services $84,589 191 North Street Saco ME 04072 4. Homestead Flooring, Inc. Goods/Services $3,528 720 US Route One Yarmouth ME 04096 AUTOMATED TRUCKING: Creditors to Get Proceeds From Liquidation -------------------------------------------------------------- Automated Trucking, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Disclosure Statement describing Plan of Liquidation dated February 4, 2026. The Debtor was a service-based business providing trucking related services concerning client owned freight trucks. The Debtor is a relatively new business which unfortunately has been forced to cease operations. Colin Dixon and Eliseo Javier are joint owners of the Debtor. The Debtor is owned 50% by Mr. Dixon and 50% by Mr. Javier. In mid-2023, a mutual connection, Trevon Wray, approached both Mr. Javier and Mr. Dixon with a business idea. Mr. Wray had recently met Kristopher Lunsford, who had been involved in the trucking and heavy freight space for nearly two decades. After discovering Mr. Lundsford's operational background, Mr. Wray asked Mr. Lundsford if he could manage a truck on his behalf. Mr. Lundsford agreed, and this led Mr. Wray to suggest expanding the idea into a business model for others. Post Chapter 11 filing, it became evident that the Debtor had not realized that there were multiple VINs provided by Mr. Lunsford. This information became known to the Debtor after the Chapter 11 filing, during the examination of the Debtor in the multiple 341 Meetings of Creditors. The Debtor and its principals have assisted and cooperated with the parties that have identified the duplicate VINs to the best of their ability and knowledge. What began as a business venture built on trust, due diligence, and the intention to serve clients, ultimately became unsustainable due to backend failures outside of the Debtor's control. Despite not controlling client funds or the performance of the leases, the Debtor took direct steps to fill gaps, cover payments, and communicate transparently. As a result, the Debtor is owed approximately $6,500,000.00 from Mr. Lundsford and AKL. The Plan provides for the appointment of a Plan Administrator, who is the fiduciary selected by the Committee and appointed in the Confirmation Order to perform the activities set forth in the Plan. Upon the Effective Date, the Plan Administrator will be automatically substituted as the real party in interest in any pending litigation, contested matter, adversary proceeding, appeal, or other proceeding involving the Plan Administrator Assets, including without limitation the AKL Litigation and any litigation arising out of or relating to the Turnover Motion and related banking investigations. The Confirmation Order will authorize such substitution without further order of the Bankruptcy Court, subject only to compliance with any applicable non-bankruptcy procedural rules. The Plan will be funded by Net Litigation Proceeds in connection with the prosecution of the AKL Litigation. "Net Litigation Proceeds" means the recovery of cash (or the equivalent) in connection with the AKL Litigation, less the fees and costs of prosecuting same. The Plan Administrator will make distributions to holders of Allowed Unsecured Claims as provided in the Plan, and the Reorganized Debtor will make any other distributions required under the Plan, if any. Class 1 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Each Holder of an Allowed Class 1 General Unsecured Claim shall receive on such date determined by the Plan Administrator, in full and final satisfaction of such Holder's Allowed Class 1 General Unsecured Claim, such Holder's Pro Rata Share of the Net Litigation Proceeds after reserving for U.S. Trustee fees and payment of Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in full. The procedures for Distributions to Holders of Allowed General Unsecured Claims in Class 1 shall be in accordance with Article 9 of the Plan and the Confirmation Order. Class 1 is Impaired and, therefore, is entitled to vote to accept or reject the Plan. Class 2 consists of Equity Interests. The Holders of Class 2 Equity Interests shall be entitled to receive the remaining Net Litigation Proceeds and cash on hand, if any, only after all Allowed Claims in Classes senior to Class 2 have been paid in full pursuant to the terms of the Plan and after reserving for U.S. Trustee fees. Class 2 is Unimpaired. Each Holder of an Equity Interest is presumed to have accepted the Plan and, therefore, is not entitled to vote to accept or reject the Plan. The Plan provides for an orderly liquidation of the Debtor's assets and the payment of Allowed Claims, including contingent, unliquidated, and Disputed Claims to the extent they become Allowed Claims, in the order of their priority. A full-text copy of the Amended Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=n6Uh86 from PacerMonitor.com at no charge. Counsel to the Debtor: Alberto (Al) F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 North Ashley Drive, Ste. 3100, Tampa, FL 33602 Tel: (813) 225-2500 Email: Al@jpfirm.com About Automated Trucking LLC Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Automated Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03886) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP as counsel and Andrea P. Bauman, CPA, as forensic accountant. AVANT GARDNER: Wins Court OK for Ch. 11 Plan with Creditor Support ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Thursday, February 12, 2026, confirmed a Chapter 11 plan for the former owner of Brooklyn Mirage, clearing the way for the company to wind down following an agreement with nightclub operator Avant Gardner. The decision enables an orderly liquidation under court supervision. The confirmed plan establishes procedures for resolving creditor claims and allocating proceeds from any remaining assets. The debtor indicated that the negotiated arrangement helped avoid prolonged litigation and facilitated consensus among major parties, the report relays. As a result of the confirmation, the company will now implement the wind-down process contemplated by the plan. The court's approval provides finality to the restructuring effort and sets the stage for closing the Chapter 11 case, the report states. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. It owns New York City's popular Brooklyn Mirage and other event spaces. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AVENGER FLIGHT: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Avenger Flight Group, LLC 1450 Lee Wagener Boulevard Fort Lauderdale, FL 33315-3558 Business Description: Avenger Flight Group, LLC provides commercial aviation simulation and flight training services, offering advanced flight simulator training solutions to passenger airlines, low-cost carriers, regional airlines, charter operators, and training organizations worldwide. The company owns, operates, or services full-flight simulators and flight training devices across 11 training centers in four countries, supporting initial, recurrent, and upgrade training requirements for airline pilots. Headquartered in Fort Lauderdale, Florida, the company operates within the aviation training and simulation industry, serving airline customers seeking outsourced simulator-based training capacity. Chapter 11 Petition Date: February 12, 2026 Court: United States Bankruptcy Court District of Delaware Twenty-one affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Avenger Flight Group, LLC (Lead Case) 26-10183 Avenger Flight Group Topco, LLC 26-10182 AFG Dallas III, LLC 26-10184 AFG Dallas IV, LLC 26-10185 AFG Dallas, LLC 26-10186 AFG EU Operations Corp. 26-10187 AFG FLL, LLC 26-10188 AFG Latam Holding Corp. 26-10189 AFG Latam Sim Holdings II, LLC 26-10190 AFG Latam Sim Holdings III, LLC 26-10191 AFG Latam Sim Holdings IV, LLC 26-10192 AFG Latam Sim Holdings, LLC 26-10193 AFG Latam, LLC 26-10194 AFG Mexico Corp. 26-10195 AFG Orlando, LLC 26-10196 AFG Sanford, LLC 26-10197 AFG Sim Holding Corp. 26-10198 Avenger Flight Group Europe, Corp. 26-10199 Avenger Flight Training, LLC 26-10200 Avenger Flight Group Mexico II, S. DE R.L. DE C.V. 26-10201 Papi Flight Training, LLC 26-10202 Judge: Hon. Mary F Walrath Debtors' General Bankruptcy Counsel: Mary F. Caloway, Esq. Richard M. Pachulski, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street 17th Floor Wilmington, DE 19801 Tel: (302) 652-4100 Fax: (302) 652 4400 Email: mcaloway@pszjlaw.com rpachulski@pszjlaw.com AND Gregory V. Demo, Esq. Cia H. Mackle, Esq. 1700 Broadway, 36th Floor New York, NY 10019 Tel: (212) 561-7700 Fax: (212) 561-7777 Email: gdemo@pszjlaw.com cmackle@pszjlaw.com Debtors' Restructuring Advisor: SIERRACONSTELLATION PARTNERS Debtors' Investment Banker: SEABURY AVIATION PARTNERS LLC - and - SEABURY SECURITIES LLC Debtors' Solicitation, Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Lawrence Perkins as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GXYRFLA/Avenger_Flight_Group_LLC__debke-26-10183__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Allegiant Air, LLC Loans $7,786,213 Michelle Bathalter 1201 North Town Center Drive Las Vegas, NV 89144 Email: michelle.bathalter@allegiantair.com 2. Spirit Airlines, Inc. Trade Debt $4,528,143 Gary Mcmillan, Rema Fisher 2800 Executive Way Miramar, FL 33025 Email: gary.mcmillan@spirit.com; rema.fisher@spirit.com 3. Pedro Sors Unsecured $2,598,258 Address On File Note 4. Prologis Rent $990,707 John Kruszewski Pier 1, Bay 1 San Francisco, CA 94111 Email: jkruszewski@prologis.com 5. John Pincavage Unsecured $966,487 Address On File Note 6. Alison Sors Unsecured $906,082 Address On File Note 7. SADR Logistic Services Company Rent $712,303 Bandar Mohamad Al Samaani Anas Bin Malek St. Alyasmeen District- PO Box 3164 Al Riyadh, 52354 Saudi Arabia Email: bander@sadr.com.sa 8. Bow Systems Trade Debt $699,888 Shehzad Ahmed Mir 07, Royal Inn Plaza Kohistan Road, Markaz F-8 Islamabad, 44000 Pakistan Email: shehzad@bowsystems.com 9. Bardoli Holdings Corp. Loan $570,660 Maria Acevedo Tortola Pier Park, Building I Second Floor Tortola Road Town Tortola, British Virgin Islands Email: maria@acevedobelt.com 10. Raymond James & Trade Debt $500,000 Associates, Inc Adam Kauffman One Wall Street New York, NY 10286 Email: adam.kauffman@raymondjames.com 11. FTD Systems & Trade Debt $313,588 Associates, LLC Pedro Sors 3113 Woodcreek Drive Downers Grove, IL 60515 Email: pedrosors@ftfsim.com 12. Vida Mar Enterprises LLC Unsecured $241,622 Luis Mier Note Address On File c/o Hess Law Firm Attn Ephraim Roy Hess 205 Davie Boulevard Fort Lauderdale, FL 33315 Phone: 954-585-8599 Email: erh@thehessfirm.com 13. Angela Andrea Unsecured $241,622 Restrepo, Pa Note Address On File Angela Restrepo Email: On File 14. Decatur Business Rent $102,188 Center, LLC Terry York 6280 S. Valley View Blvd. Suite 106 Las Vegas, NV 89118 Email: terry@yorkinvestmentsllc.com 15. Valley View Owner, LLC Rent $94,943 c/o Alpha Industrial Properties 1500 North Halsted Street 2nd Floor Chicago, IL 60642 Neil Klein, COO Email: nklein@alphaindprop.com c/o KKR Asset Management 600 Travis Street Suite 7200 Houston, TX 77002 Email: lindsey.wright@kkr.com c/o JLL Industrial Property Management 2401 Cedar Springs Rd, Suite 100 – IPM Dallas, TX 75201 Lindsey Griffin Phone: 214-438-1574 Email: lindsey.griffin@jll.com 16. Multiple Pilot Trade Debt $89,112 Simulations (MPS) Philip Adrian, CEO Koningin Wihelminaweg 449 Groenekan, 3737 BE The Netherlands Phone: +31 346212777 Email: info@mps.aero 17. Simulator Components, Inc. Trade Debt $51,555 Dan Drake 1749 Roselawn Ave. West Minneapolis, MN 55113 Phone: 612-619-1190 Email: dan@simulatorcomponents.com 18. De La Hoz, Perez & Trade Debt $50,000 Barbeito, PLC Tony De Los Rios 2800 Ponce De Leon Blvd., Suite 1020 Coral Gables, FL 33134 Tony De Los Rios Phone: 305-448-5585 Email: tdelosrios@dpbcpa.com 19. Aviovision NV Trade Debt $43,437 Attn: Director Or Officer Herkenrodesingel 8/D.3.01 3500 Hasselt Belgium Email: accounting@aviobook.aero 20. AE Texas Trade Debt $36,796 Attn: Director Or Officer 2170 Buckthorne Pl., Suite 375 The Woodlands, TX 77380 Email: care@aetexas.com 21. Omega Air, Inc Trade Debt $33,750 Cameron Leslie 11827 Tech Com Ste 220 San Antonio, TX 78233-6014 Email: camleslie@omega.aero 22. Duke Secured Rent $28,901 Financing 2009-1Alz, LLC c/o Duke Realty Corp. 1301 W. 22Nd Street Suite 800 Oak Brook, IL 60523 Minneapolis Market, Vice President, Regional Asset Manager 23. Atlas Electronics, Inc Trade Debt $26,452 John Paul Khoury 2737 Irving Blvd. Dallas, TX 75207 Phone: 214-631-2902 Email: johnpkhoury@gmail.com 24. Infinity JYLP LLC Rent $25,527 2257 Vista Parkway Suite 15 West Palm Beach, FL 33411 Steven E. Mccraney Phone: 561-478-7111 Email: smccraney@mccraneyproperty.com 25. Krauthamer & Associates LLC Trade Debt $25,000 Eric Hong 7101 Wisconsin Ave., Suite 1210 Bethesda, MD 20814 Email: ehong@kapartners.com 26. Frontier Airlines, Inc Trade Debt $10,000 Howard Diamond, EVP Legal 4545 Airport Way Denver, CO 80239 Email: howard.diamond@flyfrontier.com 27. Quality Bearings Online Ltd Trade Debt $9,000 Unit 2/3 Gelderd Park 98 Gelderd Road Holbeck, Leeds LS12 6HJ United Kingdom Jade Wendel, Finance Mgr Email: accounts@qualitybearingsonline.com 28. Aramark Refreshment Services Trade Debt $6,767 Accounts Receivable 2400 Market Street Philadelphia PA 19103 Email: ars-ar@aramark.com 29. Fieldfisher LLP UK Trade Debt $6,037 Marcel Willems Riverbank House 2 Swan Lane London EC4R 3TT United Kingdom Email: marcel.willems@fieldfisher.com 30. SIM International Lease Trade Debt Unliquidated I B.V. And Affiliates Frank Uit Den Bogaard Wattstraat 7 Asassenheim, NL 2171 TP The Netherlands Phone: +31 (0) 6 30 578970 Email: frank@sim-international.com AVENGER FLIGHT: Seeks to Sell Flight Training Business at Auction ----------------------------------------------------------------- Avenger Flight Group LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. FG LLC and its affiliates operate as a global leader in commercial aviation simulation and flight training. Avenger provides a full suite of advanced flight simulator training solutions to their customers, which include blue-chip passenger airlines, low cost carriers (LCCs), regional airlines, charter operators, and training operators. As of the Petition Date, the Company operates across 11 training centers in four countries, specifically (a) 50 full-flight simulators, of which 23 are owned by the Company, 12 are leased, 11 are housed and maintained, and four are subject to servicing agreements; and 15 flight training devices, of which six are owned and nine are serviced by the Company. However, the Company has faced both internal and external challenges, including a high debt load, general industry headwinds, and the bankruptcies of some of its major customers. To help address these challenges, in the months leading up to the Petition Date, the Debtors engaged with many of their major stakeholders—including the Prepetition Term Loan Secured Parties, SIM International, and key equipment lessors—regarding a holistic restructuring to be effectuated through the chapter 11 process. The Debtors have entered chapter 11 with a clear plan: to establish and execute upon a process for the value-maximizing sale of all or substantially all of their Assets for the benefit of all of their stakeholders. The Debtors retain Seabury Securities LLC, an experienced and well-known investment banker with particular expertise in the aviation industry, to ensure that they secure a value-maximizing transaction or transactions for the Assets. Seabury is commencing a robust process to market the Assets and obtain the highest or otherwise best value for them, using the Stalking Horse Bidder as a baseline. Seabury has populated a comprehensive data room and is in the process of sending a teaser to no fewer than 65 parties that may be interested in engaging in a Sale with the Debtors for all or a portion of the Debtors' Assets. The Bid Procedures provide the formal framework for a Sale or Sales and have been structured to elicit value-maximizing bids for the Assets. The Debtors propose the following key dates and deadlines for the Sale Process: -- February 26, 2026 at 5:00 p.m.: Deadline to Object to Bid Procedures Motion -- March 5, 2026: Bid Procedures Hearing -- March 9, 2026: Deadline to File and Serve Cure Notice -- March 23, 2026 at 5:00 p.m.: Contract Objection Deadline -- March 27, 2026 at 5:00 p.m.: Deadline to Submit Qualified Bids -- April 1, 2026: Deadline to Designate Qualified Bids and File Auction Notice -- April 2, 2026 at 10:00 a.m.: Auction (if necessary) -- April 6, 2026 at 12:00 p.m. Deadline to Object to Sale(s) -- April 7, 2026: Hearing -- April 12, 2026: Deadline to Close The Debtors' Sale Process is being managed by their investment banker, Seabury. Seabury was retained by the Debtors in December 2025 to, among other things, assist the Debtors in marketing their Assets. Seabury will send a teaser regarding the opportunity to purchase the Assets to at least 15 strategic parties and at least 50 financial investors with experience in the Debtors' industry and potential interest in purchasing the Assets. Upon their execution of a Confidentiality Agreement, subject to the Bid Procedures, Potential Bidders will be granted immediate access to the Data Room. To maximize the value of their Assets for the benefit of the Debtors' estates and creditors, the Debtors seek to implement a competitive bidding process to culminate in one or more Sales. Details of the Stalking Horse Asset Purchase Agreement entered by the Debtors and buyer AFG Topco, LP is also provided at https://urlcurt.com/u?l=RHMarr The Debtors submit that the terms set forth above and in the Bid Procedures Order are the result of extensive, good-faith, arm’s-length negotiations, and that the Stalking Horse Bid is currently the highest and best proposal. The Debtors request that the Court set the Sale Hearing on April 7, 2026 at a time to be determined by the Court. About Avenger Flight Group LLC Avenger Flight Group LLC provide low-cost training solutions for clients while preserving value, a high degree of quality and customer service at all times. It has tailor-made its services toward rapidly growing Low Cost Carriers (LCC) which had been neglected in many occasions by other training providers. AFG has become the preferred training center for many US and international airlines, especially LCCs. Avenger Flight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank.D.Dela. Case No. 26-10183) on February 11, 2026. Steven W. Golden at Pachulski Stang Ziehl & Jones LLP represents the Debtor as legal counsel. BARE ARMS: Burke & Herbert Wants Mark A. Rubin as Receiver ---------------------------------------------------------- Burke & Herbert Bank & Trust Company, successor by merger with Summit Community Bank, filed an emergency motion with the U.S. District Court for the Eastern District of Kentucky, Ashland Division, seeking the appointment of Southeast Property Management and Mark A. Rubin as receiver for all real property particularly the Huntington Property, the Ashland Property, the Chesapeake Property, Wurtland Property and Lulu Property, along with all personal property collateral including cash collateral of Bare Arms Limited Liability Company. B&H says defendants Bare Arms Limited Liability Company, William H. Bare and Christy N. Bare owe B&H about $2.75 million. The Defendants' obligations to B&H are secured by substantially all of the assets of Defendants: (i) the Real Property; and (ii) certain Collateral, including cash collateral owned by Bare Arms Limited Liability Company and used in the operation of its business (e.g. firearms, ammunition and related accessories, restaurant equipment and cash collateral generated therefrom). The Defendants have been in default under the terms of the Loan Documents since around April 2025 and at all relevant times thereafter. B&H attempted to reach an agreement with the Defendants that would provide for the appointment of a receiver for the purpose of protecting and preserving the Real Property and Collateral; however, those efforts proved unsuccessful after the Defendants failed and/or refused to respond to B&H's most recent effort related thereto. B&H contends its collateral in the form of the Real Property and Collateral, including cash collateral that the Defendants continue to generate, use and retain for their own benefit while not making payments to B&H, is inadequate to protect its interests. B&H notes that, upon the occurrence of an Event of Default, the Lender shall immediately be entitled to make application for and obtain the appointment of a receiver for the Property and of the earnings, income, issue and profits of it, with the powers as the court making the appointments confers. Grantor irrevocably consents to such appointment and waives notice of any application therefor. The Loan Documents include multiple consents and authorizations from each of the Defendants that, upon an "event of default" thereunder B&H shall have the right to the appointment of a receiver to take possession of and protect and preserve the Real Property and Collateral. B&H contends the Court could and should also exercise its discretion and appoint a receiver for the Real Property and Collateral because of the continuing diminution in value of the Real Property and Collateral, including the cash collateral that the Defendants continue to retain for their own benefit, and the ongoing harm that will certainly occur if a receiver is not appointed. B&H also asserts it would be unjust for the Defendants to be allowed to continue using the Real Property and Collateral to operate their businesses while retaining the cash collateral without making any payments to B&H, especially given the statements made by the Defendant, Bare Arms Limited Liability Company, to the Bankruptcy Court that their businesses would be idled on or before January 1, 2026. Finally, based on the foregoing, the indisputable events of default under the Loan Documents and the Affidavit of B&H, B&H's success in this action is highly probable. Therefore, B&H requests that the Court enforce the unambiguous terms of the Loan Documents that include the consents and authorizations to the appointment of a receiver to protect and preserve the Real Property and Collateral in these circumstances. B&H further requests and recommends that the Court appoint Southeast Property Management and Mark A. Rubin as the receiver. Southeast Property Management has been aware of certain details regarding Real Property and Collateral and the Defendants' businesses and operations including the fact that the business of the Defendant, Bare Arms Limited Liability Company, involves the sale of firearms, ammunition and related accessories, along with a restaurant that serves alcoholic beverages, along with the operation of gun ranges in both Kentucky and West Virginia. B&H attests Southeast Property Management and Mark A. Rubin are a highly qualified property management firm with extensive experience in property management and receivership responsibilities. Their relevant expertise and experience in property management and receivership responsibilities, and general knowledge of the Property, make them a preferred choice for this appointment, given the circumstances of this case. * * * The Court has rescheduled the hearing on B&H's motion to Friday, March 6, 2026, at 11:00 A.M. at US Courthouse in Ashland, Ky. About Bare Arms Limited Liability Company Bare Arms Limited Liability Company, doing business as Bare Arms Trading Co. and Bladez, operates indoor shooting ranges and provides firearms training and retail services in Kentucky and West Virginia. It offers range rentals, concealed carry certification courses, and branded tactical merchandise through physical stores and pickup locations across multiple states. Bare Arms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-10174) on July 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Douglas L. Lutz presided over the case. The Debtor hired J. Christian Dennery, Esq., at Dennery, PLLC, as counsel. The Bankruptcy Case was dismissed by the Bankruptcy Court pursuant to the terms of an Agreed Order Dismissing Case on December 16, 2025, which, among other things, provided that Bare Arms "is prohibited from filing for bankruptcy protection in any jurisdiction under any chapter of the United States Bankruptcy Code for a period of one year from the entry of this Order." Prior to the bankruptcy filing, a receivership case was filed against Bare Arms captioned as Burke & Herbert Bank & Trust Company v. Bare Arms Limited Liability Company; William H. Bare; and Christy N. Bare, Case No. 26-cv-00032 (E.D. Ky.), before District Judge David L. Bunning and Magistrate Judge Edward B. Atkins. The case was filed on Oct. 25, 2024. Attorneys for Burke & Herbert Bank & Trust Company: Martin B. Tucker, Esq. DINSMORE & SHOHL LLP 100 West Main Street, Suite 900 Lexington, KY 40507 Tel: (859) 425-1000 Fax: (859) 425-1099 E-mail: martin.tucker@dinsmore.com BARROW SHAVER: Hires ABEL Engineering LLC as Expert Witness ----------------------------------------------------------- Barrow Shaver Resources Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ ABEL Engineering LLC as expert witness. The firm will testify in the adversary proceeding captioned as Barrow Shaver Resources Company LLC v. SDS Petroleum Consultants, LLC, Adv. Case No. 24-03167. The firm will be paid at these rates: L. William Abel, PE $425 per hour Peter Aird $350 per hour Richard May $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: L. William Abel, PE ABEL Engineering LLC 401 E. 3rd Street Lampasas, TX 76550 Tel: (713) 355-3838 About Barrow Shaver Resources Company LLC Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BARROW SHAVER: Hires Applied Economics as Consultant ---------------------------------------------------- Barrow Shaver Resources Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Applied Economics Consulting Group, Inc. as consultant. The firm will provide consulting services, and testify in the case captioned as Barrow Shaver Resources Company LLC v. SDS Petroleum Consultants, LLC, Adv. Case No. 24-03167. The firm will be paid at these rates: Eric R. Krause, Director $470 per hour Senior Consultants $300 to 390 per hour Consultants $200 to 295 per hour Research Associate $175 to 195 per hour Research Assistant $80 to 170 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric R. Krause Applied Economics Consulting Group, Inc. 1905 North Lamar Boulevard Austin, TX 78705 Tel: (512) 474-5860 Fax: (512) 474-6756 About Barrow Shaver Resources Company LLC Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BARROW SHAVER: Porter Hedges Advises Partnership Claimants Group ---------------------------------------------------------------- In the Chapter 11 cases of Barrow Shaver Resources Company LLC and its affiliates, Porter Hedges LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the law firm's representation of an ad hoc group of partnership claimants in BSR Lone Star Drilling Fund I LP and BSR Lone Star Opportunity Zone Fund LP, formed by the two non-Debtor limited partnerships. According to the Verified Statement: 1. On August 15, 2024, the Ad Hoc Group retained Porter Hedges to act as counsel to represent them in connection with the Chapter 11 case. 2. The Ad Hoc Group is represented by Eric M. English, James A. Keefe, and Grecia V. Sarda of Porter Hedges. The Ad Hoc Group does not claim or purport to represent any other entity and undertakes no duties or obligations to any other entity. Porter Hedges does not represent or purport to represent any of the members of the Ad Hoc Group in their individual capacities. Porter Hedges' address is 1000 Main Street, 36th Floor, Houston, Texas 77002. 3. The Ad Hoc Group and its members do not hold economic interests in Barrow Shaver Resources and its debtor-affiliates. They hold interests in the BSR Lone Star Drilling Fund I LP and BSR Lone Star Opportunity Zone Fund LP partnerships, which are non-Debtor entities. 4. Upon information and belief formed after due inquiry, Porter Hedges does not hold any claims against, or interests in, the Debtor. 5. Nothing contained in this Statement is intended to or should be construed to constitute: (i) a waiver or release of any claims or interests against the Debtor by any member of the Ad Hoc Group; (ii) an admission with respect to any fact or legal theory; or (iii) an amendment to, or restatement of, any proof of claim or interest in the Debtor. Nothing should be construed as a limitation upon, or waiver of, any rights of any member of the Ad Hoc Group to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in this case. 6. The Ad Hoc Group reserves the right to amend this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. 7. The names and addresses of each present member of the Ad Hoc Group in relation to the Debtors, are: a. Mark Atchity 6240 W. 135th Street, Suite 214 Overland Park, KS 66223 b. Shaun Eck 6240 W. 135th Street, Suite 214 Overland Park, KS 66223 c. Kirsten Eriksson 6240 W. 135th Street, Suite 214 Overland Park, KS 66223 d. Larry Jacobson c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 e. Sterling Louviere 6240 W. 135th Street, Suite 214 Overland Park, KS 66223 f. Aaron Pollak 60 White Street, Unit 2366 South Burlington, VT 05403 g. Lawrence Steinberg, Jr. 6240 W. 135th Street, Suite 214 Overland Park, KS 66223 h. Revolution Capital, LLC c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 i. Revolution Group c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 j. Cabin Securities c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 k. Coastal c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 l. Arkadios Capital LLC c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 m. M. H. Leblang c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 n. KCD Financial c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 o. Realta Equities, Inc. c/o Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 Attorneys for the Ad Hoc Group of Partnership Claimants Eric M. English, Esq. James A. Keefe, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 E-mail: eenglish@porterhedges.com jkeefe@porterhedges.com About Barrow Shaver Resources Company LLC Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BB RESTAURANT: Christopher Simpson Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for BB Restaurant Group, LLC. Mr. Simpson will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About BB Restaurant Group LLC BB Restaurant Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01014) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Brenda K. Martin presides over the case. Patrick F. Keery, Esq., at Keery Mccue, PLLC represents the Debtor as legal counsel. BE PLASTICS: Unsecureds Will Get 32.12% of Claims over 3 Years -------------------------------------------------------------- BE Plastics Inc. submitted a First Amended Plan of Reorganization dated February 4, 2026. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. Debtor seeks to confirm a consensual plan of reorganization but is prepared to confirm this plan pursuant to Section 1191(b) of the Bankruptcy Code if necessary. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 Claimants consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next three years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 30 days after the Effective Date. Debtor will distribute $384,092.97 to the general allowed unsecured creditor pool over the three-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 32.12% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 4 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $1,195,950.21. Class 5 Equity Interest Holders (Current Owners). The sole owner, Bilal Effendi, will receive no payments under the Plan; however, he will be allowed to retain ownership in the Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated February 4, 2026 is available at https://urlcurt.com/u?l=XZcGTR from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About BE Plastics Inc. BE Plastics Inc. operates a wholesale trade plastic resin business. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-25842) on Oct. 3, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, at The Lane Law Firm, is the Debtor's counsel. BEAR COUNTRY: Kevin Neiman Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Bear Country Colorado, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Bear Country Colorado LLC Bear Country Colorado, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10669) on February 4, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Michael E. Romero presides over the case. BESTWALL LLC: Claimants Seek Appointment of Bankruptcy Trustee -------------------------------------------------------------- Randi Love of Bloomberg Law reports that a group of asbestos claimants affected by mesothelioma has asked a North Carolina bankruptcy court to appoint a Chapter 11 trustee for Bestwall LLC, a subsidiary of Georgia-Pacific LLC. The request was made in the Western District of North Carolina as part of ongoing bankruptcy proceedings. The claimants contend that Bestwall has "expressed zero interest" in over eight years of bankruptcy in negotiating a plan to compensate asbestos victims. Their motion emphasizes the debtor's failure to provide recoveries as justification for judicial intervention. As an alternative, the group proposed the appointment of an examiner to investigate the debtor's conduct and assess whether a trustee should be installed. This action follows the collapse of negotiations by a committee representing asbestos claimants, which had been attempting to reach a reorganization agreement, the report relays. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BKM HOLDINGS: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: BKM Holdings, LLC 817 Mount Vernon Blvd Royal Oak, MI 48073 Business Description: BKM Holdings, LLC is a real estate entity that owns a commercial property situated at 35855 Stanley in Sterling Heights, Michigan 48312. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-41407 Judge: Hon. Paul R. Hage Debtor's Counsel: Charles D Bullock, Esq. STEVENSON & BULLOCK, PLC 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 E-mail: cbullock@sbplclaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Martin as member. A copy of the Debtor's list of its four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WPUTNYY/BKM_Holdings_LLC__miebke-26-41407__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R23WOMY/BKM_Holdings_LLC__miebke-26-41407__0001.0.pdf?mcid=tGE4TAMA BLABLMBTQ LLC: Exeter's Loses Bid for Administrative Expense Claim ------------------------------------------------------------------ Judge Christopher G. Bradley of the U.S. Bankruptcy Court for the Western District of Texas denied Exeter 2150 Chisholm Trail LP's Motion for Allowance and Payment of Administrative Expense Claim in the bankruptcy case of BLABLMBTQ, LLC. On April 18, 2025, BLABLMBTQ, LLC filed this chapter 11 case and also filed its Motion to Reject Unexpired Lease of Real Property Nunc Pro Tunc. The Motion to Reject sought rejection of a lease regarding property located at 2150 Chisholm Trail in Round Rock, Texas (the "Leased Premises"). The Court held a hearing on the Motion to Reject and entered an order that provided that the lease would be rejected "effective on the date immediately following the date by which the Debtor removes all of the Debtor's personal property from the Leased Premises and has unequivocally surrendered possession of the Leased Premises to Landlord." The Debtor moved out of the Leased Premises on April 28, 2025, thus the lease was rejected effective April 29, 2025. About five months later, the Debtor successfully obtained confirmation of its chapter 11 plan. About two months after that, the Debtor's former landlord, Exeter 2150 Chisholm Trail, LP, filed Exeter 2150 Chisholm Trail LP's Motion for Allowance and Payment of Administrative Expense Claim (the "Motion for Admin Claim," arguing that it should be allowed an administrative expense claim totaling $25,488.92 for rent accrued during the twelve days between the petition date and the date the Debtor rejected the lease. The Debtor timely filed a response, arguing that the motion should be denied because Exeter had locked the Debtor out of the premises pre-petition and it had been unable to remove its personal possessions prior to filing bankruptcy. Bankruptcy courts in the Fifth Circuit have generally applied the Billing Theory and found that rent owed for the stub rent period is not entitled to an administrative claim under section 365(d)(3) and that landlords must instead seek allowance of stub rent claims under section 503(b)(1) (meaning they must show that the claim is for an "actual and necessary cost" of the estate). The Court finds Exeter is not entitled to an automatic administrative claim under section 365(d)(3) and must instead seek allowance under section 503(b)(1). To qualify as an administrative expense under section 503(b)(1), an "actual and necessary cost" must arise "post-petition and as a result of actions taken by the debtor in possession that benefitted the estate." This expense fails that test. The Debtor was ready, willing, and able to vacate the premises pre-petition and was unable to do so, solely because of Exeter's refusal to allow entry. The Court finds Exeter is not entitled to an administrative claim under section 503(b)(1). The Court concludes the Motion for Allowance of and Payment of Administrative Expense Claim should be denied because the Debtor's post-petition use of the Leased Premises would have been unnecessary if Exeter had not barred the Debtor from removing its personal property pre-petition. A copy of the Court's Order and Memorandum Opinion dated February 10, 2026, is available at https://urlcurt.com/u?l=fufoIR from PacerMonitor.com. About BLABLMBTQ LLC BLABLMBTQ, LLC, doing business as Bella and Bloom Boutique, is an online and physical retail company that offers women's apparel and fashion accessories. It operates through its e-commerce platform and a storefront in Texas. BLABLMBTQ filed Chapter 11 petition (Bankr. W.D. Tex. Case No. 25-10545) on April 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Katlyn Maupin, owner and managing member, signed the petition. Judge Christopher G. Bradley oversees the case. Stephen Sather, Esq., at Barron & Newburger, P.C. serves as the Debtor's counsel. BLINK CHARGING: EVP Aviv Hillo Departs With $552K Separation Pay ---------------------------------------------------------------- Blink Charging Co. disclosed in a regulatory filing that the Company met with its General Counsel and Executive Vice President – M&A, Aviv Hillo, to discuss the terms of Mr. Hillo's employment contract. By mutual agreement effective January 31, 2026, Mr. Hillo stepped down from his roles as General Counsel and Executive Vice President – M&A and as a member of the Company's Board of Directors. Mr. Hillo's departure was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. In connection with his departure, Mr. Hillo and the Company entered into a certain Separation Agreement and General Release, dated as of February 3, 2026, pursuant to which Mr. Hillo agreed to certain customary post-employment covenants in favor of the Company. In return for entering into this agreement, Mr. Hillo will receive a lump-sum cash separation payment of $552,610, minus applicable taxes, deductions and withholdings. Mr. Hillo will also receive a grant of fully vested restricted stock units. A full text copy of the Separation Agreement is available at https://tinyurl.com/46n2b95h About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of September 30, 2025, the Company had cash and cash equivalents of $23.110 million compared to $41.774 million in cash and cash equivalents and $13.630 million in marketable securities as of December 31, 2024, representing a decrease of $32.294 million in available liquidity due to ongoing operating losses, working capital requirements, and limited cash inflows from operations. Absent a near-term capital infusion or significant improvement in cash flow from operations, the Company expects that its current cash resources will be insufficient to fund operations for the next 12 months. As such, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern within the next 12 months. As of September 30, 2025, the Company had $171.3 million in total assets, $80.5 million in total liabilities, and $90.8 million in total stockholders' equity. BLUE STAR: Edward Burr Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Blue Star Management Group. Mr. Burr will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Blue Star Management Group Blue Star Management Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 26-10688) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq., at Larson and Zirzow, LLC represents the Debtor as legal counsel. BOSTIC ENTERPRISE: Keith Larson Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Keith Larson at Morgan Pottinger McGarvey as Subchapter V trustee for Bostic Enterprise Alliance, Inc. Mr. Larson will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Larson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Keith Larson Morgan Pottinger McGarvey 401 South Fourth Street, Suite 1200 Louisville, KY 40202 Tel. 502.560.6758 Fax 502.585.3498 Email. kjl@mpmfirm.com About Bostic Enterprise Alliance Inc. Bostic Enterprise Alliance, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30247) on February 4, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joan A. Lloyd presides over the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. BOY SCOUTS: Bankruptcy Trustee Seeks Docs from Mormon Church ------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that the trustee responsible for administering payments to abuse claimants in the Boy Scouts of America Chapter 11 case has petitioned a Delaware federal court to require the Church of Jesus Christ of Latter-day Saints to turn over documents tied to its involvement with scouting programs. In court papers, the trustee maintains that the church's records may shed light on the scope of its participation in troop sponsorship and governance, information that could impact claims evaluation and potential recoveries for survivors. The request follows ongoing efforts to investigate sources of compensation under the bankruptcy plan. The trustee argues that obtaining the documents is essential to carrying out the trust's mandate and ensuring transparency in the claims process. A ruling from the court will determine whether the church must comply with the discovery request. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BOY SCOUTS: National Surety, et al. Lose Bid to Dismiss Houser Case ------------------------------------------------------------------- Judge Karen Gren Scholer of the U.S. District Court for the Northern District of Texas denied the motion of National Surety Insurers and Allianz Global Risks US Insurance Company to dismiss the case captioned as THE HONORABLE BARBARA J. HOUSER (RET.), in Her Capacity as Trustee of the BSA Settlement Trust v. ALLIANZ GLOBAL RISKS US INSURANCE COMPANY, et al., Case No. 3:23-cv-01592-S (N.D. Tex.) on forum non conveniens grounds or dismiss or stay on abstention grounds. This case is an insurance coverage dispute between Plaintiff, the Honorable Barbara J. Houser (Ret.) in her capacity as Trustee of the Boy Scouts of America Settlement Trust, and dozens of insurance companies that allegedly issued liability policies covering BSA or BSA's local councils. To resolve the abuse claims filed against BSA during its bankruptcy case, the Plan created a settlement trust that assumed liability for claims asserted against BSA and BSA's local councils. The settlement trust received certain assets, including the rights under BSA's and the local councils' insurance policies. Plaintiff sued 83 insurers for declaratory judgment, breach of contract, bad faith, and violations of the Texas Insurance Code. Moving Defendants now move to dismiss on forum non conveniens grounds or to stay or dismiss on Colorado River abstention grounds. Moving Defendants argue that this case should be dismissed in favor of an earlier-filed action in Illinois state court, National Surety Corp. v. Boy Scouts of America, et al., No. 2017-CH014975 (Cir. Ct. Cook Cty.). They argue that the Illinois court is an available and adequate forum and that each of the public and private interest factors that applies weighs either in favor of the Illinois action or neutrally. Plaintiff responds that Moving Defendants do not attempt to argue that this is one of the "rare instances" that would allow the District Court to dismiss on FNC grounds. Plaintiff also argues that the Illinois court is not an available forum and that the factors weigh against adjudication in Illinois. The District Court finds Moving Defendants have not met their burden to demonstrate that the Illinois state court is an available forum. Even if Moving Defendants could show that the Illinois court is an available and adequate forum, they still could not show that the public and private interest factors weigh in favor of dismissal. The District Court finds that the private interest factors do not weigh in favor of dismissal because many sources of proof will be located in Texas, where BSA has had its headquarters for nearly fifty years, and because there are no practical problems that would prevent an expeditious resolution by this Court. The public interest factors do not weigh in favor of dismissal because Moving Defendants have not shown that the District Court is more congested than the Chancery Division of the Circuit Court of Cook County, Illinois. Texas law is likely to apply to many of the issues in this case; and there will be no unfair burden to Texas jurors. Abstention Moving Defendants argue that Colorado River abstention is warranted in this case because there is parallel litigation and the five factors that apply all favor abstention. Plaintiff responds that the two cases are not parallel and that the five applicable factors weigh against abstention. The District Court finds that this case and the Illinois action are not parallel. As already noted, the Illinois action includes only 12 of the 83 insurers originally named in this suit. The issues are also different. The Illinois action addresses certain insurers' obligations to pay for claims of abuse by a single alleged perpetrator over a period of nine years. But this case addresses the insurers' coverage obligations for tens of thousands of abuse claims spanning decades. Because the cases are not parallel, the District Court need not consider the Colorado River factors. A copy the Court's Memorandum Opinion and Order dated February 2, 2026, is available at https://urlcurt.com/u?l=gEPZNn About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRIGHT MINDS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Bright Minds Afterschool Program, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court entered an interim order authorizing the Debtor to use cash collateral through March 24 to fund operations consistent with its budget. Several creditors may assert liens on the Debtor's assets, including Foundation Capital Resources, the U.S. Small Business Administration, Corporation Service Company (as representative of an unknown principal), and Fortress Merchant Solutions. As adequate protection, secured creditors will be granted replacement liens on assets created or acquired by the Debtor after its Chapter 11 filing. These replacement liens do not apply to bankruptcy causes of action. The next hearing is set for March 24. The interim order is available at https://is.gd/AHq6pY from PacerMonitor.com. Bright Minds is a Georgia limited liability company that owns two properties in Riverdale, Georgia -- one operated as a child care facility and the other as a church -- and its continued operation depends on access to cash to pay essential expenses such as utilities, insurance, and taxes. The Debtor projects monthly income of $12,000 and expenses of approximately $7,880 in February and $8,880 in March and April, covering items such as utilities, security, insurance, lawn care, communications, and miscellaneous costs, resulting in positive ending cash balances each month. About Bright Minds Afterschool Program Bright Minds Afterschool Program, LLC provides after-school care and educational enrichment services for children of various ages in Riverdale, Georgia, operating within the child care and educational services industry. The Company offers structured programs designed to support learning, recreation, and social development outside of regular school hours. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51447) on February 2, 2026. In the petition signed by Aljami Durham, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Thomas T. McClendon, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. BRIGHT MINDS: Seeks to Hire Jones & Walden LLC as Counsel --------------------------------------------------------- Bright Minds Afterschool Program, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct of examination; (c) advise the Debtors of their rights, duties and obligations as debtors-in-possession; (d) consult with the Debtor and represent it with respect to their Chapter 11 plan and disclosure statement; and (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm has stated present fee rates of $225 to $500 per hour for attorneys and $150 to $250 per hour for paralegals and law clerks. The firm holds a $22,918 security retainer. Leon S. Jones, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leon S. Jones, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 About Bright Minds Afterschool Program, LLC Bright Minds Afterschool Program, LLC provides after-school care and educational enrichment services for children of various ages in Riverdale, Georgia, operating within the childcare and educational services industry. It offers structured programs designed to support learning, recreation, and social development outside of regular school hours. Bright Minds Afterschool Program filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51447) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. BRIGHT MINDS: Seeks to Hire Titan as Real Estate Broker ------------------------------------------------------- Bright Minds Afterschool Program, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Titan Real Estate Group as real estate broker. The firm will market and sell the Debtor's real property located at 512 Eagles Crossing Way, Riverdale, GA 30274. The firm will be paid a commission of 6 percent of the purchase price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Donna Smiley Titan Real Estate Group 1447 Peachtree Street NE Atlanta, GA 30309 Tel: (678) 578-8871 About Bright Minds Afterschool Program, LLC Bright Minds Afterschool Program, LLC provides after-school care and educational enrichment services for children of various ages in Riverdale, Georgia, operating within the childcare and educational services industry. It offers structured programs designed to support learning, recreation, and social development outside of regular school hours. Bright Minds Afterschool Program filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51447) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. BUDDY MAC: Taps Scarbrough Commercial Real Estate as Broker ----------------------------------------------------------- Buddy Mac Holdings, LLC and its debtor subsidiaries and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Scarbrough Commercial Real Estate LLC as a real estate broker. The firm will provide these services: (a) effectively market the Debtor's property; (b) obtain the highest and best price in the proposed 363 Sale; (c) assist the Debtors in filing a sale motion; (d) seek Court approval to close a transaction. The firm can be reached at: Scarbrough Commercial Real Estate LLC 410 W. Erwin Tyler, TX 75702 About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. Judge Michelle V. Larson oversees the case. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. CALDERIA LLC: Hires Ehrhard & Associates as Legal Counsel --------------------------------------------------------- Calderia, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Ehrhard & Associates, P.C. to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor with the sale, refinance or restructuring of the Debtor's property. The firm will receive an hourly rate of $325 for senior attorneys, and $175 for paralegals. The firm received from the Debtor a retainer of $6,524, plus $1,738 for costs of filing. The firm 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: James P. Ehrhard, Esq. Ehrhard & Associates, P.C. 27 Mechanic Street, Suite 101 Worcester, MA 01608 Telephone: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About Calderia, LLC Calderia, LLC is a holding company whose principal assets consist of four real estate properties located in Plymouth, Massachusetts, and in Kannapolis and Gastonia, North Carolina. Calderia, LLC in Worcester, MA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Mass. Case No. 25-41363) on Dec. 19, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Dawna Thomas-Foote as manager, signed the petition. Ehrhard & Associates, P.C. serve as the Debtor's legal counsel. CALDERIA LLC: Seeks Court OK to Use Cash Collateral --------------------------------------------------- Calderia, LLC asks the U.S. Bankruptcy Court for the District of Massachusetts for authority to use cash collateral to fund operations. The cash collateral consists of rental income from the Debtor's real estate properties, which may be subject to liens held by secured lenders. The Debtor owns four income-producing properties: two in Plymouth, Massachusetts (4 Nook Road and 230 Summer Street) and two in North Carolina (117 South Ridge Avenue in Kannapolis and 211 West 2nd Street in Gastonia). At the time of its Chapter 11 filing, the Debtor had only about $100 in cash and no non-real-estate assets, making the use of rental income essential to fund ongoing operations. The Debtor identifies three creditors that claim security interests in the properties and their rents. Rushmore Servicing asserts it is owed about $800,000 on each of the two Plymouth properties valued at approximately $1.2 million each. Fay Servicing claims about $450,000 secured by the Kannapolis property valued at $700,000. Upright claims about $780,000 secured by the Gastonia property valued at $1 million. The Debtor proposes to provide adequate protection to these lenders by making monthly payments from the rental income: roughly $6,607 and $6,615 per month to Rushmore Servicing on the two Massachusetts properties, $3,645 per month to Fay Servicing, and $5,552 per month to Upright. The Debtor's overall forward-looking budget and property-specific budgets filed with the court show how these payments and other expenses would be covered. A court hearing is scheduled for March 5. A copy of the motion is available at https://urlcurt.com/u?l=Jp7OTH from PacerMonitor.com. About Calderia, LLC Calderia, LLC is a holding company whose principal assets consist of four real estate properties located in Plymouth, Massachusetts, and in Kannapolis and Gastonia, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41363) on December 19, 2025. In the petition signed by Dawna Thomas-Foote, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. James P. Ehrhard, Esq. represents the Debtor as legal counsel. CANO ELECTRIC: Scott Seidel Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Cano Electric Inc. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Cano Electric Inc. Cano Electric, Inc. is an electrical service contractor that provides on-demand electrical services to the multi-family housing sector and its commercial clients. Cano Electric sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40225) on January 16, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert Lane, Esq., at The Lane Law Firm, PLLC. CANTOR GROUP III: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Cantor Group III, LLC 520 Newport Center Drive, Ste 480 Newport Beach, CA 92660 Business Description: Cantor Group III, LLC is a real estate holding company that owns and manages one commercial real estate asset located at 9618–9622 Garden Grove Blvd in Garden Grove, California. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10416 Judge: Hon. Scott C Clarkson Debtor's Counsel: William J Wall, Esq. WALL LAW OFFICE 26895 Aliso Creek Rd # B-110 Aliso Viejo CA 92656-5301 Tel: (949) 387-4300 x 105 E-mail: wwall@wall-law.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ioannis Xilikakis as authorized agent. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B5NAHXY/Cantor_Group_III_LLC__cacbke-26-10416__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 18 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Vierergruppe Management Inc. $31,125 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 2. Service Inc. Irvine $25,456 9838 Research Drive Irvine, CA 92618 3. C.S.I. Patrol Service, Inc. $20,007 3605 Long Beach Blvd #205 Long Beach, CA 90807-4024 4. Ampress Agency $10,356 9618 Garden Grove Blvd Suite 211C Garden Grove, CA 92844 5. City Landscaping LLC $8,740 17305 Mirasol Irvine Irvine, CA 92620 6. Southern California Edison $7,505 P.O. Box 300 Rosemead, CA 91772-0001 7. Smart Key Locksmith $7,099 25211 Sunnymead Blvd Ste C-4 Moreno Valley, CA 92553-4100 8. Moises Camacho $5,480 5590 W. Mission Blvd. Ontario, CA 91762 9. Amtech Elevator Services $4,906 Dept LA 21592 Pasadena Pasadena, CA 91185-1592 10. AT&T $3,760 PO BOX 5014 Carol Stream, IL 60197-5014 11. City of Garden Grove $2,926 P.O. BOX 51001 Los Angeles, CA 90051-5301 12. Sun Gardening $2,250 Garden Grove, CA 92841 7700 Lampson Ave #115 Garden Grove, CA 92841 13. SSD Alarm $1,994 1740 N. Lemon Street Anaheim, CA 92801 14. Republic Services $1,888 PO Box BOX 60586 City of Industry, CA 91716-0586 15. Ontario Refrigeration Services, Inc. $979 635 South Mountain Avenue Ontario, CA 91762 16. Alma Vasquez $500 8091 Chapman Ave #11 Stanton, CA 90680 17. Executive Lighting and Electric $285 Anaheim, CA 92806 1141 North Cosby Way, Ste A Anaheim, CA 92806 18. Dominion Disposal $165 1536 E. Pinewood Ave Anaheim, CA 92805 CARE ONE: Gets Interim OK to Use Cash Collateral Until March 11 --------------------------------------------------------------- Care One Home Health Services, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court issued a second interim order extending the Debtor's authority to use the cash collateral belonging to its secured lender, Byzfunder, from February 11 to March 11. The Debtor was initially allowed to access cash collateral under a court-approved two-week budget covering the period from January 28 to February 11. Byzfunder holds a blanket lien on the Debtor's assets securing at least $93,000 in debt, with Specialty Capital, LLC as a subordinate lienholder. As adequate protection, Byzfunder and Specialty Capital will be granted replacement liens on substantially all assets of the Debtor, with the same priority and extent as their pre-bankruptcy liens. The order also required the Debtor to maintain insurance coverage, preserve and properly manage collateral, and allow the secured lender access to books, records, and collateral. The next hearing is scheduled for March 10. The order is available at https://is.gd/a6CRT7 from PacerMonitor.com. About Care One Home Health Services Inc. Care One Home Health Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01443) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. CARR'S PLUMBING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Carr's Plumbing and Maintenance, LLC received interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from February 4 to March 31 to cover operating expenses and administrative costs consistent with its budget. The Debtor is not permitted to prepay operating expenses or administrative costs. The budget projects $650,000 in monthly revenue and about $571,021 in monthly expenses, including major line items such as materials ($200,000), payroll and payroll taxes ($265,000, plus $9,000 for the principal's salary), insurance, lease expenses for building and equipment, fuel, utilities, legal fees, and other ordinary operating costs. Intrust Bank, N.A. and other secured lenders with an interest in the cash collateral will receive a replacement lien on the Debtor's post-petition accounts receivable as protection. In addition, Intrust Bank will receive monthly payments of $17,333.27, beginning on March 10, with such payments being credited against the bank's allowed secured claim. A final hearing is set for February 26. The interim order is available at https://is.gd/WvDnv9 from PacerMonitor.com. Carr's runs a plumbing business in Wichita, Kansas, and its primary cash collateral consists of approximately $677,000 in accounts receivable as of the petition date. Several lenders claim perfected security interests in these receivables, including Intrust Bank (about $931,918 owed), Overton Funding, Unique Funding Solutions, Fox Funding Group, and Funders App, doing business as Link Advance. Carr's said it has no alternative source of working capital and cannot continue operating without access to the receivables. About Carr's Plumbing and Maintenance LLC Carr's Plumbing and Maintenance, LLC runs a plumbing business in Wichita, Kansas. Carr's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10101) on February 4, 2026. In the petition signed by Christopher Carr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J Lazzo, Esq., at Mark J Lazzo PA, represents the Debtor as legal counsel. CARR'S PLUMBING: Hires Mark J. Lazzo PA as Legal Counsel -------------------------------------------------------- Carr's Plumbing and Maintenance, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Mark J. Lazzo, PA as counsel. The firm will assist in preparing and presenting to the court schedules, a Plan, review of claims, negotiation with creditors, arranging and negotiating sales, and the filing of adversary actions. The firm will be paid at these rates: Mark Lazzo, Attorney $400 per hour Justin Balbierz $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lazzo disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark J. Lazzo, Esq. Mark J. Lazzo, P.A. 3500 N. Rock Road Bldg. 300, Suite B Wichita, KS 67226 Telephone: (316) 263-6895 Email: mark@lazzolaw.com About Carr's Plumbing and Maintenance, LLC Plumbing and Maintenance, LLC provides plumbing, heating, ventilation, air conditioning, and maintenance services for residential and commercial customers in Wichita, Kansas. The company performs installation, repair, and maintenance services including plumbing system repairs, drain cleaning, water heater servicing, and HVAC system support. Carr's Plumbing and Maintenance, LLC in Wichita, KS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Kan. Case No. 26-10101) on Feb. 4, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Christopher Carr as managing member, signed the petition. Judge Mitchell L. Herren oversees the case. MARK J LAZZO PA serve as the Debtor's legal counsel. CCA CONSTRUCTION: Secures Court OK for Chapter 11 Plan ------------------------------------------------------ Alex Wittenberg of Law360 reports that on Wednesday, February 11, 2026, a New Jersey bankruptcy judge confirmed the Chapter 11 plan for CCA Construction Inc., a Chinese state-owned entity that had been driven into bankruptcy after a Bahamian resort developer secured a $1.6 billion judgment against it. The plan confirmation came months after the debtor and the developer reached a settlement that laid the foundation for the restructuring proposal. CCA's entry into Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey followed the resort developer's legal victory, which threatened enforcement actions that could have crippled the company. Negotiations culminated in a settlement that both parties agreed to fold into CCA's reorganization plan, the report relays. With the judge's approval, CCA now is cleared to implement its restructuring framework, which sets out how creditor claims will be resolved and how obligations under the settlement will be addressed. The confirmation is a significant step toward closing a chapter of financial and legal uncertainty for the firm, Law360 reports. About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CHICAGO SOUTH LOOP: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Chicago South Loop Hotel Owner, LLC received third interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral pending the final hearing and make monthly adequate protection payments of $41,514.65 to Hospitality Structured Funding IV, LLC, payable through its counsel, Scott & Kraus, LLC. Hospitality may allow additional non-conforming uses of cash collateral if consent is given in writing by its manager, Michael Thompson, with notice to the U.S. Trustee. To protect against any diminution in value of its collateral, Hospitality will be granted a replacement lien on all assets of the Debtor on which it had properly perfected liens pre-petition. This replacement lien does not apply to causes of action. A final hearing is scheduled for February 25. Hospitality is represented by: Eugene S. Kraus, Esq. Scott & Kraus LLC 150 S. Wacker Drive, Suite 2900 Telephone: (312)327-1050 ekraus@skcounsel.com About Chicago South Loop Hotel Owner Chicago South Loop Hotel Owner, LLC operates public hotels and motels. Chicago South Loop Hotel Owner, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-02595) on Feb. 27, 2023. The petition was signed by Todd Hansen as manager. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Lashonda A. Hunt presides over the case. Penelope N. Bach, Esq., at Bach Law Offices, Inc., represents the Debtor as counsel. CHICKASHA HOSPITALITY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Chickasha Hospitality, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral until the final hearing on March 18 to pay operating expenses consistent with its budget. Expenses must not exceed budgeted line items by more than 10%. The budget reflects projected revenue and expenses through April 26. It projects total operational expenses of $3,850 for week 1; $24,515 for week 2; $28,150 for week 3; $43,424.26 for week 4; $3,850 for week 5; $24,977 for week 6; $28,150 for week 7; $42,424.26 for week 8; $3,800 for week 9; $24,927 for week 10; $28,100 for week 11; $42,374.26 for week 12; and $3,850 for week 13. Chickasha Inn, LLC, a secured creditor with approximately $3.5 million in claims, will be granted replacement liens on post-petition cash, accounts receivable and deposit accounts, with the same priority and extent as its pre-bankruptcy liens. The replacement liens do not apply to bankruptcy causes of action. As additional protection, the Debtor must provide regular financial reporting, allow Chickasha Inn access to records and collateral upon request, maintain required insurance coverage, and fully account for all cash collateral usage. Chickasha Inn retains all rights to seek additional protection or relief. The Debtor's authority to use cash collateral will terminate upon occurrence of an event of default, conversion of the Debtor's Chapter 11 case, or further court order. The interim order is available at https://is.gd/81gVSv from PacerMonitor.com. Chickasha Hospitality operates a 151-room Quality Inn hotel in Chickasha, Oklahoma, employing approximately 20 people. The Debtor estimates 2026 annual revenue at $1.2 million. About Chickasha Hospitality Inc. Chickasha Hospitality, Inc. operates a 151-room Quality Inn hotel in Chickasha, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10318) on February 3, 2026. In the petition signed by Rafi Talukder, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Janice D. Loyd oversees the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., represents the Debtor as legal counsel. CHINA OCEANWIDE: Reaches Chapter 11 Exit Deal with Creditors ------------------------------------------------------------ MonEe Fields-White of Los Angeles Business Journal reports that Oceanwide Plaza, long considered downtown Los Angeles' most infamous unfinished project, has secured a pivotal bankruptcy exit agreement after years of stalled progress and courtroom battles. The U.S. Bankruptcy Court approved the settlement in late January 2026, potentially paving the way for a long-awaited sale. The $1.2 billion development, comprised of three high-rise towers totaling approximately 2 million square feet, was started in 2015 by China Oceanwide Holdings Group. Construction halted in 2019 when overseas capital restrictions imposed by Beijing left the developer without funding. The project entered Chapter 11 proceedings in 2024 as financial and legal pressures mounted, according to report. Over time, the skeletal structures overlooking Crypto.com Arena became canvases for graffiti artists, earning the nickname "Graffiti Towers." Beyond aesthetics, the property became emblematic of downtown L.A.'s economic struggles following the Covid-19 pandemic, including declining office demand and reduced investment activity, the report relays. The breakthrough agreement resolves disputes among major creditors and contractors, including LA Downtown Investment and Lendlease Construction Holdings. LA Downtown Investment is slated to receive about $230 million under the settlement, with other creditors holding substantial claims. The deal establishes a path toward selling the property, a step city leaders have described as critical, particularly with the 2028 Olympics approaching, the report states. About China Oceanwide China Oceanwide Holdings Group Co., Ltd, operates as a holding company. The Company through its subsidiaries operates financial and insurance business, real estate development, hotel services, property management, and other businesses. China Oceanwide Holdings Group provides services worldwide. As reported in the Troubled Company Reporter-Asia Pacific in late September 2023, a Chinese property investor that has struggled with several US projects faces court-ordered liquidation as a Bermuda court issued a winding-up order against the firm. China Oceanwide Holdings disclosed the order in a filing on Sept. 25 with Hong Kong's stock exchange. Liquidators have been appointed and the company's shares listed in the city have been suspended. According to the South China Morning Post, the winding-up petition was filed in June 2022 and involved US$175 million of loan principal that the petitioner said was not paid, Oceanwide said at the time. The financing involves a pledged New York property and secured shares. CIBUS INC: FMR LLC Holds 13.9% Of Class A Common Stock ------------------------------------------------------ FMR LLC and Abigail P. Johnson, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 7,319,174 shares of common stock -- with sole voting and dispositive power; held through Fidelity Growth Company Commingled Pool and other managed accounts, where FMR LLC acts as parent holding company and investment adviser, and Abigail P. Johnson is a control person -- of Cibus Inc.'s Class A Common Stock, representing 13.9% of the outstanding (one or more other persons, including Fidelity Growth Company Commingled Pool, are known to have the right to receive or power to direct dividends/proceeds from 6.7% or more of the shares outstanding.) FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: https://tinyurl.com/4mujrnfr About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The report highlights that the Company has suffered 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 $330.2 million in total assets, $278.2 million in total liabilities, and $52 million in total stockholders' equity. CLEAN GUARANTEED: Janice Seyedin Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Clean Guaranteed, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Clean Guaranteed Inc. Clean Guaranteed, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-02092) on February 4, 2026, listing assets of up to $50,000 and liabilities of between $500,001 and $1 million. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. CLYDESDALE ACQUISITION: Fitch Affirms 'BB' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed six North American paper and packaging companies' ratings and the ratings of their related subsidiaries: 1. Amcor Plc 2. AptarGroup, Inc. 3. Clydesdale Acquisition Holdings Inc. 4. Silgan Holdings Inc. 5. Sonoco Products Company 6. Sylvamo 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 Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Amcor Plc 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 (a+, 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 custom CRT financial period parameters: 5% weight for the historical year 2025, 15% for the forecast year 2026, 45% for the forecast year 2027, 30% for the forecast year 2028 and 5% 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+'. AptarGroup, 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 and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (a, 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. - Assessments of the quantitative financial subfactors also include bespoke calculations. - Weakest link considerations adjustment is applied based on Market and Competitive Positioning factor and results in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. Clydesdale Acquisition Holdings 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 (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 15% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 5% 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'. Silgan Holdings 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 and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Sonoco Products 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, Moderate), Market & Competitive Positioning (bbb+, Higher), 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 custom CRT financial period parameters: 5% weight for the historical year 2024, 15% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 5% 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' Sylvamo 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 (bb, Higher), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 15% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 5% for the forecast year 2028. - Weakest link considerations adjustment is applied based on Sector Characteristics factor and results 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 'bb+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- AptarGroup, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Sylvamo Corporation LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Amcor Group Finance plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Amcor Finance (USA), Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Clydesdale Acquisition Holdings, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BB+ Affirmed RR2 BB+ Sonoco Products Company LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Amcor Flexibles North America, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Amcor UK Finance plc LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 AptarGroup UK Holdings Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Amcor plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Berry Global, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ senior secured LT BBB+ Affirmed BBB+ Berry Global Group, Inc. LT IDR BBB+ Affirmed BBB+ Silgan Holdings Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- COLD SPRING: Seeks Consensual Chapter 11 Bankruptcy Exit -------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the counsel for a Long Island nursing home operator informed a New York bankruptcy court that a consensual Chapter 11 plan is forthcoming following a negotiated deal with major creditors. The agreement marks a significant milestone in the case, reducing the likelihood of contested confirmation proceedings. According to statements made in court, the restructuring framework addresses outstanding financial obligations and aligns creditor interests around a unified plan. The debtor is preparing formal plan documents and expects to seek approval of a disclosure statement shortly. The company continues normal operations as it advances toward confirmation. With creditor backing in place, the debtor anticipates a smoother path to exiting Chapter 11 under court supervision, the report states. About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. CONKLIN MEDIA: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------ Conklin Media, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to continue using cash collateral. Under the court order, the Debtor is authorized to continued using cash collateral to fund operations.in accordance with its budget. The order permits a 10% variance from the budget on either a cumulative or line-item basis without constituting default. The Debtor projects total monthly operational expenses of $127,072.30. As adequate protection, lenders including East Hudson Capital, LLC, Capital Bank and Credibly of Arizona, LLC will be granted replacement liens on the Debtor's post-petition cash collateral and its proceeds, maintaining the same priority and validity as the secured creditor's pre-bankruptcy liens. Meanwhile, any other creditor asserting a lien on cash collateral will receive a similar replacement lien consistent with its pre-bankruptcy rights. As additional protection, the lenders will be granted superpriority administrative claims, subject to the fee carveout. The order is available at https://is.gd/OlS5Ua from PacerMonitor.com. East Hudson Capital holds a security interest in all of the Debtor's future receipts. Its secured interest in the Debtor's assets is perfected by the filing of a UCC-1 with the Pennsylvania Department of State on September 4. 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 CONTACT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Constant Contact, Inc.'s Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Fitch has also affirmed the first-lien revolving credit facility, the first-lien term loan, and the first-lien delayed draw term loan at 'B+' with a Recovery Rating 'RR3'. The second-lien secured term loan has been affirmed at 'CCC+'/'RR6'. Constant Contact's 'B' rating is supported by its stable recurring revenue, high net retention rates, and strong cash generation. The IDR also reflects the fragmented email and digital marketing industries, with several competing brands and products, and exposure to the small- and medium-sized business (SMB) market, which can be volatile. Additionally, as a private equity-owned entity, Constant Contact's EBITDA leverage is likely to remain elevated as shareholders prioritize ROE, limiting debt reduction. Key Rating Drivers Moderate Financial Leverage: Fitch estimates Fitch-adjusted gross leverage to be about 6.5x for 2025 and remain above 5.5x through the rating horizon with capacity to delever, supported by FCF generation. However, because the private equity ownership is likely to prioritize growth and ROE, Fitch believes accelerated debt repayment is unlikely. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners with financial leverage remaining at moderate levels. High Levels of Recurring Revenue: Substantially all of Constant Contact's revenue is recurring, supporting visibility into future revenue streams. Strong net revenue retention and the recurring nature of the business provide meaningful revenue predictability, enabling the company to manage profitability effectively. Organic revenue is expected to grow at a mid-single-digit rate, driven by higher-value offerings, international expansion, and net subscriber additions. Strong Cash-flow Conversion: Constant Contact has a strong EBITDA-to-FCF generation model due to recurring revenue, stable EBITDA, and minimal capex requirements. Fitch expects FCF margins to be in the mid-to-high single digits, and the (CFO-Capex)/Debt ratio to be about 5% over the forecast horizon, which is consistent with other Fitch-rated 'B' peers in the software space. FCF margins are driven by a SaaS-based revenue model and operating leverage. Positive FCF generation, cash on the balance sheet and an undrawn $107 million revolver provide the company with strong liquidity. SMB Exposure: Constant Contact offers products addressing the email and digital marketing needs of SMB customers that have limited technical, or marketing resources dedicated to launching, managing and monitoring their online marketing campaigns. The SMB segment generally has high failure rates resulting in high subscriber churn. This results in the need for Constant Contact to maintain sales by replacing churned customers with new ones and growing ARPS. Exposure to SMB customers also results in exposure to the impact of economic cycles, which could potentially lead to cash flow volatility during periods of economic stress. Fragmented Industry: The highly fragmented SMB email and digital marketing industries have numerous market participants. Barriers to entry are low, and incumbent market share is not protected. Switching costs are low and switching marketing software vendors is not complicated. Constant Contact is the No. 2 player in the market and competes against the market leader, Mailchimp, and many smaller platforms. Several companies offer a broad spectrum of solutions to customers with various needs and other competitors offer narrower point solutions to SMBs with limited scope. Market Position Facilitates Customer Acquisition: Over 50% of Constant Contact's customer acquisitions are direct-to-site and considered organic acquisitions. The company attributes the strong organic customer acquisition to its strong brand awareness and market position within the SMB segment. Fitch views the company's high organic customer acquisition as an important factor for profitable subscriber growth in the SMB segment and fragmented industry. Peer Analysis Constant Contact's 'B' Long-Term IDR reflects its strong market position as a software vendor in the fragmented SMB email and digital marketing industries. Demand for digital marketing is expected to grow as SMBs seek to maximize their reach to customers and as email marketing continues to offer better ROI than other marketing channels. Constant Contact's operating profile is strengthened by the highly recurring nature of its revenue supported by the subscription model. Constant Contact's recurring revenue model, profitability and leverage profile are broadly consistent with other 'B' rated software peers, including Newfold Digital, Inc. (B-/Stable), and RealPage (B/Stable). Ratings across the peer set are constrained by elevated leverage and SMB exposure, which could drive revenue volatility during a prolonged economic downturn. Newfold's financial structure is more aggressive, and its recent debt restructuring puts it one notch lower than peers. Fitch’s Key Rating-Case Assumptions - Mid-single digit revenue growth, driven by modest increases in ARPS and International expansion; - Adjusted EBITDA margins around 40%, fairly in line with recent performance; - Normalized FCF margins in the mid to high-single digits; - Capex intensity at 1.5% of revenue; - Approximately $250 million spent on acquisitions and/ or dividends, partially funded by debt and FCF; - Term loans and revolver facility are refinanced before maturity. 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): - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that Constant Contact would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. In estimating a distressed enterprise value (EV) for Constant Contact, Fitch assumes elevated customer churn, macroeconomic headwinds and intense competition from peers like MailChimp (owned by Intuit Inc.), resulting in multi-year aggregate revenue declines. With lower revenue, it is assumed that operating efficiencies are reduced and EBITDA margins decline, resulting into GC EBITDA of approximately $150 million. An enterprise value (EV) multiple of 6.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. Due to Constant Contact's market position and customer retention, Fitch believes the GC EV multiple for the company would be 6.0x. The choice of this multiple considered the following factors: The median reorganization enterprise value/EBITDA multiple for the 71 TMT bankruptcy cases that had sufficient information for an estimated exit multiple to be calculated was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc - 8.4x; Avaya, Inc. - 2023: 7.5x, 2017: 8.1x; Aspect Software Parent, Inc. - 5.5x, Sungard Availability Services Capital, Inc. - 4.6x, and Riverbed Technology Software - 8.3x. As a result of these considerations, Fitch rates the first-lien term loans and revolver 'B+'/'RR3', or one notch above Constant Contact's 'B' IDR. Prospects for recovery are poor for the second-lien term loan, and it is rated 'CCC+'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage above 7.0x on a sustained basis; - (Cash from operations-capex)/debt below 3.0%; - EBITDA interest coverage below 2.0x; - Deterioration in key operating metrics, including subscriber growth, churn and profitability. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage sustained below 5.5x; - (Cash from operations-capex)/debt above 7.5%. Liquidity and Debt Structure As of September 2025, the company had about $30 million cash on the balance sheet and full availability of its revolver. Internal cash generation with strong margins also supports the liquidity profile, as Fitch expects Constant Contact to consistently generate positive FCF in mid-to-high single digits. Constant Contact's debt consists of a second lien $300 million term loan ($237 million outstanding, 2029 maturity), first lien $670 million term loan ($640 million outstanding), and $480 million delayed draw term loan ($477 million outstanding, 2028 maturity), along with a $107 million secured revolver (undrawn) maturing in 2027. Due to the recurring nature of the business and positive FCF generation capacity, Fitch believes Constant Contact will be able to make timely debt payments. Issuer Profile Constant Contact, Inc. is a SaaS-based digital marketing company focused on SMBs. It is the second largest player in the email marketing space with 460,000+ customers. The company's marketing platform enables SMBs to enhance customer engagement through the creation, sending, and tracking of email campaigns. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Constant Contact, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Constant Contact, Inc. LT IDR B Affirmed B Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ senior secured LT B+ Affirmed RR3 B+ CORBIN L. YOUNG: Citizens Bank Wins Bid for Automatic Stay Relief ----------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia granted the motion filed by Citizens Bank NA f/k/a RBS Citizens NA for relief from automatic stay, nunc pro tunc, to January 2, 2026 in the bankruptcy case of Corbin L Young, LLC to enforce the foreclosure sale of a property at 5530 Campbellton Road SW, Atlanta, GA 30331. On January 5, 2026, Movant filed an Emergency Motion to Cry Foreclosure Sale. In the Emergency Motion, Movant asserted that Young was obligated on a note (the "Loan") secured by a deed to secure debt on 5530 Campbellton Road SW, Atlanta, GA 30331 (the "Property") and that Movant is an entity entitled to enforce the note and security deed. Movant further alleged that Debtor filed this bankruptcy case on the eve of a scheduled foreclosure sale for the purpose of hindering and delaying Movant from exercising its state law remedies and foreclosing on the Property. Movant noted that this case is Debtor's second Chapter 11 case and that Debtor filed this case without counsel, notwithstanding its knowledge that doing so caused the dismissal of the First Case. Movant also contended that Young, rather than Debtor, owned the Property. According to Movant, Young, acting as the principal of Debtor, claimed in a letter to Movant that, although Debtor filed this case to protect Young's interest in the Property, Debtor's bankruptcy filing somehow stayed Movant's scheduled foreclosure sale. Accordingly, out of an abundance of caution, Movant filed the Emergency Motion, asking the Court to allow Movant to cry the foreclosure sale. Given the shortened notice, Movant agreed not to record any foreclosure deed until the Court could hold a further hearing with additional notice. The Court held an expedited hearing on the Emergency Motion on January 6, 2026. On January 12, 2026, Movant filed the Motion, which discloses that Movant held a foreclosure sale on January 6, 2026, and purchased the Property. Movant further asserted that the payoff on the Loan as of the date of the foreclosure sale was $352,116.52, that the fair market value of the Property was $308,000, that the Loan originated in February 2024, and that Movant had received a total of only five payments on the Loan since that time. Movant asserted that the lack of payments on the Loan while the arrearage continued to increase evidenced Debtor's bad faith in filing the case and demonstrated "an intention to thwart the lender in its attempt to enforce its rights to foreclose this property and ultimately amount to a scheme to delay and hinder Movant." Accordingly, Movant requested the Court lift the stay retroactively to the date of the foreclosure sale, permit Movant to record the foreclosure sale deed, and grant whatever relief is necessary to permit Movant to exercise its state law rights to recover the Property. Alternatively, if the Court found that the Property was not property of Debtor's bankruptcy estate and, therefore, the automatic stay did not apply, Movant requested an order confirming that fact. The Court notes there is no allegation in the Complaint that Debtor owned an interest in the Property. Young also repeatedly argued that the defendants' attempts to foreclose the loan constituted a violation of Young's due process rights, presumably because he was the owner of the Property. At the Hearing, Movant again asserted that the Property was not property of Debtor's bankruptcy estate. Alternatively, Movant argued that, if the Court found that the Property was property of Debtor's bankruptcy estate, given the facts surrounding the filing of the case and Debtor's failure to prosecute the case by obtaining counsel, it would be inequitable to require Movant to rescind the foreclosure sale and start over. Young, appearing in his capacity as a creditor of Debtor, argued, without support, that the Court should not have allowed Movant to conduct a nonjudicial foreclose sale because the contract between the parties required Movant to foreclose through a judicial foreclosure proceeding. Young also asserted that Movant had not demonstrated it was the owner of the note and deed to secure debt. After hearing the arguments of Movant and Young, the Court concluded that the Property was not property of Debtor's bankruptcy estate on the Petition Date and that Debtor filed this case in bad faith. The Court has no admissible evidence before it that Debtor owned the Property on the Petition Date. The filing of a bankruptcy petition in bad faith constitutes "cause" to lift the stay pursuant to Sec. 362(d)(1). Accordingly, the Motion is granted. The automatic stay provided by 11 U.S.C. Sec. 362(a), which the Court previously modified to permit Movant to cry the foreclosure sale, is further modified to permit Movant to record the foreclosure sale deed and to recover possession of the Property. A copy the Court's Order dated February 9, 2026, is available at https://urlcurt.com/u?l=KDThob from PacerMonitor.com. About Corbin L Young, LLC Corbin L Young, LLC is a limited liability company. Corbin L Young, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50042) on January 2, 2026. In its petition, the debtor reported estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by counsel not listed in the petition. COTY INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook to negative on Coty Inc. S&P also affirmed its ratings, including the 'BB+' issuer credit rating and 'BBB-' issue level ratings. The negative outlook reflects the potential for a lower rating over the next 12 months if S&P unfavorably reassesses the company's business risk due to continued underperformance or expect leverage to be sustained above 4x in fiscal 2027. Coty continues to see top line declines despite operating in growing segments of the beauty market, illustrating its execution challenges in the rapidly evolving sector. Both the prestige beauty and mass beauty markets are growing at about 5% amid new entrants and social media driven selling. However, Coty continues to see sales decline in both areas. Prestige organic sales declined 2%. This reflected slower category growth, elevated promotional activity, and aggressive discounts amid softness in key markets like the U.S., Germany, and the U.K. Consumer beauty sales also declined 6% in second quarter after an 11% decline in the first quarter. S&P said, "We expect these trends will continue in the second half of the year. We now forecast total Coty revenue will decline 2% in fiscal 2026 compared to our previous expectation of 0.2% decline. S&P Global Ratings-adjusted leverage for the trailing 12 months ended Dec. 31, 2025 increased to 3.9x from 3.5x in the prior-year period. This was despite more than $1 billion of debt reduction with proceeds from the Wella sale at the end of 2025, mainly due to an EBITDA decline of more than 20%. "We believe leverage could remain over 4x in the longer term without a meaningful turnaround in the business or further asset sales to generate proceeds for additional debt reduction. The company's gross margin declined 260 basis points (bps) in the second quarter after a 100-bps decline in the first quarter. This was due to lower sales and unit volumes, negative mix as key profit regions remain under pressure, a highly promotional environment, and tariff impacts. "We expect these challenges will persist in the third quarter and forecast similar gross margin declines. We now forecast S&P Global Ratings-adjusted EBITDA will decline by 18% for full-year 2026, before increasing by 10% in fiscal 2027. We believe Coty could accelerate deleveraging through modest additional proceeds from a further sale or IPO of Wella after KKR's preferred return has been met. There is also potential for a sale of its Brazil or consumer beauty business. However, we have not factored any of this into our current forecast. "We are closely monitoring efforts under the new CEO to improve performance and manage expiring licenses, including Gucci. Coty's new CEO, Markus Strobel, recently unveiled a strategic framework to revitalize performance. The plan centers on concentrating resources and marketing efforts on high-potential brands like Hugo Boss, Burberry, Marc Jacobs, and Kylie Cosmetics, alongside focusing on key markets. A core element involves portfolio simplification--discontinuing smaller, less impactful projects and streamlining brands, particularly in the mass fragrance segment. This includes potential divestitures, such as the Orveda skincare license, and shifting advertising spending toward direct consumer engagement. Coty also plans to drive procurement savings and prioritize support for core SKUs. "This strategy represents a shift from past approaches, where Coty recently struggled with operational discipline, funding too many projects across its prestige and consumer beauty divisions. These efforts will be critical because we note more than 90% of prestige sales come from its top seven brands, including Hugo Boss, Burberry and Gucci. The Gucci beauty and fragrance license rolling off in 2028 could pose a risk if not offset with new business over the next one to two years, given we estimate it represents 8% to 10% of total sales. "The negative outlook reflects the potential for a lower rating over the next 12 months if operating performance does not improve amid heightened competition and operational missteps, resulting in a lower business risk assessment. We currently expect leverage to decline below 4x in fiscal 2027, without factoring in potential asset sales or further restructuring." S&P could lower its rating on Coty if it lower S&P's business risk assessment, which could occur if: -- Core segments experience further market share losses and sales declines, eroding their competitive advantage or scale and diversity; or -- Weakened margins amid continued promotions and tariff pressure lead us to revise S&P's view of operating efficiency. S&P said, "We could also lower the rating if Coty sustains S&P Global Ratings-adjusted leverage above 4x as a worsening macroeconomic environment, higher inflation, or consumer trade down leads to lower demand for the company's products. "We could revise our outlook to stable if the company improves its operating performance such that margins and profitability are maintained at least at current levels and a turnaround is showing sustained progress under the new CEO." This could occur if: -- It successfully launches new products that resonate well with consumers, stabilizing market share across core product categories; -- A streamlining of the portfolio, especially in fragrances, is not offset with a loss of licenses that lowers earnings; and -- Coty continues to prioritize debt reduction and uses all excess cash proceeds from future asset sales and free cash flow generation to deleverage. COURTE IN CITRUS: Escapes Receivership After Selling Facility ------------------------------------------------------------- Ben van der Meer of Sacramento Business Journal reports that after a Citrus Heights memory care facility was threatened by a lawsuit over a defaulted loan, new ownership has emerged, with local operators set to take the helm of the 48-bed center. The lender reportedly dropped its legal action seeking a court-appointed receiver, paving the way for the facility's sale to proceed and helping avoid a drawn-out foreclosure process. Known as The Courte in Citrus Heights, the memory care center caters to patients with cognitive impairments and had been on the market earlier this 2026. With the transfer of ownership in motion, stakeholders say the deal will protect jobs and services at the community while resolving the lender's concerns over the loan default, the report states. About The Courte in Citrus Heights The Courte in Citrus Heights is a memory care facility provides specialized care for individuals with Alzheimer’s and other cognitive conditions. The Courte in Citrus Heights, a 48‑bed memory care facility, faced a potential receivership in early 2025 after its lender alleged more than $9 million in loan defaults. A court-appointed receiver was initially sought to oversee the property. CRC PLATFORM: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B' issuer credit rating on CRC Platform Midco LP. S&P said, "We also affirmed our 'B' issue-level and '3' recovery ratings on the company's revolving credit facility, first-lien term loan, and senior secured notes. We also affirmed our 'CCC+' issue-level and '6' recovery ratings on the company's second-lien term loan. "The negative outlook reflects the possibility of a downgrade if we do not expect the company to sustainably reduce leverage to levels consistent with our current ratings in the next 12 months." CRC Platform's S&P Global Ratings-adjusted leverage is elevated for the rating at just above 9x on a combination of factors, including weaker-than-expected earnings, continued elevated add-back exclusions, and debt-funded acquisitions. S&P said, "While we still see a path for leverage to improve from current highs toward rating-commensurate levels over the next 12 months, we think there's greater uncertainty around the pace and degree of deleveraging. "The negative outlook reflects that CRC's S&P Global Ratings-adjusted credit metrics remain strained for the rating and our expectations for a relatively slower pace of improvement than anticipated. Pro forma the annualized impact of completed mergers and acquisitions (M&A) and related incremental debt issuances in 2025, CRC's S&P Global Ratings-adjusted leverage was about 9.2x for the 12 months ended Sept. 30, 2025, which is well above our downside threshold of 8x and notably higher than we previously expected. "Leverage has generally been elevated for the rating in the mid-8x area since we first assigned our ratings in 2024 as part of the leveraged buyout (LBO)-financed spinoff from Truist Financial Corp. We expected leverage to improve and remain well below 8x as CRC worked through this transition, with diminishing add-back noise and healthy performance momentum driving strong earnings growth. "Since then, however, that trajectory has not yet materialized. This partly reflects the continued evolution of CRC's business, including the sales of its retail (McGriff) and life (Crump) insurance businesses and meaningful M&A activity that was more significant than we initially anticipated. Through these events, capital was directed in a manner that pushed leverage back to the mid-8x area established at close of the LBO--the company applied divestiture proceeds toward a mix of debt reduction and shareholder distributions and issued incremental debt to help fund acquisitions. While each of these events effectively reset the starting point for our deleveraging projections, we maintained our ratings and outlook on CRC at each juncture, as we believed this elevated leverage was reflective of a business that was still undergoing meaningful developments and would resolve as healthy earnings growth took hold. "However, unfavorable market trends in property insurance rates have notably pressured CRC's recent performance results, subduing our earnings expectations and resetting again our forecasted trajectory of deleveraging. In our revised base-case scenario, we see leverage improving from its peak of around 9x in 2025, but we think there is meaningful uncertainty around the pace and extent of improvement. "We still think CRC's underlying business fundamentals and growth trajectory support the current rating, but with transitional noise now largely behind the company and given our tempered earnings forecasts, the path to sustained leverage below 8x has considerably narrowed. Therefore, in our view, achieving and maintaining ratings-appropriate leverage will require consistent performance and supportive financial policy decisions, along with effective integration of acquired targets. "Market headwinds have pressured results and could continue to weigh on profitability, but we think CRC's execution capabilities and competitive positioning provide a foundation for positive performance trends. Based on year-to-date trends for the first nine months of 2025, our projections see organic growth in the mid-single digits for full-year 2025, lowered from our prior expectations of 7%-10% due to ongoing softening in property insurance rates. Overall organic growth should benefit from exceptionally strong performance in CRC's title business (which is part of the company's underwriting segment), driven by a robust recovery in commercial real estate; excluding this contribution, we estimate organic growth for 2025 would be in the low single digits, as the company's core specialty and underwriting operations remain pressured. "The company's underwriting business has been particularly impacted by declining premiums in property markets, given meaningful exposures to industries that have been affected more than others (such as property catastrophe through its representative brand, AmRisc). CRC's specialty and benefits business has fared somewhat better, though we still expect subdued organic growth in the low single digits, with modest growth in casualty lines helping to offset property-related pressures. Notably, however, policy counts have broadly increased across the business, reflecting solid new business generation that we think points to the company's execution capabilities amid a challenging market backdrop. "Softening rates have also weighed on CRC's S&P Global Ratings-adjusted EBITDA margins, which we now expect to be around 25% for full-year 2025, notably down from our previous expectations of 27%-29%. This primarily stems from lower revenue in the company's higher-margin property book and the subsequent reduced flow through to earnings. Margins were also pressured due to higher-than-expected expenses that we don't add back in our calculation of EBITDA, including costs related to one-time events and growth-focused initiatives such as producer hires . "In our base case, we don't anticipate a significant reversal in rate trends in 2026, but CRC's solid new business generation and steady retention trends underpin our forecast for modest organic growth of 4%-6% over the next 12 months. We also expect to see healthy earnings growth and margin expansion over the next 12 months, driven by realized cost savings, operating leverage, and improved earnings quality as transitional noise and other non-recurring charges diminish. "We believe steady earnings growth, continued but tempered debt-funded M&A activity, and supportive financial policy will be necessary to drive sustained improvements to leverage. In 2025, CRC acquired Risk Transfer Partners, ARC Excess & Surplus, and Atrium Underwriting Group to enhance its capabilities and geographic presence. To help fund these deals, the company issued incremental debt totaling around $750 million. "We estimate that these three acquisitions represented nearly $100 million of acquired EBITDA, substantially higher than what we previously expected and well above our run-rate expectations for average acquired EBTIDA per year. In addition, CRC recently announced an agreement to acquire Euclid Transactional. We think the company may need to draw on its revolver or tap the capital markets again to help fund this deal, along with other relatively smaller deals assumed in our base case. We believe M&A activity over the past year reflects some pent-up demand for highly strategic opportunities with lower integration risk, and we don't view this level of activity as indicative of a sustained pace. "Our base-case forecasts incorporate incremental debt issuances to support occasional M&A, and we still expect leverage to improve in the next 12 months. In our view, however, there is greater uncertainty around how quickly and meaningfully CRC can reduce its leverage--material debt-funded M&A, unexpected integration challenges, performance misses, increased add-backs, and shareholder initiatives could keep leverage above our downside threshold on a prolonged basis. "The negative outlook reflects that CRC's credit metrics are strained for the rating and the heightened uncertainty around the pace and sustainability of deleveraging." S&P could lower its ratings in the next 12 months if operating performance or credit metrics deteriorate such that it expects leverage above 8x and coverage materially below 2x on a sustained basis. This could occur if: -- Revenue declines because of lost market share, adverse new business and retention trends, or unfavorable market conditions; -- Margins contract due to operational missteps, elevated add-back noise, intensified competition, or unexpected integration-related challenges; or -- The magnitude of debt increases for deal funding or shareholder-focused capital management actions lead us to believe that financial policy will not support sustained leverage reduction. S&P said, "Given the weak credit protection measures, we do not anticipate raising our ratings in the next 12 months. We could revise our outlook to stable in the next 12 months if we believe CRC can achieve sustained improvements to credit measures, including leverage below 8x and coverage of 2x or above. This could occur if the company's performance meets or exceeds our expectations through robust organic growth and meaningfully improved S&P Global Ratings-adjusted EBITDA, and this would need to be accompanied by a supportive financial policy that demonstrates commitment to maintaining credit measures at these levels or better." CYPRESSWOOD TX: Hires Blueprint Healthcare Real Estate Broker ------------------------------------------------------------- Cypresswood TX Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Blueprint Healthcare Real Estate Advisors LLC to serve as real estate broker. Blueprint will provide these services: (a) serve as the Debtor's real estate broker; and (b) market and sell the Debtor's real property commonly known as and located at 10851 Crescent Moon Dr, Houston, Texas 77064. For its broker services, if the Property is sold to a third party, Blueprint seeks a broker commission in the amount of the greater of (i) 3% of the gross selling price of the Property; or (ii) $200,000. If the Property is sold to the secured lender on account of a credit bid, then Blueprint seeks a flat fee of $100,000. Blueprint 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: Blueprint Healthcare Real Estate Advisors 191 N. Wacker Drive, Suite 1600 Chicago, IL 60606 E-mail: bfirestone@blueprinthcre.com About Cypresswood TX Realty Cypresswood TX Realty LLC owns a single real estate asset located at 10851 Crescent Moon Dr. in Houston, Texas. Cypresswood TX Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72833) on July 23, 2025. In its petition, the Debtor reports total assets of $12,500,000 and total liabilities of $9,539,121. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC. DATAVAULT AI: Highlights 2025 Accomplishments and Outlook for 2026 ------------------------------------------------------------------ Datavault AI Inc. issued a letter from Nathaniel Bradley, its Chief Executive Officer, to its stockholders highlighting the Company's accomplishments in 2025 and its outlook for 2026. A MESSAGE FROM CHIEF EXECUTIVE OFFICER: Dear Datavault AI Stockholders, I would like to express my deepest gratitude for your unwavering support, patience, and invaluable feedback throughout the transformative year in 2025. It is our hope that this communication serves as both a reflection on Datavault AI's significant strides in the past year and an insightful preview into the challenges and opportunities that lie ahead in 2026. Our guiding principle has always been and remains to expand national rollouts and support additional customer deployments that benefit from secure communications, secure storage, near-edge compute, and secure data processing. As coverage scales across the U.S., the Company expects the combined infrastructure footprint to help accelerate trusted tokenization, exchange, and valuation workflows by placing cybersecure edge nodes closer to where data is generated and decisions are made. We are committed to lead the way in AI driven data experiences, valuation and monetization of assets in the Web 3.0 environment. As we continue to navigate the complexities of the AI landscape, your role as stockholders in this journey is invaluable. Thank you for being an integral part of our mission and for your unwavering belief in our vision. Together, we are not just witnessing, but actively shaping, a pivotal chapter in AI history. 2025 Accomplishments We accomplished all of the goals that we set at the beginning of 2025, including: * Integrated WiSA E wireless multichannel audio software into Sagemcom's latest Video Soundbox (VSB) set-top box platform, with global shipments commencing in December 2024. The cutting-edge WiSA E software enables the all-in-one audio/video VSB to deliver an innovative and immersive home entertainment experience. With WiSA E, consumers can enjoy Dolby Atmos(R) audio transported wirelessly to external speakers, elevating their audio experience to new heights. SoundSend E Transmitter offers Dolby Atmos decoding, HDMI ARC/eARC connectivity and app-based control. Launched mobile applications -including WiSA Certification, Express, and Connect-designed to streamline product development, simplify speaker setup, and enhance end-user control. The wireless audio market is forecasted to reach $154 billion by 2030 at a CAGR of 17.3%, according to Verified Market Reports (as of March 2025). * Twinstitute and The Digital Twin are one of the industry-first platforms that enable the creation of virtual digital twins and individualized voice fonts, supporting next-generation NIL monetization and a broad range of additional applications. Industry reports estimate the global digital twin market could reach around $195.4 billion by 2030, exhibiting robust growth driven by adoption across multiple sectors * Demonstrated DVHolo's advanced holographic media solution for real-time applications across live events, brand promotions, and virtual meetings, highlighting its potential to enhance audience interaction and engagement. The global holographic display market is expected to expand to more than $31 billion by 2033 at a 23.8% CAGR. * Signed a multi-year commercial and intellectual property (IP) licensing agreement with NYIAX, a pioneer in transparent trading technology built on the Nasdaq financial framework. This partnership is expected to integrate Datavault AI's patented Information Data Exchange(R) (IDE) and award-winning Data Vault(R) platform with NYIAX's cutting-edge blockchain exchange technology. The collaboration is anticipated to leverage NYIAX's capabilities, enabling businesses to scale, list, price, and trade data and digital assets efficiently, creating new revenue opportunities. With the increasing recognition of data as a strategic financial asset, this partnership would provide businesses with the infrastructure to monetize data in a secure and scalable environment, bridging the gap between data valuation and liquidity. The global data monetization market is expected to exceed $700 billion by 2025, according to a business intelligence study by Transparency Market Research. With Available Infrastructure supporting the integration of SanQtum AI Enterprise Units directly into Datavault AI's patented Information Data Exchange(R) (IDE), DataScore(R), and DataValue(R) AI agents, the Company is positioned to participate in this expanding market. Operating within SanQtum's private, quantum-resistant edge environment, the platform allows real-time data scoring, tokenization at birth, and enterprise-grade AI processing without reliance on public cloud infrastructure. The Company intends to roll out the solution to 100 cities across the contiguous United States in 2026. * The U.S. Patent and Trademark Office (USPTO) granted Notices of Allowance and issuances for nine patents held by the Company, headlined by its industry-defining Carbon Credit Tokenization Patent (Appl. No. 17/874,069, Allowance: 6/20/2025). The Carbon Credit Tokenization Patent pioneers a scalable stablecoin AI-driven blockchain platform for generating, trading, and monetizing carbon credits. When integrated with the NYIAX Nasdaq financial framework, the technology behind this patent is intended to enable transparent, secure, and compliant stablecoin-backed exchanges, which Datavault AI will create a new asset class that redefines environmental and financial ecosystems. Secured $150 million strategic investment from Scilex Holding Company (Nasdaq: SCLX) to build a supercomputer. * Signed a strategic partnership with Max International AG as its licensed partner. This collaboration would deploy and manage a Switzerland-based Swiss Digital RWA Exchange aimed at maximizing the advantages presented by Switzerland's robust digital regulatory frameworks. Switzerland is the home of SIX Digital Exchange (SDX)-NASDAQ's long standing technological ally for digital asset infrastructure, the world's leading exchange for digital assets. Zurich, Switzerland's financial powerhouse amplifies the platform's scale: Handling over 70% of global gold refining and trading, it provides an ideal gateway for RWA tokenization. Datavault AI's global patent portfolio-covering secure data tokenization, digital twins, and automated compliance across U.S., Europe, and Asia-ensures proprietary enforcement within this regulated ecosystem, enabling tamper-proof, scalable trades. * Signed a worldwide exclusive license, with the right to sublicense, to Scilex , for Datavault AI's proprietary AI-driven technology. This license is tailored for use within the biotech and biopharma industry, enabling Scilex to create and operate a Biotech Exchange platform. * By leveraging Datavault AI's advanced data platforms, Scilex intends to facilitate secure tokenization, trading, and monetization of biotech assets, including genomic and DNA data, diagnostic and therapeutic products, genetic information, and drug data. This agreement with Scilex represents a major advancement in commercializing biotech innovations and builds directly on Datavault AI's established expertise in high-performance computing and data-driven solutions. * Datavault AI estimates a potential opportunity to tokenize approximately $2.0 trillion in pharmaceutical drug sales and diagnostic sales. Datavault AI also sees tokenization on such exchange platforms as an alternative for companies to secure non-dilutive funding for developing and commercializing diagnostic and therapeutic products. * Signed a multi-million dollar tokenization services agreement with Triton Geothermal. Datavault AI would receive up to $8 million in tokenization fees associated with an anticipated digital token offering with a projected gross value of approximately $125 million. Datavault AI would receive continuing participation equal to five percent of all digital token transaction fees collected by Triton following the offering. * Signed a $7 million minting deal and a 30% perpetual royalty partnership with Tanzania-based MTB Mining Limited, setting the stage for the first major step forward in modernizing how mineral resources are verified, documented, and brought into global commerce with a unified transaction ledger. Under Datavault AI's patented Sumerian(R) technology, rare earth minerals are being transformed into verified, traceable, digitized assets to be traded on the forthcoming International Elements Exchange(TM). Through its alliance with Datavault AI, MTB's resources are entering the global marketplace in digital form. Each unit of copper, gold, tin, or diamond will carry verified proof of origin, ownership, and value. * Datavault AI and The Dream Bowl set the world's first tokenized autograph session and memorabilia and Datavault AI expects to be able to monetize [the Dream Bowl meme coins / tokens] in Datavault AI's International NIL Exchange in 2026. * In the Dream Bowl event, 30+ former NFL star players from different NFL Teams provided autographs on-site on up to 3,000 The Dream Bowl memorabilia items such as helmets, footballs, jerseys, and live-autographs by Notable Live potential. Autographed memorabilia items were anchored by Prova & Sumerian technologies. * Digital tokens anchored to real The Dream Bowl autographed memorabilia items will be awarded by lottery to holders of the original Dream Bowl Meme Coin token (the "Dream Bowl Meme Coin I") and these tokens are expected to trade on Datavault AI's forthcoming International NIL Exchange in 2026. * Datavault AI is targeting to unlock the multi-billion dollar data monetization markets through AI driven data monetization in over 100 cities across the United States starting second half of 2026. * On target to have fully operational nodes across 100+ cities nationwide in the second half of 2026 with a long term potential to generate $2.0 billion to $3.0 billion. * New York and Philadelphia edge network activation positions Datavault AI to capture significant share of insurance and financial sectors, healthcare industry and enterprise opportunities with combined market [revenue] potential of $4.0 billion annually. * With the full deployment of Datavault AI's nodes across 100+ cities throughout the United States, it is estimated that the market potential on average per U.S. city of $1.0 billion with an aggregate over $100 billion annually. * The lessons learned from the challenges we faced as a company in 2025 have positioned us for incredible opportunities in 2026, as the team has laid the foundation for the execution of a commercially appealing strategy which will transform how Datavault AI is viewed on the world stage. We are determined to continue to expand to drive substantial near- and long-term accretion to our cash flows and earnings. As we look beyond our immediate goals, it's important to recognize the foundational beliefs that have guided the creation and growth of our company. The pace at which a company moves is a key determinant of success. By focusing on projects with a higher likelihood of success, a firm cannot only innovate but also realize quicker returns and greater market impact. There are many challenges that we have to overcome before our goals can become reality, but we know that we have a valuable and important role to play in the AI industry. Our focus is on fostering robust relationships with all stakeholders, including shareholders, collaborators, customers, and suppliers. In closing, my heartfelt thanks go to the remarkable team at Datavault AI. Your unwavering dedication, creativity, and resilience are the driving forces behind our success. To our partners, customers, suppliers, our stockholders, and our dedicated board members: thank you for your confidence in us as we continue to forge ahead with our mission. Best Regards, Nathaniel Bradley - Chief Executive Officer. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of September 30, 2025, the Company had $138.7 million in total assets, $39.2 million in total liabilities, and $99.5 million in total stockholders' equity. DBMP LLC: Herlihy, et al., Lose Bid to Lift Stays on Asbestos Cases ------------------------------------------------------------------- In the appeal styled MICHAEL N. HERLIHY; ANN HERLIHY; THE ESTATE OF PETER L. BERGRUD, Claimants - Appellants, v. DBMP, LLC, Debtor - Appellee, OFFICIAL COMMITTEE OF ASBESTOS PERSONAL INJURY CLAIMANTS OF DBMP, LLC, Amicus Supporting Appellant, No. 24-2109 (4th Cir.), Judges Paul V. Niemeyer, Robert B. King and Pamela A. Harris of the U.S. Court of Appeals for the Fourth Circuit affirmed the order of U.S District Court for the Western District of North Carolina that upheld the decision of the U.S. Bankruptcy court for the Western District of North Carolina denying the plaintiffs' motions to lift the automatic stay on two asbestos suits against DBMP. Michael Herlihy, his wife Ann Herlihy, and the Estate of Peter Bergrud are plaintiffs in asbestos-grounded tort actions against DBMP LLC, and their actions have been automatically stayed by DBMP's filing of this Chapter 11 bankruptcy proceeding, pursuant to 11 U.S.C. Sec. 362(a), as well as by a preliminary injunction that the bankruptcy court entered to give effect to the stay. The plaintiffs filed motions to lift the stay and to stay the preliminary injunction, urging that they be allowed to prosecute their asbestos claims against the debtor before a judge and jury in the traditional tort system. They filed motions to lift the stay, but only on their own behalf, to allow them to prosecute their two asbestos suits against DBMP in state courts in Washington and California. They justified their request with the argument that DBMP obtained the stay "in bad faith" because it is "nondistressed, massively wealthy, and fully capable of paying all claims in full," and therefore it was not entitled to invoke bankruptcy protection and the automatic stay that it provides. The bankruptcy court denied the motions, applying the factors for deciding such motions from the longstanding precedent of In re Robbins, 964 F.2d 342 (4th Cir. 1992). The court found that lifting the stay would prejudice the debtor's estate, reduce judicial economy by flooding the tort system with asbestos cases, and "imperil" the ability of the court to "treat consistently and fairly all similarly situated claimants in a 524(g) plan." The bankruptcy court also observed that lifting the automatic stay would amount to a de facto dismissal of the bankruptcy proceeding. Finally, the court found that the plaintiffs had failed to demonstrate that DBMP acted in bad faith. The claimants are but three of the tens of thousands of plaintiffs who filed asbestos-related tort claims against Old CertainTeed and/or its various subsidiaries, predecessors, successors, or related companies. Michael Herlihy worked for about a decade for a saw sharpening company, and he regularly breathed in asbestos while sharpening saw blades that had been used in a CertainTeed cement pipe plant. Herlihy was diagnosed with mesothelioma in 2023. Peter Bergrud worked for decades in the construction industry, and he regularly cut, beveled, and drilled CertainTeed's asbestos infused cement pipe. Bergrud died from mesothelioma in 2019. In addition to their pending tort claims against DBMP, these claimants also have pending claims, at various stages of litigation, against other asbestos defendants. On appeal, the district court found that the bankruptcy court had not abused its discretion in denying the plaintiffs' motions to lift the automatic stay and accordingly affirmed the bankruptcy court by order dated October 28, 2024, relying on the bankruptcy court's factual findings and rulings of law. From the district court's order dated October 28, 2024, the claimants filed this appeal. The narrow question presented on appeal is whether the bankruptcy court properly denied the claimants' motions for relief from the automatic stay, filed pursuant to 11 U.S.C. Sec. 362(d). After carefully reviewing the bankruptcy court's opinion, the Fourth Circuit concludes that it appropriately applied Robbins. The bankruptcy court found that granting the motions to lift the stay would "greatly" prejudice the debtor's estate and that such harm would outweigh any harm to the claimants that might be caused by any delay in the resolution of their asbestos claims. More particularly, the court reasoned that granting the stay would reduce judicial economy by releasing a wave of asbestos cases back into the court system, severely undermining the bankruptcy court's ability to "treat consistently and fairly all similarly situated claimants in a 524(g) plan." The court was particularly concerned that granting the stay would imperil its ability to protect the interests of future asbestos claimants through the Sec. 524(g) plan. And based on its experience with similar mass-tort bankruptcies, it predicted that lifting the stay would "effectively destroy the bankruptcy case." The court also found that any delays that might occur in the resolution of the claimants' suits in bankruptcy provided an insufficient basis to lift the stay as such a proposition was speculative. The court pointed out that, given the high volume of asbestos-related cases against the debtor, proceeding in the state court system would likely also result in substantial delays. Indeed, it noted that if the parties to DBMP's Sec. 524(g) reorganization were to work toward the goals of the reorganization in good faith, resolution of the claimants' claims in bankruptcy could be even faster than their resolution in state courts. Thus, the panel concludes the bankruptcy court not only applied the Robbins factors correctly, but it provided extensive explanation as to why those factors suggest that granting the motion to lift the stay would undermine the entire bankruptcy proceeding. The panel holds, "We affirm that order, concluding that the bankruptcy court did not abuse its discretion in refusing to lift the automatic stay on finding that DBMP filed its Chapter 11 petition with the legitimate purpose of pursuing a Sec. 524(g) plan, that it qualified for such a reorganization, and that the plaintiffs failed to present any evidence that DBMP had acted in bad faith." A copy the Court's Opinion dated February 11, 2026, is available at https://urlcurt.com/u?l=CbqCBQ About DBMP LLC DBMP, LLC is a North Carolina limited liability company and the direct parent company of Millwork & Panel LLC, which manufactures vinyl siding and polyvinyl chloride (PVC) trim products for the construction market at facilities it owns in Claremont, N.C. and Social Circle, Ga. It is a defendant in tens of thousands of asbestos-related lawsuits pending in courts throughout the United States. DBMP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-30080) on Jan. 23, 2020. At the time of the filing, the Debtor disclosed assets of between $500 million and $1 billion and liabilities of the same range. Judge J. Craig Whitley presides over the case. The Debtor tapped Jones Day as bankruptcy counsel; Bates White LLC as consultant; Robinson, Bradshaw & Hinson, P.A. and Schiff Hardin LLP as special counsel; and Epiq Corporate Restructuring, LLC as claims, noticing and balloting agent. The Debtor also tapped Donlin, Recano and Company, Inc., to oversee the submission of personal injury questionnaires by claimants. The official committee of asbestos personal injury claimants appointed in the Debtor's case tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. Hamilton Stephens Steele Martin, PLLC is the committee's local counsel. The court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP and Stutzman, Bromberg, Esserman & Plifka, a Professional Corporation, as his bankruptcy counsel. Alexander Ricks PLLC is the FCR's North Carolina counsel. Forrest Bridges is appointed as the discovery referee in this Chapter 11 case. Adam Steele, a lawyer practicing in North Carolina, is tapped as his research assistant. DBMP LLC: Split 4th Cir. Rejects Motion to Lift Chapter 11 Stay --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that tthe Fourth Circuit, in a divided opinion, upheld lower court decisions refusing to lift a stay of asbestos injury cases against the bankrupt affiliate of CertainTeed LLC. The ruling keeps pending tort claims on hold during the Chapter 11 case. The majority found that preserving the automatic stay aligns with bankruptcy principles aimed at centralizing claims and preventing piecemeal litigation. It concluded that lifting the stay could hinder the debtor's ability to formulate a comprehensive resolution of asbestos liabilities, according to report. A dissenting opinion raised questions about fairness to individual plaintiffs, but the panel's decision ensures that the bankruptcy court retains control over the claims process for now, the reports states. About DBMP LLC DBMP, LLC is a North Carolina limited liability company and the direct parent company of Millwork & Panel LLC, which manufactures vinyl siding and polyvinyl chloride (PVC) trim products for the construction market at facilities it owns in Claremont, N.C. and Social Circle, Ga. It is a defendant in tens of thousands of asbestos-related lawsuits pending in courts throughout the United States. DBMP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-30080) on Jan. 23, 2020. At the time of the filing, the Debtor disclosed assets of between $500 million and $1 billion and liabilities of the same range. Judge J. Craig Whitley presides over the case. The Debtor tapped Jones Day as bankruptcy counsel; Bates White LLC as consultant; Robinson, Bradshaw & Hinson, P.A. and Schiff Hardin LLP as special counsel; and Epiq Corporate Restructuring, LLC as claims, noticing and balloting agent. The Debtor also tapped Donlin, Recano and Company, Inc., to oversee the submission of personal injury questionnaires by claimants. The official committee of asbestos personal injury claimants appointed in the Debtor's case tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. Hamilton Stephens Steele Martin, PLLC is the committee's local counsel. The court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP and Stutzman, Bromberg, Esserman & Plifka, a Professional Corporation, as his bankruptcy counsel. Alexander Ricks PLLC is the FCR's North Carolina counsel. Forrest Bridges is appointed as the discovery referee in this Chapter 11 case. Adam Steele, a lawyer practicing in North Carolina, is tapped as his research assistant. DCA OUTDOOR: To Sell Nursery Inventory to Taproot Nursery for $52K ------------------------------------------------------------------ DCA Outdoor, Inc., and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors consist of 20 different entities that together form a so-called "vertically integrated" nursery operation. The Debtors are generally classified into one of five categories based upon such Debtor’s primary function. These five categories include the following: a. Management - DCA Outdoor, Inc. (the lead Debtor); b. Land: i. Colonial Gardens Development, LLC; ii. DCA Land Holding Company, LLC; iii. DCA Land Illinois, LLC; iv. DCA Land Indiana, LLC; v. DCA Land Kansas, LLC; vi. DCA Land Kentucky, LLC vii. DCA Land Missouri, LLC; and viii. DCA Land Oregon, LLC c. Production: i. Anna Evergreen, LLC; ii. Schwope Brothers Tree Farms, LLC; iii. Schwope Brothers West Coast, LLC; iv. Utopian Plants Indiana, LLC; and v. Utopian Trees, Inc.; d. Distribution: i. Brehob Nurseries, LLC; ii. KAT Nurseries, LLC; iii. PlantRight Supply, LLC; and iv. Utopian Transport, LLC; and e. Retail: i. Colonial Farms, LLC; and ii. Colonial Gardens, LLC. On September 11, 2025, the Court entered the Stipulated Order Granting, Authorizing, and Approving the Retention and Employment of Brent King as Chief Restructuring Officer of Debtors. The Debtors wish to sell the inventory of plants, plant products, tools and supplies, goods, and facilities owned by Utopian Trees, Inc., doing business as KAT Nurseries, located at the property leased from F&M Properties, LLC, commonly known as 30500 West 135th Street, Olathe, Kansas through a private sale to Taproot Nursery, LLC (Buyer) for the sum of $52,500.00. Debtors believe the value of the Assets will be maximized by the private sale because of the poor condition of the assets being sold. The plant stock has little valuer and had grown roots into the soil. The Debtor previously leased the property located at 30500 W. 135th Street, Olathe KS from F&M Properties. KAT Nurseries also has been losing money and closing the operation and selling the KAT Nurseries assets is in the best interests of the Debtor. The Debtor proposes to sell the Property free and clear of liens. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through Patrick Gilbert. DEL MONTE: Fresh Del Monte Gets Court OK to Buy Co.'s Food Assets ----------------------------------------------------------------- On February 9, 2026, Fresh Del Monte Produce Inc. announced that it has received approval from the U.S. Bankruptcy Court to acquire select assets of Del Monte Foods Corporation II Inc. and its affiliates. The acquisition is being carried out through a court-supervised sale process under Section 363 of the U.S. Bankruptcy Code. The court's approval represents a decisive legal milestone and allows the transaction to move forward into the pre-closing phase. Fresh Del Monte will now complete customary regulatory and procedural steps, including obtaining Hart-Scott-Rodino clearance and fulfilling remaining closing conditions. As previously reported, the transaction includes a purchase price of $285 million, along with the assumption of certain liabilities. The Company stated that additional information regarding the strategic and financial impact of the transaction will be provided following closing. The Company anticipates closing the transaction in the first quarter of 2026. Upon completion, Fresh Del Monte will acquire select prepared and packaged foods operations, including vegetable, tomato, and refrigerated fruit businesses, as well as global ownership of the Del Monte® brand, subject to existing regional licensing arrangements. 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. About Fresh Del Monte Fresh Del Monte Produce Inc. is a globally recognized producer and distributor of high-quality fresh and fresh-cut fruits and vegetables, supported by a vertically integrated operating model and sales in more than 80 countries. The company is also a leading supplier of prepared foods in Europe, Africa, and the Middle East. Fresh Del Monte's global portfolio is marketed under the DEL MONTE(R) brand, a long-standing emblem of product quality, innovation, and dependability for more than 135 years. DIOCESE OF SANTA ROSA: Sells More Properties to Stabilize Finances ------------------------------------------------------------------ Jeff Quackenbush of North Bay Business Journal reports that the Santa Rosa Diocese continues to sell properties to support its financial recovery amid a Chapter 11 bankruptcy caused by hundreds of sexual abuse claims. The diocese, which oversees 40 parishes from Sonoma and Napa counties to the Oregon border, has been in mediation with insurers and victim groups representing 260 claims, some potentially going to trial this year. Five new listings were noted in a recent court filing: a vacant Sebastopol parcel, a Napa Valley vineyard, a small home in Napa, undeveloped Humboldt County land, and the former clergy residence adjacent to St. Rose of Lima church. These follow prior sales last fall of Our Lady of Mount Carmel in Cloverdale and St. Francis in Hopland for $450,000 and $275,000, respectively, according to report. The Sebastopol property is a 2.46-acre parcel north of Valentine Avenue, with multiple offers received after the diocese applied to subdivide the larger 6.4-acre lot. The Napa vineyard encompasses 12.44 acres with a two-thirds-acre easement, facing challenges from flood risks but allowing for 10–20 housing units per acre under zoning. In Santa Rosa, the former bishop and priest home has a potential buyer with earnest money on deposit, pending court approval and resolution of historical subdivision records, the report relays. Additional listings include Humboldt County's 8.19-acre property in Rio Dell, potentially developable into 40–50 residential units with city cooperation on infrastructure, and a 750-square-foot home in Napa listed at $569,000. Each sale is subject to bankruptcy court approval, and the diocese expects the sales process, including potential overbids, to take several months, the report cites. About Roman Catholic Bishop of Santa Rosa The Roman Catholic Bishop of Santa Rosa is a diocese, or ecclesiastical territory, of the Roman Catholic Church in the Northern California region of the United States, named in honor of St. Rose of Lima. Abuse victims filed hundreds lawsuits after the state of California paused for three years its statute of limitation on claims for child sexual abuse. The pause ended on Dec. 31, 2022. Facing more than 200 new legal claims over childhood sexual abuse, the Roman Catholic Bishop of Santa Rosa, also known as the Diocese of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-10113) on March 13, 2023. The Debtor estimated $10 million to $50 million in both assets and liabilities. The Hon. Charles Novack is the case judge. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as financial advisor; and Donlin, Recano & Company, Inc. as claims agent. Shapiro Galvin Shapiro & Moran, Weinstein & Numbers, LLP, and Foley & Lardner, LLP serve as special counsels. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DIOCESE OF SANTA ROSA: To Sell Napa Property to Garcia & Lizarde ---------------------------------------------------------------- The Roman Catholic Bishop of Santa Rosa (RCBSR), in its capacity as trustee holding title to the real property in trust for the benefit of Pastor of St. John the Baptist Church of Napa, seeks approval from the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 918 Napa Street, Napa, California 94559. The Debtor receives an offer from Wenceslao Garcia and Angelica Lizarde to purchase the Propety in the purchaes price of $569,000. The Parish has a small residential property adjoining the Parish. The Parish listed the Property for sale through a brokerage firm Coldwell Banker and marketed the property for several months. The Parish received and accepted the cash offer to purchase the Property for $569,000, subject to overbids at a court hearing. The purchase price for the Property is the highest and best offer that the Parish has received after marketing. The RCBSR was incorporated in 1962 and is a California corporation sole. When the RCBSR was created, title to the real property of the parishes was conveyed to the RCBSR as Trustee for the benefit of each parish, which operated separately from RCBSR. In or about 2017, each parish, including Pastor of St. Peter Catholic Church of Cloverdale, separately incorporated as a Corporation Sole. he RCBSR, as the Trustee, is the record legal title holder of the Property. The beneficial owner of the Property, the Parish, desires to sell and the Buyer desires to purchase the Property. The net proceeds are intended to help fund a plan of reorganization and will be held in an interest-bearing account pending distribution to creditors if there is a settlement reached in the bankruptcy case. Subject to Bankruptcy Court approval, the Parish and the Buyer have entered into the Sale Agreement. The essential terms of the Sale Agreement include the following: (1) the Buyer shall purchase the Property for the purchase price of $569,000 all-cash on an “as-is” basis. (2) the Buyer has paid a deposit in the amount of $20,000 subject to refund if the Buyer is overbid; (3) sale and escrow costs, including a 5.5% total commission to the real estate brokers, shall be deducted from the sale proceeds, and (4) the sale is subject to overbidding at the hearing on the motion to approve the Sale Agreement. The Parish and the RCBSR believe that the purchase price of $569,000 is the best available price for Property. The purchase price was the result of good faith and arms-length marketing by a real estate broker and negotiations with the Buyer. The purchase price for the Property is the highest and best offer that the Parish has received. About Roman Catholic Bishop of Santa Rosa The Roman Catholic Bishop of Santa Rosa is a diocese, or ecclesiastical territory, of the Roman Catholic Church in the Northern California region of the United States, named in honor of St. Rose of Lima. Abuse victims filed hundreds lawsuits after the state of California paused for three years its statute of limitation on claims for child sexual abuse. The pause ended on Dec. 31, 2022. Facing more than 200 new legal claims over childhood sexual abuse, the Roman Catholic Bishop of Santa Rosa, also known as the Diocese of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-10113) on March 13, 2023. The Debtor estimated $10 million to $50 million in both assets and liabilities. The Hon. Charles Novack is the case judge. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as financial advisor; and Donlin, Recano & Company, Inc. as claims agent. Shapiro Galvin Shapiro & Moran, Weinstein & Numbers, LLP, and Foley & Lardner, LLP serve as special counsels. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DOCKSIDE ASSOCIATION: Hires Bundy McDonald as Special Counsel ------------------------------------------------------------- Dockside Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Bundy McDonald, LLC as special counsel. The firm's employment is limited to representing the Debtor in connection with insurance-related matters arising from the structural failure of a property located at the foot of Calhoun Street on the Cooper River (330 Concord Street) Charleston, South Carolina, including, without limitation: a. investigating and evaluating insurance coverage available to the Debtor; b. negotiating, prosecuting, and litigating insurance claims; c. commencing and prosecuting litigation or arbitration, if necessary, to recover insurance proceeds; d. advising the Debtor regarding settlement of insurance claims; and e. performing such other insurance-related legal services as may be reasonably necessary to maximize recovery for the estate. The firm will be paid on a contingency basis: a. 25 percent of the gross recovery if resolved prior to litigation; or b. 33 1/3 percent of the gross recovery if litigation or arbitration is instituted. The Firm has agreed to serve as co-counsel with Mark C. Tanenbaum, P.A. and they have agreed to share any fee recovery 50/50. Mr. McDonald disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: M. Brent McDonald, Esq. Bundy McDonald, LLC 1516 Old Trolley Road, Summerville SC, South Carolina 29485 Tel: (843) 492-0221 Email: walter@bundymcdonald.com 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. DOCKSIDE ASSOCIATION: Hires Davis & Company as Accountant --------------------------------------------------------- Dockside Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ DCPAS, LLC d/b/a Davis & Company CPAs as accountant. The firm's services include: a. preparing the Debtor's federal income tax return on IRS Form 1120-H for the year ended December 31, 2025; b. preparing any required state income tax returns for the same tax year; and c. providing tax advice on income tax matters as specifically requested by the Debtor. The firm will be paid at the flat rate of $1,000. Mr. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Zoe Davis DCPAS, LLC d/b/a Davis & Company CPAs P.O. Box 1552 Mount Pleasant, SC 29465 Tel: (843) 881-3315 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. DOCKSIDE ASSOCIATION: Hires Mark C. Tanenbaum as Special Counsel ---------------------------------------------------------------- Dockside Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Mark C. Tanenbaum, P.A. as special counsel. The firms services include: a. investigating insurance coverage arising from the structural failure of the Property located at the foot of Calhoun Street on the Cooper River (330 Concord Street) Charleston, South Carolina; b. negotiating and pursuing claims against the Debtor's insurers; c. instituting and prosecuting litigation, if necessary, to recover insurance proceeds; d. advising the Debtor regarding settlement of insurance claims; and e. performing such other insurance-related legal services as may be necessary to protect and maximize recovery for the estate. The firm will be paid on a contingency basis: a. 25 percent of the gross recovery if resolved prior to litigation; or b. 33 1/3 percent of the gross recovery if litigation or arbitration is instituted. The Firm has agreed to serve as co-counsel with Bundy McDonald, LLC and they have agreed to share any fee recovery 50/50. Ms. Tanenbaum disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark C. Tanenbaum, Esq. Mark C. Tanenbaum, P.A 1156 Bowman Road, Suite 245 Mount Pleasant, South Carolina 29464 Tel: (843) 577-5100 Email: mark@tanenbaumlaw.com 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. DOCKSIDE ASSOCIATION: Hires Moss & Yantis CPA PA as Accountant -------------------------------------------------------------- Dockside Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Moss & Yantis CPA PA as accountant. The firm's services include: a. maintaining the general ledger; b. reconciling bank and credit-card accounts; c. preparing monthly financial statements; d. processing payroll and payroll tax reporting; e. preparing Forms W-2, W-3, and 1099/1096; and f. providing related accounting services as reasonably necessary in connection with the Debtor's operations and this Chapter 11 case. The firm will be paid at the rate of $2,000 per month. DeAnna Moss, a partner at Moss & Yantis CPA PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: DeAnna Moss Moss & Yantis CPA PA 272 W. Coleman Blvd Suite 100 Mt. Pleasant, SC 29464 Tel: (843) 606-2349 Fax: (843) 388-7188 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. DOMTAR CORP: Fitch Lowers IDR to 'B+', Outlook Stable ----------------------------------------------------- Fitch Ratings has downgraded Domtar Corporation's (Domtar) Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Rating Outlook is Stable following the downgrade. Fitch has also affirmed the asset-based loan (ABL) facility at 'BB+' with a Recovery Rating of 'RR1'; downgraded the first lien secured term loans and bonds to 'BB-'/'RR3' from 'BB'/'RR2'; and downgraded the unsecured bonds to 'B'/'RR5' from 'BB-'/'RR4'. Domtar's rating reflects its large scale and product diversification, offset by exposure to highly cyclical end-markets and persistently elevated leverage. The Stable Outlook reflects Fitch's expectation that leverage will remain below 5.5x through the forecast period as weak pulp and lumber markets gradually recover. The downgrade reflects EBITDA leverage persistently above 4.5x, driven by weak Chinese pulp demand and delayed housing market recovery, with limited near-term deleveraging prospects despite cost reduction efforts. Key Rating Drivers Persistent High Leverage: Fitch forecasts EBITDA leverage above 5.0x for the forecast period, persistently above the previous 4.5x negative rating sensitivity threshold. The pulp segment continues to face pressure from weak Chinese demand for fluff pulp and Northern Bleached Softwood Kraft (NBSK), resulting in mid-single-digit revenue declines and low-single-digit EBITDA margins. Despite ongoing U.S.-China trade negotiations, Chinese purchases have not rebounded meaningfully. Fitch expects Chinese economic weakness and domestic substitution efforts to continue pressuring demand for imported pulp. Domtar's Wood Products segment has recovered to modestly positive EBITDA generation after operating below breakeven in 2023 and 2024, but Fitch expects only gradual improvement. The Paper & Packaging business continues to generate the bulk of the company's EBITDA, partially offsetting weakness in the other segments. Fitch expects two of Domtar's three reporting segments to operate near breakeven through the forecast period, constraining deleveraging prospects absent a material improvement in end-market conditions. Housing Remains Muted: The prolonged high-interest-rate environment continues to delay a meaningful recovery in the U.S. housing market, limiting improved profitability in Domtar's Wood Products segment. Elevated mortgage rates have suppressed housing starts and other construction activity, key demand drivers for lumber products. Increased Canadian lumber duties (totaling 45%) have further pressured margins despite higher nominal lumber prices. In response, Domtar idled the Glenwood and Maniwaki sawmills, reduced shifts across all regions, and scaled back harvesting operations to control costs and manage elevated inventory levels. While lumber pricing has recovered above breakeven levels from the sharp post-pandemic downturn, Fitch expects only modest EBITDA generation from this segment through the forecast period. The U.S. housing deficit provides longer-term upside potential, but near-term visibility remains limited. Fitch views the housing recovery as a critical factor for materially improving Domtar's overall profitability and cash generation. Diversified Forest Products Portfolio: Domtar benefits from a large-scale, diversified forest products portfolio in North America, covering paper, pulp, lumber and containerboard. The secular decline in the paper segment is partly offset by Domtar operating in the lower half of the cost curve. Currently, most cash generation comes from the paper segment, which continues to perform in line with expectations. Fitch recognizes the potential for higher cash flows in an improved environment, given the ongoing U.S. housing deficit and expanding containerboard exposure, but near-term visibility is constrained by persistent weak demand in pulp and lumber. Comfortable Liquidity: Domtar maintains approximately $555 million in liquidity as of Sept. 30, 2025, consisting of $480 million in availability under its asset-based loan (ABL) facility and cash of $75 million. Fitch considers this adequate to support the company through an extended period of weak demand and minimal free cash flow (FCF) generation. Lower capex spending at maintenance levels in 2025 and 2026 should support liquidity preservation. However, Fitch's rating is sensitive to any deterioration in the liquidity profile given elevated leverage and ongoing operating challenges. Refinancing Risk: Fitch views Domtar's target of reducing net EBITDA leverage to 2.5x prior to its 2028 maturity wall as increasingly unlikely, absent a sharp recovery in EBITDA or asset sales. The company faces approximately $1.7 billion in debt maturities in 2028 with limited deleveraging runway. Fitch anticipates successful refinancing given adequate current liquidity and tangible asset backing but expects higher interest rates unless operating performance or gross debt reduction improve materially. Rising refinancing costs could further pressure cash flow generation and limit financial flexibility. Peer Analysis Domtar ranks among the leading freesheet paper businesses in the consolidated North American market. Its market position is comparable to Mercer International Inc. (Mercer; B-/Negative), Sylvamo Corporation (Sylvamo; BB+/Stable), and Klabin S.A. (Klabin; BB+/Stable). The freesheet paper segment is experiencing a secular volume decline, potentially accelerated by work-from-home trends. Domtar's annual mid-cycle EBITDA, at approximately $650 million, is considerably larger than its closest peer in Fitch's rated universe, Mercer. While both companies manufacture and sell pulp and lumber, Mercer does not have exposure to uncoated free-sheet paper. Domtar's more diversified product mix helps sustain earnings during downturns in volatile markets. Mercer's Solid Wood segment benefits from a lower cost position due to facility location and structure, while the pulp mills of both companies have similar cost positioning. Domtar maintains a rating two notches higher, partly due to its lower forecast leverage and greater financial flexibility. Sylvamo is a top-three producer of uncoated freesheet in LatAm, Europe, and North America, with strong FCF generation and a balanced capital allocation strategy. The company's leverage is meaningfully below its leverage target. Fitch believes Sylvamo has a profitable and lengthy runway in the uncoated freesheet segment despite the long-term trends affecting the sector. Additionally, its prudent capital allocation strategy lowers the company's credit risk. Domtar's historical standalone EBITDA margins have been 11%-14%, lower than Klabin's typical 30%-40% margins, due to Klabin's leading scale and low-cost position in commodity pulp products. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Higher), Sector Characteristics (bb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b+, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 15% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 5% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis Key Assumptions - The recovery analysis assumes that Domtar would be reorganized as a going concern in bankruptcy rather than liquidated; - A bankruptcy scenario could result from a steeper and longer than anticipated trough in the pulp and lumber markets that consistently compresses margins, leading to a liquidity crisis; - Fitch assumes the revolver is 80% drawn; - Fitch assumes the unsecured bondholders receive a 5% concession payment to facilitate an orderly restructuring; - Fitch has assumed a 10% administrative claim. Going Concern (GC) Approach Fitch assumes a GC EBITDA of $440 million, reflecting a stressed but sustainable operating environment. This estimate incorporates further volume declines in paper, continued weakness in pulp markets, and below-average lumber pricing, but assumes the company maintains its low-cost production position. Fitch typically assigns EV/EBITDA multiples between 4.5x and 6.0x for paper, packaging, & forest product peers. Fitch applied an EV multiple of 5.0x, consistent with stressed multiples for capital-intensive manufacturing businesses with cyclical end-market exposure. Based on this analysis, Fitch rates the ABL facility at 'BB+'/'RR1', the first lien secured term loans and bonds at 'BB-'/'RR3', and the unsecured bonds at 'B'/'RR5'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 5.5x; - A worsening liquidity profile; - Weakening in leverage targeting or credit policies, including those involving shareholder payments or related-party transactions; - Any change in policies or actions that erode the standalone management of Domtar's financial policies. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage consistently below 4.5x; - Maintenance of sufficient liquidity commensurate with a more highly cyclical business profile; - Sustained improvement in EBITDA margins and consistent positive FCF generation; - Adherence to credit-conscious capital allocation policies in the context of a well-defined strategic plan. Liquidity and Debt Structure Domtar's liquidity position is adequate for its operating needs but provides limited cushion, given elevated leverage and refinancing risk. As of Sept. 30, 2025, the company had total liquidity of approximately $555 million, consisting of $75 million in cash and $480 million in availability under its $1.14 billion ABL facility. The ABL facility matures in 2028 and is secured by substantially all of the company's accounts receivable and inventory. Domtar faces a significant maturity wall in 2028 with approximately $1.7 billion in term loan, bond maturities, and the ABL. The company has minimal required amortization prior to these maturities. Fitch expects the company to address these maturities through a combination of refinancing and potential asset sales, though timing and execution remain uncertain. Issuer Profile Domtar Corporation manufactures and distributes paper, market pulp, wood products, and tissue. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for the company. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Domtar Corporation LT IDR B+ Downgrade BB- senior unsecured LT B Downgrade RR5 BB- senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Downgrade RR3 BB DRIVE PLANNING: Receiver Reconciles 2,286 Claims ------------------------------------------------ Kenneth D. Murena, the court-appointed receiver of the assets of Drive Planning, LLC, filed his reconciled claims report with the U.S. District Court for the Northern District of Georgia, Atlanta Division. The receiver also seeks an extension to Feb. 20, 2026, of the Jan. 22, 2026 claims determination deadline for a subset of claimants and the remaining deadlines in the claims process. On August 13, 2024, the Court appointed Mr. Murena as Receiver of Drive Planning and all assets owned by or purchased with funds derived from its investors or clients. On December 22, 2025, the Receiver filed his Unopposed Motion to Extend the Claims Determination Deadline and Other Remaining Deadlines in the Claims Process by 30 Days. The Court entered an Order granting the Motion to Extend Deadline to January 22, 2026. The Receiver now seeks to further extend the deadline to send his Final Claims Determination for a subset of 77 claims that require additional review. The Receiver received 2,363 claims totaling $243,979,582.40 in claimed losses. Of the 2,363 claims submitted, 1,933 claimants have now agreed with the claim amount calculated by the Receiver, and the remaining 430 claimants disagree with the Receiver's proposed claim amount. Those 430 investors submitted a claim requesting a higher allowed claim amount and/or erroneously filed a duplicate or amended claim, which had to be processed and reconciled against the Receiver’s forensic bank reconstruction and Drive Planning's financial records. The Receiver has completed the reconciliation for 2,286 claims, leaving 77 claims under review. The Receiver believes that properly resolving these late and/or questionable claims now will be more efficient than simply disallowing them and causing unnecessary appeals. The Receiver, however, needs additional time to finish processing and to send the Final Claims Determinations for the remaining claims under review. Accordingly, the Receiver requests that the Court extend the deadline for: -- completing the claims review and sending his Final Claims Determinations, only for the 77 claims that remain under review, to February 20, 2026, and -- extend the deadline for those claimants to appeal the Receiver's Final Claims Determinations to 20 days after the Receiver sends those Determinations, not to extend beyond March 12, 2026. The Receiver further requests an extension of the deadline to file with the Court his responses to appeals of his Final Claims Determination to April 10, 2026, providing for an extension of the remaining claims process deadlines as set forth below: a. Deadline for sending Final Claims Determinations on remaining 77 claims -- February 20, 2026; b. Deadline for those 77 claimants to appeal Final Claims Determinations to the Court -- 20 days after the Receiver emails their Final Claims Determinations – not to extend beyond March 12, 2026; and c. Deadline for Receiver to file all Responses to appeals with the Court -- April 10, 2026. This extension of the appeal deadline will provide the Receiver with additional time to resolve potential appeals of his Final Claims Determinations, resulting in a more efficient and inclusive final approval process. About Drive Planning, LLC The Securities and Exchange Commission in August 2024 filed a complaint alleging that from 2020 through at least June 2024, Russell Todd Burkhalter ran a Ponzi scheme through his business, Drive Planning, selling unregistered securities in the form of "Real Estate Acceleration Loans," which Burkhalter described in promotional materials as a "bridge loan opportunity promising 10% in 3 months." As of the end of June 2024, over 2,000 investors had invested more than $300,000,000 in REAL. Drive Planning did not have any legitimate profitable enterprise capable of generating the sums necessary to pay the promised 10% returns every three months. Instead, in classic Ponzi fashion, Burkhalter used money from new investors to pay the supposed "returns" to existing investors and to maintain a luxurious lifestyle. The lawsuit is captioned as United States Securities and Exchange Commission v. Drive Planning, LLC, and Russell Todd Burkhalter, and Jacqueline Burkhalter, The Burkhalter Ranch Corporation, Drive Gulfport Properties LLC, and TBR Supply House, Inc., Case No. 1:24-cv-03583 (N.D. Ga.), before the Hon. Victoria M. Calvert. The case was filed on Aug. 13, 2024. Lead Counsel for Kenneth D. Murena, as Court-Appointed Receiver: Adriana M. Pavon, Esq. Russell Landy, Esq. DAMIAN | VALORI | CULMO 1000 Brickell Avenue, Suite 1020 Miami, FL 33131 Tel: (305) 371-3960 Fax: (305) 371-3965 E-mail: apavon@dvcattorneys.com rlandy@dvllp.com Local Counsel for Kenneth D. as Court-Appointed Receiver: Henry F. Sewell, Jr., Esq. Buckhead Centre 2964 Peachtree Road NW, Suite 555 Atlanta, GA 30305 Tel: (404) 926-0053 E-mail: hsewell@sewellfirm.com DYNATA LLC: PennantPark Floating Marks $14.6MM Loan at 39% Off -------------------------------------------------------------- PennantPark Floating Rate Capital Ltd. has marked its $14,635,000 loan extended to Dynata, LLC to market at $8,873,000 or 61% of the outstanding amount, according to PennantPark's Form 10-Q for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. is a participant in a Last Out Term Loan extended to Dynata, LLC. The loan accrues interest at a rate of 9.64% per annum (3M SOFR + 5.76%). The loan matures on October 16, 2028. PennantPark Floating Rate Capital Ltd. was organized as a Maryland corporation in October 2010. The company is a closed-end, externally managed, non-diversified investment firm that has elected to be treated as a BDC under the 1940 Act. The company's principal investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. The Company is led by Arthur H. Penn as Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) and Richard T. Allorto, Jr. as Chief Financial and Accounting Officer and Treasurer (Principal Financial and Accounting Officer). The Company can be reached at: Arthur H. Penn PennantPark Floating Rate Capital LTD. 1691 Michigan Avenue Miami Beach, FL 33139 Telephone: (786) 297-9500 About Dynata LLC Dynata LLC is an American company that performs consumer and business-to-business survey research. ECHOSTAR CORP: FMR LLC Holds 10% Of Class A Common Stock -------------------------------------------------------- FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 16,336,546.70 shares of Class A common stock -- with sole voting power over 15,951,947.42 shares and sole dispositive power over 16,336,546.70 shares; held through Fidelity entities managed by FMR LLC as parent holding company and investment adviser, with Abigail P. Johnson as a control person -- of Echostar Corp's Class A Common Stock, representing 10% of the shares outstanding. FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: https://tinyurl.com/5ee3ruff About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. EDDIE BAUER LLC: Waning Sales Send Retail Operator to Seek Ch. 11 ----------------------------------------------------------------- Anne D'Innocenzio of The Associated Press (AP) reports that the operator of roughly 180 Eddie Bauer stores across the U.S. and Canada has filed for Chapter 11 bankruptcy protection, blaming declining sales and a litany of other industry headwinds. The bankruptcy filing marks the third time in a little over two decades for the storied-but-now-tired brand that began as a Seattle fishing shop, later outfitted the first American to climb Mount Everest and made thousands of newfangled down jackets and sleeping bags for the military during World War II, the report states. Eddie Bauer LLC said Monday, February 9, 2026, it had entered into a restructuring pact with its secured lenders as it made the filing in the U.S. Bankruptcy Court for the District of New Jersey. Most Eddie Bauer retail and outlet stores in the U.S. and Canada will remain open as the company winds down certain locations. It noted that it will conduct a court-supervised sales process, and if a sale can't be executed, it will begin a wind-down of its U.S. and Canadian operations, according to AP. About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. EDDIE BAUER: Bid Rules for Retail Business Sale at Auction OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has granted Eddie Bauer LLC to sell retail business at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is involved in brick-and-mortar retail business, which comprises approximately 220 stores throughout the United States and Canada. To maximize value for all stakeholders, the Debtors seek to pursue and consummate one or more value-maximizing sale transactions involving all, substantially all, or any portion of their remaining retail operations and related assets. The Court has authorized the Debtor to sell substantially all Assets in an auction. The Debtors have articulated good and sufficient reasons for authorizing and approving the Bidding Procedures, which are fair, reasonable, and appropriate under the circumstances. The Bidding Procedures are designed to maximize value for the benefit of the Debtors' estates, their creditors, and other parties, including with respect to the proposed procedures for providing Stalking Horse Bid Protections as determined by the Debtors in an exercise of their business judgment in accordance with the Bidding Procedures. March 3, 2026, at 5:00 p.m. prevailing Eastern Time, is the deadline by which all Qualified Bids must be actually received by the parties specified in the Bidding Procedures. The Debtors, upon entry of this Order, shall be authorized, but are not obligated or directed, in an exercise of their reasonable business judgment, to designate one or more Stalking Horse Bidders with respect to the applicable Assets and enter into a stalking horse agreement by no later than February 27, 2026 at 5:00 p.m. (prevailing Eastern time). In the event that the Debtors enter into a Stalking Horse APA with one or more Stalking Horse Bidders, within two business days of entry, but in any event no later than February 28, 2026, the Debtors shall file a notice and proposed form of order with the Court designating a Stalking Horse Bidder and authorizing entry into a Stalking Horse APA and serve the Stalking Horse Notice on the Stalking Horse Bidder and the U.S. Trustee. The date and time of the Auction, if needed, is March 6, 2026, at 10:00 a.m. prevailing Eastern Time, which time may be modified by the Debtors in their sole discretion, upon written notice with the Court. The Auction will be held at the offices of proposed co-counsel to the Debtors: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, or such other place as the Debtors determine. March 12, 2026, at a time to be announced, subject to Court availability, or as soon thereafter as the Debtors may be heard, is the date and time for the hearing for the Court to consider approval of the Successful Bid or Successful Bids, if needed. About Eddie Bauer LLC Eddie Bauer is an American outdoor recreation brand and chain store headquartered in Seattle, Washington. The company sells its merchandise via retail stores, outlet stores, online, and via telephone. Eddie Bauer sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422 (SLM)) on February 9, 2026. Judge Stacey L. Meisel presides over the case. Michael D. Sirota at Cole Schotz P.C. represents the Debtor as legal counsel. EDDIE BAUER: Secures Early March Auction Court Approval ------------------------------------------------------- Rick Archer of Law360 reports that a federal judge in Delaware cleared a Chapter 11 timeline Tuesday, February 10, 2026, for the Eddie Bauer retail operator that calls for the business to be marketed for sale by the start of March and for any locations not sold to close by the end of April 2026. The schedule was approved as part of the company's ongoing bankruptcy restructuring, aimed at maximizing value for stakeholders and exploring strategic options. Eddie Bauer's retail arm, which runs dozens of stores across the United States and Canada, has been operating under Chapter 11 protection since its recent filing amid financial headwinds that eroded in-store sales. Prospective buyers can engage in the court-supervised auction process in early March 2026, setting the stage for a critical juncture in the brand’s turnaround efforts, according to report. Should no buyer emerge, the company's remaining stores will permanently close as part of a systematic liquidation concluding by April's end. Core brand elements outside of the bankrupt entity, including e-commerce and overseas retail, are insulated from the Chapter 11 process and continue normal operations, the report relays. About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. EDGIO INC: Execs Strike $5MM Settlement in Financial Reporting Suit ------------------------------------------------------------------- Sydney Price of Law360 Bankruptcy Authority reports that the ex-executives of Edgio Inc. have agreed to pay $15 million to settle shareholder allegations that they misrepresented the company's internal financial reporting controls before a downturn that erased substantial market value. The agreement was presented to a federal judge overseeing the securities class action. Shareholders contended that the company's leadership assured investors its financial controls were effective, despite alleged deficiencies that later required remediation. When those weaknesses were disclosed, plaintiffs say, Edgio's share price dropped, causing investor losses. While disputing the allegations, the former executives agreed to the settlement to bring the litigation to a close. The proposed resolution, which does not include an admission of fault, awaits final court approval, the report states. About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit id of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ------------------------------------------------------------- Eric Huebscher, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of New York his third report regarding the quality of patient care provided by Elnunu Medical P.C. In his third report, covering November 1, 2025 through January 31, 2026, the PCO noted that Elnunu was transparent and cooperative, enabling him to efficiently discharge his responsibilities. The PCO observed that Elnunu's bankruptcy has not materially affected healthcare delivery despite the ongoing dispute concerning the 2022 Limited Liability Operating Agreement between Health Plus MC, LLC and Dr. Salim Souid, Elnunu's medical director and sole owner. No regulatory inquiries or surveys were conducted, and no reportable events occurred that required Elnunu's to notify any agency. Mr. Huebscher maintained regular contact with Dr. Souid and his business manager, during which the PCO inquired about ongoing operations and potential effects of the pending bankruptcy. Elnunu has continued to be transparent and cooperative with the PCO. The PCO also noted that after the unsuccessful mediation between Health Plus MC and Dr. Souid, Pinchas Halperin, the owner of Health Plus, may have taken actions interfering with patient care. This has resulted in patient inquiries regarding unauthorized transfers of PCP designations from debtor providers to those controlled by Halperin and others. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=lY3TTC from PacerMonitor.com. The ombudsman may be reached at: Eric Huebscher, MBA, CPA, CFE, CPCO President Huebscher & Co. 301 East 87th Street-20E New York, NY 10128 Phone: 646.584.3141 ehuebscher@huebscherconsulting.com About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as bankruptcy counsel; Bochner, PLLC as special litigation counsel; and Vestcorp, LLC as accountant. Eric M. Huebscher is the patient care ombudsman appointed in the Debtor's case. ELRI.PARKER INC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Elri.Parker, Inc. Elri Parker, Inc. d/b/a Golden Corral Dothan d/b/a Golden Corral Buffet & Grill - Dothan Elri Parker Inc 3340 Ross Clark Circle Dothan, AL 36303 Business Description: Elri.Parker, Inc. operates a full-service restaurant in Dothan, Alabama, doing business as Golden Corral Buffet & Grill - Dothan under a franchise agreement with Golden Corral Franchising Systems, Inc. The company provides buffet-style dining services and is classified within the full-service restaurants industry, serving customers in the Dothan, Alabama area. Chapter 11 Petition Date: February 12, 2026 Court: United States Bankruptcy Court Middle District of Alabama Case No.: 26-10182 Judge: Hon. Christopher L Hawkins Debtor's Counsel: J. Kaz Espy, Esq. THE ESPY FIRM 326 N Oates St PO Drawer 6504 Dothan, AL 36302-6504 Tel: 334-793-6288 Fax: 334-712-1617 Total Assets: $1,612,462 Total Liabilities: $2,806,754 The petition was signed by Elri Parker 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/TEZ6PJY/ElriParker_Inc__almbke-26-10182__0001.0.pdf?mcid=tGE4TAMA ENDO INT'L: Chubb and Insurers Score Victories in Opioid Litigation ------------------------------------------------------------------- Olivia Alafriz of Bloomberg Law reports that insurers, including units of Chubb Ltd. and Travelers Cos., scored multiple wins in opioid-related coverage disputes with Endo International Plc, according to rulings from a Pennsylvania federal court. Judge Chad F. Kenney of the U.S. District Court for the Eastern District of Pennsylvania issued the decisions. The court found that Endo's commercial general liability policies included products exclusions that barred coverage for suits arising from the company's alleged role in the opioid crisis. These exclusions formed the basis for the insurers' victories, the report states. Additionally, the court concluded that governmental and third-party payor suits were not covered because they did not involve claims directly tied to Endo's products. The rulings could substantially limit insurers' potential payouts and provide a roadmap for similar disputes in opioid litigation, the report relays. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENDO INT'L: Court Narrows Claims in 2013–2014 Insurance Policy Case --------------------------------------------------------------------- Judge Chad F. Kenney of the U.S. District Court for the Eastern District of Pennsylvania will grant in part and deny in part the defendants' motion for summary judgment on certain bellwether issues in the case captioned as MATTHEW DUNDON, AS THE TRUSTEE OF THE ENDO GENERAL UNSECURED CREDITORS' TRUST, Plaintiff, v. ACE PROPERTY AND CASUALTY INSURANCE COMPANY, et al., Defendants, Case No. 24-cv-04221 (E.D. Pa.). Defendants Aspen Insurance UK Limited, Catlin Syndicate Limited a/k/a AXA XL Syndicate Limited, Chubb Custom Insurance Company, and Columbia Casualty Company move for summary judgment on each count of Plaintiff Matthew Dundon's Complaint as applied to the 2013–2014 insurance policy tower ("2013–2014 Products Policy Tower"). Plaintiff Matthew Dundon cross moves for summary judgment. This is an insurance coverage dispute arising from litigation over prescription opioids. During the relevant period, non-party Endo International plc was a pharmaceutical company that manufactured opioid products. In connection with its business operations, Endo obtained insurance coverage, including multiple products insurance policies in each of the following years: 2013–2014, 2016–2017, and 2017–2018. Endo's insurance policies in each of these years formed an insurance "tower," with one policy serving as the primary policy and others providing layers of excess coverage. On August 15, 2024, Plaintiff, as trustee of the Endo General Unsecured Creditors' Trust ("the Trustee"), brought the instant action for a declaratory judgment and breach of contract against certain insurers that issued policies to Endo. The Complaint alleged that Defendants were obligated to cover Endo's liability, defense costs, and settlement payments arising from the above opioid litigation. Specifically, the Trustee alleged that three products policy towers and Endo's commercial general liability policies provided coverage for various opioid lawsuits: 1. The 2013–2014 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by state and local governments. 2. The 2016–2017 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by individuals. 3. The 2017–2018 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by third-party payors. 4. The commercial general liability policies issued from 2010–2022, which the Trustee alleged provided coverage for the opioid lawsuits in connection with "Unbranded Promotional Activities." The 2013–2014 Products Insurance Policies The primary policy for the 2013–2014 year was issued by Defendant Gemini Insurance Company and ran from September 26, 2013 to September 26, 2014. That policy (No. GL 12089-1) covers, in relevant part, "all damages that the insured becomes legally obligated to pay for bodily injury or property damage" and all defense costs for "a claim seeking such damages." Following the primary policy, there are eight excess layers of coverage, not including self-insured layers. The excess policies default to incorporating the terms of the primary policy or of policies that follow the primary policy, but the excess policies state that their own provisions prevail over another policy's terms. It is undisputed that the excess policies, like the primary policy, cover "damages for bodily injury." However, the Parties dispute whether the excess policies include the primary policy's basic extended reporting period. Defendants' summary judgment motion regarding the 2013–2014 Products Policy Tower, and the Trustee's Cross-Motion, are now before this Court. Defendants Aspen Insurance UK Limited, Catlin Syndicate Limited a/k/a AXA XL Syndicate Limited, Chubb Custom Insurance Company, and Columbia Casualty Company move for summary judgment on certain bellwether issues regarding coverage for lawsuits brought by state and local governments. They argue that most government lawsuits brought against Endo were not claims made during the policy period and that, regardless, none of the government lawsuits seek "damages for bodily injury," as required by Defendants' insurance policies. The Trustee cross-moves for summary judgment on these issues. The 2013–2014 policies are claims-made policies and therefore required claims to be made against Endo during the policy period or, where applicable, the extended reporting period. The Parties identify only two government suits -- the Chicago and California lawsuits -- that were filed during the policy period. For that reason, the Trustee argues that other claims were timely under the six-year basic extended reporting period of Endo's primary policy. And because the primary policy was exhausted by other claims, the Trustee maintains that the excess policies incorporated this six-year period. The Court finds because the excess policies do not incorporate the primary policy's six-year basic extended reporting period, only the Chicago and California lawsuits -- of the lawsuits identified by the Parties -- were timely under the excess policies. And because the Court decides the issue of timing on this basis, it need not reach other arguments made by Defendants, such as that Endo did not meet the requirements for the six-year basic extended reporting period to apply. The Court will grant the Motion on the following issues: (1) Defendants' excess policies do not incorporate the basic extended reporting period of the primary policy and (2) the meaning of "damages for bodily injury" in the policies. The Court will deny the Motion with respect to Defendants' argument at this stage that no government suits seek damages for bodily injuries. The Court will deny the Trustee's Cross-Motion for Summary Judgment A copy the Court's Memorandum dated February 10, 2026, is available at https://urlcurt.com/u?l=mrPunI from PacerMonitor.com. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENDO INT'L: Court Narrows Claims in 2016–2017 Insurance Policy Case --------------------------------------------------------------------- Judge Chad F. Kenney of the U.S. District Court for the Eastern District of Pennsylvania will grant in part and deny in part the defendants' motions for summary judgment on bellwether issues in the case captioned as MATTHEW DUNDON, AS THE TRUSTEE OF THE ENDO GENERAL UNSECURED CREDITORS' TRUST, Plaintiff, v. ACE PROPERTY AND CASUALTY INSURANCE COMPANY, et al., Defendants, Case No. 24-cv-04221 (E.D. Pa.). Defendants Gemini Insurance Company, Ironshore Insurance Company, Those Underwriters that subscribed to the LSR 2016 excess policy (including Hiscox, Chaucer, RenaissanceRe, Amlin, and Catlin n/k/a AXA XL), TDC Specialty Insurance Company, Newline Corporate Named Limited, and Starstone Specialty Insurance Company (the "2016-17 Products Insurers") move for summary judgment on each count of Plaintiff Matthew Dundon's Amended Complaint as applied to the 2016–2017 insurance policy tower ("2016–2017 Products Policy Tower"). Plaintiff Matthew Dundon cross moves for summary judgment This is an insurance coverage dispute arising from litigation over prescription opioids. During the relevant period, non-party Endo International plc was a pharmaceutical company that manufactured opioid products. In connection with its business operations, Endo obtained insurance coverage, including multiple products insurance policies in each of the following years: 2013–2014, 2016–2017, and 2017–2018. Endo's insurance policies in each of these years formed an insurance "tower," with one policy serving as the primary policy and others providing layers of excess coverage. On August 15, 2024, Plaintiff, as trustee of the Endo General Unsecured Creditors' Trust ("the Trustee"), brought the instant action for a declaratory judgment and breach of contract against certain insurers that issued policies to Endo. The Amended Complaint alleged that Defendants were obligated to cover Endo's liability and defense costs arising from the opioid litigation. Specifically, the Trustee alleged that three products policy towers and Endo's commercial general liability policies provided coverage for various opioid lawsuits: 1. The 2013–2014 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by state and local governments. 2. The 2016–2017 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by individuals. 3. The 2017–2018 products insurance policies, which the Trustee alleged provided coverage for lawsuits brought by third-party payors. The commercial general liability policies issued from 2010–2022, which the Trustee alleged provided coverage for the opioid lawsuits in connection with "Unbranded Promotional Activities." The 2016-2017 Products Insurance Policies Gemini Insurance Company issued primary Products Insurance Policy Number GL_12089-4 for the September 26, 2016 to September 26, 2017 policy year, which has a limit of liability of $10 million and a self-insured retention of $25 million. The first excess policy above the 2016-17 Gemini Policy is Ironshore Excess Policy No. 001160205, which was issued for the September 26, 2016 to September 26, 2017 policy year and has a limit of liability of $15 million above $35 million in combined underlying limits and retentions. The 2016-17 Ironshore Policy follows form to the underlying 2016-17 Gemini Policy, subject to any additional terms, conditions of, and endorsements attached to the 2016-17 Ironshore Policy. the Trustee alleges that the 2016–2017 products insurance policies provided coverage for lawsuits brought by or on behalf of individuals for personal injury claims and claims related to neo-natal abstinence syndrome that were allegedly caused by opioids ("PI/NAS Claims"). Three of the PI/NAS Claims were filed against Endo during the 2016-17 policy period: The first claim, filed on September 20, 2017, is titled Linda Hughes, mother of decedent, Nathan Hughes v. Mallinckrodt Brand Pharmaceuticals, Inc., et al., Circuit Court of the City of St. Louis, State of Missouri, No. 1722-CC11044 (the "Hughes Lawsuit"). The second claim, filed on June 13, 2017, is titled Barry Staubus, et al. v. Purdue Pharma, L.P., et al., Circuit Court for Sullivan County at Kingsport, Tennessee, Case No. C41916 (the "Staubus Lawsuit"). The third claim, filed on June 29, 2017, is titled Michael Ray Lewis v. Purdue Pharma L.P., et al., United States District Court for the Western District of Arkansas, Docket No. 5:17-cv-05118 (the "Lewis Lawsuit"). For claims to be covered, the 2016-17 excess policies require that the damages "must be attributable to an occurrence," which is defined as "an accident, including continuous or repeated exposure to substantially the same general harmful conditions." The Products Insurers focus on the lawsuits' allegations of Endo's "deliberate business conduct" to argue that Endo's actions were intentional and not accidental. According to the Court, because Hughes, Staubus, and Lewis all involve allegations of negligence or unintentional conduct, the three lawsuits allege "occurrences" covered by the 2016-17 excess policies. Thus, to the extent the 2016-17 excess policies are triggered (if the Trustee can show that Endo has exhausted its self-insured retention and the underlying policies), the Hughes, Staubus, and Lewis Lawsuits are covered under the 2016-17 excess policies. The 2016-17 Products Insurers argue that coverage for the three PI/NAS Claims made during the 2016-17 Policy Period is barred by the "Intentional, Fraudulent or Criminal Acts". Each of the three timely-filed PI/NAS Claims asserts causes of action sounding in negligence or unintentional conduct, and "negligence claims do not fall within policy exclusions for injuries ‘expected or intended' by the insured." Gemini argues that coverage for the Hughes, Staubus, and Lewis Lawsuits is barred by the 2016-17 Gemini Policy's "Consumer Fraud" exclusion. The Court finds the Hughes, Staubus, and Lewis Lawsuits do not allege unfair competition as a distinct cause of action. As such, the Consumer Fraud exclusion does not bar coverage of the three timely-filed PI/NAS Claims in full. In this case, it is undisputed that only three PI/NAS claims were first made against Endo during the 2016-17 policy period: Hughes, Staubus, and Lewis. According to the Court, all other PI/NAS claims do not qualify for coverage under the 2016-17 Products Policies because Endo did not elect to batch the PI/NAS Claims pursuant to the Batch Claims Coverage Endorsement and the extended reporting period provisions are not applicable. The Court notes the 2016-17 Gemini Policy includes a Batch Claims Coverage Endorsement that allows Endo to designate future claims alleging "loss connected to" a "critical fact" first identified during the policy period as a "batch claim," thereby tethering such claims to the 2016-17 policy period. Endo never batched any PI/NAS or other opioid claims under the 2016-17 Gemini Policy. And none of the extended reporting periods provided for by the 2016-17 Gemini Policy were available to Endo to cover claims made after the policy period. The Court will grant the Motions as to Defendants' argument that all PI/NAS Claims first made after the 2016-17 policy period are not covered under the 2016-17 Products Policies. The Court will deny the Motions with respect to Defendants' argument that the three PI/NAS Claims first made during the 2016-17 policy period (the Hughes, Staubus, and Lewis Lawsuits) are not covered under the 2016-17 Products Policies. The Court will deny the Trustee's Cross-Motion for Summary Judgment. A copy the Court's Memorandum dated February 10, 2026, is available at https://urlcurt.com/u?l=bV9jzL from PacerMonitor.com. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENVERIC BIOSCIENCES: Lind Global Entities Hold 9.99% Stake ---------------------------------------------------------- Lind Global Fund III LP, Lind Global Partners III LLC, and Jeff Easton, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of January 28, 2026, they beneficially own 141,265 shares of common stock -- with sole voting and dispositive power; consists of 79,366 shares of common stock plus 79,366 shares issuable upon exercise of Series G Warrants and 79,366 shares issuable upon exercise of Series H Warrants, limited in aggregate to 141,265 shares due to a 9.99% beneficial ownership blocker preventing ownership exceeding 9.99% upon conversion/exercise -- of Enveric Biosciences, Inc.'s common stock, $0.01 par value per share, representing 9.99% of the shares outstanding. Lind Global Fund III LP may be reached through: Jeff Easton, Managing Member 444 Madison Ave, Floor 41 New York, NY 10022 Tel: 646-701-7428 A full-text copy of Lind Global Fund III LP's SEC report is available at: https://tinyurl.com/mvwh7y9c About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $4,362,061, total liabilities (all current) of $905,885, and total shareholders' equity of $3,456,176 as of September 30, 2025. ER OF TEXAS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Lead Debtor: ER of Texas, LLC 2800 Little Elm Parkway Little Elm TX 75068 Business Description: ER of Texas, LLC, and its affiliated entities operate a network of freestanding emergency medical care facilities across Texas, providing 24-hour patient-centered emergency services including medical screening, stabilizing treatment, diagnostic laboratory, ultrasound, and radiology services. The Debtors' operations include ER of Texas Hurst LLC, ER of Texas Hillcrest LLC, ER of Texas Colleyville LLC, ER of Texas Texoma LLC, ER of Texas Uptown LLC, ER of Texas Highland Village LLC, ER of Texas Little Elm LLC, and ER of Texas Frisco LLC, supported by MedOps Staffing LLC for administrative personnel and PERT, PLLC for physician staffing. Headquartered in Little Elm, Texas, the Debtors employ approximately 147 W-2 staff across their locations and engage independent-contractor physicians under formal staffing agreements, serving multiple sites in the Dallas-Fort Worth metropolitan area. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Northern District of Texas Eleven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ER of Texas, LLC (Lead Case) 26-40606 ER of Texas Colleyville, LLC 26-40608 ER of Texas Frisco, LLC 26-40609 ER of Texas Highland Village, LLC 26-40611 ER of Texas Hillcrest LLC 26-40612 ER of Texas Hurst, LLC 26-40613 ER of Texas Little Elm, LLC 26-40614 ER of Texas Texoma, LLC 26-40615 ER of Texas Uptown, LLC 26-40616 MedOPs Staffing LLC 26-40617 Pert, PLLC 26-40618 Debtors' General Bankruptcy Counsel: Richard Grant, Esq. CM LAW LLP 13101 Preston Road, Suite 110-1510 Dallas TX 75240 Tel: 214-210-2929 E-mail: rgrant@cm.law ER of Texas, LLC's Estimated Assets: $50 million to $100 million ER of Texas, LLC's Estimated Liabilities: $10 million to $50 million The petitions were signed by Rom Walraven as manager. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NAQ57QY/ER_of_Texas_LLC__txnbke-26-40606__0001.0.pdf?mcid=tGE4TAMA EXOTIC COACH: Soneet Kapila Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for Exotic Coach Lines, LLC. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Exotic Coach Lines Exotic Coach Lines, LLC operates a passenger transportation business providing coach and charter services. Exotic Coach Lines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10942) on January 26, 2026. In its petition, the Debtor reported assets of between $100,001 and $1 million and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad T. Van Horn, Esq. FALLS CONDOMINIUM: Hires Myers Brettholtz as Accountant ------------------------------------------------------- The Falls Condominium Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Myers Brettholtz & Company, P.A. as accountant. The firm will assist in auditing the Debtor's various financial statements, including annual balance sheets and related statements of revenue, expenses and changes in fund balance and cash flows, as well as preparing the Debtor's federal and state tax returns. The firm will be paid $6,825 per year. Ms. Coleman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jennifer Coleman Myers Brettholtz & Company, P.A. 12671 Whitehall Drive Fort Myers, FL 33907 Tel: (239) 939-5775 Email: mbcopa@mbcopa.com About The Falls Condominium Property Owners Association, Inc. The Falls Condominium Property Owners Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60870) on December 19, 2025. At the time of the filing, the Debtor listed between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Judge Brian T. Fenimore presides over the case. Camber Jones, Esq., at Spencer Fane, LLP represents the Debtor as legal counsel. FIREFLY NEUROSCIENCE: CTO Gil Issachar Gets Discretionary Pay ------------------------------------------------------------- Firefly Neuroscience, Inc. disclosed in a regulatory filing that Firefly Neuroscience Ltd., a wholly-owned subsidiary of the Company, entered into an addendum to the Personal Employment Agreement dated February 2, 2017, and a Contract Addendum dated June 21, 2021, with Gil Issachar, the Company's Chief Technology Officer. The Addendum amends the Existing Employment Agreement to replace Mr. Issachar's automatic annual bonus with eligibility for a discretionary annual bonus of up to one month of his gross salary. The Addendum also provides for the payment of outstanding bonuses accrued through December 31, 2025. A full text copy of the Addendum is available at https://tinyurl.com/ycxuw925 About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FIREFLY NEUROSCIENCE: Launches $7.4MM ATM Offering With Konik ------------------------------------------------------------- Firefly Neuroscience, Inc. disclosed in a regulatory filing that it entered into an At the Market Offering Agreement with Konik Capital Partners, LLC, a division of T.R. Winston and Company, LLC, pursuant to which the Company may, from time to time, offer and sell shares of its common stock, par value $0.0001 per share, having an aggregate sales price of up to $7,434,266 through KCP as principal or agent. Sales of the Shares through KCP, if any, will be made by any method permitted by law deemed to be an "at the market offering", as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including, without limitation, sales made directly on The Nasdaq Stock Market LLC or any other existing trading market for the Company's common stock. KCP will use commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell the Shares from time to time, based on instructions from the Company. The Company will pay KCP a commission equal to 2.0% of the aggregate gross proceeds from the sales of Shares sold through KCP under the ATM Agreement and will also reimburse KCP for the fees and costs of its legal counsel reasonably incurred in connection with entering into the transactions contemplated by the ATM Agreement in an amount not to exceed $50,000 in the aggregate, and up to an additional $5,000 per due diligence update session (and in no event more than $20,000 per fiscal year) for diligence and maintenance of the ATM Agreement. The ATM Agreement contains certain covenants, representations and warranties customary for an agreement of this type. The Company agreed to provide indemnification and contribution to the Sales Agent against certain liabilities, including liabilities under the Securities Act. The Company has no obligation to sell, and the Sales Agent is not obligated to buy or sell, any of the Shares under the ATM Agreement and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement as provided for in the ATM Agreement. The offering of the Shares pursuant to the prospectus supplement and the accompanying base prospectus will terminate upon the earlier of: (i) the sale, pursuant to the ATM Agreement, of Shares having an aggregate offering price of $7,434,266, and (ii) the termination by the Company or the Sales Agent of the ATM Agreement pursuant to its terms. Unless otherwise agreed between the Company and the Sales Agent, settlement for sales of the Shares will occur on the first trading day (or such other settlement cycle as may be in effect pursuant to Rule 15c6-1) following the date on which any sales are made. Sales of the Shares will be settled through the facilities of The Depository Trust Company or by such other means as the Company and the Sales Agent may agree. The Company currently intends to use the net proceeds, after deducting the Sales Agent' commission and the Company's offering expenses, that it receives upon the issuance and sale of Shares to or through the Sales Agent for working capital and other general corporate purposes. A full text copy of the ATM Agreement is available at https://tinyurl.com/44z3u9pv The Shares are being offered and sold pursuant to the Company's shelf registration statement on Form S-3 and an accompanying base prospectus (File No. 333-291916), which was filed with the U.S. Securities and Exchange Commission on December 3, 2025 and declared effective by the SEC on December 5, 2025 , and pursuant to a prospectus supplement relating to the offering dated February 3, 2026. A copy of the opinion of Bevilacqua PLLC, counsel to the Company, regarding the validity of the Shares to be sold under the ATM Agreement is available at https://tinyurl.com/2fzkuvef Konik Capital may be reached at: Alden Carrere, Co-Founder & Partner Konik Capital Partners, LLC Division of T.R. Winston and Company, LLC 7 World Trade Center, 46th Floor New York, NY 10007 About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FIRST BRANDS: Prospect Capital Marks $6.1MM 1L Loan at 79% Off -------------------------------------------------------------- Prospect Capital Corporation has marked its $6,151,000 loan extended to First Brands Group to market at $1,261,000 or 21% 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 DIP Term Loan A extended to First Brands Group. The Senior Loan accrues interest at a rate of 15.39% per annum (1M SOFR + 1.55% plus 8.45% PIK). The Senior Loan matures on June 29, 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 First Brands Group First Brands Group is an American auto parts company based in Cleveland, Ohio. It owns brands such as Trico, FRAM, Raybestos, and Autolite. FIRST BRANDS: Prospect Capital Virtually Writes Off $10MM 1L Loan ----------------------------------------------------------------- Prospect Capital Corporation has marked its $10,010,000 loan extended to First Brands Group to market at $54,000 or 1% 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 First Brands Group. The loan accrues interest at a rate of 10.99% PIK (1M SOFR + 7.00%) per annum. The loan matures on March 30, 2027. 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 Capital can be reached at: John F. Barry III Prospect Capital Corporation 10 East 40th Street New York, NY 10016 Telephone: (212) 448-0702 About First Brands Group First Brands Group is an American auto parts company based in Cleveland, Ohio. It owns brands such as Trico, FRAM, Raybestos, and Autolite. FIRST BRANDS: Prospect Capital Virtually Writes Off $17.6MM 1L Loan ------------------------------------------------------------------- Prospect Capital Corporation has marked its $17,626,000 million loan extended to First Brands Group to market at $308,000 or 2% 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 DIP Term Loan B extended to First Brands Group. The loan accrues interest at a rate of 10.84% PIK (1M SOFR + 7.00%) per annum. The loan matures on June 29, 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 First Brands Group First Brands Group is an American auto parts company based in Cleveland, Ohio. It owns brands such as Trico, FRAM, Raybestos, and Autolite. FIRST BRANDS: Prospect Capital Virtually Writes Off $38.7MM 2L Loan ------------------------------------------------------------------- Prospect Capital Corporation has marked its $38,787,000 loan extended to First Brands Group to market at $176,000 or 1% 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 First Brands Group. The loan accrues interest at a rate of 14.63% PIK (1M SOFR + 10.50%) per annum. The loan matures on March 30, 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 First Brands Group First Brands Group is an American auto parts company based in Cleveland, Ohio. It owns brands such as Trico, FRAM, Raybestos, and Autolite. FIRST BRANDS: Prospect Capital Virtually Writes Off $5MM 1L Loan ---------------------------------------------------------------- Prospect Capital Corporation has marked its $5,000,000 loan extended to First Brands Group to market at $26,000 or 1% 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 First Brands Group. The loan accrues interest at a rate of 10.99% PIK (1M SOFR + 7.00%) per annum. The loan matures on March 30, 2027. 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 First Brands Group First Brands Group is an American auto parts company based in Cleveland, Ohio. It owns brands such as Trico, FRAM, Raybestos, and Autolite. FIRST BRANDS: Worker Files WARN Act Suit in Chapter 11 ------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that a former employee of First Brands Group LLC has launched a WARN Act lawsuit against the bankrupt auto parts supplier and one of its subsidiaries, alleging workers were abruptly dismissed without legally required notice. The complaint asserts that the company's workforce reductions triggered federal notice requirements and that employees were entitled to 60 days of pay and benefits prior to termination. The plaintiff claims the companies failed to satisfy those obligations despite knowing that layoffs were imminent. The proposed class action seeks damages equal to lost wages and benefits for the affected employees, as well as court costs and attorneys' fees. The case will proceed alongside the debtor's Chapter 11 restructuring efforts, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST INVESTMENT: Employs Demetrius J. Parrish Jr. as Counsel ------------------------------------------------------------- First Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Demetrius J. Parrish, Jr., a professional practicing law, as bankruptcy counsel. Mr. Parrish will provide these services: (a) providing legal advice with respect to the Debtor's power and duties as debtors in possession in the continued operation of its business; (b) preparing and pursuing confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; (c) preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and otherwise protecting the interests of the Debtor before the Court; and; (e) performing all legal services for the Debtor which may be necessary and proper in these proceedings. Mr. Parrish will receive an hourly rate of $400 per hour. Demetrius J. Parrish, Jr. is a "disinterested person" within the meaning of 11 U.S.C. § 101(14), according to court filings. The professional can be reached at: Demetrius J. Parrish, Jr., Esq. 7715 Crittenden Street, No. 360 Philadelphia, PA 19118 About First Investment Group, LLC First Investment Group, LLC is an investment holding company engaged in managing and overseeing a portfolio of business and financial interests. First Investment Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11325) on February 5, 2026. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities of $0-$100,000. The Debtor is represented by Demetrius J. Parrish, Jr., Esq. of the Law Office of Demetrius J. Parrish Jr. FISHER'S FUEL: Hires Sundquist Law as Special Counsel ----------------------------------------------------- Fisher's Fuel, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Alaska to employ Sundquist Law as special counsel. The Debtor needs the firm's legal assistance in connection with a case filed in the Alaska Superior Court for the Third District at Achorage, Case No. 3AN-25-06748CI. The firm will be paid at these rates: Ashley Sundquist $400 per hour Associates $300 per hour Legal Assistants $100 per hour The firm was owed $8,620 in unpaid fees for work prior to the Petition Date. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Sundquist disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ashley Sundquist, Esq. Sundquist Law 3601 C Street Suite 260 Anchorage, AK Tel: (907) 615-6040 About Fisher's Fuel, Inc. Fisher's Fuel, Inc. provides home heating oil delivery, bulk fuel supply services, and operates retail fuel locations in the Matanuska-Susitna Valley area of Alaska. The Company serves residential and commercial customers through its distribution and retail operations across the region. Fisher's Fuel, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No. 25-00223) on December 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Gary Spraker. The Debtor is represented by Austin Barron, Esq., of Step Two Law. FLEXSHOPPER INC: Financial Services Biz Sale to ReadySett OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has granted Flexshopper Inc. and its affiliates, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's Acquired Assets include, among other things, Debtor FlexShopper, LLC's 100% equity interest in non-Debtor FlexShopper 1, LLC, which is the owner of 100% of the equity interests in FlexShopper 2, LLC, the borrower under the Debtors' Securitization Program. The Stalking Horse Bidder's acquisition of indirect ownership of SPV Borrower will give the Stalking Horse Bidder continued access to the Securitization Program, which will minimize disruption to the post-Sale operation of the Debtors' business and provide additional liquidity. The Court has authorized the Debtor to sell Assets to ReadySett, LLC as the Stalking Horse Purchaser (together with its permitted designees, successors and permitted assigns in accordance with the Stalking Horse Agreement). Overview of the Stalking Horse Agreement between the Debtor and the Purchaser, along with the purchase price condition can be found at, https://urlcurt.com/u?l=b5TJru. The Court held that the Purchaser has submitted the highest and best offer for the Purchased Assets. The Bidding Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair and reasonable opportunity for any person to make a higher or otherwise better offer to purchase the Purchased Assets. The Purchased Assets were adequately marketed by the Debtors and their advisors without collusion and in accordance with the Bidding Procedures, and the consideration provided by the Purchaser under the Stalking Horse Agreement constitutes the highest and best offer and provides fair and reasonable consideration to the Debtors for the Purchased Assets and the assumption of the Assumed Liabilities. The Court held that Approval of the Motion and the Stalking Horse Agreement, and the consummation of the Sale contemplated thereby, are in the best interests of the Debtors, their creditors, their estates, and other parties in interest. The Debtors have demonstrated good, sufficient, and sound business reasons and justifications for entering into the Sale and the performance of their obligations under the Stalking Horse Agreement. The Debtors' entry into the Stalking Horse Agreement, and the Sale of the Purchased Assets in accordance with the terms and conditions, are approved in all respects. The Purchaser is a good faith purchaser within the meaning of section 363(m) of the Bankruptcy Code and, as such, is entitled to the full protections. About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLEXSHOPPER INC: Gets Court OK for $15MM Chapter 11 Sale -------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Wednesday, February 12, 2026, authorized FlexShopper to move forward with a $15.1 million asset sale in its Chapter 11 case, after the company settled an objection raised by a creditor over deal terms. The dispute centered on how the proceeds would be handled and whether the sale process adequately protected creditor interests. Court filings show the parties reached a consensual resolution prior to the hearing, clearing the way for approval of the transaction, the report states. FlexShopper said the sale maximizes value under challenging circumstances and reflects a robust marketing effort. The judge concluded that the agreement met the requirements of Section 363 of the Bankruptcy Code and was negotiated at arm’s length. About FlexShopper Inc. FlexShopper Inc. is a a publicly traded lease-to-own financing company for appliances, electronics, and other consumer goods. FlexShopper Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12254) on December 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Robert J. Dehney, Esq. and Sophie Rogers Churchill, Esq. of Morris, Nichols, Arsht & Tunnell. FLUENT INC: Subsidiary Sells Winopoly for $3MM Secured Payment -------------------------------------------------------------- Fluent, Inc. disclosed in a regulatory filing that Inbox Pal, LLC, an indirect subsidiary of the Company, entered into a Membership Interest Purchase Agreement with InsurCo, LLC. Pursuant to the Purchase Agreement, Buyer acquired all of the issued and outstanding membership interests of Winopoly, LLC, a New York limited liability company. The aggregate purchase price for the transaction is $3.0 million, payable to Fluent, LLC pursuant to a secured promissory note issued by Buyer at closing. The promissory note is secured by a first-priority security interest in substantially all assets of Buyer, subject only to subordination reasonably required for senior or additional financing as may be reasonably required by a future lender. In connection with the transaction, prior to closing, the Company contributed to Winopoly, LLC certain assets used or held for use primarily in the business being sold. The transaction excludes all working capital, including pre-closing accounts receivable. The Purchase Agreement contains customary representations, warranties, covenants, indemnification provisions, and mutual releases, including provisions relating to employee matters and post-closing data use restrictions. A full text copy of the Purchase Agreement is available at https://tinyurl.com/55dav2k7 About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $76.06 million in total assets, against $54.47 million in total liabilities. FOOD52 INC: Court OKs Sale of Food Assets to America's Test Kitchen ------------------------------------------------------------------- Jeff Montgomery of Law360 reports that Food52 Inc. secured court approval Tuesday, February 10, 2026, for a Chapter 11 sale that will transfer key assets of the cooking and home goods e-commerce company to America’s Test Kitchen, as part of three transactions totaling nearly $12.5 million. During a hearing in Delaware bankruptcy court, the judge determined that the proposed sale represented a sound exercise of business judgment and provided fair value under the circumstances. The transaction includes Food52’s online marketplace operations and related assets central to its brand identity. The court simultaneously authorized two additional sales, pushing the total consideration from the combined deals to roughly $12.5 million. The approvals allow Food52 to proceed with monetizing its assets while continuing to administer its bankruptcy estate, according to report. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FRANCESCA'S ACQUISITION: Court Rejects DOJ Challenge to Asset Sale ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Francesca's Acquisition LLC received court approval to finalize a $7 million stalking horse agreement with Stand Out For Good Inc., after a New Jersey bankruptcy judge rejected objections from the Justice Department's U.S. Trustee. Judge Mark Edward Hall ruled that Stand Out, owner of apparel chain Altar'd State, may serve as the stalking horse bidder in a planned auction of Francesca's intellectual property. The arrangement establishes a floor price for the assets and provides a framework intended to attract competing offers, the report states. The judge determined that the retailer met its burden of showing the bid protections — a $210,000 break-up fee and up to $150,000 in expense reimbursement — were reasonable in light of the transaction size. The court found the protections would encourage participation without unduly burdening the estate, dismissing concerns that they were overly generous, according to Bloomberg Law. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq. of Mandelbaum Salsburg PC. FRANCESCA'S ACQUISITION: Feds Urge Tighter Bankruptcy Sale Process ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Francesca's has been advised by the U.S. Trustee to trim the provisions it requested to secure a $7 million opening bid for its intellectual property. The filing emphasized that Stand Out For Good Inc., the bidder and Altar’d State owner, does not require a break-up fee or other incentives to participate. The Trustee noted that several other buyers are already interested in acquiring Francesca's IP, making special protections unnecessary. The filing warned that maintaining such provisions could limit competitive bidding and negatively impact creditor recoveries. The bankruptcy court will evaluate the Trustee's recommendations in the coming days, with the outcome influencing the auction process and the sale of the retailer's intellectual property assets, the report states. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq. of Mandelbaum Salsburg PC. FRANCESCA'S ACQUISITION: March IP Auction Set After Altar'd Bid --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Wednesday, February 11, 2026, a New Jersey bankruptcy judge authorized Altar'd State to move forward with its $7 million stalking-horse bid for the intellectual property of Francesca's. The decision permits the debtor to formally launch an auction process centered on the proposed offer. Altar'd State's bid establishes a floor price for the intellectual property assets, which encompass trademarks, branding rights and related intangible assets. Court approval of the bidding procedures is designed to maximize value for creditors, according to report. The debtor will now seek competing bids through a structured sale process. If higher offers emerge, an auction will determine the winning bidder, subject to final court approval at a subsequent hearing, Law360 reports. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq. of Mandelbaum Salsburg PC. FRANCESCA'S ACQUISITION: Seeks to Hire SierraConstellation as CFO ----------------------------------------------------------------- Francesca's Acquisition, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire SierraConstellation Partners, LLC to provide the Debtors with a chief financial officer and additional personnel and to designate Curt Kroll as Chief Financial Officer. The firm will provide these services: (a) continue to make the CFO available to serve as the Company's CFO at the direction of the board of directors of the Company; (b) provide additional personnel to support the CFO, the Company, and the Board, including by supplementing and supporting the Company's in-house finance, accounting, treasury, and operational functions; (c) assist with the preparation, review, and analysis of financial and operational information, including cash flow forecasts and projections, budgets, and cash receipts and disbursements reporting and analysis, as well as analysis of proposed transactions and operational initiatives; (d) communicate directly with the Company's lenders and other key stakeholders regarding financial performance, liquidity, operational planning, and related matters; (e) evaluate and provide recommendations regarding strategic alternatives and value-maximizing opportunities, including potential asset sales or other transactions; (f) assist in evaluating the Company's cash flow generation capabilities and identifying opportunities to improve liquidity and operating performance; (g) support communications and negotiations with key constituents, including trade vendors, landlords, and other material counterparties; (h) coordinate and support the implementation of operational, financial, and transaction-related workstreams of the Company and its affiliates and coordinate engagement with internal and external stakeholders; and (i) perform such other financial and operational support services as may be requested or directed by the Company or the Board from time to time. SierraConstellation Partners, LLC will receive compensation at its customary hourly billing rates, including Curt Kroll at $850, Partners at $850 to $1,300, Managing Directors at $700 to $775, Senior Directors at $615 to $680, Directors at $470 to $475, Senior Associates at $370, Associates at $295, and Analysts at $260. The Debtors increased the evergreen $25,000 retainer to $200,000, and Sierra will seek reimbursement for reasonable and documented out-of-pocket expenses. SierraConstellation Partners, LLC 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: SierraConstellation Partners, LLC 101 Creekside Crossing, Suite 1700-388 Brentwood, TN 37027 Telephone: (213) 289-9060 Facsimile: (213) 402-3548 E-mail: info@scpllc.com About Francesca's Acquisition, LLC Francesca's Acquisition, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-11312) on February 5, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $50,000,001 and $100 million. Judge Mark Edward Hall oversees the case. MANDELBAUM SALSBURG PC is Debtor's legal counsel. FRANCESCA'S ACQUISITION: Taps Hilco IP as Disposition Consultant ---------------------------------------------------------------- Francesca's Acquisition, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Hilco IP Services, LLC (d/b/a Hilco Streambank) to serve as intangible asset disposition consultant. Hilco will provide these services: (a) collect and secure all of the available information and other data concerning the Assets; (b) prepare marketing materials designed to inform potential purchasers of the availability of Assets for sale, assignment, license, or other disposition; (c) develop and execute a sales and marketing program designed to elicit proposals to acquire the Assets from qualified acquirers with a view toward completing one or more sales, assignments, licenses or other dispositions of the Assets; and (d) assist the Debtors in connection with the transfer of the Assets to the acquirer(s) who offer the highest or otherwise best consideration for the Assets. The Debtors paid a $50,000 management fee and agreed to pay a commission based on Gross Proceeds as follows: (i) 10% up to and including $3,000,000; (ii) 12.5% for amounts greater than $3,000,000 up to and including $5,000,000; and (iii) 15% for amounts greater than $5,000,000. Hilco will also be reimbursed for reasonable out-of-pocket expenses up to $10,000. Hilco is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Gary Epstein Hilco IP Services, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 E-mail: gepstein@hilcoglobal.com About Francesca's Acquisition, LLC Francesca's Acquisition, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-11312) on February 5, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $50,000,001 and $100 million. Judge Mark Edward Hall oversees the case. MANDELBAUM SALSBURG PC is Debtor's legal counsel. FRANCESCA'S ACQUISITION: Taps Stretto as Claims and Noticing Agent ------------------------------------------------------------------ Francesca's Acquisition, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Stretto, Inc. to serve as claims and noticing agent. The firm will provide these services: (a) preparing and serving required notices and documents in these chapter 11 cases; (b) maintaining the Debtors' schedules of assets and liabilities and statements of financial affairs; (c) maintaining lists of creditors, equity holders, and other parties-in-interest; (d) furnishing notices of claims deadlines and proof of claim forms; (e) maintaining a post office box or address for receiving claims and processing mail; (f) preparing and filing affidavits or certificates of service; (g) processing all proofs of claim received and maintaining original claims; (h) providing an electronic interface for filing proofs of claim; (i) maintaining the official claims registers and providing certified copies upon request; (j) specifying claim information in the claims registers; (k) providing public access to claims registers; (l) implementing security measures to protect claims data; (m) recording transfers of claims and providing notices; (n) relocating court-filed proofs of claim to Stretto's offices; (o) providing copies of claims registers to the Clerk upon request; (p) monitoring the Court's docket for filings and updating service lists; (q) identifying and correcting incomplete or incorrect addresses; (r) monitoring docket errors and assisting in corrections; (s) disseminating case information to the public and responding to administrative inquiries; (t) contacting the Clerk's office if the cases convert to Chapter 7; (u) requesting dismissal of Stretto as claims and noticing agent prior to case closing; (v) providing final claims registers upon case closing; and (w) boxing and transporting original documents at the close of the cases. Stretto, Inc.'s fees and expenses will be paid as an administrative expense in the ordinary course of the Debtors’ businesses without further application or order of the Court. Stretto will provide monthly invoices and maintain records of services and expenses. Stretto, Inc. 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, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 E-mail: sheryl.betance@stretto.com About Francesca's Acquisition, LLC Francesca's Acquisition, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-11312) on February 5, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $50,000,001 and $100 million. Judge Mark Edward Hall oversees the case. MANDELBAUM SALSBURG PC is Debtor's legal counsel. FREE SPEECH: Watchdog Backs Suspension of Former Jones Atty. ------------------------------------------------------------ Brian Steele of Law360 Bankruptcy Authority reports that Connecticut's attorney disciplinary authority has argued that a state judge acted within her discretion when she suspended a lawyer who previously represented conspiracy broadcaster Alex Jones in the $1.4 billion defamation litigation brought by Sandy Hook families. The watchdog told an appellate panel that the lower court carefully evaluated the record before imposing discipline and did not overstep its authority. According to the filing, the suspension stemmed from findings that the attorney violated professional conduct rules during the high-profile proceedings. The regulator maintained that the judge properly considered the seriousness of the misconduct, its impact on the integrity of the judicial process, and the need to deter similar behavior. The watchdog urged the appellate court to uphold the suspension, emphasizing that trial judges are afforded broad discretion in attorney discipline matters. It said the sanction was proportionate to the conduct at issue and consistent with prior disciplinary precedent in Connecticut, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: Sam Bankman-Fried Seeks New Fraud Case Trial --------------------------------------------------------- Bob Van Voris of Bloomberg News reports that FTX co-founder Sam Bankman-Fried has filed a request for a new trial in Manhattan federal court, challenging the 2023 conviction that led to his 25-year prison sentence. In his motion, Bankman-Fried argued that new witnesses could undermine the prosecution’s claim that he defrauded customers of the cryptocurrency exchange. The motion, dated February 5, 2026, but filed Tuesday, was submitted pro se, meaning Bankman-Fried is representing himself. His mother, retired Stanford Law professor Barbara Fried, delivered the filing to the court clerk. The request is separate from a formal appeal of his conviction. Bankman-Fried, 33, is already pursuing an appeal, which is currently under review by a three-judge panel. The new trial request represents a long-shot effort to challenge his convictions outside the ongoing appeals process, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GAAT HOLDINGS: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Lead Debtor: GAAT Holdings, LLC d/b/a Lakeland Liquidation d/b/a Casina Kitchen and Bath Design 2940 US Highway 92 E. Lakeland, FL 33801 Business Description: GAAT Holdings, LLC, doing business as Lakeland Liquidation and Casina Kitchen & Bath, is a Florida-based limited liability company engaged in direct-to-consumer sales of all-wood kitchen cabinets, bathroom vanities, and various flooring types, including vinyl, wood, laminate, and carpeting. The company provides professional design layouts, cabinet selection guidance, and installation services for homeowners and contractors. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GAAT Holdings, LLC (Lead Case) 26-00963 GAAT Real Estate, LLC 26-00964 Judge: Hon. Catherine Peek McEwen Debtors' General Bankruptcy Counsel: Matthew B. Hale, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: mhale@srbp.com GAAT Holdings, LLC's Estimated Assets: $1 million to $10 million GAAT Holdings, LLC's Estimated Liabilities: $1 million to $10 million GAAT Real Estate, LLC's Estimated Assets: $500,0000 to $1 million GAAT Real Estate, LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Brandon Brayboy as manager. A copy of the GAAT Holdings' list of its 17 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5X4C7TA/GAAT_Holdings_LLC__flmbke-26-00963__0002.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5IAUSVY/GAAT_Holdings_LLC__flmbke-26-00963__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LB2OS3I/GAAT_Real_Estate_LLC__flmbke-26-00964__0001.0.pdf?mcid=tGE4TAMA GLENWOOD CAVERNS: Enters Chapter 11 After Wrongful Death Verdict ---------------------------------------------------------------- Emily Lever of Law360 reports that the owner of Glenwood Caverns Adventure Park, Glenwood Caverns Holdings LLC, has turned to the U.S. Bankruptcy Court for the District of Delaware, filing for Chapter 11 after concluding it cannot satisfy a $116 million wrongful death award. The judgment, the company said, overwhelmed its financial capacity and necessitated a court‑supervised restructuring. According to the bankruptcy petition, the award resulted from a lawsuit linked to a fatal incident at the Colorado mountain attraction. The filing asserts that without the protections afforded by Chapter 11, the park would face immediate financial collapse, and thus seeks to reorganize its affairs and negotiate terms with claimants. While in bankruptcy, the operator said it will continue to operate Glenwood Caverns Adventure Park. The automatic stay will block enforcement of the judgment and give the company time to formulate a plan to address the large liability and preserve its business. About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings LLC is a Colorado‑based recreation and entertainment company that owns and operates Glenwood Caverns Adventure Park. The company’s flagship attraction sits atop Iron Mountain in Glenwood Springs, offering thrill rides, guided cave tours, zip lines, and family entertainment experiences. With a focus on outdoor adventure and tourism, Glenwood Caverns Holdings LLC draws visitors from throughout the Rocky Mountain region and across the United States. Glenwood Caverns Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10166) on February 9, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by William A. Hazeltine, Esq. of Sullivan Nimeroff Brown Hill LLC. GLUTALITY GLOBAL: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Glutality Global Holdings, LLC and its affiliates received third interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The court authorized the Debtors to use cash collateral through March 10 in accordance with their budget. Unless otherwise authorized by further court order or consent from their lender, the Debtors may exceed the expenditures provided for in the budget by no more than 10% per line item or 10% in total expenses. The Debtors' budget projects total operational expenses of $245,226 for February and $244,937 for March. As adequate protection, the court granted the Debtors' lenders valid, perfected post-petition liens and security interests in the Debtors' post-petition cash receipts, maintaining the same priority as any valid pre-bankruptcy liens. The replacement liens are automatically valid and perfected without additional filings and are subordinated only to U.S. Trustee fees, court costs, and approved professional fees. The interim order is available at https://shorturl.at/yAQvE from PacerMonitor.com. The next hearing is scheduled for March 10. In May 2023, lenders led by Advantage Capital Management, LLC extended $20 million in term loans and up to $5 million in revolving credit to the Glutality Group, taking blanket liens on the Debtors' assets and equity pledges. Global Holdings is the borrower, with the debt guaranteed by its subsidiaries, Sam Health and Welco, and its parent, Glutality Master Holdings LLC. In September 2023, Global Holdings began defaulting, and Insulin Care, as successor-in-interest, foreclosed on the senior secured debt. As of the petition date, the Debtors owed $2.02 million to Insulin Care. About Glutality Global Holdings Glutality Global Holdings, LLC and its affiliated companies operate in the healthcare technology and services sector, focusing on diabetes care and remote patient monitoring. The group integrates medical devices such as glucometers, scales, and blood pressure cuffs with its cloud-based Diabetes Management Platform to enable at-home monitoring using patient-generated health data. Headquartered in Boca Raton, Florida, the companies provide healthcare solutions across the United States through a network of affiliated provider entities. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-22984) on October 31, 2025. In the petition signed by Anu Pardeshi, chief restructuring officer, lead Debtor Glutality Global Holdings, LLC disclosed $0 in assets and $2,677,722 in liabilities. Sam Health, LLC listed $1,274,564 in assets and $3,192,539 in liabilities. Welco Track Services listed $0 in assets and $2,018,975 in liabilities. Stride Slim, LLC listed $23 in assets and $0 in liabilities. Glutality Provider Group, PA listed $1,136,839 in assets and $495,947 in liabilities. Judge Mindy A. Mora presides over the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtors as bankruptcy counsel. GREEN RIVER: American AgCredit Wants Stapleton as Receiver ---------------------------------------------------------- American AgCredit, ACA, American AgCredit, FLCA, and American AgCredit, PCA are pushing for the appointment of Jake Diiorio of the Stapleton Group as receiver over Green River Holdings, LLC after Green River's co-defendants sought Chapter 11 bankruptcy protection early in January. On Jan. 2, 2026, defendants Edmundson Land LLC, and Edmundson Inc., dba Arbor Valley Nursery, each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Colorado, under Case No. 26-10021-JGR (Edmundson Land LLC) and Case No. 26-10019-JGR (Edmundson, Inc.). Under 11 U.S.C. Sec. 362(a), the filing of the bankruptcy petition operates as an automatic stay of the commencement or continuation of judicial proceedings against the Debtors that were or could have been commenced before the bankruptcy filing. Defendants AVN, Edmundson Land, and Green River are Borrower Defendants and Rio Verde Plantas, LLC is the guarantor defendant in a lawsuit initiated by American AgCredit et al. The Defendants have objected to the Findings & Recommendations issued by Magistrate Judge Amy E. Potter on Dec. 19, 2025, recommending approval of a Motion to Appoint Receiver. In their reply the Objections, American AgCredit et al. said Green River's objection must be overruled and a receiver must be appointed for Green River. The Plaintiffs said they have met their burden of proof required for the appointment of a receiver under federal law and have provided sufficient evidence in support of their Motion. Borrowers expressly consented to certain remedies in the event of default, including Plaintiffs' right to appoint a receiver "where appropriate to protect the Collateral, including ensuring its value is maximized through ongoing operation or orderly liquidation." Plaintiffs asserted they have demonstrated a high probability of success in this action. Specifically, Plaintiffs have demonstrated that the Borrower Defendants defaulted on the Loans that have been accelerated, and the Borrowers are liable for the Total Outstanding Indebtedness in an amount in excess of $28,900,000. Plaintiffs said their interests would be well-served in appointing a receiver over Green River to protect its property and preserve the value of real and personal property. The Recommendation found that "[t]he evidence suggests that Defendants cannot meet their financial obligations to Plaintiffs and that the value of the collateral may already be diminished and will likely continue to diminish during the pendency of this litigation". Moreover, the Objection states that Defendants are actively preparing to initiate bankruptcy proceedings, which will have the practical effect of nullifying a receivership order should the Court be inclined to grant Plaintiffs' instant motion. Finally, per the Stipulated Stay Relief Order, which granted relief from the stay to authorize AAC to exercise its rights and remedies, AAC has initiated an Article 9 foreclosure of its Collateral constituting property of the Rio Verde Receivership. By adopting the Recommendation and appointing a receiver over Green River's assets, a Court-appointed fiduciary over Green River will be able to facilitate, as needed, the Article 9 foreclosure sale of Rio Verde's assets, which in turn should maximize the value of the estate of the Rio Verde Receivership, reduce the outstanding obligations owed by the Borrowers and, ultimately, the obligations of Matthew and Angela Edmundson. American AgCredit says Jake Diiorio of the Stapleton Group should be appointed as receiver over Green River. About Green River Holdings Green River Holdings is a foreign limited liability company that owns a real and personal property legally described and commonly referred to as 39550 NW Chalmers Lane, Cornelius, Oregon 97113, 39200 NW Chambers Lane, Cornelius, Oregon, 97113, 6795 NW Roy Road, Cornelius, Oregon 97113, 41200 NW Reiling Road, Forest Grove, 97116, and No Situs, Forest Grove 97116 real property. Green River is facing a receivership case captioned as American AGCredit, ACA, American AGCredit, FLCA, and American AGCredit, PCA v. Edmundson Inc. dba Arbor Valley Nursery, a foreign corporation, Green River Holdings LLC, a foreign limited liability company, Edmundson Land, LLC, a foreign limited liability company, and Rio Verde Plants, LLC, Case No. 3:25-cv-00979 (D. OR), before the Hon. Amy E. Potter. The case was filed on Jun. 6, 2025. Attorneys for American AgCredit are: Oren B. Haker, Esq. Britta E. Warren, Esq Elli M. Tillotson, Esq. BLACK HELTERLINE LLP Tel: (503) 224-5560 Fax: (503) 224-6148 E-mail: oren.haker@bhlaw.com britta.warren@bhlaw.com elli.tillotson@bhlaw.com Attorneys for Defendants: Craig G. Russillo, Esq. Alex C. Carroll, , Esq. SCHWABE, WILLIAMSON & WYATT, P.C. 1211 SW 5th Ave., Suite 1900 Portland, OR 97204 Telephone: (503) 222-9981 Email: crussillo@schwabe.com Email: acarroll@schwabe.com - and - K. Jamie Buechler, Esq. BUECHLER LAW OFFICE, LLC 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Telephone: 720-381-0045 Email: jamie@kjblawoffice.com GREENWAVE TECHNOLOGY: Q2 Loss Drops to $4.9M, Going Concern Remains ------------------------------------------------------------------- Greenwave Technology Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the period ended June 30, 2025, reporting a net loss of $4,917,599 for the three months ended June 30, 2025, as compared to $43,807,249 during the same period in 2024. For the three months ended June 30, 2025, the Company generated $10,996,282 in revenues, as compared to $7,881,895 during the same period in 2024, an increase of $3,114,387. For the six months ended June 30, 2025, it generated $18,329,992 in revenues, as compared to $16,386,672 during the same period in 2024, an increase of $1,943,320. Liquidity and Capital Resources Net cash used in operating activities for the six months ended June 30, 2025 was $(2,929,827) as compared to $14,084,802 for the six months ended June 30, 2024. For the six months ended June 30, 2025, the cash flows used in operating activities were driven by a net loss of $9,583,338, amortization of right of use assets of $430,545, depreciation and amortization of $4,274,212, increase in due to related parties of $566,874, an increase in prepaid expenses of $411,312, stock based compensation of $100,000, interest and amortization of debt discount of $2,147,302, an increase in accounts receivable of $959,813, a gain on conversion of debt of $1,013,796, a loss on disposal of fixed assets of $49,188, an increase in accrued payroll and related expenses of $472,405, a decrease in accounts payable and accrued expenses of $267,563, a decrease in principal payments made on operating lease liability of $485,981, and a decrease in inventories of $1,751,450. For the six months ended June 30, 2024, net cash used in operating activities was driven by a net loss of $739,191, depreciation and amortization of $3,291,047, amortization of right of use assets (related-party) of $49,960, amortization of right of use assets of $104,935, loss on conversion of debt of $14,213,480, stock based compensation of $41,666, equity issued for warrant inducement of $3,029,927, loss on extinguishment of debt of $16,351,827, stock based compensation for services of $3,004,909, payment of due to related parties of $5,652,583, increase of prepaid expenses of $499,079, an increase of accounts payable and accrued expenses of $1,143,496, change in fair value of derivative liabilities of $48,314,949, a decrease in operating lease liabilities of $129,118, a gain on the settlement of non-convertible notes payable and advances of $1,056,962, interest and amortization of debt discount of $4,692,140, an increase in accounts receivable of $301,210, and an increase in inventories of $922,974, accrued payroll and related expenses of $105,131. Net cash used in investing activities was $(629,651) and $(2,560,135) for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, there was cash used in the purchase of equipment of $781,651 and cash received for the disposal of assets of $152,000. For the six months ended June 30, 2024, there was cash used in the purchase of equipment of $2,560,135. Net cash provided by financing activities was $6,274,939 during the six months ended June 30, 2025, as compared to $39,401,892 during the six months ended June 30, 2024. During the six months ended June 30, 2025, there were proceeds from sales of common stock and warrants of $9,143,806, bank overdrafts of $184,053, repayment of non-convertible notes of $1,719,614, and repayment of non-convertible notes payable – related party of 2,300,000. During the six months ended June 30, 2024, the Company received $2,843,950 from the issuance of factoring advances, $40,369,116 from the sale of common stock with warrants, $2,834,632 from warrant exercises, and $235,584 from bank overdrafts, while utilizing $1,845,919 in the repayment of non-convertible notes, $3,538,388 for the repayment of factoring advances, and $1,497,083 for the repayment of convertible notes. GOING CONCERN AND MANAGEMENT'S LIQUIDITY PLANS As of June 30, 2025, the Company had cash of $5,291,625 and a working capital deficit of $(9,532,569). The accumulated deficit as of June 30, 2025, was $(508,895,648). For the six months ended June 30, 2025, the Company had a loss from operations of $8,532,902 and cash used in operating activities of $2,929,827. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. If the Company raises additional funds by issuing equity securities, its stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt. Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and require significant debt service payments, which diverts resources from other activities. The Company's ability to raise additional capital will be impacted by market conditions and the price of the Company's common stock. A full text copy of the Company's Report is available at https://tinyurl.com/mvmyf3hm About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, 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 net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $64,122,691 in total assets, $26,172,440 in total liabilities, and $37,950,251 in total stockholders' equity. GREG BEECHE: Dotan Y. Melech Appointed as Receiver -------------------------------------------------- The Hon. Anne M. Nardacci of the U.S. District Court for the Northern District of New York entered an order appointing Dotan Y. Melech as receiver for Greg Beeche, Logistics, LLC, Greg Logistics, LLC on a permanent basis, at the behest of McCormick 103, LLC. McCormick 103 filed its Amended Complaint, asserting claims for breach of Defendants' obligations under the loan documents. Plaintiff alleges that Defendants have defaulted by failing to make payments and perform other obligations related to four loans. More specifically, Defendants have not made any payments on the Third and Fourth Loans since October of 2023. Defendants have failed to make any payments on the First and Second Loan since June of 2025. As July 14, 2025, the balances due under the Loans are: -- First Loan: Principal of $2,583,614.96 and interest of $69,050.18. -- Second Loan: Principal of $785,833.08 and interest of $19,654.21. -- Third Loan: Principal of $6,550,000 and interest of $1,037,535.51. -- Fourth Loan: Principal of $323,989.98 and interest of $62,020.15. The Defendants' defaults are continuing. The Court previously appointed Melech as receiver on an interim basis pursuant to the Court's Memorandum-Decision & Order dated August 8, 2025. McCormick 103 as Plaintiff requested that the Receiver be appointed on a permanent basis. The Court noted it has jurisdiction over this matter pursuant because the amount in controversy exceeds the sum of $75,000.00, exclusive of interest and costs, and the parties are of diverse citizenship. The appointment of a receiver is not intended to be, nor shall it be, an election of remedies by Plaintiff, and Plaintiff expressly reserves all of its rights and remedies against Defendants and the collateral under the Loan Documents and applicable law with respect to the indebtedness and obligations owed by Defendants to Plaintiff. The appointment of a receiver is not intended to be, nor shall it be, an election of remedies by Plaintiff, and Plaintiff expressly reserves all of its rights and remedies against Pursuant to the Court's order, the Receiver is authorized to: (i) take possession, custody and control of the Receivership Assets, subject to all existing liens, claims, and encumbrances; and (ii) perform all acts reasonable and necessary to manage, protect, and preserve the Receivership Assets, without further order of the Court. As used in this Order, (a) "Assets" means any legal, equitable or beneficial interest in, right to, or claim to any real and personal property, including, without limitation, funds, vehicles, boats, certificates of title, accounts with any Financial Institution (defined below), chattels, choses in action, chattel paper, claims, causes of action against other persons or entities, goods, instruments, equipment, fixtures, general intangibles, intellectual property, leaseholds, mail or other deliveries, inventory, checks, notes, accounts, credits, contracts, receivables, shares of stock, membership interests in any limited liability company, partnership interests, inheritances, options, contractual rights, interests in any trust, art, collectibles, furnishings, jewelry, personal effects and all cash or money The Receiver is not permitted to obtain a loan from any party other than the Plaintiff, and the Plaintiff shall in its sole and absolute discretion determine whether to make any loan. Subject to the Budget, the Receiver shall be named as a primary insured party on existing insurance coverage for the Receivership Assets, and the Receiver is authorized to obtain and pay (in accordance with the Budget) the premiums for additional insurance for Defendants or for the Receiver (including, without limitation, an error and omissions policy and an umbrella policy) for the Receivership Assets and to maintain the policies otherwise in accordance with the Loan Documents. In connection with the discharge of their duties and obligations in this matter, the Receiver and its Professionals shall not be liable for any loss or damage incurred by Defendants or any other person by reason of any act performed or omitted to be performed by them in good faith and in the exercise of ordinary care. Within 30 business days after entry of this Order, the Receiver shall serve a copy of this Order on Defendants and any person whom the Receiver is aware that has or may claim to have a lien on or security interest in any of the Receivership Assets. About Greg Beeche, Logistics, LLC Greg Beeche, Logistics, LLC and Greg Logistics, LLC are a New York limited liability company with principal place of business at 356 Hudson River Road, Waterford, New York 12188. Greg Beeche is facing a receivership case captioned as McCormick 103, LLLC v. Greg Beeche, Logistics, LLC, Case No. 1:25-cv-00944 (N.D. NY), before the Hon. Anne M. Nardacci. The case was filed on July 17, 2025. Attorneys for Plaintiff are: Christopher P. Schueller, Esq. Buchanan Ingersoll & Rooney PC Union Trust Building 501 Grant Street, Suite 200 Pittsburgh, PA 15219 Tel: 412-562-8800 E-mail: christopher.schueller@bipc.com - and - Mark Pfeiffer, Esq. Buchanan Ingersoll & Rooney PC 50 S. 16th Street, Suite 3200 Philadelphia, PA 19102 Tel: 215-665-3921 E-mail: mark.pfeiffer@bipc.com GST INC: Committee Seeks to Hire Chipman Brown as Co-Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors for GST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Chipman Brown Cicero & Cole, LLP as Delaware co-counsel. The firm will provide these services: (a) appearing for and representing the Committee as its Delaware co-counsel in this Chapter 11 Case and any matter, proceeding, litigation, or hearing before the Court; (b) advising the Committee concerning the requirements of the Bankruptcy Code, Bankruptcy Rules, the rules and procedures of this Court, and the requirements of the U.S. Trustee relating to the discharge of its duties under the Bankruptcy Code; (c) participating in Committee meetings and other communications with the Committee as may be required; (d) assisting Thompson Coburn LLP as directed by the Committee; and (e) performing such other legal services as may be required under the circumstances of this Chapter 11 Case. Chipman Brown Cicero & Cole, LLP will bill at its normal hourly rates. The principal attorney designated to represent the Committee is Bryan J. Hall at an hourly rate of $595. These hourly rates are subject to periodic adjustments in the ordinary course of the firm's business. The firm will also seek reimbursement of expenses incurred in connection with the engagement. The Committee believes Chipman Brown Cicero & Cole, LLP does not represent and does not hold any interest adverse to the Debtor's estate or creditors and is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan J. Hall, Esq. CHIPMAN BROWN CICERO & COLE, LLP 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Telephone: (302) 295-0191 Facsimile: (302) 295-0199 E-mail: hall@chipmanbrown.com About GST, Inc. GST, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-12188) on December 11, 2025. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $10,000,001 and $50 million. Judge Karen B. Owens oversees the case. GST INC: Committee Seeks to Hire Thompson Coburn as Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of GST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Thompson Coburn LLP as counsel, effective nunc pro tunc to January 15, 2026. The firm will provide these services: (a) rendering legal advice to the Committee with respect to its duties and powers in this Chapter 11 Case; (b) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business, the desirability of continuance of such business, and any other matters relevant to this Chapter 11 Case or to the business affairs of the Debtor; (c) advising the Committee with respect to any proposed sale of the Debtor’s assets or a sale of the Debtor's business operations and any other relevant matters; (d) advising the Committee with respect to any proposed plan of reorganization or liquidation and the prosecution of claims against third parties, if any, and any other matters relevant to the case or to the formulation of a plan of reorganization or liquidation; (e) assisting the Committee in requesting the appointment of a trustee or examiner pursuant to section 1104 of the Bankruptcy Code, if necessary and appropriate; and (f) performing such other legal services, which may be required by, and which are in the best interests of, the unsecured creditors, which the Committee represents. Thompson Coburn LLP's current prevailing rates for attorneys range from USD $475 per hour to $1,410 per hour. Thompson Coburn LLP's hourly charges for partners range from USD $550 to $1,410; associates range from $355 to $720; and law clerks, paralegal assistants and consultants range from USD $240 to $400. Thompson Coburn LLP 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: Mark T. Power, Esq. THOMPSON COBURN LLP 488 Madison Avenue New York, NY 10022 Telephone: (212) 478-7200 E-mail: mpower@thompsoncoburn.com About GST, Inc. GST, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-12188) on December 11, 2025. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $10,000,001 and $50 million. Judge Karen B. Owens oversees the case. HALL LABS: Court OKs Common Stock Sale to Michael Hall for $100K ---------------------------------------------------------------- The U.S, Bankruptcy Court for the District of Utah has permitted Mark C. Rose, Chapter 11 trustee of Hall Labs, LLC, to sell 421,118 shares of common stock, free and clear of liens, claims, interests, and encumbrances. The Debtor wants to sell interest in 421,118 shares of common stock in Nernst Electric, Inc. to Michael Hall for $100,000, free and clear of all liens, interests, claims, and encumbrances. The Court has authorized the Debtor to sell common stock to Michael Hall for $100,000. The Trustee and Mr. Hall, and each of their respective officers, employees, and agents, are authorized and empowered to take all actions and execute and deliver any and all documents and instruments that either Trustee or Mr. Hall deem necessary or appropriate to implement and effectuate the terms of the APA and the order. As of and after the closing of the sale of the Shares to Mr. Hall, Mr. Hall shall be deemed a good faith purchaser of the Shares, and shall be entitled to all of the protections. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HAWKEYE ENTERTAINMENT: Claims to be Paid from Rental Income ----------------------------------------------------------- Hawkeye Entertainment, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated February 4, 2026. The Debtor is a California limited liability company. The sale of alcoholic beverages is an integral part of the operations and use of the Premises and is acknowledged in the Lease both through the description of the Premises' use and its requirements for liquor liability related insurance. The Debtor's primary Assets are the Lease and Sublease for the Premises. The Plan will be funded by rental income generated from the Sublease, Annual Contribution Payments, and such other additional contributions from WERM as necessary and requested by the Reorganized Debtor and as agreed to by WERM in its discretion. Class 3 consists of all General Unsecured Claims against the Debtor. Class 3 is Impaired under the Plan and the Holders of General Unsecured Claims against the Debtor are therefore entitled to vote to accept or reject the Plan. The allowed unsecured claims total $2,640,919.23. While Smart Capital filed 5 separate proofs of claim and Michael Chang filed a proof of claim on July 14, 2025 which were subsequently amended, the Debtor has filed objections to each one of these claims and the Debtor does not believe that these proofs of claim will alter the Allowed General Unsecured Claims. Except to the extent that the Holder of a General Unsecured Claim agrees to less favorable treatment, on the Effective Date, in full and final satisfaction, compromise, settlement, and release of and in exchange for such Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive the full amount of such Holder's Allowed General Unsecured Claim by payment of its Pro Rate share of the following: * Annual Contribution Payment(s). After the Effective Date, the Reorganized Debtor shall distribute to the Holders of Allowed General Unsecured Claims in Class 3, on a Pro Rata basis, Annual Contribution Payments (commencing in accordance with the Definition section of the Plan) continuing until such time as the Allowed General Unsecured Claims in Class 3 are paid in full. * Discount/Interest Rate from the Effective Date. The applicable rate to be applied to the General Unsecured Claims in Class 3 shall be simple interest calculated at the Sofr Rate applicable as of the Sofr Rate Date, commencing from and after the Effective Date on the Allowed General Unsecured Claims in Class 3 (or such other applicable rate as found by the Bankruptcy Court). * Plan Reserve Account. The Pro Rata Distribution on account of the Disputed Claims against the Debtor, if any, in this Class shall be deposited into a Plan Reserve Account until entry of a Final Order resolving the Disputed Claim, at which time the process will be distributed to the Claimant to the extent such Claim is Allowed or, to the extent disallowed, to the other Holders of the Allowed Claims in this Class. * Reservation of Defenses, Objections, Counterclaims, and Other Rights. Any defenses, objections, counterclaims, rights, or rights of offset of recoupment of the Debtor or the Estate with respect to such Claims shall vest in and inure to the benefit of the Reorganized Debtor. * Maximum Distribution. In no event shall the aggregate Distributions to be made under the Plan to each Holder of a Class 3 Allowed Claim exceed the present value of such Holder's Allowed Class 3 Claim. Class 4 consists of the Holders of the Interests in the Debtor. Class 4 is Unimpaired and the Holders of the Interests are conclusively presumed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Therefore, the Holders of the Interests in the Debtor are not entitled to vote to accept or reject the Plan. The Holders of Interests in the Debtor shall retain their equity ownership Interests and voting Interests in the Reorganized Debtor, which shall remain unaltered by the Plan. The Plan leaves unaltered all legal, equitable, and contractual rights of the Holders of Interests in the Debtor. After the Effective Date, the Plan will be funded by rental income generated from the Sublease, Annual Contribution Payments, and such other additional contributions from WERM as necessary and requested by the Reorganized Debtor and as agreed to by WERM in its discretion. A full-text copy of the Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=oaueKx from PacerMonitor.com at no charge. Reorganization Attorneys for the Debtor: Sandford L. Frey, Esq. Robyn B. Sokol, Esq. STINSON LLP 1901 Avenue of the Stars Suite 450 Los Angeles, CA 90067 Telephone: (310) 730-7020 Facsimile: (310) 730.7019 Email: sandford.frey@stinson.com robyn.sokol@stinson.com About Hawkeye Entertainment Hawkeye Entertainment, LLC, a California limited liability company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11501) on Oct. 18, 2023. In the petition signed by Adi McAbian, president of Saybian Gourmet, Inc., member of Hawkeye, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Sandford L. Frey, at Leech Tishman Fuscaldo & Lampl, LLC, is the Debtor's legal counsel. HEART 2 HEART: U.S. Trustee Seeks Chapter 11 Trustee Appointment ---------------------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, asked the U.S. Bankruptcy Court for the Northern District of West Virginia to appoint a Chapter 11 trustee for Heart 2 Heart Volunteers, Inc. The U.S. trustee sought appointment of an independent trustee to take over the company's bankruptcy case, citing ongoing staffing issues that demonstrate current management's inability to implement necessary operational changes. The U.S. trustee said both the patient care ombudsman and the chief restructuring officer agree operational changes are needed to address deficiencies in recruiting and retaining consistent staff. According to Mr. Cheney, the PCO's concerns regarding staffing and intake procedures directly impact resident care and have been consistently raised throughout the case. He said that these issues have reached a point where the PCO believes current management is unwilling or unable to address them independently, placing residents at risk and warranting appointment of a Chapter 11 trustee. The U.S. trustee further argued that appointing a Chapter 11 trustee would better serve the interests of creditors and the estate, as the alternatives are less favorable. Maintaining the status quo with a CRO and current management attempting to work together is not a viable option, he said. Given the age of the case, the company's financial performance reflected in the monthly operating reports and the PCO's reports, the U.S. trustee believes that the company is not positioned to confirm a feasible bankruptcy plan or continue in Chapter 11 under current management and that the only viable alternative is the appointment of a bankruptcy trustee or dismissal of the case. The court will hold a hearing on February 18. A copy of the motion is available for free at https://urlcurt.com/u?l=Azch5t from PacerMonitor.com. About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. I-HOMES LLC: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: I-Homes, LLC 2018 Colehill Dr Houston, TX 77051 Business Description: I-Homes, LLC engages in real estate investment and offers construction services for third parties. The company owns a 1.2545-acre commercial property in Houston, Texas, valued at approximately $1.4 million. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30933 Debtor's Counsel: Elias Yazbeck, Esq. THE LAW OFFICES OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd Suite 470 Houston TX 77006 Tel: (281) 755-7320 E-mail: elias@yazbecklaw.com Total Assets: $1,986,112 Total Liabilities: $759,923 The petition was signed by Floyd Lyle Jackson as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RJR6AII/I-Homes_LLC__txsbke-26-30933__0001.0.pdf?mcid=tGE4TAMA IQSTEL INC: Shareholders OK Board, Auditor at Annual Meeting ------------------------------------------------------------ IQSTEL Inc. held its Annual Meeting of Shareholders, with strong shareholder participation and engagement. At the meeting, shareholders elected the Company's Board of Directors, ratified the appointment of the independent registered public accounting firm, and received an update from management on IQSTEL's financial performance, strategic initiatives, and long-term growth objectives. Management highlighted the Company's progress during 2025, including surpassing a $400 million annualized revenue run rate, reporting positive adjusted EBITDA from operating activities, strengthening the balance sheet by eliminating convertible debt, and continuing the diversification of its revenue streams across telecom, fintech, cybersecurity, and artificial intelligence (AI). Key Highlights from the Annual Meeting of Shareholders * AI Division Targeted to Generate Seven-Figure Annual Revenue by 2027 Management outlined its expectation that IQSTEL's AI division will become a meaningful growth driver, with the objective of generating seven-figure annual revenue by 2027 through production-ready AI services and new product launches. * Commitment to Enhanced Shareholder Oversight Through Proxy Approval of Major Transactions The Company announced its plan to seek shareholder approval via proxy for each significant transaction, including the delivery of a comprehensive economic analysis to support informed shareholder decision-making. * Strategic Acquisitions Planned to Achieve a $15 Million EBITDA Run Rate in 2026 IQSTEL plans to pursue two to three strategic acquisitions, subject to shareholder approval, designed to add incremental EBITDA and support the Company's goal of reaching a $15 million EBITDA run rate in 2026, in addition to its current operating EBITDA. * Introduction of Quarterly Earnings Calls Beginning in 2026 To further enhance transparency and engagement, the Company announced plans to initiate quarterly earnings calls starting in 2026, providing shareholders with regular updates on financial performance, strategic progress, and key developments. The Annual Meeting also included a comprehensive question-and-answer session, during which management addressed shareholder questions submitted both prior to and during the meeting, covering topics such as profitability targets, acquisition strategy, financing plans, valuation, governance, and the Company's AI roadmap. A detailed Shareholder Letter summarizing the meeting proceedings, voting results, and management responses is being distributed to shareholders. Shareholder Letter – Annual Meeting of Shareholders Update "Dear Fellow Shareholders, On January 30, 2026, IQSTEL Inc. held its Annual Meeting of Shareholders. We appreciate the strong participation and engagement demonstrated by our shareholder base and would like to provide a comprehensive summary of the meeting, including the matters voted upon and the questions raised by shareholders in advance of, and during, the meeting." Opening Remarks "In my remarks as Chairman and Chief Executive Officer, I highlighted that 2025 was a year defined by disciplined execution, strategic focus, and meaningful operational advancement. During the year, IQSTEL strengthened its core telecom business, expanded its initiatives in Fintech, Cybersecurity, and Artificial Intelligence, and continued building a strong foundation for long-term, sustainable growth." "We remain committed to operating with precision in a dynamic environment, improving efficiency, enhancing our service capabilities, and ensuring that our strategy translates into measurable results for our shareholders. I also expressed my appreciation to our employees, partners, stakeholders, and Board of Directors for their dedication, guidance, and commitment to strong corporate governance." 1. Election of Directors Shareholders voted on the election of five directors to serve until the next Annual Meeting and until their successors are duly elected and qualified. Election Results: 1. Leandro Jose Iglesias Votes for: 5,221,035 Percentage For: 99.03% Abstain: 51,025 2. Alvaro Quintana Cardona Votes for: 5,208,372 Percentage For: 98.79% Abstain: 63,688 3. Italo Segnini Votes for: 5,169,737 Percentage For: 98.06% Abstain: 102,323 4. Raul Perez Votes for: 5,152,463 Percentage For: 97.73% Abstain: 119,597 5. Jose Antonio Barreto Votes for: 5,188,337 Percentage For: 98.41% Abstain: 83,723 Based on these results, all five nominees were duly elected. 2. Ratification of Independent Registered Public Accounting Firm Shareholders voted on the ratification of the Company's independent registered public accounting firm for the current fiscal year. Results: Votes For: 6,777,549 Percentage For: 98.13% The appointment of the independent auditor was ratified. Shareholder Questions and Management Responses The following questions were collected by email prior to the meeting and during the live Q&A session. Management addressed each question in full. 1. What was the Company's most important financial achievement in 2025? In 2025, IQSTEL reached several major financial milestones that significantly strengthened the Company's foundation. During the third quarter, the Company surpassed a $400 million annualized revenue run rate and reported a $2.7 million adjusted EBITDA run rate from its operating business. Following the completion of the Globetopper acquisition, IQSTEL achieved a more diversified revenue mix of approximately 80% telecom and 20% fintech, advancing its transformation into a global, multi-revenue-stream corporation. In addition, the Company reported that it is now convertible-debt-free, with no convertible notes and no warrants outstanding, materially strengthening the balance sheet and enhancing shareholder value. 2. How does the Company plan to achieve a $15 million EBITDA run rate in 2026? The Company's plan is based on a disciplined combination of operational execution and strategic growth, including: a) Operational optimization and organic growth IQSTEL is focused on reducing costs, consolidating operations, improving efficiency, and developing new products and business lines designed to expand margins and profitability. b) Strategic acquisitions The Company plans to execute key acquisitions, each targeted to contribute seven-figure annual EBITDA, accelerating profitability while strengthening the overall business platform. 3. How does the Company plan to finance these strategic acquisitions? IQSTEL has been working with a commercial bank that has expressed interest in financing at least one acquisition using a structure based on the free cash flow generated by the acquired business once integrated into IQSTEL. At the same time, the Company continues to work closely with long-term investors to implement a multi-year funding strategy, designed to support the acquisition plan over the next five years and aligned with the Company's objective of becoming a profitable company with over $1 billion in revenue by 2027. 4. How will the Company improve communication with shareholders? In 2026, IQSTEL is entering a new phase of governance and transparency. Key initiatives include: * Increasing the Board of Directors' meeting cadence to two meetings per month * Introducing quarterly earnings calls, where management will: * Review financial results * Discuss strategic progress * Address shareholder questions directly Additionally, for each significant strategic acquisition, the Company plans to seek shareholder approval via proxy, providing a clear summary of the transaction's economics so shareholders can make informed decisions. 5. Why does management believe the Company is undervalued, and what is the plan to close that gap? Management believes IQSTEL is undervalued based on its financial fundamentals and execution record. As reported in Q3, the Company disclosed: * $12.23 in assets per share * $4.66 in stockholders' equity per share * No dilutive convertible debt To close the valuation gap, the Company has implemented an active investor engagement strategy, including: * Webinars with family offices * Investor roadshows * Executive interviews * Continuous market communication These efforts will be further strengthened through quarterly earnings calls and shareholder-approved strategic acquisitions. Management believes that continued execution and improving financial results will lead the market to increasingly recognize IQSTEL's intrinsic value. 6. What is IQSTEL's AI strategy, and what should shareholders expect in 2026? IQSTEL's AI strategy is a core differentiation factor within the telecom and digital services industry. The Company views AI as a strategic tool to enhance product quality, improve operational efficiency, and better serve multiple industry verticals. Currently, IQSTEL has two production-ready AI products: * AIRWEB – An AI-powered digital assistant for web-based customer interactions, sales, and support. * IQ2CALL – An AI-driven voice and call automation platform designed for telecom and enterprise environments. In addition, the Company is in the process of launching a new AI service, expected to be introduced ahead of its participation at Mobile World Congress in Barcelona this March. The Company has already begun to gain commercial traction in AI, including increased customer interest, qualified business leads, and early deployments. Management expects AI-driven products to generate seven-figure annual revenue by 2027, further strengthening IQSTEL's positioning as an innovative, technology-driven global company. Closing Remarks "We thank all shareholders for their continued support, engagement, and trust. IQSTEL remains committed to executing its strategy with discipline, transparency, and a long-term perspective. The opportunities ahead are significant, and we look forward to another productive year. Sincerely, Leandro Iglesias." 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. J&B CONSTRUCTION: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- J&B Construction Services USA Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral generated from its business to pay the expenses set forth in its budget. As adequate protection, secured creditors will be granted replacement liens on the Debtor's assets similar to their pre-bankruptcy collateral, with the same validity, priority and extent as their pre-bankruptcy liens. These replacement liens do not apply to bankruptcy causes of action. The secured creditors asserting liens on the Debtor's assets include First Corporate Solutions, CT Corporation System and Corporation Service Company. The Debtor is unsure which creditor Corporation Service Company represents but it appears to act for Fresh Funding Solutions, Inc. ($107,000), Kalamata Capital Group, LLC ($70,000), and Lifetime Funding, LLC ($400,000). The Debtor currently holds approximately $390,000 in accounts receivable it believes are collectible. The interim order is available at https://is.gd/LSWapq from PacerMonitor.com. The court will hold a final hearing on February 23. About J&B Construction Services USA Inc. J&B Construction Services USA, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51575) on February 4, 2026. In the petition signed by Sharna Barnes, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Adam E. Ekbom, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. J&B CONSTRUCTION: Todd Hennings Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for J&B Construction Services USA, Inc. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About J&B Construction Services USA Inc. J&B Construction Services USA Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51575) on February 4, 2026, with between $1 million and $10 million in both assets and liabilities. Adam E. Ekbom, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. J.R. BUTLER: Plan Exclusivity Period Extended to April 28 --------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado extended J.R. Butler, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 28 and June 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor is in the process of collecting on its accounts receivable, it has filed one adversary proceeding against one general contractor, JE Dunn, to do so, and continues to informally negotiate with other general and subcontractors to obtain outstanding amounts on other projects. However, as noted during the October 8, 2025 Status Conference in this matter, this is not a process that will occur overnight indeed, Debtor, at the Status Conference, represented that this process would take at least six months. The Debtor explains that considering the collection process is still underway, it is not practical to file a Plan of Reorganization until the Debtor resolves at least some of its accounts receivable collections, including the JE Dunn adversary proceeding. Therefore, the Debtor requests an extension of the exclusive period for an additional 120 days from the date of the Debtor's current exclusive period, through and including April 28, 2026, as well as an extension of the 180-day period to solicit acceptances of their initial Plans of Reorganization for an additional 180 days. J.R. Butler Inc. is represented by: Jeffrey A. Weinman, Esq. Jeremy T. Jonsen, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com jeremy.jonsen@michaelbest.com bailey.pompea@michaelbest.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on Aug. 29, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JIB FOODS: Gina Klump Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for JIB Foods Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About JIB Foods Inc. JIB Foods Inc., doing business as Pete's Restaurant & Brewhouse, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20624) on February 04, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Christopher D. Jaime presides over the case. Galen M. Gentry, Esq., at Downey Brand, LLP represents the Debtor as legal counsel. JTA1 REAL: Amends Unsecureds & Stormfield Secured Claims Pay ------------------------------------------------------------ JTA1 Real Properties LLC submitted a First Amended Disclosure Statement describing Plan of Reorganization dated February 4, 2026. Since the Petition Date, the Debtor has continued to operate its business as debtor-in-possession. The Debtor is also has been diligently working with its creditors in an effort to reach an agreement on plan terms. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. 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). Classes 1 through 6 are Impaired and are therefore entitled to vote on the Plan. In accordance with Section 1123(a)(1) of the Bankruptcy Code, Administrative Claims and Priority Tax Claims have not been classified or put into any Class Class 1 consists of the Allowed Stormfield Secured Claim. This Claim is secured by a lien on the Stormfield Collateral. The Allowed Stormfield Secured Claim is approximately $14,920,282.69, plus interest and any reasonable fees, costs, or charges, less payments made preconfirmation. Stormfield is an oversecured creditor pursuant to Section 506(b) of the Bankruptcy Code. This Class is Unimpaired. * Sale/Refinance Period: Debtor shall have until March 31, 2026, to sell or refinance the Property (the "Sale/Refinance Period"). Any sale/refinance of the Property must provide for payment in full of the Allowed Stormfield Secured Claim. * Stay Termination: The parties previously agreed to the termination of the automatic stay to permit Stormfield to file a motion to set a foreclosure sale date to occur on or after April 1, 2026. The order confirming this Plan shall incorporate by reference the stay relief order and confirm that the automatic stay has been terminated as to the subject property. The Debtor shall not object to, contest, or otherwise impede the scheduling or conduct of the foreclosure sale. 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 such Allowed Class 5 Claims shall receive a pro rata distribution of the net proceeds (if any) from a sale or other disposition of the Property, after Classes 1 through 4 are paid in full and satisfied. If the Property is sold for less than the amount of the Allowed Stormfield Secured Claim or is sold at foreclosure, then there will be no proceeds, and the Class 5 Allowed General Unsecured Claims shall receive $0.00. The Class 5 Allowed General Unsecured Claims shall receive their pro rata distribution (if any) on the first business day after the date that is sixty days after the Effective Date. Class 6 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. Class 6 shall receive the excess proceeds (if any) from a sale or other disposition of the Property, after payment in full of Classes 1 through 5. 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; or, if the Property is sold or surrendered, 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 First Amended Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=HnZT8V from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 About JTA1 Real Properties LLC JTA1 Real Properties, LLC is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03531) on September 30, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC serves as the Debtor's counsel. JTA4 REAL: Amends Unsecureds & Stormfield Secured Claims Pay ------------------------------------------------------------ JTA4 Real Properties LLC submitted a First Amended Disclosure Statement describing Plan of Reorganization dated February 4, 2026. Since the Petition Date, the Debtor has continued to operate its business as debtor-in-possession. The Debtor is also has been diligently working with its creditors in an effort to reach an agreement on plan terms. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. 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). Classes 2, 3, 5, and 6 are Impaired and are therefore entitled to vote on the Plan. In accordance with Section 1123(a)(1) of the Bankruptcy Code, Administrative Claims and Priority Tax Claims have not been classified or put into any Class. Class 1 consists of the Allowed Stormfield Secured Claim. This Claim is secured by a lien on the Stormfield Collateral. The Allowed Stormfield Secured Claim is approximately $14,920,282.69, plus interest and any reasonable fees, costs, or charges, less payments made preconfirmation. Stormfield is an oversecured creditor pursuant to Section 506(b) of the Bankruptcy Code. This Class is Unimpaired. * Sale/Refinance Period: Debtor shall have until March 31, 2026, to sell or refinance the Property (the "Sale/Refinance Period"). Any sale/refinance of the Property must provide for payment in full of the Allowed Stormfield Secured Claim. * Stay Termination: The parties previously agreed to the termination of the automatic stay to permit Stormfield to file a motion to set a foreclosure sale date to occur on or after April 1, 2026. The order confirming this Plan shall incorporate by reference the stay relief order and confirm that the automatic stay has been terminated as to the subject property. The Debtor shall not object to, contest, or otherwise impede the scheduling or conduct of the foreclosure sale. 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 such Allowed Class 5 Claims shall receive a pro rata distribution of the net proceeds (if any) from a sale or other disposition of the Property, after Classes 1 through 4 are paid in full and satisfied. If the Property is sold for less than the amount of the Allowed Stormfield Secured Claim or is sold at foreclosure, then there will be no proceeds, and the Class 5 Allowed General Unsecured Claims shall receive $0.00. The Class 5 Allowed General Unsecured Claims shall receive their pro rata distribution (if any) on the first business day after the date that is sixty days after the Effective Date. Class 6 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. Class 6 shall receive the excess proceeds (if any) from a sale or other disposition of the Property, after payment in full of Classes 1 through 5. 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; or, if the Property is sold or surrendered, 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 First Amended Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=goWvWw from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 About JTA4 Real Properties LLC JTA4 Real Properties LLC is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03533) on Sept. 30, 2025, with up to $50,000 in both assets and liabilities. Jeffrey Ainsworth, at Bransonlaw PLLC, serves as the Debtor's counsel. JW CONSULTING: Hires Demetrius J. Parrish, Jr. as Counsel --------------------------------------------------------- JW Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ The Law Offices Of Demetrius J. Parrish, Jr., as attorney. The firm will render these services: a. provide legal advice with respect to the Debtor's power and duties as debtors in possession in the continued operation of its business; b. pursuit of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; c. prepare on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appear in Court and otherwise protecting the interests of the Debtor before the Court; and e. perform all legal services for the Debtor which may be necessary and proper in these proceedings. Demetrius J. Parrish, Jr. will be paid at the hourly rate of $375. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Parrish, Jr. assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Demetrius J. Parrish, Jr. can be reached at: Demetrius J. Parrish, Jr., Esq. The Law Offices of Demetrius J. Parrish, Jr. 7715 Crittenden St., Suite 360 Philadelphia, PA 19118 Tel: (215) 735-3377 About JW Consulting, LLC JW Consulting, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 26-10435) on Feb. 3, 2026. The firm hires The Law Offices Of Demetrius J. Parrish, Jr., as counsel. JW CONSULTING: Richard Furtek Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for JW Consulting, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About JW Consulting LLC JW Consulting, LLC owns and operates several residential rental properties in Philadelphia, Pennsylvania. JW Consulting filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10435) on February 3, 2026. In the petition signed by Jasmine S. Williams, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Demetrius Parrish, Esq., at the Law Offices of Demetrius J. Parrish, represents the Debtor as bankruptcy counsel. JW CONSULTING: Seeks Cash Collateral Access ------------------------------------------- JW Consulting, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral. The Debtor needs to use cash collateral to fund operating expenses including costs required to preserve the value of its residential rental properties. The Debtor owns and manages multiple residential rental properties in Philadelphia, deriving its primary income from rental payments. The secured creditors holding liens on both the real estate and the Debtor's rental income are Pacific Asset Holdings, Metropolitan Tower Life Insurance Co., and Brighthouse Life Insurance Co., each serviced by Fay Servicing. As adequate protection, the Debtor proposes to grant replacement liens on post-petition assets acquired with cash collateral, make monthly payments at least equal to each property's mortgage obligation, and maintain the properties by paying all taxes and insurance. A court hearing is scheduled for February 17. A copy of the motion is available at https://urlcurt.com/u?l=C6riYQ from PacerMonitor.com. About JW Consulting LLC JW Consulting, LLC owns and operates several residential rental properties in Philadelphia, Pennsylvania. JW Consulting filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10435) on February 3, 2026. In the petition signed by Jasmine S. Williams, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Demetrius Parrish, Esq., at the Law Offices of Demetrius J. Parrish, represents the Debtor as bankruptcy counsel. KEVIN D. CHANEY: Seeks to Hire Robert N. Bassel as Counsel ---------------------------------------------------------- Kevin D. Chaney & Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Robert N. Bassel, Esq. to handle its bankruptcy proceedings. The firm will be paid at the rate of $350 per hour. The firm received from the Debtor a retainer of $4,238, of which $1,738 was applied to the filing fee, and $2,500 was applied to prepetition legal fees, leaving no retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bassel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Tel: (248) 677-1234 Email: bbassel@gmail.com About Kevin D. Chaney & Company, Inc. Kevin D. Chaney & Company, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40451) on January 18, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas J. Tucker presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law represents the Debtor as bankruptcy counsel. LABL INC: First Trust Marks $1.44MM Loan at 39% Off --------------------------------------------------- First Trust High Yield Opportunities 2027 Term Fund has marked its $1,440,000 corporate bond extended to LABL Inc. to market at $880,735 or 61% of the outstanding amount, according to First Trust's Form N-CSR for the fiscal year ended November 30, 2025, filed with the U.S. Securities and Exchange Commission. First Trust High Yield Opportunities 2027 Term Fund is a participant in a Corporate Bond and Note extended to LABL, Inc. The Bond accrues interest at a rate of 8.63% per annum. The Bond matures on October 1, 2031. First Trust High Yield Opportunities 2027 Term Fund is a diversified, closed-end management investment company organized as a Massachusetts business trust on June 25, 2020, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its Managed Assets in high yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities determined by the Advisor to be of comparable quality. The Fund is led by James M. Dykas as President and Chief Executive Officer (principal executive officer) and Derek D. Maltbie as Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer). The Fund can be reached at: James M. Dykas First Trust High Yield Opportunities 2027 Term Fund 120 East Liberty Drive Wheaton, IL 60187 Telephone: (630) 765-8000 About LABL, Inc. LABL, Inc. operates as a packaging labels manufacturing company. LAZY T FIREARMS: Hires Stehlik Law Firm P.C. LLO as Counsel ----------------------------------------------------------- Lazy T Firearms, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Stehlik Law Firm, P.C., LLO as counsel. The firm will provide these services: a. performing all necessary services as the Debtors' bankruptcy counsel; b. advising the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their businesses and properties; c. attending meetings and negotiating with creditors and other parties in interest; d. taking all necessary action to protect and preserve the Debtors' assets; e. preparing, or coordinating preparation of motions, applications, answers, orders, reports, papers, and other pleadings necessary to administer the Debtors' estate; f. taking any necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of the Debtors; g. representing the Debtors in connection with any potential post-petition financing; h. appearing before the court, appellate courts and any other courts to protect the interest of the Debtors and their estate; and i. performing any and all other necessary legal services in connection with the Debtors' case and reorganization as requested by the Debtors. The firm will be paid at these rates: Attorneys $275 per hour Paralegals $125 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Stehlik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Galen E. Stehlik, Esq. Stehlik Law Firm, P.C., L.L.O. 724 West Koenig Street Grand Island, NE 68801 Tel: (308) 675-4035 Fax: (308) 675-4038 Email: galen.stehlik@stehliklawfirm.com About Lazy T Firearms, LLC Lazy T Firearms, LLC is a limited liability company. Lazy T Firearms, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-40071) on January 23, 2026. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities in the same range. The Debtor is represented by Galen E. Stehlik, Esq. of Stehlik Law Firm PC LLO. LAZY T FIREARMS: Seeks Court OK to Use Cash Collateral ------------------------------------------------------ Lazy T Firearms, LLC and affiliates ask the U.S. Bankruptcy Court for the District of Nebraska for authority to use cash collateral to fund their operations. The cash collateral consists of proceeds from sales of assets in which Brunswick State Bank, the secured lender, claims a security interest. The Debtors seek to use the lender's cash collateral through February 28 in accordance with their budget, which shows approximately $72,041 in expenses from January 30 through February 28. Brunswick State Bank is fully secured by existing assets and will be protected by the continued generation of proceeds, maintenance of the business, and adherence to the proposed budget. The Debtors' primary income comes from their tire and implement business in Orchard, Nebraska, which sells and repairs farm implements, tires, flatbeds, stock trailers, and related equipment, with revenues typically used to replenish inventory, pay vendors, and service secured debt. In 2025, severe cash flow issues arose and Brunswick State Bank began sweeping all account deposits and restricting online access, preventing the Debtors from paying expenses. As of February 2, the Debtors were holding over $436,000 in checks made payable to various entities but proposed to deposit those funds only after the court authorizes use of $150,000 in cash collateral to cover immediate necessities. A copy of the motion is available at https://urlcurt.com/u?l=ZCOlL6 from PacerMonitor.com. About Lazy T Firearms LLC Lazy T Firearms, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-40071) on January 23, 2026. In its petition, the Debtor reported up to $50,000 in both assets and liabilities. The Debtor is represented by Galen E. Stehlik, Esq., at Stehlik Law Firm PC LLO. LOGMEIN INC: First Trust Marks $2.4MM 1L Loan at 60% Off -------------------------------------------------------- First Trust High Yield Opportunities 2027 Term Fund has marked its $2,421,112 loan extended to LogMeIn, Inc. (GoTo Group, Inc.) to market at $968,094 or 40% of the outstanding amount, according to First Trust's Form N-CSR for the fiscal year ended November 30, 2025, filed with the U.S. Securities and Exchange Commission. First Trust High Yield Opportunities 2027 Term Fund is a participant in a First Lien Second Out Loan extended to LogMeIn, Inc. (GoTo Group, Inc.). The loan accrues interest at a rate of 8.79% per annum. The loan matures on April 30, 2028. First Trust High Yield Opportunities 2027 Term Fund is a diversified, closed-end management investment company organized as a Massachusetts business trust on June 25, 2020, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its Managed Assets in high yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities determined by the Advisor to be of comparable quality. The Fund is led by James M. Dykas as President and Chief Executive Officer (principal executive officer) and Derek D. Maltbie as Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer). The Fund can be reached at: James M. Dykas First Trust High Yield Opportunities 2027 Term Fund 120 East Liberty Drive Wheaton, IL 60187 Telephone: (630) 765-8000 About LogMeIn, Inc. (GoTo Group, Inc.) GoTo Technologies USA, Inc., formerly LogMeIn Inc., is a software as a service company that provides unified communication and IT management software. LTL MANAGEMENT: Wins Bid to Disqualify Beasley Allen in Talc MDL ---------------------------------------------------------------- Judges Thomas W. Sumners, Mark K. Chase and Lorraine M. Augostini of the Superior Court of New Jersey, Appellate Division, reversed a trial court order denying Johnson & Johnson's motion to disqualify Beasley, Allen, Crow, Methvin, Portis & Miles, P.C., from the litigation captioned as In Re Talc Based Powders Products Litigation. The case is remanded for an order to be entered disqualifying Beasley Allen. This interlocutory appeal requires consideration of ethical obligations incumbent on attorneys who, having represented a client in complex litigation but now working in a non-lawyer capacity, subsequently seek to advance interests aligned with that client's adversaries, the Appellate Division noted. The particular circumstances presented concern the conduct of James Conlan, a former partner at Faegre Drinker Biddle & Reath LLP, who represented J&J and LTL Management LLC in this multi-county talcum-based powder litigation. Mr. Conlan, as attorney for J&J, participated for nearly two years in confidential strategy and settlement analysis of the talc litigation. After departing his firm, Conlan started a new enterprise, Legacy Liability Solutions, that pursued methods to acquire and resolve those same legal liabilities. Conlan, as Legacy's Chief Executive Officer, actively collaborated with attorneys from Beasley Allen, a leading plaintiff's firm in the talc litigation. In October 2021, J&J filed its first bankruptcy petition ("LTL 1 bankruptcy") to address its talc liabilities. At the end of January 2023, the Third Circuit dismissed J&J's LTL 1 bankruptcy. J&J filed a second bankruptcy ("LTL 2 bankruptcy") in April 2023. Shortly thereafter, Mr. Conlan -- acting through his new outfit Legacy Liability Solutions -- engaged directly with Andy Birchfield and Beasley Allen. Neither Mr. Conlan nor Mr. Birchfield informed J&J's counsel of their collaboration. Legacy and Beasley Allen exchanged extensive communications and Beasley Allen provided Legacy with confidential analyses, including settlement matrices. Mr. Birchfield, a principal at Beasley Allen, has led mass tort efforts against J&J since 2020. Beasley Allen maintains a national leadership role in the MDL, having filed its first case in 2013. Mr. Birchfield testified to possessing deep knowledge of the claims and J&J's litigation approach, acquired before his first encounter with Conlan. J&J, upon learning of Mr. Conlan's relationship with its primary legal adversary, moved to disqualify Beasley Allen from the talc litigation as well as the federal multidistrict litigation pending in New Jersey. Following a joint evidentiary hearing before the trial court and federal MDL Magistrate Judge, the trial court denied J&J's motion to disqualify Beasley Allen. J&J appealed, insisting the trial court erred in finding, in conclusory fashion, that Beasley Allen did not violate Rule 5.3(c) of the Rules of Professional Conduct. Specifically, J&J argued that, had Mr. Conlan been acting as a lawyer, his collaboration with Beasley Allen in mediation and on a settlement proposal of the talc claims during the pendency of the LTL 2 bankruptcy would have violated RPC 1.9(a) and thus, violated RPC 5.3(c). The Appeals Division held that Mr. Conlan's work with Beasley Allen on a settlement proposal of the talc claims is the same matter as that which Mr. Conlan worked on as outside counsel for J&J for purposes of RPC 1.9(a). Both involve the same discrete phase of the litigation -- namely, working to globally resolve J&J's talc liabilities in the overall talc litigation -- and involve the same parties and the same dispute. Mr. Conlan stated that had he been acting as a lawyer, his actions in working with Beasley Allen would have been an ethical violation, as he admitted that the ethical rules would have prohibited him from working on the talc litigation whether as an attorney or in any other role. According to the panel, although both Mr. Conlan and Mr. Birchfield argued at the evidentiary hearing that their interests were aligned with J&J because J&J also wanted resolution of the talc claims, that assertion is disingenuous. The record is clear that Mr. Conlan and Beasley Allen knew that J&J's preferred method of resolving the talc claims was through bankruptcy. In contrast, Mr. Conlan and Beasley Allen wanted a settlement via structural optimization and disaffiliation. This was a different method that J&J had already rejected, and which was clearly contrary to J&J's preferred method of resolution. Realistically, Beasley Allen's goals in reaching a settlement of the talc claims are clearly adverse to J&J, as Beasley Allen wanted to settle at the greatest amount possible for its clients, as does Mr. Conlan on behalf of Legacy for its own financial gain, while J&J wants the opposite. Therefore, Mr. Conlan worked together with Beasley Allen, whose interests in the talc litigation are materially adverse to those of Mr. Conlan's former client, J&J. The panel concluded, "Prolonged access to J&J's privileged information, followed by collaborative efforts with its most prominent adversary, leaves us with clear concern for the preservation of trust intrinsic to the attorney-client relationship. After reviewing the factual record, the arguments presented, and the governing legal standards, we find that as CEO of Legacy, Conlan's association with Beasley Allen violated RPC 1.9(a) and 5.3. Thus, the trial court order denying J&J's motion to disqualify Beasley Allen is reversed." A copy the Court's Opinion dated February 6, 2026, is available at https://urlcurt.com/u?l=JGpdQ1 About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. LUCY COOPER'S: Hires Blaise C. Bender PC as Accountant ------------------------------------------------------ Lucy Cooper's, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Blaise C. Bender, PC as accountant. The firm will assist with the Debtor's accounting requirements in the bankruptcy case, including completing all outstanding tax return filings with the IRS as it comes due. The firm will be paid at the rate of $275 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Blaise C. Bender, a partner at Blaise C. Bender, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Blaise C. Bender Blaise C. Bender, PC 1009 Austin Hwy. San Antonio, TX 78209 Tel: (210) 316-5063 About Lucy Cooper's, LLC Lucy Cooper's, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas 26-50088) on January 9, 2026, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Craig A. Gargotta presides over the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc. represents the Debtor as legal counsel. LUCY COOPER'S: Taps Dolezal & Associates Law as Counsel ------------------------------------------------------- Lucy Cooper's, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Dolezal & Associates Law and Sports Agency to serve as special litigation counsel. The firm will provide these services: (a) represent the Debtor in connection with the defense and claims asserted in the removed state court action, Savvy Holdings Texas, LLC v. Braunda Smith, Jesse Smith and Lucy Cooper's LLC, Case No. 2025-51789; and (b) represent the Debtor in any other matter related to this Chapter 11 Case. The firm will receive an hourly rate of $495 for principal attorney Trey Dolezal. Dolezal & Associates Law and Sports Agency 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: Trey Dolezal, Esq. DOLEZAL & ASSOCIATES LAW AND SPORTS AGENCY 5806 Mesa Drive, Suite 300 Austin, TX 78731 Telephone: (512) 472-6811 Facsimile: (512) 472-6823 E-mail: dolezal@khdalaw.com About Lucy Cooper's LLC Lucy Cooper's, LLC operates a cash business, with most sales coming in the form of cash, ACH payment or credit card payment. Lucy Cooper's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50088) on January 9, 2026, listing up to $100,000 in assets and up to $10 million in liabilities. Braunda M. Smith, president of Lucy Cooper's, signed the petition. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. LUMINAR TECHNOLOGIES: Completes $33MM LiDAR Sale to MicroVision --------------------------------------------------------------- Luminar Technologies Inc. and certain of its subsidiaries, as previously disclosed on January 11, 2026, entered into a "stalking horse" asset purchase agreement with Quantum Computing Inc., pursuant to which, subject to the terms and conditions set forth therein, Quantum agreed to acquire specified assets related to the Company's LiDAR business and assume certain liabilities, subject to the Bankruptcy Court's approval and absent any higher or otherwise better bid, for cash consideration of $22 million, subject to certain adjustments in accordance with the Stalking Horse Asset Purchase Agreement. On January 26, 2026, the Company held an auction pursuant to the bidding procedures approved by the Bankruptcy Court. At the conclusion of the Auction, the Company determined: (i) the bid submitted by MicroVision, Inc. was the highest or otherwise best bid and designated MicroVision the successful bidder for the Company's LiDAR assets (in general, such assets constituting the balance of the business of the Company not acquired under the LSI Stock Purchase Agreement) and (ii) the bid submitted by Quantum was the second highest or otherwise second best bid and designated Quantum the back-up bidder. Also on January 26, 2026, the Company and MicroVision entered into a Purchase Agreement, pursuant to which, subject to the terms and conditions set forth therein, MicroVision agreed to acquire specified assets related to the Company's LiDAR business and assume certain liabilities, subject to the Bankruptcy Court's approval, for cash consideration of $33 million, subject to certain adjustments as contemplated by the MicroVision Asset Purchase Agreement. Following receipt of Bankruptcy Court approval in accordance with section 363 of the Bankruptcy Code, on February 3, 2026, the Company completed the sale to MicroVision as contemplated by the MicroVision Asset Purchase Agreement. On February 4, 2026, the Company delivered written notice to Quantum terminating the Stalking Horse Asset Purchase Agreement pursuant to the terms thereof and paid Quantum a break-up fee of $660,000 and reimbursed Quantum $500,000 for its reasonable, out-of-pocket and documented expenses, in connection with the termination of the Stalking Horse Asset Purchase Agreement. Full text copies of each the Stalking Horse Asset Purchase Agreement and the MicroVision Asset Purchase Agreement, are available at https://tinyurl.com/yectbps7 and https://tinyurl.com/bdda9yur 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: Shareholders Face Total Loss in Liquidation ----------------------------------------------------------------- Ad Hoc News reports that the wind-down of Luminar Technologies is nearing completion, marking the final chapter for the once-prominent laser sensor developer. Having sold its operating divisions, the company has initiated a required tender offer to reduce debt, signaling that no value will remain for shareholders at the end of the liquidation. Liquidity for the repayment stems from two key transactions. Luminar Semiconductor was acquired by Quantum Computing Inc. for $110 million, followed by a $33 million sale of remaining LiDAR assets to MicroVision. That transaction included core intellectual property, product inventory, and essential engineering staff, effectively ending Luminar's operational presence in the sector it helped pioneer, the report states. The debt repurchase is mandated under existing bond agreements, which require excess asset-sale proceeds to be offered to creditors. The company is seeking to retire its 2028 secured notes at 103% of face value. Yet with approximately $450 million in total debt, the asset sales address only a fraction of liabilities, according to report. The liquidation plan does not contemplate restructuring but rather full corporate termination. In accordance with legal priority rules, creditors will be paid before equity holders. Given the imbalance between assets and claims, shareholders are positioned for a complete wipeout once the tender process concludes, the report relays. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. M&B SERVICES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: M&B Services, Inc. 1601 Ives Ave., Suite G Oxnard, CA 93033 Business Description: M&B Services, Inc., based in Oxnard, California, provides plumbing installations, repairs, and general services as a contractor serving residential and commercial clients. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10164 Judge: Hon. Ronald A Clifford III Debtor's Counsel: Vanessa M. Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Boulevard Suite 1400 Long Beach, CA 90802 Tel: (562) 435-3456 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Martin Alvarez as owner. 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/UMZUURI/MB_Services_Inc__cacbke-26-10164__0001.0.pdf?mcid=tGE4TAMA MANNING MECHANICAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Manning Mechanical, PLLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, Detroit, to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations, including employee wages, production, and customer services. Pending a final order, the Debtor is permitted to use up to $76,305.31 in cash collateral in accordance with its approved budget, subject to a 10% variance per line item. As adequate protection, the court granted replacement liens to Newtek Bank, National Association, ByzFunder, Thoro Corp, Silverline Services Inc., and the U.S. Small Business Administration on post-petition assets similar to their pre-bankruptcy collateral. The replacement liens maintain the same priority and validity as the secured creditors' pre-bankruptcy liens and do not apply to Chapter 5 causes of action and Section 506(c) claims. As additional protection, Newtek Bank will receive monthly payments of $4,000, beginning this month and may segregate $12,000 per month for anticipated professional fees, subject to later court approval. A final hearing will be held on March 4, 2026. The interim order is available at https://is.gd/8zqEYj from PacerMonitor.com. Founded in 2015, Manning Mechanical is a licensed provider of residential and commercial heating and cooling services in the Greater Detroit area, specializing in hydronic (boiler) piping and focusing heavily on residential customers through its own in-house technicians and its “Comfort Club” membership program. It filed bankruptcy to reorganize and emerge as a stronger, more efficient company, but that most of its value lies in its ongoing operations. For the first three months of the case, the Debtor projects it must spend approximately $220,052 to continue operating. On the petition date, the Debtor estimates its cash collateral consisted of about $2,000 in cash on hand, $20,000 in collectible accounts receivable, and roughly $300 in bank account funds. Several entities may assert liens on this collateral, including Newtek Bank (anticipated first priority), Thoro (anticipated second priority), and the SBA (anticipated third priority), as well as ByzFunder and Silverline Services, which the Debtor believes have been repaid but have not yet terminated their UCC filings; the Debtor does not concede the validity, enforceability, or priority of any such liens. About Manning Mechanical PLLC Manning Mechanical PLLC is a licensed provider of residential and commercial heating and cooling services in the Greater Detroit area, specializing in hydronic (boiler) piping and focusing heavily on residential customers through its own in-house technicians and its Comfort Club membership program. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-41173-tjt) on February 4, 2026. In the petition signed by Carlin Manning, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Thomas J. Tucker oversees the case. Elliot G. Crowder, Esq., at Stevenson & Bullock, PLC, represents the Debtor as legal counsel. MANNING MECHANICAL: Hires Stevenson & Bullock PLC as Counsel ------------------------------------------------------------ Manning Mechanical, PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Stevenson & Bullock, PLC as counsel. The firm will provide these services: (a) prepare all schedules, applications, motions, orders, and reports, and appear at bankruptcy court hearings on behalf of the Debtor, in the bankruptcy case; and (b) generally counsel the Debtor in all legal matters during the Chapter 11 case; whereby it has retained the firm for the purposes of representing it in all bankruptcy related matters, and in negotiations and proceedings pertaining to the Chapter 11 case; The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer of $15,000 for pre-petition fees and expenses for its representation of the Debtor. Elliot Crowder, Esq., an attorney at Stevenson & Bullock, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Elliot G. Crowder, Esq. Stevenson & Bullock, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: ecrowder@sbplclaw.com About Manning Mechanical, PLLC Manning Mechanical, LLC, founded in 2015 and based in the Greater Detroit area, provides residential and commercial heating, ventilation, and air conditioning (HVAC) services specializing in hydronic (boiler) piping. The company installs and maintains boilers, radiators, heating and cooling systems, hot water systems, and mini split units, and offers a membership program, "The Comfort Club," for loyal residential customers. Manning Mechanical, LLC in Detroit, MI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 26-41173) on Feb. 4, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Carlin Manning as managing member, signed the petition. Judge Thomas J Tucker oversees the case. STEVENSON & BULLOCK, PLC serve as the Debtor's legal counsel. MANNING MECHANICAL: Mark Shapiro Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of Steinberg, Shapiro & Clark as Subchapter V trustee for Manning Mechanical, LLC. Mr. Shapiro will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark H. Shapiro Steinberg, Shapiro & Clark 25925 Telegraph Rd., Ste. 203 Southfield, MI 48033 Phone: (248) 352-4700 Email: shapiro@steinbergshapiro.com About Manning Mechanical LLC Manning Mechanical, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-41173) on February 4, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Thomas J. Tucker presides over the case. Ernest Hassan, Esq., at Stevenson & Bullock, P.L.C. represents the Debtor as legal counsel. MARINER'S GATE: Hires Goldberg Weprin Finkel as Counsel ------------------------------------------------------- Mariner's Gate LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Goldberg Weprin Finkel Goldstein LLP as bankruptcy counsel. The firm will provide these services: (a) provide the Debtors with all necessary representation in connection with this Chapter 11 case, as well as the Debtors' responsibilities as Debtors-in-possession; (b) represent the Debtors in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; (c) review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, and reports on the Debtors' behalf; (d) provide all other legal services required with respect to achieving confirmation of a liquidating plan of reorganization in bankruptcy; and (e) provide all services necessary to close and consummate the sale transaction. The firm will be paid at these rates: Partner $865 per hour Associate $475 to $620 per hour The firm received the following payments from the Debtor: (a) the sum of $27,000 on August 7, 2024; and (b) the sum of $25,000 on February 21, 2025 for pre-petition services. Additionally, the firm received a retainer of $25,000 on December 15, 2025. Kevin Nash, Esq., a member at Goldberg Weprin Finkel Goldstein, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 E-mail: knash@gwfglaw.com About Mariner's Gate LLC Mariner's Gate LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 25-12819) on Dec. 16, 2025. The Debtor hires Goldberg Weprin Finkel Goldstein LLP as bankruptcy counsel. MEDICAL SOLUTIONS: Prospect Capital Marks $54.4M 2L Loan at 60% Off ------------------------------------------------------------------- Prospect Capital Corporation has marked its $54,463,000 loan extended to Medical Solutions Holdings, Inc. to market at $21,785,000 or 40% 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 Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 10.94% (3M SOFR + 7.00%) per annum. The loan matures on November 1, 2029. 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 Medical Solutions Holdings, Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MERCY HOSPITAL: MercyOne Must Face Liquidation Trust's Lawsuit -------------------------------------------------------------- Chief Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern District of Iowa denied the motion filed by Mercy Health Network, Inc. d/b/a MercyOne, Sean Williams, and Catholic Health Initiatives d/b/a Iowa Heart Center to dismiss the amended complaint in the adversary proceeding captioned as MERCY HOSPITAL LIQUIDATION TRUST OVERSIGHT COMMITTEE as designee of the MERCY HOSPITAL LIQUIDATION TRUST, Plaintiff VS. MERCY HEALTH NETWORK, INC. d/b/a MERCYONE, SEAN WILLIAMS, and CATHOLIC HEALTH INITIATIVES – IOWA, CORP. d/b/a IOWA HEART CENTER, Defendants, Adversary No. 25-09117 (Bankr. N.D. Iowa). Plaintiff filed this adversary proceeding on August 6, 2025. On September 2, 2025, Plaintiff filed an Amended Complaint, asserting 14 separate causes of action. Counts I, II, III, and IV assert causes of action for avoidance and recovery of certain transfers to MercyOne under sections 544, 547, 548, and 551 of the Bankruptcy Code and Chapter 684 of the Iowa Code. Counts V, VI, VII, VIII, and X assert causes of action for breach of contract, unjust enrichment, breach of fiduciary duty, and negligent misrepresentation against MercyOne. Plaintiff seeks $14.5 million on its unjust enrichment claim and $18.8 million on its breach of contract claim. Count IX asserts a claim for breach of fiduciary duty against Sean Williams. Counts XI, XII, XIII, and XIV assert causes of action for avoidance and recovery of certain transfers to Iowa Heart under sections 544, 547, 548, 550, and 551 of the Bankruptcy Code and Chapter 684 of the Iowa Code. Defendants filed this Motion to Dismiss on September 19, 2025. Defendants assert three arguments in support of dismissal: (1) the Amended Complaint does not comply with the requirement in Federal Rule of Civil Procedure 8 that it contain "a short and plain statement of the claim showing that the pleader is entitled to relief" because it is too long and too detailed; (2) an unjust enrichment claim cannot be based on a purported breach of contract; and (3) a breach of contract claim cannot be transformed into fraudulent conveyance, preference, and voidable transfer claims when the allegations are based on matters covered by the contract. The Court concludes that the Amended Complaint satisfies the requirements of Fed. R. Civ. P. 8 and Plaintiff's unjust enrichment, preferential transfer, and fraudulent transfer claims have been sufficiently pled in the alternative. A copy the Court's Opinion and Order dated February 10, 2026, is available at https://urlcurt.com/u?l=2HUopV About Mercy Hospital, Iowa City Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit corporation that operates an acute care community hospital and clinics in Iowa City, Iowa, and surrounding communities. Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy Services Iowa City, Inc., filed Chapter 11 petitions (Bankr. N.D. Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In the petition signed by its chief restructuring officer Mark E. Toney, Mercy Hospital disclosed $100 million to $500 million in both assets and liabilities. Judge Thad J. Collins oversees the cases. The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery LLP as bankruptcy counsels; H2C Securities Inc. as investment banker; and Epiq Corporate Restructuring, LLC as notice and claims agent. Toneykorf Partners, LLC provides interim management services to the Debtors. Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee of unsecured creditors on Aug. 15, 2023. The committee tapped Sills Cummis & Gross P.C. and Cutler Law Firm, P.C. as legal counsels; and FTI Consulting, Inc. as financial advisor. Susan N. Goodman was the patient care ombudsman appointed in the Debtors' cases. The Debtors' bankruptcy-exit plan was confirmed on June 7, 2024. Under the Plan, Dan R. Childers was appointed as Trustee of the Mercy Hospital Liquidation Trust. MEXCOL GROUP: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Mexcol Group, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for March 2. The Debtor needs to use cash collateral as working capital to fund day-to-day operations, pay critical expenses, and maintain the business' going-concern value. Mexcol Group operates a sit-down Mexican restaurant in Oxford, Michigan, along with the associated real estate at 21 S. Washington Street. Since its Chapter 11 filing on February 4, Mexcol Group has continued to operate as debtor-in-possession. The Debtor's secured creditors are Harvest Mortgage, Nexi and the U.S. Small Business Administration, which are owed $1.07 million, $350,000 and $150,000, respectively. Harvest Mortgage holds a first lien on the Debtor's commercial real estate, machinery/equipment, and all personal property while Nexi and the SBA hold second lien and third lien on personal property, respectively. The Debtor offers to grant secured creditors replacement liens on post-petition cash and assets to protect against any diminution in value of their cash collateral. About Mexcol Group LLC Mexcol Group LLC, doing business as Casa Real, operates a restaurant and bar at 21 S. Washington Street in Oxford, Michigan, specializing in Mexican food such as tacos, burritos, chimichangas, and fajitas. Mexcol Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52229) on December 2, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Mark A. Randon oversees the case. George E. Jacobs, Esq., at Bankruptcy Law Offices represents the Debtor as counsel. MICK'S GRASS: Gets Interim OK to Use Cash Collateral Until March 9 ------------------------------------------------------------------ Mick's Grass & Sod Service, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court entered a second interim order authorizing the Debtor to use cash collateral through March 9 consistent with its budget. Any creditor that holds an allowed secured claim secured by a perfected security interest in the cash collateral as of the petition date will be granted replacement liens on post-petition accounts receivable, contract rights, and deposit accounts, with the same validity, priority and extent as its pre-bankruptcy liens. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; appointment of a Chapter 11 trustee; expiration of the interim order without extension; the occurrence of the effective date of a confirmed Chapter 11 plan; or a material breach of the interim order, including failure to comply with the budget. A final hearing is scheduled for March 6. Objections are due by February 27. The interim order is available at https://is.gd/SQOA7I from PacerMonitor.com. About Mick's Grass & Sod Service Inc. Mick's Grass & Sod Service, Inc. operates as a landscaping and sod service provider offering grass installation and related services. Mick's Grass & Sod Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30192) on January 8, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Elias Marwan Yazbeck, Esq., of The Law Office of Elias M. Yazbeck, PLLC. MIRADOR MASTER: Settles with Insurer, Receiver ---------------------------------------------- Greenwich Insurance Company informed the U.S. District Court for the Southern District of Florida that it has reached a settlement with: -- Melanie E. Damian, in her capacity as the Court-appointed receiver for Mirador Master Association Inc.; -- Defendant Mirador Master Association Inc.; -- Defendants Humberto Fernandez and Bernardo Sandoval; and -- Plaintiff-Intervenors, Mirador 1000 Condominium Association, Inc., and Mirador 1200 Condominium Association, Inc. The Settling Parties have asked the Court to be excused from all future hearings and deadlines in this case while they work to finalize the settlement documents, including a confidential settlement agreement and joint stipulation for dismissal with prejudice. Accordingly, the Court has terminated the case. Greenwich is a Delaware-based insurance carrier that issued two excess coverage insurance policies to Mirador Master Association, Inc., a Miami Beach-based condominium association. The first excess policy was in effect between July 17, 2020, and January 4, 2021, and the second covered the period from February 2, 2021, to July 17, 2021. In July 2021, Mirador 1000 and 1200 filed crossclaims and a third-party complaint against Mirador Master and four of its officers and directors -- Bernardo Sandoval, Humberto Fernandez, Seth Frohlich, and Claudia Herman -- alleging the D&Os mismanaged and misappropriated funds and breached fiduciary duties owed to Mirador 1000 and 1200. Mirador 1000 and 1200 also moved for appointment of a receiver for Mirador Master; and the state court granted the motion, appointing the Receiver in February 2023. Mirador 1000 and 1200, as assignees of Mirador Master, filed their Intervenor-Plaintiffs' Complaint on March 18, 2025, asserting a breach-of-contract claim against Plaintiff and seeking declaratory relief, including that Mirador Master was entitled to execute the Assignment Agreement because Plaintiff refused to defend Mirador Master in the state-court lawsuit. In October 2025, Greenwich filed a Motion for Summary Judgment on all counts of its Amended Complaint, the Receiver's Counterclaim, and the Intervenor-Plaintiffs' Complaint. Greenwich argued that: (1) neither excess policy was triggered; and (2) the Assignment Agreement is unenforceable because the underlying insurance policy was not exhausted until after the agreement was executed, meaning Plaintiff's duty to defend was not triggered and could not have been breached, as required for a Coblentz agreement to be enforceable. On January 13, 2026, the Court entered an Order granting in part and denying in part each of the summary-judgment motions. The Receiver, Mirador 1000 and 1200, and Greenwich retained experts who prepared reports addressing the enforceability of the Assignment Agreement, including its reasonableness; the scope of any coverage owed by Plaintiff; and whether Plaintiff received timely notice of the state-court litigation: -- The receiver's proposed expert is Ronald L. Kammer, an attorney with experience in insurance coverage who would testify that the Assignment Agreement was reasonable and not tainted by fraud or bad faith. -- Mirador 1000 and 1200's proposed expert is R. Hugh Lumpkin, an attorney specializing in insurance who opines that Plaintiff received timely notice. -- Greenwich's proposed expert is Barry L. Davis, an attorney focusing on insurance law, who rebuts Kammer's conclusion that the Agreement is reasonable and Lumpkin's opinion that Plaintiff received timely notice. The Receiver argues that Davis should be precluded from testifying because he offers legal conclusions regarding insurance coverage under the excess policies that are disguised as expert opinions. To protect the Court's "exclusive prerogative” to "charg[e] the jury regarding the applicable law[,]" the Court “must remain vigilant against the admission of legal conclusions[.]" In her Jan. 17 order, Chief Judge Cecilia M. Altonaga granted, in part, and denied, in part, the court-appointed Receiver's Daubert Motion. Greenwich's Daubert Motion is granted in part and denied in part. Judge Altonaga said the Receiver is correct that Davis' proposed testimony includes legal conclusions. The Receiver's Motion is therefore granted to the extent Plaintiff may seek to have Davis "state legal conclusions drawn by applying the law to the facts. Greenwich challenges Lumpkin's proposed testimony on two grounds. First, Greenwich objects to Lumpkin's opinions on what is required by the notice provisions of the excess policies and whether Plaintiff breached the policies by denying coverage, contending these opinions amount to impermissible legal conclusions based on interpretations of the insurance contracts. According to Judge Altonaga, while Greenwich Insurance insists Lumpkin's testimony is not relevant, it neither provides authority stating that industry standards are irrelevant to breach-of-contract actions, nor explains why industry standards could not be relevant to the claims and defenses asserted in this case. The Court therefore declined to prohibit Lumpkin from offering "industry standards" testimony regarding timely notice. Attorneys for Greenwich Insurance Company: Kristen D. Perkins, Esq. Sara C. Ruiz, Esq. Tracy Gowen, Esq. KENNEDYS CMK, LLP 100 SE Third Avenue, Suite 806 Fort Lauderdale, FL 33994 Telephone: (305) 371-1111 E-mail: Kristen.Perkins@KennedysLaw.com Sara.Ruiz@KennedysLaw.com Tracy.Gowen@KennedysLaw.com Attorneys for Defendant, Melanie E. Damian, as Court-Appointed Receiver for Defendant, Mirador Master Association, Inc.: Joshua R. Alhalel, Esq. Jason S. Mazer, Esq. MAZER LAW, P.A. 2 Grove Isle Drive, Suite PH10 Miami, FL 33133 Telephone: (305) 799-9157 E-mail: jmazer@mazer-law.com jalhalel@mazer-law.com Attorneys for Mirador 1000 Condominium Association, Inc. and Mirador 1200 Condominium Association, Inc.: Nicole A. Josephy, Esq. Meghan C. Moore, ESq. FLASTER GREENBERG PC 2255 Glades Rd., Suite 324A Boca Raton, FL 33431 Telephone: 561-617-5198 E-mail: Meghan.moore@flastergreenberg.com Nicole.josephy@flastergreenberg.com About Mirador Master Association, Inc. Mirador Master Association, Inc. is a Miami Beach-based condominium association. MM CLOISTERS: Fannie Mae, Borrower Agree to Protective Order ------------------------------------------------------------ The Hon. Joshua D. Wolson of the U.S. District Court for the Eastern District of Pennsylvania affixed his signature on an agreed protective order between Plaintiff, Federal National Mortgage Association or Fannie Mae, and Defendant, MM Cloisters I LLC, that will govern the use, handling and disclosure of all documents, testimony or information produced or given in this foreclosure case and which are designated in good faith to be subject to the Protective Order. The parties anticipate that production of documents and testimony will likely include confidential information within the possession of the parties or certain non-parties. Separately, Fannie Mae has filed with the District Court its reply to MM Cloisters' Brief in Opposition to Fannie Mae's Motion for Expedited Appointment of a Receiver. According to Fannie Mae, Borrower-Defendant fails to address: (i) the critical and ongoing Events of Default under the Loan Documents; and (ii) the steps necessary to secure Fannie Mae's collateral and the Mortgaged Property. Instead, Borrower-Defendant's Opposition asks the Court to simply trust that at some point in the future it will refinance its debt despite missing all prior expected refinancing dates and keeping all rents for itself (which rents are Fannie Mae's collateral). Fannie Mae contends expedited appointment of the Receiver is necessary to protect the Mortgaged Property and the Collateral. Contrary to any vague assertions by Borrower-Defendant's principal, David Waxman, Borrower-Defendant has not complied with the most basic terms of the loan: ongoing payments, financial reporting, and turning over rents to Fannie Mae. Borrower-Defendant's failure to maintain insurance and the necessity of force-placed insurance is further evidence that the Mortgaged Property is not being adequately maintained or protected. Finally, Borrower-Defendant's argument that there is no need for expedited relief because Fannie Mae's Motion was filed in October and a potential refinance is pending is disingenuous. Borrower-Defendant made the same false representations to Fannie Mae in November 2025 (i.e., that a closing would occur by the end of 2025), which led Fannie Mae to give Borrower-Defendant until January 12, 2026, to respond to the instant Motion. Fannie Mae also notes the value of the Mortgaged Property and its collateral is at risk because the Borrower-Defendant refuses to comply with basic terms of the Loan Documents, including paying the Monthly Debt Service, paying off the accelerated balance of the loan, remitting rent payments, and reporting the current financial condition. The insurance policies that Borrower-Defendant procured were neither adequate nor complied with the Loan Documents. By letters dated May 9, 2025, and November 12, 2025, the Servicer explained the deficiencies in the existing insurance policies held by Borrower-Defendant and that failure to maintain policies constituted an Event of Default under the Loan Documents. The fact that Borrower-Defendant failed to procure insurance policies that comply with the Loan Documents underscores why a receiver is necessary. Borrower-Defendant was told in May 2025 that it needed to have insurance that protected the Mortgaged Property and complied with the specific requirements of the Loan Documents. Borrower-Defendant's representations that it is hoping to refinance its debts are insufficient to cure defaults or avoid the need for a receiver. There is no legal prohibition on refinancing properties after a receivership order is entered, nor does the proposed order prohibit refinancing the Loan. Neither Fannie Mae nor this Court should be forced to wait to protect the Mortgaged Property, the collateral, or the rents on the bald assertion that a refinance may close in the future. About MM Cloisters I LLC MM Cloisters I LLC is a Pennsylvania limited liability company organized and existing under the laws of the Commonwealth of Pennsylvania, having an address at 2732 W. Girard Avenue, 1st Floor, Philadelphia, Pennsylvania 19130. It is a single asset entity that was created for the purpose of owning a commercial mortgage secured by real property located in Philadelphia, Pennsylvania. MM Cloisters I LLC is facing a foreclosure case captioned as Fannie Mae v. MM Cloisters I LLC, Case No. 2:25-cv-06122 (E.D. PA), before the Hon. Joshua D. Walson. The case was filed on Oct. 28, 2025. In the lawsuit, Fannie Mae alleges that the Defendant is in default under a loan originally extended by Berkadia Commercial Mortgage LLC on June 21, 2019, and later assigned to Fannie Mae. As of September 30, 2025, there is due and owing collectively on MM Cloisters' loan without defense, deduction, offset, recoupment, or counterclaim, in the total amount of at least $5,585,487.40, consisting of: (a) the unpaid principal in the amount of $5,350,371.66; (b) the unpaid interest in the amount of at least $91,411.10, which continues to accrue; and (c) fees, expenses, and other amounts that are due pursuant to the terms of the Loan Documents (including attorneys' fees, costs, and interest accruing thereon at the Default Rate). Additional fees and costs have and will continue to accrue. The sole member of MM Cloisters is MMP Powelton Village Holdings, LP, a limited partnership organized and existing under the laws of the State of Delaware. The two partners of MMP Powelton Village, Holdings, LP are Delfinco, LP and MMP PV Holdings GP, LLC. Delfinco, LP is a limited partnership organized and existing under the laws of the State of Delaware. The general partner of Delfinco, LP is Delfinco GP, LLC, a limited liability company organized and existing under the laws of the State of Delaware. MMP PV Holdings GP, LLC is a general partnership organized and existing under the laws of the State of Delaware. The sole member of MMP PV Holdings GP, LLC is MMP Funding Partners, LLC, a limited liability company organized and existing under the laws of the State of Delaware. The manager of MMP Funding Partners, LLC is David Waxman, an individual and resident of the Commonwealth of Pennsylvania with an address at 2732 W. Girard Avenue, 1st Floor, Philadelphia, PA 19130. The members of MMP Funding Partners, LLC are Acrewood VII, LP, a limited partnership organized and existing under the laws of the State of Delaware and AD Fairmount Property Partners Management Company, LLC, a limited liability company organized and existing under the laws of the Commonwealth of Pennsylvania. The owners of Acrewood VII, LP and AD Fairmount Property Partners Management Company, LLC are Aaron Smith and David Waxman. Aaron Smith is an individual and resident of the Commonwealth of Pennsylvania with an address at 1939 Fairmont Avenue, Philadelphia, PA 19130. David Waxman is an individual and resident of the Commonwealth of Pennsylvania with an address at 2732 W. Girard Avenue, 1st Floor, Philadelphia, PA 19130 Attorneys for Fannie Mae: Nicholas R. Rodriguez, Esq. REED SMITH LLP 1717 Arch Street, Suite 3100 Philadelphia, PA 19103 Tel: (215) 851-8100 E-mail: nrodriguez@reedsmith.com - and - Jared S. Roach, Esq. 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: (412) 288-3131 E-mail: jroach@reedsmith.com Counsel for Defendant MM Cloisters I LLC Benjamin A. Garber, Esq. KLEINBARD LLC Three Logan Square 1717 Arch St., 5th Fl. Philadelphia, PA 19103 MOD JEWELRY: Court Extends Cash Collateral Access to Feb. 19 ------------------------------------------------------------ Mod Jewelry Group, Inc. and Steel Horse Jewelry, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral through February 19 to pay the expenses set forth in their budget, subject to a 10% variance per line item and overall. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on personal property acquired by the Debtors after their Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions and assets not subject to SBA's pre-bankruptcy rights and are subordinate to statutory fees owed to the Clerk of Court and the U.S. Trustee. The next hearing is scheduled for February 19. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/q6Svz from PacerMonitor.com. About Mod Jewelry Group Inc. Mod Jewelry Group, Inc. operates a branded jewelry business, specifically focused on motorcycle-themed products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20333-PDR) on September 4, 2025. In the petition signed by Len D. Weiss, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, represents the Debtor as legal counsel. MORVATT ENTERPRISES: To Sell Propane Tank to Reuben Bontrager ------------------------------------------------------------- Matthew Golden, Chapter 11 appointed Trustee of Morvatt Enterprises LLC, seeks permission from the U.S. Bankruptcy Court for the District of Kentucky at Owensboro, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a commercial poultry farm and agricultural business and several propane tanks were used in the connection with that operation. The Subject Property consists of eight propane gas tanks in the Trustee's possession: two 18,000 gallon tanks; one 30,000 gallon tank; four 1,000 gallon tanks; and one 500 gallon tank. Three of these tanks were the subject of a previous order of this Court, which directed the removal by the secured creditor or deeming them released should the creditor fail to get them within a specified time. Kevin Herron, the Auctioneer/Agent has been diligently preparing for an auction of the real estate which is scheduled for February 28, 2026. Herron obtained an offer to purchase the propane tanks in the amount of $90,000 from Reuben Bontrager of Golden Rule Propane, which the Trustee believes represents fair and reasonable value. The purposed sale is in the best interest of the bankruptcy estate and its creditors and will maximize the value of the estate assets. There are no known liens on the Subject Property. The Trustee further believes that by selling the Subject Property via private sale, the Trustee will avoid expenses for removal of the propane tanks and advertising expenses. In addition, any risk of obtaining a lower sale price will be eliminated if the Subject Property is sold separately from the real property auction. The Auction/Agent, Kevin Herron has been employed on a percentage model and will be be compensated at the rate of $9,000. The purchaser has promised to remove the property prior to the closing of any real property subject to auction and will be held liable for any damage to the real property occurring during removal. About Morvatt Enterprises Morvatt Enterprises, LLC, a company in Henderson, Ky., filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-40488) on Aug. 22, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Charles H. Morris, Jr., owner and sole member, signed the petition. Judge Charles R. Merrill oversees the case. Sandra D. Freeburger, Esq., at Deitz Shields & Freeburger, LLP is the Debtor's legal counsel. MOTUS GROUP: Fitch Alters Outlook on 'B-' Long-Term IDR to Positive ------------------------------------------------------------------- Fitch Ratings affirmed Motus Group, LLC's Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch also affirmed the company's secured revolving credit facility (RCF) and first lien secured term loan at 'B' with a Recovery Rating of 'RR3'. The Rating Outlook has been revised to Positive from Stable. The Positive Outlook reflects the strengthening of Motus's credit metrics. The (CFO-capex)/debt is expected to trend towards 5% in 2027. Fitch expects Motus' Fitch-adjusted EBITDA leverage to be approximately 8.1x by the fiscal YE 2026 and improve to near 7.0x through the rating period. Motus' rating also reflects its small scale, high leverage profile, company's strong EBITDA margins, and high retention rates. Key Rating Drivers Leverage Remains Elevated: Fitch forecasts gross leverage to be close to 7.0x by 2028, driven by steady mid-single-digit revenue growth and operating leverage. Fitch also expects the company to continue to have top-line growth along with modest EBITDA margin expansion. Given the private equity ownership that is likely to prioritize growth and return on equity (ROE), Fitch believes accelerated debt repayment is unlikely despite strong FCF generation. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners, keeping financial leverage at elevated levels. Improving Interest Coverage and FCF: Fitch forecasts positive FCF for Motus, rising to the low- to mid-teens range over the rating horizon, supported by higher EBITDA. Fitch expects the interest coverage ratio to be 1.3x in 2025, improving to 1.6x-2.0x in subsequent years, driven by enhanced EBITDA margins and lower effective interest rates. High Recurring Revenue and Revenue Retention: Motus benefits from recurring revenue, which exceeded 90% as of September 2025. A gross retention rate above 90% and a net retention rate over 100% provide significant visibility into future revenue. Motus has consistently grown annual recurring revenue (ARR), indicating a stable recurring revenue base as customers typically renew. Motus has a multiyear renewal strategy in place, which has resulted in a significant increase in multiyear contract renewals YoY. Liquidity Remains Sufficient: Motus's liquidity is supported by positive FCF, full availability on its $50 million secured revolver, and approximately $40 million in cash as of September 2025. There are no near-term debt maturities, and the $50 million revolver maturity will be extended by around 21 months to September 2028, with the first lien term loan due in 2028. Leading FAVR Provider: Motus is a leading employee vehicle reimbursement solution provider. The company offers end-to-end cloud-based software solutions for fixed- and variable-rate reimbursements (FAVR), which allows companies to reimburse employees for personal vehicle use on a tax-free basis. Fitch expects the industry to grow as employers continue to shift toward having employees drive their own vehicles and expense tracking and costs. Moderate Revenue Diversity: As of September 2025, vehicle reimbursement programs for expense claims and distribution accounted for approximately 90% of annual recurring revenue, with the remainder coming from wireless device expense programs and relocation or remote work services. Motus serves more than 3,000 small and medium-sized businesses, mid-market, and enterprise business-to-business (B2B) customers across various industries, with no single industry exceeding 15% of ARR. Peer Analysis Motus' 'B-' rating reflects its leading position in the vehicle reimbursement industry, recurring revenue model and solid profitability, balanced against elevated leverage. Fitch views Motus' financial flexibility as more constrained than that of many technology peers. The company's revenue scale, leverage and liquidity profile are consistent with the 'B-' rating. Cash flow generation and leverage metrics are broadly in line with similarly rated software issuers. Like other private-equity-owned issuers, Fitch believes the company's focus may be on ROE rather than debt reduction. Motus' recurring revenue base, profitability and leverage profile are comparable with 'B' category software peers, including Newfold Digital, Inc. (B-/Stable), Gainwell Acquisition Corp. (B-/Stable) and Constant Contact (B/Stable). Relative to Constant Contact and Newfold Digital, Motus has smaller scale and higher leverage, but a broadly similar EBITDA margin profile and stronger FCF margins. Compared with Gainwell, Motus has a similar leverage profile, but higher revenue growth and stronger FCF margins. Overall, Motus' credit profile is consistent with its peers, with smaller scale and higher leverage offset by solid margins and cash flow generation. Fitch’s Key Rating-Case Assumptions - Revenue growth in the mid-single digits; - EBITDA margins in the high-30s over the forecast horizon; - Capex intensity in the low-single digits; - Working capital expected to remain in line with historical trends; - No acquisitions or dividends assumed. Corporate Rating Tool Inputs and Scores Fitch scored the issuer using its Corporate Rating Tool to produce a Standalone Credit Profile (SCP) of 'b-'. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that Motus would be recognized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch assumed a 10% administrative claim. - The recovery analysis anticipates Motus entering a distressed scenario due to challenges surrounding their main business line, vehicle reimbursement, due to increased competition. Fitch also assumes that their device and location solution segment will experience compressed margins as a result of direct peers enhancing their offerings and intensifying competition, leading to price battles. Given these challenges, Fitch assumes a GC EBITDA of $55 million; - Fitch applies an EV multiple of 7.0x EBITDA to the GC EBITDA to calculate a post-reorganization enterprise value (EV). The choice of this multiple considered the following factors; - Fitch's Bankruptcy EVs and Creditor Recoveries showed that bankruptcy case study exit multiples for technology peer companies ranged from 2.6x to 10.8x; - Of these companies, five were in the Software sector: Allen Systems Group, Inc. (8.4x); Avaya Inc. (2017: 8.1x and 2023: 7.5x); Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x) and Riverbed Technology Software (8.3x); - After applying the 10% administrative claim, an adjusted EV of approximately $350 million is available for claims by creditors, resulting in a 'B'/'RR3' for the secured first lien debt and RCF. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - (CFO-capex)/debt trending toward 0%; - EBITDA interest coverage below 1.25x on a sustained basis; - Organic revenue growth sustained near or below 0%, erosion of retention rates, or declines in ARR; - Erosion of liquidity driven by aggressive spending or weaker economic conditions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA interest coverage above 1.75x on a sustained basis; - (CFO-capex)/debt above 2.5% on a sustained basis; - Expectations for EBITDA leverage below 7.5x on a sustained basis; - End market or product diversification from expansion or acquisitions into adjacent markets. Factors that Could, Individually or Collectively, Lead to Stable Outlook - (CFO-capex)/debt remains below 2.5%; - EBITDA interest coverage remains below 1.75x; - EBITDA leverage remains above 7.5x; Liquidity and Debt Structure The company's liquidity is projected to be adequate, supported by its FCF generation and approximately $50 million of cash on balance sheet and $50 million of undrawn revolver. Fitch forecasts Motus's FCF to be in the mid- to high-teens through 2028, supported by EBITDA margin in the high-30s. Motus has $600 million of secured first lien debt due 2028 and a $50 million undrawn revolver with extended maturity of 2028. Given the recurring nature of the business and adequate liquidity, Fitch believes Motus will be able to make its required debt payments. Issuer Profile Motus Group, LLC is a "Software as a Service" provider of software solutions for vehicle reimbursement. It also offers reimbursement solutions for wireless devices and relocation/remote work. The company is privately owned by Thoma Bravo and Permira Advisors. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Motus Group, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Motus Group, LLC LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B MOUNTAIN RIDGE: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Lead Debtor: Mountain Ridge Condominium Council of Co-Owners, Inc. Mountain Ridge Condominium 100 Mountain Ridge Circle Fairfield Bay AR 72088 Business Description: The Debtors are Arkansas non-profit corporations that govern interval-ownership timeshare communities in Fairfield Bay, Arkansas, pursuant to their respective declarations and bylaws. The Debtors oversee a combined 205 furnished units across five properties -- Mountain Ridge, Mountain Meadows, Cliffside Lodge, Hamilton Cove, and The Fairways -- totaling 10,660 interval weeks, and hold minority interval interests and related common-element interests in their respective properties as tenants in common with unit owners. As of Jan. 4, 2026, the Debtors suspended occupancy at the properties and are no longer accepting guests or reservations. Chapter 11 Petition Date: February 11, 2026 Court: United States Bankruptcy Court Eastern District of Arkansas Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Mountain Ridge Condominium Council of Co-Owners, Inc. 26-10474 The Mountain Meadows Association, Inc. 26-10476 Cliffside Lodge II Council of Co-Owners, Inc. 26-10478 Hamilton Cove Townhouses Property Owners Assoc., Inc. 26-10479 The Fairways Townhouse Association, Inc. 26-10480 Judge: Hon. Phyllis M Jones Debtors' General Bankruptcy Counsel: Charles T. Coleman, Esq. Stan D. Smith, Esq. WRIGHT, LINDSEY & JENNINGS LLP 200 W Capitol Ave, Ste 2300 Little Rock AR 72201-3699 Tel: (501) 371-0808 Email: ccoleman@wlj.com ssmith@wlj.com AND Brandy A. Sargent, Esq. K&L GATES LLP One SW Columbia Street, Suite 1900 Portland, OR 97204 Phone: (503) 228-3200 Email: brandy.sargent@klgates.com AND Daniel M. Eliades, Esq. Peter J. D'Auria, Esq. K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Phone: (973) 848-4000 Email: daniel.eliades@klgates.com peter.dauria@klgates.com AND Jonathan N. Edel, Esq. K&L GATES LLP 300 South Tryon St., Suite 1000 Charlotte, NC 28202 Phone: (704) 331-7400 Email: jon.edel@klgates.com Debtors' Real Estate Broker: HILCO REAL ESTATE, LLC Mountain Ridge's Estimated Assets: $1 million to $10 million Mountain Ridge's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Michael T. Friedman as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QHV7YPQ/Mountain_Ridge_Condominium_Council__arebke-26-10474__0001.0.pdf?mcid=tGE4TAMA List of Lead Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Petit Jean Electric $7,632 P.O. Box 37 Clinton, AR 72031 2. Arkansas Telephone Company $2,327 P.O. Box 69 Clinton, AR 72031 3. Master Corp $523 3505 N Main St P.O. Box 4027 Crossville, TN 38557 4. Cintas $336 P.O. Box 88005 Chicago, IL 72088-3919 5. Vacation Resort Management, Inc. $0 f/k/a Wyndham Vacation Management, Inc. 501 W Church St Orlando, FL 32805 MULTI-COLOR CORP: 3d Cir. Review Denied in Ch. 11 Venue Fight ------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Tuesday, February 10, 2026, a bankruptcy judge in New Jersey denied creditors' request to send a venue dispute in Multi-Color Corp.'s Chapter 11 directly to the Third Circuit, saying the case is not yet ready for appellate consideration. The court emphasized that more factual findings are needed before an appeal can proceed. The creditors argue that the global label maker improperly chose New Jersey as its bankruptcy venue and are seeking to have the case transferred. They asked for immediate review, maintaining that the issue presents a significant legal question warranting direct certification. However, the judge found that the matter turns largely on factual determinations rather than purely legal issues. Without a complete evidentiary record, the court said, appellate review would be premature and could undermine the orderly progression of the Chapter 11 proceedings, according to report. About Multi-Color Corp Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.â€™s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MW MASON: Has Deal on Cash Collateral Access -------------------------------------------- MW Mason Construction, Inc. and Kapitus, LLC advise the U.S. Bankruptcy Court for the Central District of California, 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. Pre-petition, the Debtor entered into a Forward Purchase Agreement with Kapitus to sell $219,000 in future receivables, secured by a blanket lien on all assets and guaranteed by Matthew Mason. Kapitus asserts a secured claim of about $250,015 and has filed a proof of claim, while the Debtor has moved to value and partially bifurcate that claim. Because the Debtor needs cash to continue operating, Kapitus consents to the use of its cash collateral subject to strict conditions: the Debtor may only spend funds according to a court-approved budget with limited variances, must provide detailed monthly financial reporting, allow inspections, and maintain insurance. As adequate protection, Kapitus will receive replacement post-petition liens on all assets (with the same priority as its pre-petition lien), a superpriority administrative claim under §507(b), and monthly cash payments of $3,620 by ACH. The Debtor waives rights to seek alternative financing or surcharge Kapitus's collateral without consent. A copy of the motion is available at https://urlcurt.com/u?l=4dsJHt from PacerMonitor.com. About MW Mason Construction Inc. MW Mason Construction, Inc. is a construction services provider in the United States, working across residential and commercial sectors. It delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025. Its petition reports estimated assets between $100,001 and $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ronald A. Clifford, III presides over the case. The Debtor is represented by William C. Beall, Esq., at Beall and Burkhardt, APC. NEED SPACE: Simmons Bank Wins Bid to Appoint Receiver ----------------------------------------------------- Chief Judge Sheryl H. Lipman of the U.S. District Court for the Western District of Tennessee granted Simmons Bank's Expedited Motion and Incorporated Memorandum of Law Seeking (I) the Appointment of Receiver, (II) Injunctive Relief, (III) to Set Bond, and (IV) to Set Hearing in the case captioned as SIMMONS BANK, Plaintiff, v. WESTBRANCH, LLC; NEED SPACE WESTBRANCH, LLC; NEED SPACE MANAGEMENT, LLC; and MARION U. THREATT, Individually, Defendants, Case No. 2:25-cv-02818-SHL-tmp (W.D. Tenn.). This matter involves four loans issued by Plaintiff Simmons Bank, two to Defendant Westbranch, LLC, and one each to Defendants Need Space Westbranch, LLC, and Need Space Management, LLC. Defendant Marion U. Threatt is the sole member of each of the Defendant entities. Simmons Bank asserts that Defendants are in default on the loans, which collectively had the original principal amount of $6,677,625. According to Simmons Bank, Defendants have breached the loan agreements' terms, including by failing to make timely or sufficient payments, failure to pay property taxes on the real property that secures two of the loans, and failure to maintain required and sufficient insurance on the real and personal property that secure all of the loans. Simmons Bank asserts that Defendants have not been current on their loan payments for more than six months, and continue to divert funds from the income-producing collateral that was used to secure the loans. Moreover, Simmons Bank has been forced to pay significant past due taxes on the real property collateral, as Defendants' failure to pay the property taxes made the collateral subject to tax sales. Simmons Bank contends that, absent the appointment of a receiver, there will be a failure to preserve the real and personal property collateral, greatly reducing the value of its collateral, result in irreparable harm to it, and leave it without adequate remedy at law. Simmons Bank believes that the Defendants are insolvent, thereby making any final judgment under the Complaint generally ineffectual without preservation of the collateral. After initially setting a hearing on the matter for September 26, 2025, the case was stayed based on the fact that Defendants Westbranch, LLC, Need Space Westbranch, LLC, and Need Space Management, LLC, each filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Mississippi, on or around September 24, 2025. On November 7, the Court lifted the stay after the bankruptcy petitions were dismissed, and set a hearing on the Motion for November 13. In its complaint, and again in the Motion now before the Court, Simmons Bank asserts it is entitled to the appointment of a receiver, as well as the extraordinary relief of a preliminary injunction that would provide the receiver with the means for implementing the purposes of the receivership. The Court finds the record demonstrates that Plaintiff has shown a strong likelihood of success on the merits and that Plaintiff has suffered, and would continue to suffer, irreparable harm if the preliminary relief is not issued. As Defendants acknowledge, the appointment of a qualified receiver to manage the subject real estate property serves the legitimate interests of all parties to this litigation. The professional management of the property during the pendency of this action will help preserve the value of the assets and ensure proper maintenance and operation of the facilities. There is no suggestion that the issuance of a preliminary injunction would cause substantial harm to third parties. Further, the public interest would be served by the issuance of a preliminary injunction for multiple reasons, including that a receiver is more likely to ensure that the property is preserved and that taxes are paid, and that the underlying contracts that give rise to this dispute are honored. Similarly, as Defendants explain, the appointment of a receiver will help ensure that the subject property is properly maintained, operated, and preserved during the pendency of this litigation, thereby protecting the interests of all parties and preventing potential deterioration or loss of value that could occur without professional management oversight. MS Manager, LLC, is appointed receiver, subject to further Court order, and granted all the rights, powers, duties, authority, and protections ordinarily granted to a receiver and necessary to take possession of, maintain, and preserve the Real Property Collateral and Personal Property Collateral, including, without limitation, (i) the right to sell the Real Property Collateral and Personal Property Collateral, or any part thereof, pursuant to 28 U.S.C. Sec. 2001, et seq., upon the request of Lender and in accordance with terms hereafter approved by Lender and the Court; (ii) the right to hire professionals, on terms approved by Lender, to help the Receiver protect, preserve and liquidate the Real Property Collateral and Personal Property Collateral; and (iii) the right to hire an accountant. A copy the Court's Order dated February 9, 2026, is available at https://urlcurt.com/u?l=uGQkaR from PacerMonitor.com. About Need Space Westbranch LLC Need Space Westbranch, LLC filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 25-13181) on September 25, 2025, listing up to $10 million in both assets and liabilities. The Hon. Jason D. Woodard dismissed the case on Oct. 22, 2025. Need Space Management, LLC filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 25-13179) on Sept. 25, 2025, listing up to $10 million in both assets and liabilities. The Hon. Jason D. Woodard dismissed the case on Oct. 22, 2025. Westbranch, LLC filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 25-13183) on Sept. 25, 2025, listing up to $10 million in both assets and liabilities. The Hon. Jason D. Woodard dismissed the case on Oct. 22, 2025. The cases were not jointly administered. John Keith Perry, Jr., Esq., at Perry Griffin OC, represents the Debtors as Chapter 11 counsel. Simons Bank, as lender, is represented by: R. Campbell Hillyer, Esq Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Tel: (901) 680-7326 Email: cam.hillyer@butlersnow.com The cases were filed after lender Simmons Bank filed a complaint before the U.S. District Court for the Western District of Tennessee against the companies and Marion U. Threatt, as guarantor, seeking appointment of a receiver for these companies' assets. Simmons alleged the companies defaulted on four loans extended by Simmons in the collective original principal amount of $6,677,625. The Loans were secured by, among other things, deeds of trust encumbering certain real property located in Desoto County, Mississippi as well as, but not limited to, the equipment, rents, and personal property (eight (8) Ford Econoline vans) owned by the Borrowers. On Nov. 7, 2025, the Court lifted the stay after the bankruptcy petitions were dismissed, allowing Simmons' lawsuit to proceed. NETCAPITAL INC: 3i LP and Affiliates Hold 7% Equity Stake --------------------------------------------------------- 3i, LP, 3i Management LLC, and Maier Joshua Tarlow, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of January 27, 2026, they beneficially own 518,889 shares of common stock -- issuable upon exercise of common stock purchase warrants held directly by 3i, LP; 3i Management LLC is the manager and general partner of 3i, LP, and Mr. Tarlow is the manager of 3i Management LLC, with shared voting and dispositive power -- of Netcapital Inc.'s common stock, par value $0.001 per share, representing 7.0% of the 6,867,899 shares outstanding as of December 15, 2025. 3i, LP may be reached through: Maier Joshua Tarlow, Manager of 3i Management LLC 2 Wooster Street, 2nd Floor New York, NY 10013 Tel: (646) 845-0040 A full-text copy of 3i, LP's SEC report is available at https://tinyurl.com/4ydfurux About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $25,439,398 in total assets, $4,002,600 in total liabilities, and $21,436,798 in total stockholders' equity. NEWKIRK LOGISTICS: Gets Interim OK for DIP Financing From TBK Bank ------------------------------------------------------------------ Newkirk Logistics, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to obtain debtor-in-possession financing through a factoring agreement with TBK Bank, SSB. The interim order authorized the Debtor to continue to operate under the factoring agreement under which TBK Bank, doing business as Triumph, agreed to purchase the Debtor's accounts receivable arising from transportation and logistics services provided to customers. Specifically, Triumph will continue to purchase accounts receivable post-petition and advance up to 98.5% of their face value, with a maximum facility of $8 million, subject to fees that increase if invoices are not collected within specified timeframes. Triumph will own the factored receivables, have full recourse against the Debtor for unpaid invoices, and receive a superpriority administrative expense claim for all post-petition advances, subject to a $25,000 carveout for the Subchapter V trustee's professional fees. As security for the Debtor's post-petition obligations under the factoring agreement, Triumph will be granted automatically perfected, first-priority replacement liens on all post-petition assets (other than Chapter 5 avoidance actions), with similar replacement liens for any junior secured creditors, and to operate strictly within a court-approved interim budget and a forthcoming 120-day final DIP budget, subject to limited 10% variances. The interim order also authorized the Debtor to use cash collateral (i.e. purchase price advances) except those that constitute or qualify as restricted cash collateral. The interim order expires on February 20. A copy of the interim order is available at https://is.gd/cVTyAy from PacerMonitor.com. Newkirk Logistics historically financed its operations through a long-standing factoring relationship with Triumph, which holds a first-priority, perfected lien on all of the Debtor's assets and is owed about $1.17 million for pre-bankruptcy advances. After suffering major revenue losses in 2025 from the termination of a U.S. Postal Service contract and other customers, the Debtor ran short of cash, fell behind on vehicle leases and trade payables, and was forced to seek bankruptcy protection. Management now believes the company can return to profitability after recently securing a new carrier agreement with ITS Logistics, but only if it can maintain operations through immediate access to liquidity. Because the Debtor has little fixed capital, no unencumbered cash, and negative equity, it believes that no third-party lender other than Triumph is willing to provide post-petition financing. About Newkirk Logistics, Inc. Newkirk Logistics, Inc. operates a nationwide trucking business. Newkirk Logistics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40551-11) on February 4, 2025, with up to $10 million in both assets and liabilities. Barry Newkirk, president of Newkirk Logistics, signed the petition. Robert A. Simon, Esq., at Whitaker Chalk Swindle and Schwartz, represents the Debtor as legal counsel. NFN8 GROUP: Seeks to Sell Bitcoin Mining Business at Auction ------------------------------------------------------------ NFN8 Group Inc. and its affiliates, NFN8 Capital, LLC, and NFN8 Holdings, LLC, seek approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors seek entry of an order establishing bidding procedures and related relief to facilitate a prompt, orderly, and value-maximizing sale of substantially all of the Debtors' assets. The proposed bidding procedures are designed to foster a competitive and transparent marketing and sale process, encourage participation by potential buyers, and ensure that the Debtors receive the highest or otherwise best offer for the assets. The Debtors' primary assets consist generally of its rights and arrangements to procure, control, and utilize electrical power at its operating facilities, together with its related site control interests, operational infrastructure, customer and revenue-generating relationships, and associated equipment and personal property used in connection with those operations. The Debtors have determined in their business judgment that a timely sale of all or part of the Assets is in the best interests of the Debtors, their estates and creditors, and all parties in interest under the circumstances. The Debtors believe that the Sale Transaction will preserve and protect the value of the Assets as a going concern operation, with the goal of maximizing the benefit to the Debtors' estates and their stakeholders. In connection with the Sale Transaction, the Debtors have retained Synteq Digital Operations US, LLC3 as their broker. The Debtors have developed the timeline set forth in this Bid Procedures Motion in consultation with the Broker and the DIP Lender. The Debtors shall notify each Qualified Bidder that such party is a Qualified Bidder within three days after the Bid Deadline. In the event the Debtors receive more than one Qualified Offer, the Debtors may determine, in consultation with the DIP Lender, to conduct an auction to request additional competitive bids from Qualified Bidders. If the Debtors elect to conduct the Auction, the Auction will be a "public outcry" auction and will be held on April 21, 2026 at 10:00 a.m. at a location to be identified by the Debtors and provided to each Qualified Bidder. A Qualified Bidder wishing to submit a bid higher than the Baseline Bid at the Auction must bid an amount at least $50,000.00 greater than the total consideration contained in the Baseline Bid plus Bid Protections. Subject to the Minimum Overbid, Qualified Bidders shall submit successive bids in increments to be determined by the Debtors, in consultation with the DIP Lender, at the Auction for the purchase of the Assets for which it is bidding on until there is only one offer that the Debtors determine, in consultation with the DIP Lender and subject to Court approval, is the highest and/or best offer for such assets. The second highest bid, to the extent determined to be acceptable to the Debtors, in consultation with the DIP Lender, shall be deemed to be the backup bid. The DIP Lender shall be entitled to credit bid all or a portion of the outstanding obligations of the Debtors. All objections to any assumption and assignment of any Assumed and Assigned Contract, including, without limitation, any objection to the Debtors' proposed Cure Amount or the provision of adequate assurance of future performance under any Lease or Contract. The Debtors submit that it is an exercise of their sound business judgment to assume and assign the Assumed and Assigned Contracts to the Successful Bidder in connection with the consummation of the Sale Transaction, and the assumption, assignment, and sale of Assumed and Assigned Contracts is in the best interests of the Debtors’ estates, their creditors, and all parties in interest. About NFN8 Group NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NICKLAUS COMPANIES: Court Asked to Keep Biopic Deal Whole --------------------------------------------------------- Ganesh Setty of Law360 reports that a film production company has formally urged a Delaware bankruptcy judge not to allow the sale of brand licensing rights for Jack Nicklaus to interfere with a biopic screenplay agreement it has with an affiliate of the bankrupt business controlling the golf star’s brand. The company says the screenplay contract plays a key commercial role that should be preserved intact during the bankruptcy. The motion was filed as part of the Chapter 11 case involving Nicklaus Design, LLC and other affiliated debtors exploring restructuring and potential sales of major intellectual property assets. The production company expressed concern that a new licensee could seek to alter or terminate the existing screenplay deal if the rights package changes hands, the report relays. Asserting its stake in the creative project’s future, the producer asked the bankruptcy court to ensure that the screenplay agreement survives any transition in brand rights ownership. The filing emphasizes the importance of avoiding disruption to ongoing development tied to the proposed Nicklaus biopic, according to Law360. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NORDICUS PARTNERS: Establishes Three Key Board Committees --------------------------------------------------------- Nordicus Partners Corporation disclosed in a regulatory filing that the Board of Directors established the Audit Committee, the Compensation Committee and the Nominating Committee of the Company's Board and adopted charters to govern the respective committees on November 10, 2025. As of November 10, 2025: -- the Audit Committee consists of Kim Mucke, Andrew J. Ritter and Peter Severin. Kim Mucke serves as the Chair of the Audit Committee. The Board has determined that, based on his professional qualifications and experience, Mr. Mucke is an audit committee financial expert as defined under the rules of the Securities and Exchange Commission, and that each member of the Audit Committee is able to read and understand fundamental financial statements. -- the Compensation Committee consists of Andrew J. Ritter, Kim Mucke and Peter Severin. Andrew J. Ritter serves as the Chair of the Compensation Committee. -- the Nominating Committee consists of Peter Severin, Andrew J. Ritter and Kim Mucke. Peter Severin serves as the Chair of the Compensation Committee. A copy of the Company's Audit Committee Charter, Compensation Committee Charter and Nominating Committee Charter are available at https://tinyurl.com/3b45s539, https://tinyurl.com/423xs2z7, and https://tinyurl.com/43rrfkmx, respectively. About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and the private placement of Common Stock. As of September 30, 2025, the Company had $75.8 million in total assets, $11.2 million in total liabilities, and $64.7 million in total stockholders' equity. NORTH PONDEROSA: Court OKs Melissa Property Sale to SR Capital -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, has granted North Ponderosa LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is approximately 94.25 acres of land located along County Road 413 in Melissa, Collin County, Texas. The Court has authorized the Debtor to sell the Property to SR Capital Management, LLC, a Texas limited liability corporation, and/or its assignees, in the purchase price of $8,100,000.00. The Closing of the Purchase and Sale Agreement shall occur on or before February 23, 2026, which date may be extended by the agreement of the Debtor, the Purchaser, and the Cardwell Trustee without further order of the Court. The Debtor and the Purchaser may use Capital Title of Texas, 2713 Virginia Parkway, Suite 100, McKinney, Texas 75071 (or such other title company as may be agreed to by NPLLC and the Purchaser) as the Escrow Agent and Title Company without further order of the Court. The Property shall be sold to the Purchaser free and clear of free of any and all liens, claims, encumbrances, lawsuits, and judgments, asserted, or which may be asserted, against the Property, Debtor, or Debtor's estate. The Cardwell Estate Claims are property of the Cardwell Estate, and the Cardwell Trustee is the sole owner and holder of the Cardwell Estate Claims and the 2015 Judgment. The Cardwell Trustee is authorized to execute and record all documents and releases contemplated by the Settlement Agreement. About North Ponderosa North Ponderosa, LLC, is engaged in activities related to real estate. North Ponderosa filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-41387) on July 31, 2023. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by William H. Gibson as sole manager. Judge Brenda T. Rhoades presides over the case. Robert T. DeMarco, Esq., at DEMARCO MITCHELL, PLLC, is the Debtor's counsel. NS8 INC: Court Narrows Claims in Dawson Adversary Case ------------------------------------------------------ Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware will grant in part and deny in part the motion for summary judgment filed by Drivetrain, LLC, the Trustee for the Cyber Litigation Trust, in the adversary proceeding captioned as In re Cyber Litig. Inc., 20-12702; Drivetrain LLC v. Dawson, Adv. Proc. No. 24-50177 (Bankr. D. Del.). Anthony Dawson was the Chief Revenue Officer of the debtor. He was also an early investor in the debtor and received approximately $1.465 million in a June 2020 tender offer in which he sold certain of his shares back to the company. The trustee of the litigation trust filed this adversary proceeding against him, asserting claims for fraudulent conveyance as well as common law claims for breach of fiduciary duty and unjust enrichment. In October 2023, the Court issued an opinion in a fraudulent conveyance case that the litigation trust had brought against other participants in the debtor's tender offer. That opinion held that, for purposes of the approval of the tender offer, the intent of the company's founder was properly imputed to the company, notwithstanding the fact that the majority of the board lacked any fraudulent intent. The reason was that undisputed record showed that the founder had effectively tricked the rest of the board into believing that the company was thriving, when in fact it was a largely fraudulent enterprise. The Court concludes that the trustee is entitled to summary judgment against Dawson on the fraudulent conveyance claim for essentially the same reasons the Court explained in the DDE Opinion. With respect to the claim for breach of fiduciary duty, the Court concludes that the trust is entitled to partial summary judgment on the question whether Dawson owed fiduciary duties to the company. But material disputes of fact preclude the entry of summary judgment on whether Dawson breached those fiduciary duties. A copy the Court's Letter Ruling dated February 9, 2026, is available at https://urlcurt.com/u?l=LUOwyy from PacerMonitor.com. About NS8 Inc. Las Vegas-based NS8 Inc. -- https://www.ns8.com/ -- is a developer of a comprehensive fraud prevention platform that combines behavioral analytics, real-time scoring, and global monitoring to help businesses minimize risk. NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702) on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the chief restructuring officer. The Debtor was estimated to have $10 million to $50 million in assets and $100 million to $500 million in liabilities at the time of the filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor tapped Blank Rome LLP and Cooley LLP as its legal counsel, and FTI Consulting Inc. as its financial advisor. Stretto is the claims agent. * * * The company changed its name to Cyber Litigation after it sold substantially all of its assets to Codium Software LLC in December 2020. In March 2022, Cyber Litigation won approval of its plan to pay a total of at least $38 million to defrauded investors. NU STYLE: Seeks to Sell Landscaping Business at Auction ------------------------------------------------------- Nu Style Landscape & Development, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell substantially all Assets in Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company which operates commercial landscaping and construction business, which jobs ranging from $15,000.00 to $1,500,000.00, which has been operating since October of 2005. As part of its Plan and Fourth Amended Disclosure Statement, the Debtor anticipated that it would earn approximately $6,700,000.00 to $7,700,000.00 in gross profits over the next 5 years, demonstrating an ability to make payments to administrative, priority and unsecured claims. Additionally, on August 4, 2025, Debtor's valuation expert, Scott R. Saltzman, issued his Updated Fair Market Value 100% Non-Markable Ownership Interest in Nu Style Landscape and Development as of July 30, 2025, declaring the value of the Debtor as a going concern at $740,000.00. Nevertheless, the Debtor has decided that, in light of continued objection by the Committee to Debtor's Plan and prior submissions, as well as continued rejecting votes of certain creditors of the Debtor, that a liquidating plan is in the best interest of the Debtor’s estate and creditors at this stage of the proceedings, versus continued, uncertain litigation. The Debtor believes that its services have significant upside potential and would be a valuable asset for a prospective purchaser. The Debtor further believes that conducting a sale of the business as a going concern through a bankruptcy auction is the best way to maximize value for the benefit of stakeholders, versus conversion of the matter to one under Chapter 7 and a resulting piecemeal fire sale of assets of a non-operating company. Upon approval of the Bidding Procedures, Debtor will immediately approach all potential interested parties with details on the Bidding Procedures. Debtor invites creditors and other interested parties to join the marketing process, and is open to discussions on how to further market assets to secure the greatest recovery for the Debtor's estate. The marketing process and proposed timeline under the Bidding Procedures provide sufficient time for the Debtor to market its Assets for sale, negotiate a stalking horse agreement (if any), evaluate all bids, hold an auction, and consummate a Sale. In the Debtor's judgment, the proposed timeline provides sufficient opportunity for potential buyers to consider and formulate bids, including potential investors to which Debtor has already spoken. In the event that the Bidding Procedures results in the selection of a Successful Bidder, the Debtor will seek entry of the Sale Order at the Sale Hearing. To foster competitive bidding, the Debtor believes that having the ability to offer the Stalking Horse Inducements may serve to ignite renewed interest in the Debtor, which will maximize potential value of the estate for the benefit of all creditors. The Debtor submits that the process and requirements associated with submitting a Qualified Bid are fair, reasonable, appropriate, and designed to maximize value of the Debtor’s estate, creditors and other parties in interest. The Debtor seeks authority to sell the Assets free and clear of any interest. 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. NURIEL & GRACE: Gina Klump Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Nuriel & Grace, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Nuriel & Grace Inc. Nuriel & Grace, Inc. operates a residential care facility in Napa, California, providing assisted living and daily care services for elderly residents. Nuriel & Grace sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-10063) on January 31, 2026, with $912,023 in assets and $1,418,391 in liabilities. Gladys Martinez, chief executive officer of Nuriel & Grace, signed the petition. Judge Charles Novack presides over the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as bankruptcy counsel. ONE 7 COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: One 7 Communications, LLC 3540 W. Sahara Ave. #444 Las Vegas, NV 89102 Business Description: One 7 Communications, LLC, provides integrated communications services across multiple industries, combining marketing, public relations, social media, creative services, digital marketing, events, and strategic partnerships. The company operates in Las Vegas, Los Angeles, and New York, offering campaign development, content creation, social media management, influencer marketing, and print production for clients in hospitality, luxury real estate, health and wellness, entertainment, retail, nonprofit, and government sectors. It positions itself as a single-source agency leveraging decades of experience to deliver personalized, results-oriented services. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-10873 Debtor's Counsel: James T. Leavitt, Esq. LEAVITT LEGAL SERVICES, P.C. 601 S. 6th St. Las Vegas, NV 89101 Tel: (702) 385-7444 Fax: (702) 925-7444 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dawn Farahi 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/64NMLYY/ONE_7_COMMUNICATIONS_LLC__nvbke-26-10873__0001.0.pdf?mcid=tGE4TAMA OSTENDO TECHNOLOGIES: Has Deal on Cash Collateral Access -------------------------------------------------------- Ostendo Technologies, Inc. and the U.S. Trustee advise the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley 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 parties agree that the Debtor may use cash collateral and sale proceeds to pay administrative expenses and to grant adequate protection. After the Debtor filed its motion on January 14, the U.S. Trustee objected on January 21, and the Debtor replied on January 28. The parties then met and conferred and agreed to settle the U.S. Trustee's opposition through agreed reductions in proposed insider compensation, subject to court approval of the underlying motion. Specifically, the Debtor agreed to reduce by 10% the compensation proposed for Barak Bussel, the interim CEO, and David Behzadi, the Sales/Administrative Lead, and by 5% the compensation proposed for Moran Bar-Kochva, the Operations Lead, and Ringo Chong, the Finance Lead. Based on those reductions, the stipulation sets the revised compensation amounts, covering both accrued and unpaid sums through December 2025 and projected compensation through February 28: Bussel at a total of $137,025, Bar-Kochva at $65,811.25, Chong at $135,493.75, and Behzadi at $47,610. The agreement fully resolves the U.S. Trustee's objection to the motion by addressing concerns about the level of insider pay while allowing the Debtor to proceed with its request to use cash collateral and sale proceeds to fund necessary administrative expenses during the Chapter 11 case. A copy of the stipulation is available at https://urlcurt.com/u?l=6ogmIL from PacerMonitor.com. About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. OUTPATIENT SERVICE: Cash Collateral Hearing Reset to March 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, reset the hearing on Outpatient Service Providers, LLC's motion to use cash collateral to March 31. The Debtor must file, within seven days of February 12, a revised cash collateral budget through March 31. If no objection is filed, the Debtor may use cash collateral under the same terms and conditions as the court's third interim cash collateral order. The third interim order entered on January 30 authorized the Debtor to use cash collateral for budgeted expenses and court-approved payments including Subchapter V trustee fees; and granted lenders replacement liens on post-petition cash collateral. Outpatient Service Providers has two pre-bankruptcy lenders that have UCC-1 liens: Que Capital, LLC and Gain Servicing, LLC. It has four pre-bankruptcy lenders that may have liens on its cash and receivables: TMSL, LLC ($1.6 million), Vystar Credit Union ($100,000), EPS Financial ($100,000), and the U.S. Small Business Administration ($150,000). In addition to these lenders, the Debtor has service providers it is struggling to keep current and other unsecured debts it cannot pay. About Outpatient Service Providers Outpatient Service Providers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 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. PALADIN CAPITAL: Hires Cards Consulting as Financial Consultant --------------------------------------------------------------- Paladin Capital, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Cards Consulting, LLC as financial consultant. The firm will assist the Debtor with the financial reporting, projections, and financial path forward in the bankruptcy cases. The firm will be paid $10,000 per week, plus out of pocket expenses incurred. Mr. Zade disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gulam Zade Cards Consulting, LLC P.O. Box 4046 Brentwood, TN 37024 Tel: (615) 567-3566 Email: gulam@cards-consulting.com About Paladin Capital, Inc. Paladin Capital, Inc., based in Brentwood, Tennessee, is a holding company that owns and manages a group of operating subsidiaries primarily engaged in general freight trucking and related transportation services. Its operating companies, including Quickway Logistics, Quickway Carriers, Magnum Express, Volunteer Express, Dolphin Line, provide for-hire truckload transportation, logistics coordination, fleet leasing, maintenance, warehousing, and other support services across the United States. Paladin Capital, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00316) on January 26, 2026. In its petition, the debtor reported estimated assets of$10 million to $50 million and estimated liabilities of $100 million to $500 million. The case is handled by Honorable Bankruptcy Judge Charles M. Walker. The Debtor is represented by Michael G. Abelow, Esq., of Sherrard Roe Voigt & Harbison, PLC. Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Paladin Capital, Inc. (Lead Case) 26-00316 Quickway Logistics, Inc. 26-00317 Quickway Carriers, Inc. 26-00318 Quickway Services, Inc. 26-00319 Quickway Transportation, Inc. 26-00320 CCL Permitting, LLC 26-00321 Capital City Leasing, Inc. 26-00322 Freight Contracting Services, LLC 26-00323 Volunteer Express, Inc. 26-00324 Robert Bearden, Inc. 26-00325 Dolphin Line, Inc. 26-00326 K&L, LLC 26-00327 RC Trailer Sales & Service Company, Inc. 26-00328 RC Enterprises, LLC 26-00329 SNL Distributing Services Corp. 26-00330 Central Logistics, Inc. 26-00331 L Street Ventures Inc. 26-00332 Magnum Express. Inc. 26-00333 Magnum Logistics, Inc. 26-00334 Magnum Warehouse Services, LLC 26-00335 SG Express, Inc. 26-00336 Wildhorse Fleet Services, LLC 26-00337 Sutherland National Insurance Company, LLC 26-00338 QW Leasing 26-00339 Nacarato Truck Leasing, WE#2, Inc. 26-00340 PAVMED INC: Raises $30MM via Series D Preferred Shares, Warrants ---------------------------------------------------------------- PAVmed Inc. disclosed in a regulatory filing that it entered into Subscription Agreements with accredited investors and, pursuant to and concurrently with the execution of the Subscription Agreements, sold to the Investors, for an aggregate purchase price of $30 million: (i) 30,000 shares of the Company's newly designated Series D Convertible Preferred Stock, par value $0.001 per share, and (ii) warrants to purchase an additional 30,000 shares of Series D Preferred Stock, with each investor receiving 100 shares of Series D Preferred Stock and a warrant to purchase 100 shares of Series D Preferred Stock for each $100,000 of its investment. The initial conversion price of the Series D Preferred Stock is $6.50 per share, subject to adjustment in the event of stock splits, stock dividends, and similar transactions. Concurrently with the Offering, the Company redeemed all 16,962 shares of Series C Preferred Stock outstanding and refinanced all $8,414,890 in principal and interest of its Senior Secured Convertible Note issued in September, in consideration of a cash payment to the holder thereof of approximately $22,346,241 (which was made using proceeds from the sale of the Series D Preferred Stock), and the issuance to the Holder of an amended and restated 2022 Note with a principal amount of $15 million. The Series D Preferred Stock In connection with the Offering, the Company filed with the Secretary of State of the State of Delaware a certificate of designations, which sets forth the resolutions of the Company's board of directors designating 60,000 shares of Series D Preferred Stock and fixing its terms (the "Certificate of Designation"). The key terms of the Series D Preferred Stock are as follows: * Rank. The Series D Preferred Stock is senior to the Common Stock and any other class of the Company's capital stock that is not by its terms senior to or pari passu with the Series D Preferred Stock. The Series D Preferred Stock is pari passu with the Series B Convertible Preferred Stock, par value $0.001 per share, of the Company. * Voluntary Conversion. Each share of Series D Preferred Stock is convertible at the option of the holder, subject to the beneficial ownership and primary market limitations, into a number of shares of the Company's common stock equal to $1,000 divided by the conversion price in effect at the time of the conversion. As noted, the initial conversion price of the Series D Preferred Stock is $6.50 per share, subject to adjustment in the event of stock splits, stock dividends, and similar transactions. In addition, in the event that on or prior to April 15, 2026, the Company issues shares in a new subseries of Series D Preferred Stock with a lower conversion price, the conversion price of the outstanding shares of Series D Preferred Stock will be reduced to such lower conversion price. * Mandatory Conversion. The Series D Preferred Stock will automatically convert into shares of Common Stock upon the earlier of: (i) receipt of the stockholder approval for issuances of common stock upon conversion of the Series D Preferred Stock in excess of the primary market limitation or (ii) delivery of written notice by the Company to each holder that the Company has determined that the Stockholder Approval is not required by the rules of Nasdaq. The Company has agreed to hold a special meeting of its stockholders on or prior to April 30, 2026 at which it will seek the Stockholder Approval. In connection with the Offering, certain of the Company's officers and directors and certain Investors representing in the aggregate more than 20% of the issued and outstanding shares of the Company's common stock as of immediately prior to consummation of the Offering entered into letter agreements pursuant to which they agreed: (i) not to sell or dispose of any of their shares of capital stock of the Company prior to the record date for the Stockholder Meeting, and (ii) to vote at the Stockholder Meeting in favor of the proposal in respect of the Stockholder Approval. * Dividends. The Company may not pay any dividends or other distributions on shares of any other class or series of capital stock of the Company, other than dividends on shares of Series B Preferred Stock payable in additional shares of Series B Preferred Stock, and other than dividends on the Company's common stock payable in shares of common stock or common stock equivalents. * Voting. On any matter to be acted upon or considered by the stockholders of the Company (other than the Stockholder Approval), each holder shall be entitled to vote on an "as converted" basis, after applying the beneficial ownership and primary market limitations described below and provided that the conversion price will be deemed, solely for the purpose of voting, to be no less than the "Minimum Price" as defined in the rules of The Nasdaq Stock Market LLC. The Series D Preferred Stock will vote together with the common stock as a single class. In addition, the Certificate of Designations contains protective provisions, requiring the Company to obtain the consent of the holders of a majority of the Series D Preferred Stock for certain specified actions. * Preferred Director. As long as there are at least 10,000 shares of Series D Preferred Stock outstanding, the holders of Series D Preferred Stock shall have the exclusive right, voting together as a separate class, to appoint and elect one director of PAVmed, and such director's consent shall be required prior to any optional redemption by PAVmed of the 2026 Note. * Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company (or any Deemed Liquidation Event as defined in the Certificate of Designation), the holders of shares of Series D Preferred Stock then outstanding (pari passu with the Series B Preferred Stock) will be entitled to be paid out of the assets of the Company available for distribution to its stockholders, before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of: (i) the Stated Value, plus any dividends accrued but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Series D Preferred Stock been converted into Common Stock immediately prior to such event. * Beneficial Ownership Limitation. The Company will not effect any conversion of the Series D Preferred Stock, and a holder will not have the right to receive dividends or convert any portion of the Series D Preferred Stock, to the extent that, after giving effect to the receipt of dividends or the conversion, the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of the holder's affiliates) would beneficially own in excess of 4.99% (which may be increased, at the written election of a holder prior to the issuance of any shares of Series D Preferred Stock, up to 19.99%) of the number of shares of outstanding common stock immediately after giving effect to the conversion; provided that such limitation shall cease to apply from and after the Mandatory Conversion Date. * Primary Market Limitation. Unless the approval of the Company's stockholders is not required by the applicable rules of Nasdaq for issuances of common stock in excess of 19.99% of the outstanding common stock as of February 3, 2026 (or, if earlier, the date of the definitive agreement for any transaction aggregated with the sale of the Series D Preferred Stock), or unless the Company has obtained the Stockholder Approval, the Company will not effect any conversion of the Series D Preferred Stock, and a holder shall not have the right to convert any portion of the Series D Preferred Stock, to the extent that, after giving effect to the receipt of common stock in connection with such conversion, the holder would have received in excess of its pro rata share of the Market Limit. * Redemption. At any time and from time to time, from and after February 3, 2029 (or if earlier, the occurrence of a Triggering Event as described below), each holder of the Series D Preferred Stock may cause the Company to redeem all of its outstanding shares of Series D Preferred Stock, or any portion thereof, in cash at a redemption price per share equal to the stated value multiplied: (i) 300%, if notice of redemption is delivered on or prior to February 3, 2027, (ii) 400%, if notice of redemption is delivered after February 3, 2027 and on or prior to February 3, 2028, or (iii) 500%, if notice of redemption is delivered after February 3, 2028. A "Triggering Event" includes a Bankruptcy Event (as defined in the Certificate of Designations) or to the extent the 2026 Note remains outstanding, the earlier receipt (or deemed receipt) by the Company of an Event of Default Redemption Notice (as defined in the 2026 Note) pursuant to such note. * Charter Amendment. The Company agreed with the holders of the Series D Preferred Stock to seek approval at the Stockholder Meeting of a resolution providing for an amendment to the Company's Certificate of Incorporation, in form reasonably acceptable to the Purchaser, to permit the removal of any director, with or without cause, by the affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock (or securities convertible therefor) entitled to vote in elections of the Company's directors. The Warrants * General. The Warrants entitle the holders thereof to purchase an aggregate of 30,000 shares of Series D Preferred (the "Warrant Shares") at an exercise price of $1,000 per share. The Warrants expire on February 3, 2031. * Call Right. Commencing on the publication by Molecular Diagnostic Services Program (MolDx) of a draft local coverage determination that the Esoguard product of Lucid Diagnostics Inc., the Company's subsidiary, will be covered by Medicare, the Warrants will be callable by the Company at a price of $0.001 per Warrant Share. The Company may send written notice to the holders after such condition has been satisfied (but in any event, no earlier than February 28, 2026) and, after receipt of such notice, the holders will have 30 days after the call notice to exercise the Warrants with respect to 50% of the Warrant Shares, and 30 days after receipt of Stockholder Approval (or if later, 30 days after receipt of the call notice) to exercise the Warrants with respect to the remaining 50% of the Warrant Shares. Registration Rights Agreement The Company and the Investors also executed a registration rights agreement, pursuant to which the Company agreed to file a registration statement covering the resale of the shares of Common Stock issuable pursuant to the Series D Preferred Stock. The 2026 Note As noted, concurrently with the consummation of the Offering, the Company issued to the Holder the 2026 Note with a principal amount of $15,000,000. The key terms of the 2026 Note are as follows: * General. The 2026 Note accrues interest at a rate of 15.0% per annum, payable in cash quarterly in arrears, and matures on February 3, 2029, subject to the right of the noteholders to extend the Maturity Date under certain circumstances. The 2026 Note is required to be senior to all the Company's other indebtedness, other than certain permitted indebtedness. * Security. The 2026 Note is secured by all existing and future assets of the Company and its subsidiaries (but not any existing or future assets of the Company's subsidiary Lucid), pursuant to the existing security agreement by and between the Company and the Holder. * Redemption -- Company Option. At any time, the Company may redeem all, but not less than all, of the 2026 Note, in cash, at a price equal to the sum of the Conversion Amount (as defined in the 2026 Note) plus the amount of additional interest that would accrue under the 2026 Note assuming that the original outstanding principal of the 2026 Note remained outstanding through and including the Maturity Date (or, if earlier, the twenty-four month anniversary of such date). * Redemption -- Change of Control. In connection with a Change of Control (as defined in the 2026 Note), a noteholder may require us to redeem all, or any portion, of the 2026 Note, in cash, at a price equal to the sum of the Conversion Amount plus the Make-Whole Amount. * Redemption -- Event of Default. In connection with an Event of Default, the noteholder may require the Company to redeem all or any portion of the 2026 Note, in cash, at a price equal to 115% of the sum of the Conversion Amount plus the Make-Whole Amount. Upon the occurrence of certain Events of Default related to bankruptcy, the Company shall immediately redeem all of the 2026 Note, in cash, at the same redemption price. * Events of Default. The 2026 Note provides for certain Events of Default, including, among other things, any breach of the covenants described below and any failure of both Lishan Aklog, M.D., the Company's Chairman and Chief Executive Officer, to serve as its Chief Executive Officer and Dennis McGrath, the Company's President and Chief Financial Officer, to serve as its Chief Executive Officer or Chief Financial Officer. * Covenants. The Company will be subject to certain customary affirmative and negative covenants regarding the rank of the 2026 Note, the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, transactions with affiliates, changes in collateral and controlled accounts, among other customary matters. The Company also will be subject to financial covenants requiring that: (i) the amount of the Company's available cash will equal or exceed $5,000,000 as of each Measurement Date (as defined in the 2026 Note) (or, for any Measurement Date on or after July 1, 2026, $8 million), and (ii) the ratio of (a) the Outstanding Value of the 2026 Note to (b) the average VWAP of the shares of Lucid's common stock held by the Company for the preceding 10 business days, will not exceed 65% (or, for any Measurement Date on or after July 1, 2026, 50%), provided that in no event shall the value of the shares of Lucid's common stock held by the Company have a value of less than $20 million. * Voluntary Conversion; Beneficial Ownership Limitation. Any portion of the principal amount of the 2026 Note, plus accrued and unpaid interest and any late charges thereon or other charges due (the "Conversion Amount"), is convertible at any time, in whole or in part, at the noteholder's option, into shares of the Company's common stock at an initial fixed conversion price of $450.00 per share, subject to certain adjustments. A noteholder will not have the right to convert any portion of the 2026 Note, to the extent that, after giving effect to such conversion, the noteholder (together with certain of its affiliates and other related parties) would beneficially own in excess of 4.99% of the shares of the Company's common stock outstanding immediately after giving effect to such conversion. The noteholder may from time to time increase the Maximum Percentage to 9.99%, provided that any such increase will not be effective until the 61st day after delivery of a notice to us of such increase. Amendment Agreement Under an Amendment Agreement, dated February 3, 2026, between the Company and the Holder, the Company and the Holder agreed to the terms and conditions on which the Company would redeem all 16,962 shares of Series C Preferred Stock outstanding and refinanced all $8,414,890 in principal and interest of the 2022 Note. In addition, under this agreement, the Company granted the Holder the right to receive from the Company 300,000 shares of Lucid's common stock (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events), upon the earliest of: (x) the Maturity Date, (y) the date the 2026 Note no longer remains outstanding and (z) such earlier date as the Company shall notify the Holder in writing, subject to the beneficial ownership limitation described in the Amendment Agreements. The Amendment Agreement also includes customary representations and warranties and customary covenants for an agreement of its type, as well as certain conforming amendments to the transaction documents under which the 2022 Note was issued, a prohibition on variable rate transactions and a mutual release between the parties. Additional Information The offer and sale of the shares of Series D Preferred Stock, and of the shares of Common Stock issuable upon conversion of the shares of Series D Preferred Stock, are exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder because, among other things, the transaction did not involve a public offering, the investors are accredited investors, the investors are taking the securities for investment and not resale and the Company took appropriate measures to restrict the transfer of the securities. The securities have not been registered under the Securities Act and may not be offered or sold in United States absent registration or an exemption from registration. The Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these Securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer and sale of the 2026 Note, and of the shares of common stock issuable upon conversion of the 2026 Note, are exempt from the registration requirements of the Securities Act, pursuant to Section 3(a)(9) of the Securities Act, because they involve an exchange with the Company's existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange. Full text copies of the Amendment Agreement, the Registration Rights Agreement, the Security Agreement, the Certificate of Designations, the Warrants and the 2026 Note are available at as Exhibit https://tinyurl.com/yat2m4s9, https://tinyurl.com/57j8wk9x, https://tinyurl.com/26fkw2ex, https://tinyurl.com/mr4cy7sm, https://tinyurl.com/2x6nhe4j and https://tinyurl.com/mr4xwh98, respectively. About PAVmed Headquartered in New York, N.Y., PAVmed Inc. -- http://www.pavmed.com-- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.1 million in total assets, $12.3 million in total liabilities, and $22.5 million in total stockholders' equity. PEAK NA US: Commences Chapter 11 Bankruptcy in Alabama ------------------------------------------------------ On January 30, 2026, Peak NA US RPM Acquisition Inc. commenced a voluntary Chapter 11 case in the Southern District of Alabama Bankruptcy Court. Court records indicate liabilities ranging from $10 million to $50 million owed to approximately 1–49 creditors. About Peak NA US RPM Acquisition Inc. Peak NA US RPM Acquisition Inc. operates as an acquisition and holding company, overseeing business interests tied to industrial operations and related assets in North America. Peak NA US RPM Acquisition Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-10280) on January 30, 2026. The bankruptcy schedules reflect estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The case has been assigned to Honorable Judge Henry A. Callaway. The Debtor is represented by Edward J. Peterson, III, Esq., of Berger Singerman LLP. POSIGEN PBC: Connecticut Court Dismisses Control Suit ----------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that claims that affiliates of Brookfield Asset Management improperly took control of PosiGen and pushed the solar company further into financial distress have been dismissed with prejudice by a Connecticut federal judge. The ruling concludes a high-profile legal battle tied to the company's insolvency. Plaintiffs had contended that Brookfield’s actions exacerbated PosiGen’s financial troubles and undermined its ability to stabilize operations. The defendants maintained that they acted within contractual and legal boundaries while attempting to protect their investment. With the dismissal entered, the case cannot be revived in the same court. The outcome provides finality to the dispute and clarifies the legal landscape surrounding the company’s restructuring efforts, the report relays. About PosiGen, PBC PosiGen, PBC is a residential solar energy company. PosiGen PBC and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on Nov. 24, 2025. In its petition, PosiGen listed between $100 million and $500 million in both assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped White & Case as counsel; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. The official committee of unsecured creditors appointed in these Chapter 11 cases tapped McDermott Will & Schulte LLP and Pachulski Stang Ziehl & Jones LLP as counsel and Province, LLC as financial advisor. PROSPECT MEDICAL: RI Lawmakers Fast-Track $18MM to Save Hospitals ----------------------------------------------------------------- Nancy Lavin of Rhode Island Current reports that the efforts to sell Roger Williams Medical Center and Our Lady of Fatima Hospital gained momentum Friday, February 6, 2026, prompting Rhode Island legislators to fast-track a vote on an $18 million state reserve aimed at sealing the deal. The reserve, sourced from the state's $55 million supplemental rainy day fund, was sought by The Centurion Foundation to secure bond financing for its purchase. State officials say the financial guarantee is necessary to attract private investors and prevent the sale from collapsing, according to report. Under a deadline set by the federal bankruptcy court overseeing Prospect Medical Holdings' Chapter 11 case, Centurion must close by February 27, 2026. Failure to do so -- absent another buyer -- could result in the hospitals' closure, a scenario health officials warn would severely disrupt care statewide, the report relays. The two facilities collectively provide more than 500 beds and 55,000 annual emergency visits, employ over 2,500 people and treat upwards of 300,000 patients each year. With closure risks mounting, lawmakers swiftly moved the amended bill through committee, setting up final action in both chambers, according to Rhode Island Current. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. PROTRADE LOGISTICS: Hires William J. Factor as Legal Counsel ------------------------------------------------------------ Protrade Logistics Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ The Law Office of William J. Factor, Ltd. d/b/a FactorLaw as its bankruptcy counsel. The firm's services include: a. advising and consulting with the Debtor with respect to its powers, rights, and duties as a debtor and debtor-in-possession; b. attending meetings and negotiating with creditors, other parties in interest, and their respective representatives; c. advising and consulting with the Debtor on the conduct of the case, including all the legal and administrative requirements of operating under chapter 11 of the Bankruptcy Code; d. taking all necessary action to protect and preserve the Estate, including but not limited to prosecuting or defending all motions and proceedings on behalf of the Debtor and the Estate; e. preparing and filing, or defending, adversary proceedings or other litigation involving the Debtor or its interests in property; f. preparing motions, applications, answers, orders, reports, and other papers necessary to the administration of the case; g. preparing and negotiating a plan and disclosure statement and all related agreements and/or documents, and taking any necessary action to obtain confirmation of a plan; h. performing other necessary legal services and providing other necessary legal advice required by the Debtor in connection with the case. The firm will be paid at these rates: William Factor, Partner $500 per hour Lars Peterson, Partner $400 per hour Alex Whitt, Associate $350 per hour Samuel Rodgers, Paralegal $150 per hour Danielle Mesikapp, Paralegal $150 per hour In addition, the firm will seek reimbursement for expenses incurred. Mr. Factor disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Factor, Esq. The Law Office of William J. Factor, Ltd. 105 W. Madison Street, Suite 2300 Chicago, IL 60602 Telephone: (312) 878-0969 Facsimile: (847) 574-8233 Email: wfactor@wfactorlaw.com About Protrade Logistics Corporation Protrade Logistics Corporation provides logistics and transportation services, supporting freight movement and supply chain operations for commercial clients. Protrade Logistics Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00518) on January 13, 2026. In its petition, the debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The debtor is represented by Richard N. Golding, Esq. of the Law Offices of Richard N. Golding, P.C. PURDUE PHARMA: Judge Denies Claimants' Chapter 11 Plan Stay Bid --------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Thursday, February 12, 2026, a New York bankruptcy judge refused motions from personal injury claimants seeking to stay the Chapter 11 plan of Purdue Pharma LP. The court determined that there was insufficient basis to delay implementation of the approved restructuring plan. The claimants contended that the plan could prejudice their recovery and sought additional time to evaluate its impact. The court, however, found that the plan's provisions adequately protect the interests of claimants and that a stay would disrupt the orderly administration of the estate. As a result, Purdue Pharma's Chapter 11 plan will proceed as scheduled. The ruling ensures that the company's restructuring efforts continue uninterrupted and signals judicial confidence in the plan’s ability to resolve claims efficiently, according to Law360. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RBT LOGISTICS: Katharine Battaia Clark Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for RBT Logistics Corporation. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About RBT Logistics Corporation RBT Logistics Corporation, based in Plano, Texas, operates as a general freight trucking company providing transportation services. RBT Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40406) on January 30, 2026, with $1 million to $10 million in both assets and liabilities. Robert B. Tapley, president of RBT Logistics, signed the petition. Judge Edward L. Morris presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. RED RIVER: Beasley Allen Asks DQ Pause in 12,000 J&J Talc Cases --------------------------------------------------------------- Alex Ebert of Bloomberg Law reports that Beasley Allen LLP is asking a New Jersey Superior Court judge to pause a disqualification order that could sideline the firm from ongoing Johnson & Johnson talc litigation. The firm emphasizes that it has devoted roughly 50,000 hours to developing the claims and needs an opportunity to continue representing its clients. In an emergency motion filed Tuesday, February 10, 2026, attorney Jeffrey Pollock argued that halting the firm now would cause irreparable harm to more than 12,000 plaintiffs pursuing ovarian cancer claims linked to J&J’s talc-based products. Beasley Allen serves as co-lead counsel in the multicounty litigation, which has been active for over a decade. The firm contends that removing it at this stage would disrupt cases it has helped shape and undermine the interests of its clients, while also setting back progress in one of the largest mass tort litigations in recent years. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REDSTONE HOLDCO: Prospect Capital Marks $50M 2L Loan at 59% Off --------------------------------------------------------------- Prospect Capital Corporation has marked its $50,000,000 loan extended to Redstone Holdco 2 LP to market at $20,500,000 or 41% 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 Redstone Holdco 2 LP. The loan accrues interest at a rate of 11.85% (3M SOFR + 7.75%) per annum. The loan matures on April 27, 2029. 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 Redstone Holdco 2 LP Redstone Holdco 2 LP develops security software. RETO ECO-SOLUTIONS: Registers 454K Shares Under 2022 Incentive Plan ------------------------------------------------------------------- ReTo Eco-Solutions, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission, relating to an aggregate of 454,399 class A shares, no par value, as a result of the share reserve increase and the automatic semi-annual increase of share reserve under ReTo Eco-Solutions, Inc. 2022 Share Incentive Plan, as amended at the Company's 2025 Annual General Meeting of Shareholders held on December 23, 2025. A full text copy of the Registration Statement is available at https://tinyurl.com/y57pxm4b About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA Inc., the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 8, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company reported a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $41.4 in total assets, $7.2 million in total liabilities, and $34.2 in total equity. REUP GALAXY: Seeks Court OK to Hire Quadrus Consulting as CRO ------------------------------------------------------------- ReUp Galaxy Holdings, LLC, ReUp Technologies, Inc., and ReUp Ops, LLC seek approval from the U.S. Bankruptcy Court for the Western District of Texas to retain Quadrus Consulting, Inc. to provide Angelo DeCaro, Jr. as chief restructuring officer. Mr. DeCaro will provide these services: (a) reviewing and managing financial reporting and other disclosures by the Debtors; (b) managing assets and liabilities of the Debtors; and (c) assisting the debtors in advancing the liquidation of their assets, and resolution of disputes with creditors, litigation targets, and others, and crafting of a proposed plan of liquidation. The Debtors agreed to compensate Mr. DeCaro and Quadrus at the hourly rate of $125 when working from home up to a maximum of $1,000 per day and $125 per hour when attending court sessions, including travel time. Court-related parking expenses and $25 per meal when a court session exceeds four hours will also be reimbursed. Quadrus held an unused retainer in the amount of $9,700 as of the petition date. Quadrus Consulting, Inc. and Mr. DeCaro are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code and do not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached at: Angelo DeCaro, Jr. Quadrus Consulting, Inc. 13407 Country Trail Lane Austin, TX 78732 Telephone: (512) 423-0063 Email: decaro@quadrusconsulting.com About ReUp Galaxy Holdings, LLC ReUp Galaxy Holdings, LLC, ReUp Technologies, Inc., and ReUp Ops, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10037-cgb) on January 6, 2026. At the time of the filing, Debtor had estimated assets of between 0-$50,000 and liabilities of between $1,000.01 to $10 million. Judge Christopher G. Bradley oversees the case. Barron & Newburger, P.C. is Debtor's legal counsel. RICARDO MOLINA: Not Qualified to Proceed Under Subchapter V ----------------------------------------------------------- Judge Tiffany Geyer of the U.S. Bankruptcy Court for the Middle District of Florida Ricardo Castillo Molina sustained the objections of Guilherme Lopes De Sousa and Lopes Law, PLLC to Ricardo Castillo Molina's eligibility for Subchapter V. The Debtor, Ricardo Castillo Molina, filed a Chapter 11 Subchapter V case on March 14, 2025. Two judgment creditors, Guilherme Lopes De Sousa and Lopes Law, PLLC timely objected to the Debtor's eligibility for Subchapter V because the amount of their final judgment, $4,161,604, exceeds the $3,024,725 Subchapter V debt limit in effect on the petition date. Molina initially included Lopes's $186,000 claim as an unsecured claim not held by an insider but subsequently recast the claim the same as Lopes Law's claim: contingent, unliquidated, and disputed and in an amount "unknown." In this case, it appears to a legal certainty that the Creditors' claims are not what Molina reported them to be -- the Creditors' objection to eligibility attached the state court's judgment establishing the precise amounts of their claims. As such, Molina cannot honestly claim these amounts are unknown. The Court rejects the Debtor's characterization of the Creditors' claims as contingent, unliquidated, and unknown. Based on his prepetition business relationships with the Creditors, Molina argues their claims are held by them as "affiliates, statutory insiders, and non-statutory insiders" and must therefore be excluded when calculating his debts to assess whether he exceeds the Subchapter V limit. In this case, the Court easily concludes the Creditors do not qualify as non-statutory insiders because their relationships with Molina were adversarial on the petition date. The Court concludes Molina fails to demonstrate by a preponderance of the evidence that he qualifies for proceeding under Subchapter V. The state court judgment exceeds the debt limitation for Subchapter V eligibility and is not owed to an affiliate or insider. Thus, the Creditors' objection is sustained. A copy of the Court's Memorandum Opinion dated February 9, 2026, is available at https://urlcurt.com/u?l=rr9Uff from PacerMonitor.com. Ricardo Castillo Molina filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 25-01438) on March 14, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Justin Luna, Esq. RISING TIDE: Prospect Capital Marks $6.1MM 1L Loan at 46% Off ------------------------------------------------------------- Prospect Capital Corporation has marked its $6,198,000 loan extended to Rising Tide Holdings, Inc. to market at $3,551,000 or 54% 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 Second Out Term Loan extended to Rising Tide Holdings, Inc. The loan accrues interest at a rate of 12.00% PIK per annum. The loan matures on June 13, 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 Rising Tide Holdings Inc. Rising Tide Holdings Inc. operates as a holding company. The Company, through its subsidiaries, retails sporting goods. RM IMAGING: Carol Fox of GlassRatner Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for RM Imaging, Inc. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About RM Imaging Inc. RM Imaging, Inc. operates a medical diagnostic center. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11368) on February 2, 2026. In the petition signed by Rachel Magro, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer PA, represents the Debtor as legal counsel. ROCKY MOUNTAIN: Gets Interim OK to Use $100,000 in Cash Collateral ------------------------------------------------------------------ Rocky Mountain Sleep Disorders Center, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Montana to use cash collateral to fund operations. The court authorized the Debtor to use up to $100,000 in cash collateral to meet ongoing expenses in accordance with its budget. Creditors with interest in the cash collateral will receive protection through a replacement lien on the Debtor's post-petition accounts receivable. A final hearing is set for February 23. The deadline for filing objections is on February 18. The order is available at https://is.gd/XZdV3O from PacerMonitor.com. Prior to its Chapter 11 filing, Rocky Mountain entered into as many as eight merchant cash advance transactions whose financing statements assert sweeping liens over assets such as accounts receivable and payment intangibles. Many of these loans carry interest rates illegal under Montana law, giving rise to potential objections under prior court precedent. In addition to these MCA claims, the Debtor has two SBA-related loans with BayFirst and Lendistry. As of the petition date, the Debtor held $86,415 in bank accounts and $281,623 in accounts receivable, of which $39,632 has been collected post-petition, leaving total cash collateral of about $328,406. The Debtor's preliminary analysis shows BayFirst is fully secured at $133,525 and Lendistry secured to about $194,881. About Rocky Mountain Sleep Disorders Center Rocky Mountain Sleep Disorders Center, Inc. is a regional sleep medicine provider based in Montana that diagnoses and treats a broad range of sleep disorders through overnight and daytime polysomnography, titration studies, PAP-related procedures, and related testing services. Operating clinics in Great Falls, Butte, Bozeman and Kalispell, the center serves patients across a five-state region with comprehensive diagnostic, therapeutic and support services for conditions such as obstructive sleep apnea and narcolepsy. Rocky Mountain sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 26-40007) on January 14, 2026, with $1 million to $10 million in both assets and liabilities. Paul Schmook, president of Rocky Mountain, signed the petition. Judge Benjamin P. Hursh oversees the case. Zach B. Duhon, Esq., at Deschenes & Associates Law Offices represents the Debtor as bankruptcy counsel. ROSE RENTAL: Seeks to Sell Brandon Property for $149K ----------------------------------------------------- Rose Rental Properties, LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 118 Fairfax Circle #B, Brandon, MS. The Debtor employs Victoria Prowant as the Debtor’s realtor of the Property. The Debtor wishes to sell the property for $149,900.00. The loan with Citizens National Bank will be paid from the proceeds after all closing costs and provisions have been paid. The Debtor will also pay the following closing costs and provisions: a. Commission to Buyers agent in the amount of 2.5% of Gross Sales Price b. Commission to Sellers agent in the amount of 2.5% of Gross Sales Price The expected closing date is on March 27, 2026. About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. SAKS GLOBAL: Plans to Close Additional 9 Stores in Chapter 11 ------------------------------------------------------------- Emily Lever of Law360 reports that Saks Global announced Tuesday, February 10, 2026, that it will close eight Saks Fifth Avenue stores and one Neiman Marcus store nationwide as it advances its Chapter 11 restructuring. The move is part of a broader strategy to strengthen liquidity and sharpen its focus on profitable markets. Company officials said the decision followed a review of store performance and market conditions. By exiting select locations, Saks Global aims to reduce operating costs and reallocate resources toward its most productive stores and e-commerce operations. The closures are expected to support the retailer's restructuring goals, which include improving margins and enhancing long-term competitiveness in the luxury sector. Saks Global said it remains committed to maintaining operations throughout the bankruptcy process, the report states. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAMYS OC: Court Extends Cash Collateral Access to March 2 --------------------------------------------------------- Samys OC, LLC received another extension from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral through March 2. The court issued its 11th interim order authorizing the Debtor to use cash collateral to pay operating expenses set forth in its budget, subject to a 10% variance. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration will be granted replacement liens on all post-petition cash collateral and other property of the Debtor, with the same priority and extent as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. The order is available at https://is.gd/0TstKU from PacerMonitor.com. Samys OC owes approximately $8.35 million to DFB and $500,000 to the SBA and had about $131,000 in total cash collateral at the outset of the case. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SCANROCK OIL: Bank Urges Court to Reject Motion to Lift Sale Lien ----------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that Prosperity Bank has asked a Texas bankruptcy court to deny reorganized debtor Scanrock Oil & Gas' motion seeking clarification of its confirmed Chapter 11 plan. The bank argued that the debtor is attempting to modify the plan rather than interpret it. According to court papers, the lender believes Scanrock's request would effectively rewrite portions of the confirmed agreement, particularly provisions affecting secured claims and lien rights. Prosperity said such changes cannot be made through a post-confirmation motion. The bank urged the court to protect the integrity of the confirmation process by rejecting the motion. It asserted that the plan's language is clear and should not be altered outside proper procedural channels, the report states. About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on Feb. 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. SEAVIEW APARTMENTS: Court Rejects Owner's Chapter 11 Filing ----------------------------------------------------------- Devlin Epding of The Virginian Pilot reports that a federal bankruptcy judge has dismissed a Chapter 11 filing by the former owner of Newport News' condemned Seaview Lofts, clearing the way for the building's court-approved sale to move forward. Ben Weinstein purchased the 2 28th St. property in 2020 for $9.3 million, but the high-rise was condemned twice in 2022 due to safety issues and an electrical fire that occurred while tenants were still living there. Following years of vacancy, a state court approved the building's nearly $9 million sale in December 2025. The deal established a $5 million tenant compensation fund to address losses tied to the condemnations. Tenants who opted into the agreement are eligible for payment, while any unclaimed belongings remaining inside the property may be discarded, according to report. Weinstein sought bankruptcy protection less than two weeks after the sale was approved, alleging that the receiver, StreamCo Property Resolutions, failed to secure optimal value. Judge Mark Hall rejected that argument, noting Weinstein had not objected during the sale approval process and that evidence showed the property was adequately marketed, The Virginian Pilot reports. In dismissing the case, Hall characterized the bankruptcy filing as a delay tactic rather than a genuine reorganization effort. The buyer, a Richmond-based LLC led by William "Randy" Cosby, is expected to renovate and reopen the apartments. Meanwhile, FourLeaf Federal Credit Union has filed a confessed judgment to enforce repayment, limiting Weinstein's defenses in future collection proceedings, the report relays. About Seaview Apartments LLC Seaview Apartments LLC is a Virginia-based limited liability company formed to own and operate the Seaview Lofts high-rise residential property at 2 28th Street in Newport News. Seaview Apartments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23251) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by David Salhanick, Esq., Maria A.G. Harper, Esq., and Eric Horn, Esq. of A.Y. Strauss. * * * * Federal Bankruptcy Judge Mark Edward Hall dismissed a Chapter 11 filing by the former owner of Newport News’ condemned Seaview Lofts on January 7, 2026 and characterized the bankruptcy filing as a delay tactic rather than a genuine reorganization effort. SHOSHANAH FASHIONS: Hires Harborside Accounting as Accountant ------------------------------------------------------------- Shoshanah Fashions, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Harborside Accounting Services Inc. as accountant. The firm will perform general bookkeeping, accounting and tax preparation services, and to assist the Debtor in fulfilling is bankruptcy reporting requirements. The firm will be paid at these rates: Bookkeeping $75 per hour Controller $150 per hour Tax Work $200 per hour Travel $65 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Payzant disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gina Payzant Harborside Accounting Services Inc. 45 Main St. Unit C6 Wareham, MA 02571 Tel: (774) 678-0885 Email: gina@harborsideaccounting.com About Shoshanah Fashions, Inc. Shoshanah Fashions, Inc. is a fashion and apparel company. Shoshanah Fashions, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10083) on January 14, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by David B. Madoff, Esq. of Madoff & Khoury LLP. SHOWER DOOR: Hires Abelson Law Offices as Legal Counsel ------------------------------------------------------- Shower Door Gallery LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Steven J. Abelson, Esq. of Abelson Law Offices to serve as legal counsel. Mr. Abelson will provide these services: (a) provide all legal services needed to conclude the Chapter 11 case, including notice to creditors regarding the automatic stay; (b) negotiate with creditors; (c) prepare DIP funding applications if necessary and provide advice to the debtor; and (d) prepare the Plan and Disclosure Statement and handle confirmation and related work. Mr. Abelson will receive a $10,000 retainer plus $2,000 for costs, with services billed at $350 per hour and subject to $400 per hour with additional fees upon court approval. Mr. Abelson is a "disinterested person" under 11 U.S.C. Sec. 101(14) and does not hold or represent any interest adverse to the estate, according to court filings. The firm can be reached at: Steven J. Abelson, Esq. ABELSON LAW OFFICES 80 West Main Street PO Box 7005 Freehold, NJ 07728 Telephone: (732) 462-4773 About Shower Door Gallery Mirror and Glass Shower Door Gallery Mirror and Glass LLC is a glass fabrication and installation company specializing in custom shower enclosures, mirrors, and architectural glass products. Shower Door Gallery Mirror and Glass, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23185) on December 13, 2025, listing up to $50,000 in assets and liabilities. Judge Michael B. Kaplan presides over the case. Steven J. Abelson, Esq., at Abelson Law Offices P.C. the Debtor as bankruptcy counsel. SILVERSTRAND FITNESS: Cash Collateral Access Extended to March 12 ----------------------------------------------------------------- Silverstrand fitness 1, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court authorized the Debtor to further use its cash collateral to pay operating expenses, establish escrow accounts for legal fees and Subchapter V trustee fees, and make payment to the landlord consistent with its budget. First Savings Bank and other secured creditors will be granted replacement liens on property of the Debtor's estate similar to their pre-bankruptcy collateral, with the same validity, priority and enforceability as their pre-bankruptcy liens. The replacement liens do not apply to avoidance claims and their proceeds. Subject to available funds, First Savings Bank will receive $1,500 per week as adequate protection. Unless the Debtor withdraws its motion to use cash collateral upon closing the asset sale, a further hearing will be held on March 12. The order is available at https://is.gd/zg62Bp from PacerMonitor.com. First Savings Bank, as secured creditor, is represented by: Michael H. Theodore, Esq. Cohn & Dussi, LLC 255 State Street, Suite 7B Boston, MA 02109 (781) 494-0200 Mtheodore@cohnanddussi.com About Silverstrand Fitness 1 LLC Silverstrand fitness 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-30675) on November 14, 2025, with $1 million to $10 million in liabilities. Stephen Darr of Huron Consulting Group serves as Subchapter V trustee. Judge Elizabeth D. Katz oversees the case. Ilham Soffan, Esq., at Soffan Law, PC represents the Debtor as bankruptcy counsel. SIU-FUNG CERAMICS: Court Denies Chapter 15 Recognition ------------------------------------------------------ Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied the petition of the foreign representatives for Siu-Fung Ceramics Holdings Limited for recognition of the Siu-Fung Group liquidation and Siu-Fung Seigfried Lee's bankruptcy as foreign main proceedings. Siu-Fung Ceramics Holdings Limited ("SFCH") was incorporated in Bermuda on August 12, 1993, pursuant to the Laws of Bermuda in accordance with the provisions of the Companies Act, 1981 of Bermuda with the status as an exempted company. On October 22, 1993, SFCH was registered in Hong Kong under Part XI of Chapter 32 of the Companies Ordinance of the Laws of Hong Kong (hereinafter and shortly thereafter established its principal place of business in Hong Kong. Siu-Fung Ceramics Concept Company Limited ("SFCCC") was incorporated in the British Virgin Islands on September 21, 1994 pursuant to the Laws of the BVI in accordance with the provisions of the International Business Companies Act (No. 8 of 1984) of the BVI. The registered office of SFCCC is located at a post office box in the BVI, and its principal place of business is in Hong Kong. NHD Systems (Holdings) Limited ("NHD Holdings") was incorporated in Hong Kong on July 30, 1992, pursuant to Chapter 32. NHD Holdings' registered office is located in Hong Kong. NHD Systems (Asia) Limited ("NHD Asia") was incorporated on March 12, 1995, in Hong Kong pursuant to Chapter 32. NHD Asia's registered office is in Hong Kong. Siu-Fung Concept Limited (SFC") was incorporated in Hong Kong on May 20, 1983, pursuant to Chapter 32. SFC's registered office is in Hong Kong. Central to this Chapter 15 Petition for Recognition are investment interests SFC held in a major joint venture in Beijing known as Siu-Fung Ceramics (Beijing) Sanitary Ware Company Limited ("BSW"). In May and June of 2000, the Siu-Fung Group entities were placed into "winding-up" liquidation proceedings by the High Court of the Hong Kong Special Administrative Region Court of First Instance. On June 14, 2000, the HK High Court appointed Messrs. Alan Chung Wah Tang and Gabriel Chi Kok Tam jointly and severally as provisional liquidators of SFCH. At the time of his appointment, Mr. Tang was a partner at KPMG and had extensive experience as a liquidator and trustee in Hong Kong insolvency proceedings. The Siu-Fung Group's liquidation proceedings remain active and pending since the original HK High Court Orders were issued in 2000. Siu-Fung Seigfried Lee was a major shareholder, director, and chairman of the Siu-Fung Group. In 1995 and 1996, because of serious financial difficulties the Siu-Fung Group was experiencing at the time, Mr. Lee provided personal guarantees to secure financing for the Group from a number of Hong Kong lending institutions, including Hongkong and Shanghai Banking Corporation, Limited, and DBS Bank (Hong Kong) Limited. Despite Mr. Lee's efforts, the Group continued to experience a deteriorating financial position. In 1997, HSBC demanded Mr. Lee repay HK$177.63 million due under various term loan facilities, and on January 18, 2001, filed a "bankruptcy petition for indebtedness in the aggregate sum of HK$322 million" against Mr. Lee. On May 8, 2001, Mr. Lee was adjudged bankrupt per a HK High Court Order (the "Lee 2001 Bankruptcy"). On September 19, 2002, at a general meeting of creditors, Mr. Tang and Alison Wong Lee Fung Ying were appointed as joint and several trustees for the Lee 2001 Bankruptcy. Mr. Tang has remained the trustee of the Lee 2001 Bankruptcy since his appointment in 2002, and currently acts in that role alongside his co-trustee Anita Hou Chung Man, who replaced Ms. Wong on April 9, 2015. In 2001, Mr. Tang left KPMG and temporarily ceased being a liquidator for the Siu-Fung Group. Mr. Lee received a personal discharge in the Lee 2001 Bankruptcy as of May 8, 2005. Under Hong Kong Law, despite Mr. Lee's personal discharge, Mr. Tang remained in his position as trustee and continued with his statutory duty of collecting, realizing, and distributing the assets of the bankrupt that fell within the estate. In connection with his duties as trustee, Mr. Tang continued to investigate Mr. Lee and his family members and their involvement with allegedly fraudulent transfers of assets of the SiuFung Group prior to and during the Siu-Fung Group liquidation proceedings. According to Mr. Tang, despite Mr. Lee having received a personal discharge, these continued investigations were necessary because (i) Mr. Lee and his family members have been uncooperative with discovery orders issued in the Lee 2001 Bankruptcy and ongoing Siu-Fung Group liquidation proceedings, and (ii) investigating possible fraudulent transfers may provide the basis for additional claims against Mr. Lee in the Lee 2001 Bankruptcy under Hong Kong law. Mr. Tang has issued multiple reports in the Lee 2001 Bankruptcy relating to these investigations over the last 24 years and has engaged in more substantive investigations of Mr. Lee and his family members since 2016 following Mr. Tang's reappointment as joint liquidator for the SiuFung Group. Upon Mr. Tang's reappointment in May and June of 2016, Terry Lap Kee Kan replaced Mr. Tam as joint liquidator alongside Mr. Tang.30 Mr. Tang, Mr. Kan, and Ms. Hou (the "Foreign Representatives" or "FRs") have remained as joint and several liquidators and/or trustees of the Siu-Fung Group and the Lee 2001 Bankruptcy, respectively, until the present. Siu-Fung Group Liquidation Proceedings With respect to the Siu-Fung Group liquidation proceedings, the FRs argue each of the requirements for recognition under section 1517 are satisfied and ask the Court to recognize the liquidation as a foreign main proceeding. With respect to section 109(a), the FRs argue the Siu-Fung Group Debtors have two forms of assets in the United States sufficient to satisfy the debtor-eligibility requirement: (i) potential claims the Debtors allegedly have against Mr. Lee and third parties in the United States based on the allegedly fraudulent transfer of BSW assets before, during, and after the Siu-Fung Group liquidation proceedings (the "Potential Claims") and (ii) the postpetition Archer Retainer deposited by the FRs into Archer's client trust account on behalf of the Siu-Fung Group. Mr. Lee opposes recognition of the Siu-Fung Group liquidation proceedings on grounds that (i) the FRs have not proven the liquidation proceedings are foreign proceedings within the meaning of section 101(23), and (ii) the FRs have not proven that any of the Siu-Fung Group Debtors had any assets in the United States at the time of the filing of the petition for recognition. The Court concludes that while the requirements of section 1517 are otherwise satisfied and the Siu-Fung Group liquidation proceedings are foreign main proceedings, the FRs have failed to demonstrate the Siu-Fung Group Debtors had a presence in the United States at the time of the filing of the Chapter 15 petition, and therefore section 109(a) is not satisfied. Accordingly, the petition for recognition as to the Siu-Fung Group liquidation proceedings must be denied. The Lee 2001 Bankruptcy With respect to the Lee 2001 Bankruptcy, the FRs argue each of the requirements for recognition under section 1517 are satisfied and ask the Court to recognize the proceeding as a foreign main proceeding, or, in the alternative, as a foreign nonmain proceeding. The Parties do not dispute section 109(a) is satisfied as Mr. Lee has clearly been shown to possess property in the United States at the time the petition for recognition was filed. In opposition to recognition of the Lee 2001 Bankruptcy, Mr. Lee argues that proceeding does not constitute a foreign proceeding within the meaning of section 101(23) and therefore section 1517 is not satisfied. Mr. Lee argues against foreign main recognition on grounds that Mr. Lee's COMI is allegedly in the United States, rather than Hong Kong.167 With respect to foreign nonmain recognition, Mr. Lee argues there is no proof to maintain the FRs' position that Mr. Lee maintains an establishment in Hong Kong. Finally, Mr. Lee argues the FRs' petition should be denied under the section 1506 public policy exception. The Court must deny recognition of the Lee 2001 Bankruptcy. The FRs failed to meet their burden of proving Mr. Lee's COMI is in Hong Kong, and therefore the Lee 2001 Bankruptcy cannot be a foreign main proceeding. The FRs also failed to meet their burden of proving Mr. Lee maintains an establishment in Hong Kong, and therefore the Lee 2001 Bankruptcy cannot be a foreign nonmain proceeding. Accordingly, because section 1517 is not satisfied, the Court need not and will not take a position on Mr. Lee's arguments with respect to section 1506. In the Court's view, the FRs' evidence fails to meet the "rather high" bar of proving Mr. Lee maintained an establishment in Hong Kong as of July 19, 2024, the date the petition for recognition was filed. Accordingly, the Court must conclude the FRs have failed to prove the Lee 2001 Bankruptcy is a foreign nonmain proceeding within the meaning of section 1517(b)(2). Given the FRs have failed to prove the Lee 2001 Bankruptcy is either a foreign main or foreign nonmain proceeding, the requirements for recognition under section 1517(a) have not been satisfied, and the Court must deny recognition of that proceeding under Chapter 15. The Court denies recognition of both the Siu-Fung Group liquidation proceedings as well as the Lee 2001 Bankruptcy. Vince Sullivan of Law360 Bankruptcy Authority says the ruling leaves the Hong Kong proceeding without U.S. enforcement support, including the ability to invoke the automatic stay against creditors here. The opinion highlights the importance of demonstrating a tangible U.S. connection when seeking cross-border relief. A copy the Court's Memorandum Opinion dated February 10, 2026, is available at https://urlcurt.com/u?l=IoDhLc from PacerMonitor.com. About Siu-Fung Ceramics Holdings Limited Siu-Fung Ceramics Holdings Limited manufactures and sells ceramic products such as tiles, sanitary ware and tableware. Siu-Fung Ceramics Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33299) on July 19, 2024. The Foreign Proceeding is Companies (Winding Up and Miscellaneous Provisions)(Amendment) Ordinance 2016 and Bankruptcy (Amendment) Ordinance 2005 pursuant to Hong Kong Laws The Debtors in Foreign Proceedings are Siu-Fung Ceramics Holdings Limited; Siu-Fung Ceramics Concept Company Limited; NHD Systems (Holdings) Limited; NHD Systems (Asia) Limited; Siu Fung Concept Limited; Siegfried Lee Siu-Fung; and Siu Fung Siegfried Lee. The Debtor's foreign representatives Alan CW Tang, Anita CM Hou, and Terry LK Kan. Foreign Representative's Counsel is Stephen M. Packman, Esq., at ARCHER & GREINER, P.C. SKYLARK HOTELS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Skylark Hotels, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through March 19 consistent with its budget. As a condition to the interim use of cash collateral, the Debtor is required to provide adequate protection to New Omni Bank, N.A. by making monthly payments of $39,533.33. These payments are intended to protect the secured lender's interest while the Debtor continues operations during the interim period. The next hearing is scheduled for March 19. The interim order is available at https://is.gd/fLVMwb from PacerMonitor.com. Skylark Hotels intends to use its cash collateral to continue operating its 82-room budget motel in San Bernardino, California during its Chapter 11 case. This cash collateral consists of rents and operating revenues in which its lender, New Omni Bank, N.A., asserts liens. The Debtor's business had been profitable until early 2024, when nearby competing hotels opened and forced rate reductions that impaired cash flow and led to loan and property tax defaults, though conditions have recently improved with increased bookings from government housing programs. The Debtor's assets are estimated at about $6.77 million, primarily the motel property and related operating assets, while the secured debt to the lender is approximately $5.93 million, maturing May 10. About Skylark Hotels Inc. Skylark Hotels, Inc. doing business as Empire Inn, owns and operates an 82-room budget motel located at 294 E. Hospitality Lane in San Bernardino, California, with a comparable sale value of about $6.5 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10787) on February 1, 2026. In the petition signed by Kalpesh Prafull Solanki, managing member, the Debtor disclosed $6,771,564 in total assets and $10,117,752 in total liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Kevin Tang, Esq., at TANG & ASSOCIATES, represents the Debtor as legal counsel. SKYLINE EMS: Amends Unsecured Claims Pay Details ------------------------------------------------ Skyline EMS, Inc., submitted a Second Amended Disclosure Statement describing Plan of Reorganization dated February 4, 2026. The purpose of the Plan is to reorganize the Debtor and provide distributions to its Creditors. In broad overview, the Plan proposes to continue operating the emergency (911) ambulance transportation company, increase revenue by acquiring new contracts, retain existing contracts, reduce the payroll expense to revenue percent to 50%, and reduce other ongoing administrative and operational expenses. The Debtor's funding for the Plan comes from two sources. First, Debtor operates an emergency (911) ambulance transportation company servicing the Jim Hogg County, Texas, Precincts 1 and 3 of Hidalgo County, Texas and the City of Palmhurst, Texas metropolitan area from which it earns, using 2024 tax return receipts numbers, of $7,853,341 annually or $654,445.08 monthly. A certain July 3, 2025 agreement titled as "Cylinder And Hardgoods Product Sale Agreement" existing between the Debtor and AIRGAS USA, LLC, pursuant to which AIRGAS provided industrial, specialty, and medical gases to be used by Debtor in its emergency transportation services. Class 3 consists of all General Unsecured Claims ($591,790.31). The General Unsecured Claims will receive pro rata distributions from the GUC Cash Pool; the Reorganized Debtor will make Post Emergence Monthly Payments in the amount of $12,414.29 to the GUC Distribution Reserve after the Effective Date to fund the GUC Cash Pool. If the Reorganized Debtor does not make the Post-Emergence Monthly Payments to the GUC Distribution Reserve when due under the Plan, the holder of any unsatisfied General Unsecured Claim can serve written notice of default on the Reorganized Debtor. If the Reorganized Debtor does not cure such default, or if the Bankruptcy Court determines that a default has occurred such holder may pursue any and all remedies available under applicable state or federal law and assert a default interest rate of 4% accruing as of the date of the default. These payments to the GUC Distribution Reserve shall begin thirty days after the confirmation date. Class 3 is Impaired, and each holder of a General Unsecured Claim is entitled to vote to accept or reject the Plan. Class 4 consists of the Unsecured Non-Priority Tax Claim of the Internal Revenue Service. Except to the extent that the Internal Revenue agrees to less favorable treatment of such Claim, in exchange for full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim, the Internal Revenue Service shall receive its Pro Rata share of the GUC Cash Pool up to the full amount of such Allowed General Unsecured Claim following the payment in full of all secured and priority classes. The Internal Revenue Service will receive pro rata distributions from the GUC Cash Pool; the Reorganized Debtor will make Post Emergence Monthly Payments in the amount of $21,380.93 to the GUC Distribution Reserve after the Effective Date to fund the GUC Cash Pool. If the Reorganized Debtor does not make the Post-Emergence Monthly Payments to the GUC Distribution Reserve when due under the Plan, the Internal Revenue Service can serve written notice of default on the Reorganized Debtor. If the Reorganized Debtor does not cure such default, or if the Bankruptcy Court determines that a default has occurred, such holder may pursue any and all remedies available under applicable state or federal law and assert a default interest rate of 4% accruing as of the date of the default. These payments to the GUC Distribution Reserve shall begin thirty days after the confirmation date. Class 4 is impaired and each holder of an Unsecured Non-Priority Tax Claim is entitled to vote to accept or reject the Plan. The Debtor's plan is feasible. Specifically, Debtor's projected average monthly net income, is $118,442.10. This monthly income is sufficient to pay the Plan Payment of $109,211.59. Additionally, the Debtor will factor out accounts receivables in batches to acquire Plan funding. A full-text copy of the Second Amended Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=U5qjch from PacerMonitor.com at no charge. Counsel for the Debtor: Antonio Martinez, Jr., Esq. 515 W. Nolana Ave., Ste. B McAllen, TX 78504 Telephone: (956) 683-1090 Email: martinez.tony.jr@gmail.com About Skyline EMS Inc. Skyline EMS Inc., an emergency medical services provider operating across the Rio Grande Valley in Texas. It provides ambulance and emergency medical response services from its base in Mission, Texas Skyline EMS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70188) on July 7, 2025. In its petition, the Debtor estimated assets up to $50,000 and liabilities of $2.86 million. The Debtor is represented by Antonio Martinez, Jr., Esq. SMART FONE: Leona Mogavero Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Smart Fone Doctor Inc. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Smart Fone Doctor Inc. Smart Fone Doctor Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10427) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Patricia M. Mayer presides over the case. Timothy Zearfoss, Esq., at the Law Office of Timothy Zearfoss represents the Debtor as bankruptcy counsel. SMITH MICRO: Secures $1 Million Loan From Smith Living Trust ------------------------------------------------------------ Smith Micro Software, Inc. disclosed in a regulatory filing that it entered into a Note Purchase Agreement with the Smith Living Trust, for which William W. Smith, Jr., the Company's chairman, president and chief executive officer, and his wife, Dieva L. Smith, serve as co-trustees. Pursuant to the Note Agreement, Smith agreed to loan funds to the Company in return for one or more secured promissory notes and accompanying unregistered common stock purchase warrants. The Note Agreement provides that each Note will be secured by the Company's accounts receivable and certain other assets, will bear interest at a rate of 15.0% per annum, and will be due on or before March 31, 2026, unless otherwise mutually agreed by the parties. Pursuant to the Note Agreement, each Note will be accompanied by the issuance of a Warrant to purchase shares of the Company's common stock, par value $0.001 per share, which will be exercisable at any time beginning six months following its original issuance, will expire five years from the initial exercise date and will have an exercise price equal to the greater of: (a) $0.68 and (b) the greater of the market price of the Company's Common Stock on the date of the Note Agreement or on the date of issuance. Pursuant to the Note Agreement, the Company will receive an amount equal to $0.125 per Warrant Share for each Warrant issued. The Note Agreement contains representations, warranties and covenants made by the Company that are customary for transactions of this type. Pursuant to the Note Agreement, the Company has agreed to file a registration statement with the United States Securities and Exchange Commission registering the Warrant Shares for resale. On February 3, 2026, the Company and Smith completed a closing of a loan transaction under the Note Agreement, and the Company issued a Note and a Warrant to Smith pursuant to the terms of the Note Agreement. The Warrant has an exercise price of $0.68 and will be exercisable during the period beginning August 3, 2026 and ending August 3, 2031. The gross proceeds to the Company from the closing totals approximately $1,000,000 (comprised of approximately $814,979 as a loan and approximately $185,021 for the purchase of the accompanying Warrant), before deducting transaction expenses payable by the Company. The Company expects to use the net proceeds from the transaction for working capital and general corporate purposes. The Warrant was, and until such time as a registration statement therefor is filed and declared effective the Warrant Shares will be, issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The transaction was approved by the Company's Board of Directors and the Company's Audit Committee. About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SMITH MICRO: William Smith Jr. and Trust Holds 32.2% Equity Stake ----------------------------------------------------------------- William W. Smith, Jr., disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of February 3, 2026, he beneficially owns 9,446,520 shares of common stock -- with sole voting and dispositive power over 367,397 shares and shared voting and dispositive power over 9,079,123 shares held by the Smith Living Trust, for which Mr. Smith and his spouse are co-trustees, including 3,561,449 shares issuable within 60 days upon exercise of warrants; increased by the Trust's purchase of a warrant for 1,480,165 shares on February 3, 2026, for $1,000,000 via promissory note, not yet exercisable until August 3, 2026 -- of Smith Micro Software, Inc.'s common stock, par value $0.001 per share, representing 32.2% of the 25,763,019 shares outstanding as reflected in the records of the Company's transfer agent and 3,561,449 shares of common stock not outstanding which the Smith Living Trust has the right to acquire within 60 days upon the exercise of warrants, in accordance with Rule 13d-3(d)(1)(i). William W. Smith, Jr. may be reached through: William W. Smith, Jr. Smith Micro Software, Inc. 120 Vantis Drive Suite 350 Aliso Viejo, CA 92656 Tel: (949) 362-5800 A full-text copy of William W. Smith, Jr.'s SEC report is available at: https://tinyurl.com/mtrm7txf About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SOUTHEASTERN INDUSTRIAL: Seeks Court OK to Use Cash Collateral -------------------------------------------------------------- SouthEastern Industrial Contractors, LLC asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral. The Debtor intends to use its cash collateral to meet ordinary operating expenses, including payroll, utilities, insurance, and other administrative costs. As of the petition date, the Debtor held deposits totaling $13,595 and accounts receivable of approximately $985,800, of which $965,690 is disputed in ongoing litigation. Creditors including Corporation Service Company, CT Corporation, Samson MCA, Funderz Group, Alabama Department of Revenue, and Cadence Bank, may have security interests in the Debtor's cash collateral, which the Debtor reserves the right to challenge. As adequate protection, the secured parties will be granted replacement liens on post-petition receivables and projected positive cash flow, consistent with 11 U.S.C. section 361. The Debtor also requests that banks be authorized to honor checks and transfers issued by the Debtor-in-Possession. Organized in Lee County, Alabama, SouthEastern Industrial Contractors filed a voluntary Chapter 11 petition on December 17, 2025, due in part to the disassociation of two members, resulting litigation, and creditor collection actions, which significantly affected income and cash flow. It continues to operate as a debtor-in-possession, employing staff and maintaining normal business operations. A status hearing is scheduled for February 17. A copy of the motion is available at https://urlcurt.com/u?l=eeYO8b from PacerMonitor.com. About SouthEastern Industrial Contractors SouthEastern Industrial Contractors, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81610) on December 17, 2025, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Bess M. Parrish Creswell presides over the case. Anthony B. Bush, Esq., at The Bush Law Firm, LLC represents the Debtor as bankruptcy counsel. SPANSION INC: Administrative Office Makes Unusual Redaction Request ------------------------------------------------------------------- Troubled Company Reporter shared a story entitled, "SPANSION INC: Committee Supports Noteholders Financing Offer" with subscribers on Mar. 4, 2010, as the company was marching toward confirmation of its chapter 11 plan. In that story, TCR pointed subscribers to a chart at http://bankrupt.com/misc/Spansion_3rdAmObjStatus.pdf showing the status of pending confirmation objections. Nearly sixteen years later, the Administrative Office of the U.S. Courts asked bankrupt.com's Webmaster to redact the name and e-mail address of a lawyer serving as local Delaware counsel to Spansion Japan Limited. "Our team at the Administrative Office of the U.S. Courts (AO) Threat Management Branch is currently assisting a federal judge in the 3rd Circuit whose name along with their email address are visible," bankrupt.com's Webmaster was told in e-mail correspondence this past week. The name the Administrative Office asked to be redacted is Chief Bankruptcy Judge Karen B. Owens' maiden name and the e-mail address the AO asked be redacted was her e-mail address at Ashby & Geddes, P.A., in Wilmington, Del. About Spansion Inc. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On Feb. 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) in Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan were included in the U.S. or Japan filings. Spansion disclosed total assets of US$3,840,000,000 and debts totaling US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). Spansion emerged from chapter 11 in May 2010. In December 2014, Cypress Semiconductor acquired Spansion for $1.6 billion to form a company specializing in microcontrollers and flash-memory chips with combined yearly sales of more than $2 billion. SPIRIT AIRLINES: Seeks $533MM Bid for 20-Aircraft Sale ------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Spirit Airlines asked a US Bankruptcy Court in New York to approve a $533.5 million floor price for an auction of 20 Airbus jets, reflecting a deal with aviation asset manager CSDS Asset Management LLC. The motion was filed in connection with Spirit’s Chapter 11 restructuring in the Southern District of New York. Under the proposed agreement, CSDS will act as the stalking horse bidder for a set of A320 and A321 aircraft, receiving a $16 million break-up fee and up to $2.5 million in reimbursable costs. This arrangement is meant to encourage other bidders while compensating the lead bidder if the sale falls through, according to report. In its court filing, Spirit Aviation Holdings Inc. described the sale as a "key step" in executing its restructuring strategy. The proceeds from the aircraft sale are expected to support creditor recoveries and maintain the airline's business operations during the bankruptcy process, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. ST MARK'S PROPERTY: Unsecureds Will Get 100% over 12 Months ----------------------------------------------------------- St Mark's Property Acquisition LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated February 4, 2026. The Debtor owns a commercial office condominium located at 800 Second Avenue, Unit 802, New York, NY 10017 (the "Property"). The Property generates $20,000.00 per month in rental income. The Debtor has entered into a 10-year lease with St. Mark's Consulting LLC (the "Tenant"), commencing January 1, 2026. The Tenant is an affiliate of the Debtor and is wholly owned by the Debtor's principal, Dr. Michael Morgan. The Debtor submits that the Lease is an "arms-length" transaction and that the Base Rent of $20,000.00 per month represents the Fair Market Value for a commercial Class A office condominium of this size and location in Midtown Manhattan. The Lease provides a steady, reliable income stream necessary to fund the Plan. The Plan proposes a 100% payout to all creditors. Class 4 consists of General Unsecured Claims. This Class includes Wells Fargo Bank, N.A. (Claim No. 1) and any other allowed general unsecured claims. This Class shall be paid 100% of the allowed claim amount, plus 7.00% interest, paid in 12 equal monthly installments. While the Debtor currently holds cash on hand, the Debtor has determined, in its business judgment, that it must maintain a prudent capital reserve of approximately 6 months of operating expenses ($55,000+) to guard against potential vacancies and special assessments common to Class A commercial condominiums in New York City (e.g., Local Law 11 facade repairs and Local Law 97 compliance). Stretching the unsecured payments over 12 months allows the Debtor to maintain this necessary safety reserve while still paying creditors in full with interest. A full-text copy of the Disclosure Statement dated February 4, 2026 is available at https://urlcurt.com/u?l=pEe2FR from PacerMonitor.com at no charge. Counsel to the Debtor: McCaffrey & Associates, P.C. Brian McCaffrey, Esq. 88-18 Sutphin Blvd., 1st Floor Jamaica, N.Y. 11435 Tel: (718) 480-8280 Fax: (718) 480-8279 About St Mark's Property St Mark's Property Acquisition LLC is engaged in the identification, acquisition, and management of income-producing properties. The company focuses on building a diverse real estate portfolio and generating returns through strategic property investments. St Mark's Property Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12862) on December 22, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $100,001 and $1 million. Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Brian McCaffrey, Esq. of McCaffrey & Associates, P.C. STEWARD HEALTH: Creditor Trust Pursues $56MM from Insurance Firms ----------------------------------------------------------------- Emily Lever of Law360 reports that the creditor litigation trust in the Chapter 11 bankruptcy of Steward Health Care System LLC has initiated adversary lawsuits against six health insurance groups, seeking more than $56 million in unpaid or underpaid medical bill reimbursements. The complaints, filed in the Southern District of Texas, allege that insurers failed to compensate Steward for covered claims, reducing the funds available to satisfy creditor claims in the bankruptcy. The trust argues that the denials and partial payments by the insurers have unfairly diminished the bankruptcy estate's resources and that recovery of these funds is essential for supporting creditor distributions. The adversary proceedings are part of the broader Chapter 11 effort to resolve Steward's liabilities and preserve as much value as possible for stakeholders. Named defendants include a range of major insurance and managed care entities, with the trust seeking to hold them accountable for alleged systemic underpayment practices. The litigation trust, represented by King & Spalding, intends to pursue the claims vigorously as it works to finalize Steward's reorganization plan, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STG DISTRIBUTION: Prospect Capital Marks $39.7MM 1L Loan at 69% Off ------------------------------------------------------------------- Prospect Capital Corporation has marked its $39,722,000 loan extended to STG Distribution, LLC to market at $12,314,000 or 31% 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 Out First Lien Term Loan extended to STG Distribution, LLC. The loan accrues interest at a rate of 5.04% per annum. The loan matures on October 3, 2029. 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 STG Distribution, LLC STG Distribution, LLC provides logistics services. The Company offers port-to-door, CFS and transloading, contract logistics, drayage, intermodal, LTL, and over-the-road services. STG Distribution serves customers worldwide. STOKES & STOKES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Stokes & Stokes Properties, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral consistent with its budget and to exceed budgeted disbursements by up to 10% in total without additional court approval. The cash collateral includes cash on hand, accounts receivable, and rental income. Stokes' primary secured creditors, U.S. Bank, N.A. and Metropolitan Life Insurance Co., hold security interests in its properties and associated rents. These secured creditors will receive adequate protection via post-petition mortgage payments from February 12 until a final order, with the Debtor continuing regular monthly loan payments. A final hearing is set for May 27. The deadline for filing objections is on May 20. The interim order is available at https://is.gd/6WUh5U from PacerMonitor.com. About Stokes & Stokes Properties LLC Stokes & Stokes Properties, LLC owns residential rental properties in Philadelphia. Stokes & Stokes Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026. In the petition signed by Michelle Williams, authorized representative, the Debtor disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M. Chan oversees the case. Demetrius Parrish, Esq., at the Law Offices of Demetrius J. Parrish, represents the Debtor as bankruptcy counsel. STOKES & STOKES: Holly Miller Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Stokes & Stokes Properties, LLC. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Stokes & Stokes Properties LLC Stokes & Stokes Properties, LLC owns residential rental properties in Philadelphia. Stokes & Stokes Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026. In the petition signed by Michelle Williams, authorized representative, the Debtor disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M. Chan oversees the case. Demetrius Parrish, Esq., at the Law Offices of Demetrius J. Parrish, represents the Debtor as bankruptcy counsel. STOLI GROUP: Court Orders Appointment of Chapter 11 Trustee ----------------------------------------------------------- Judge Scott Everett of the U.S. Bankruptcy Court for the Northern District of Texas directed the U.S. Trustee for Region 6 to appoint a Chapter 11 trustee for Stoli Group (USA), LLC and Kentucky Owl, LLC. Judge Everett granted the motion of Fifth Third Bank, National Association, senior secured lender, for the appointment of a bankruptcy trustee. In its motion, the lender raised the following arguments: * The filing of the Debtors' motion to convert case from Chapter 11 to 7 represents gross mismanagement under the circumstances. Once their ownership concluded on a final basis that it would not move ahead with a reorganization, the Debtors should have immediately pivoted to an orderly wind-down of precisely the sort that Chapter 11 trustees should now oversee. Instead, the Debtors proposed the value-destroying option of a forced liquidation in Chapter 7, knowing that this would cause significant harm to these estates and, therefore, the creditors. * "Cause" has also existed for months due to the Debtors' repeated misuse of cash collateral to benefit non-debtor affiliates Louisiana Spirits, LLC and S.P.I. Spirits (Cyprus) Limited (i.e., the plan sponsor) to the detriment of the Debtors, issues which were raised in several prior pleadings. * The Debtors continue to fail to market and sell Kentucky Owl's inventory, needlessly extending the already long time period that will likely be needed to complete such process. This is especially true given the fact that the Debtors retained Resolute Commercial Services, LLC as Kentucky Owl's "Collateral Manager" in connection with the settlement of lender's first motion to appoint a Chapter 11 trustee. Instead of leveraging Resolute's involvement to advance the barrel marketing and sales, the Debtors sidelined Resolute and ignored a sale process. * Similarly, the Debtors have been restrained by their ownership from selling Stoli USA's excess finished goods inventory, despite Stoli USA's repeated and continuous liquidity issues and despite the fact that Stoli USA's management has been aware of the existence of such valuable collateral since before the confirmation hearing. A Chapter 11 trustee for Stoli USA could finally work with the Debtors' employees to realize on and monetize this valuable collateral for the benefit of Stoli USA's creditors, instead of continuing to allow the Debtors' owner to keep it out of the marketplace. * As independent fiduciaries, Chapter 11 trustees would have the ability to allow the estates and their domestic employees to finally take concrete steps to monetize assets, do so within normal distribution channels without interference from ownership, and facilitate the orderly conclusion of these cases. And, even if such efforts by Chapter 11 trustees with support from the lender falter or the court later determines that conversion is appropriate for another reason, Chapter 11 trustees will have at least started much of the work that Chapter 7 trustees would have needed to do. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. SUNATION ENERGY: Settles $1.1MM Legacy Debt for $800,000 Lump-Sum ----------------------------------------------------------------- SUNation Energy, Inc. disclosed in a regulatory filing that the Company reached agreement with former shareholder to eliminate the promissory note. As previously disclosed in its periodic filings, through the November 2022 acquisition of SUNation Solar Systems, the Company's wholly-owned subsidiary, the Company acquired a long-term promissory note (originally in the amount of $2.5 million at the time of its April 2021 issuance) that the subsidiary held with a former shareholder and member of SUNation Solar Systems. Prior to reaching this settlement, the promissory note carried remaining principal balance of approximately $1.1 million and required monthly payments of approximately $25,000 through the contractual maturity date of March 1, 2031. To eliminate the long-term promissory note, significantly reduce this remaining multi-year obligation and improve financial flexibility, the Company negotiated a one-time lump-sum settlement payment of $800,000, which payment was made on January 30, 2026. As a result of the transaction, the Company has reduced its aggregate principal obligation by approximately $335,000 and also expects its recurring monthly obligation associated with this arrangement to be reduced to approximately $5,000 under the terms of the Revolver, representing savings of approximately $20,000 per month on a forward-looking basis. "Our philosophy has always been 'promises made, promises kept,'" said Scott Maskin, Founder and Chief Executive Officer of SUNation. "By eliminating this remaining legacy obligation, we have significantly reduced a total debt obligation, improved cash flow visibility, and enhanced our ability to focus on executing our strategic priorities." This action is the latest in a series of a broader balance-sheet and capital-structure initiatives undertaken by SUNation's management team, including the final cash distribution to holders of non-transferable Contingent Value Rights in December 2025 and the termination of the Company's Series A Warrants in June 2025. Revolving Line of Credit Facility In connection with the elimination of the long-term promissory note, the Company utilized its existing $1 million secured revolving line of credit facility established in April 2025 with MBB Energy, LLC, which is an affiliate and related party of the Company by virtue of MBB being an entity controlled by Scott Maskin, our chief executive officer. Borrowings under the Revolver bear interest at a fixed annual rate of 8%, payable monthly in arrears on the first day of each calendar month. The Company may repay outstanding borrowings at any time without penalty. Prior to drawing on this facility in January 2026, no amounts had been drawn on the Revolver. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's former auditor, 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's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $49.6 million in total assets, $27.9 million in total liabilities, and $21.7 million in total stockholders' equity. SUNNYCOVE CAPITAL: Case Summary & Four Unsecured Creditors ---------------------------------------------------------- Debtor: Sunnycove Capital, Inc 15700 Winchester Blvd. Los Gatos, CA 95030 Business Description: Sunnycove Capital, Inc. is a single-asset real estate company as defined under 11 U.S.C. Section 101(51B) that owns retail land located at 2420 and 2424 El Dorado St. in Stockton, California, with an estimated value of $1.5 million. Chapter 11 Petition Date: February 12, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-20737 Judge: Hon. Christopher M Klein Debtor's Counsel: Lars Fuller, Esq. THE FULLER LAW FIRM 60 N Keeble Avenue San Jose, CA 95126 Email: lars@fullerlawfirm.net Total Assets: $1,501,062 Total Liabilities: $2,335,141 The petition was signed by Daniel Shaw as CFO. 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/JQT7WLY/Sunnycove_Capital_Inc__caebke-26-20737__0001.0.pdf?mcid=tGE4TAMA SURVWEST LLC: Trustee Hires Newpoint Advisors as Accountant ----------------------------------------------------------- Matthew Brash, the Trustee of SurvWest, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Newpoint Advisors Corporation as accountant. The firm will provide these services: (a) assist the Trustee in preparing financial disclosures required by the Court, including any revisions/adjustments to the Debtor's Schedules of Assets and Liabilities, any potential revisions/adjustments to Statements of Financial Affairs, Monthly Operating reports, and Rule 2015.3 Reports; (b) assist in preparing or reviewing Debtor's financial information, including, but not limited to, analyzing cash receipts and disbursements, financial statement items, and proposed transactions for which Court approval is sought; (c) prepare enterprise, asset, and liquidation valuations; (d) assist with the analysis, tracking, and reporting for any financing arrangements and budgets; (e) assist with identifying and implementing potential cost containment opportunities; (f) assist in reviewing Debtor's business and financial condition generally; (g) coordinate efforts to obtain debtor-in-possession financing; (h) attend meetings and assist in discussions with potential investors, banks, and other lenders, any official committee(s) appointed in this case, the United States Trustee, other parties in interest and their professionals, as requested; (i) communicate and negotiate with Debtor's creditor constituents to aid the Trustee in maximizing recovery for all stakeholders; (j) assist in the preparation of information and analysis necessary for the confirmation of a Chapter 11 plan, including information contained in the disclosure statement, if confirmation of a plan is found to be advisable by the Trustee; (k) provide forensic accounting services necessary to determine the disposition of the Debtor's assets and assist counsel in developing litigation claims which may be estate property; (l) assist with accounting services and coordination with any sale process for any sale of assets; (m) coordinate workflow administration between the Trustee's professionals and creditor constituencies and their professionals; (n) assist the Trustee with the day-to-day, short-term, and long-term management of the bankruptcy process, including evaluating strategic and tactical options with respect to management of the reorganization of operations and sale of Debtor's assets; and (o) render such other assistance as the Trustee or his retained professionals may deem necessary consistent with the role of an accountant to the extent that it would not be duplicative of services provided by other professionals in this preceding. The firm will be paid at these rates: Scott Caruthers $395 per hour Carin Sorvik $365 per hour Other Analysts $325 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott Caruthers Newpoint Advisors Corporation 750 Old Hickory Blvd Building 2, Suite 150 Brentwood, TN 37027 Tel: (800) 306-1250 Fax: (702) 543-3881 About SurvWest, LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president, signed the petition. Judge Thomas B. Mcnamara handles the case. David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. is the Debtor's legal counsel. TBK Bank is represented by: Duncan E. Barber, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Tel: (720) 488-0220 Fax: (720) 488-7711 E-mail: dbarber@os.law TAYLOR CHIP: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: Taylor Chip, LLC 1573 Manheim Pike Lancaster, PA 17601 Business Description: Taylor Chip, LLC, based in Lancaster, Pennsylvania, operates a bakery and dessert business specializing in cookies, cookie cakes, cookie dough, and related products, serving customers through its retail storefront and online sales. Founded in 2018, the company maintains multiple locations in Pennsylvania and offers nationwide shipping of its products. Its operations focus on food production and retail within the baked goods industry. Chapter 11 Petition Date: February 12, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10550 Judge: Hon. Patricia M Mayer Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Doug Taylor, a member of Taylor Operations Holdings, LLC, which owns Taylor Chip, where he serves as CEO. The petition was signed by Doug Taylor, member of Taylor Operations HOldings, LLC, owner, CEO of Taylor Chip. A copy of the Debtor's list of 15 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JBA7DUQ/TAYLOR_CHIP_LLC__paebke-26-10550__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IS7PFQY/TAYLOR_CHIP_LLC__paebke-26-10550__0001.0.pdf?mcid=tGE4TAMA TECHNOMECH INC: Unsecured Creditors Will Get 100% of Claims in Plan ------------------------------------------------------------------- Technomech Inc. of Maryland filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated February 4, 2026. The Debtor is a manufacturing services provider. The Debtor has historically repaired items mostly for petrochemical facilities such as BASF Chemical, Exelon Power, etc. Mr. Kevin Runge, the Debtor's sole owner, started the Debtor in 1996. The Debtor filed this case in an attempt to reorganize its business affairs. The Debtor has been forced to downsize in recent years due in part to the Debtor's owner relocating to Ocala, Florida and other factors. Additionally, pre-petition, an individual who was loaned money from the Debtor's principal and subsequently employed by the Debtor for less than one year commenced litigation against the Debtor and its principal in Delaware. The time and litigation expenses placed a tremendous strain on the Debtor and its now relatively small operation. The Debtor has fallen behind on different suppliers and/or vendors during this time as well. This Plan of Reorganization proposes to pay creditors of the Debtor from the Debtor's continued operations and cash infusions from the Debtor's principal. The President of the Debtor, Kevin Runge, will remain in that role post-confirmation. This Plan provides for the payment of one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 1 consists of General Unsecured Claims. General unsecured creditors include: DCS Center: $9,300.00; Deep South Hardware: $7,750.00; Mike Renshaw, CPA: $3,200.00; Sargent's Court Reporting: $1,280.00; JPMorgan Chase Bank, N.A.: $391.72; JPMorgan Chase Bank, N.A.: $421.85; and Wells Fargo Bank: $1,529.75. Class 1 Claimants shall receive a 100% dividend of $23,873.32. Installment payments (distributed pro-rata) in the amount of $1,193.67 shall commence on the fifteenth day of the month, on the first month that begins more than sixty days after the Effective Date and shall continue every ninety days thereafter for a total of twenty payments. This Class is impaired. Class 2 consists of Equity Security Holder Kevin Runge. Post confirmation, the equity security holder will retain his ownership interest. The Debtor shall fund its Plan from its continued operations and cash infusions from its principal. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Plan of Reorganization dated February 4, 2026 is available at https://urlcurt.com/u?l=aqc7bV from PacerMonitor.com at no charge. Counsel for the Debtor: Bruner Wright, P.A. Byron Wright III, Esq. Samantha A. Kelley, Esq. 2868 Remington Green Circle Suite B Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 About Technomech Inc. of Maryland Technomech is a technical-services provider committed to engineering excellence and personalized client support. It offers a suite of services including consulting, design, equipment installation, and ongoing maintenance. Technomech Inc. of Maryland sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04339) on November 23, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Robert C. Bruner, Esq. of Bruner Wright, P.A. TEMPERTURE CONTROL: Neema Varghese Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Temperture Control Maintenance Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Temperture Control Maintenance Inc. Temperture Control Maintenance Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-02022) on February 3, 2026, listing assets of up to $50,000 and liabilities of between $500,001 and $1 million. James A. Young, Esq., represents the Debtor as legal counsel. TEMPERTURE CONTROL: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------------- On February 3, 2026, Temperture Control Maintenance Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Temperture Control Maintenance Inc. Temperture Control Maintenance Inc. operates as a maintenance services provider specializing in heating, cooling, and environmental control systems. Temperture Control Maintenance Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02022) on February 3, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by James A. Young, Esq. TEXMAR GROUP: Melissa Haselden Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Texmar Group, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Texmar Group LLC Texmar Group, LLC provides commercial and industrial machinery and equipment rental and leasing services in Porter, Texas, offering a range of heavy construction and material-handling equipment, including excavators, dozers, forklifts, and powerwashers, to businesses and contractors across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30736) on February 2, 2026, with $2,300,096 in assets and $2,717,600 in liabilities. Mohamed El Attar in his capacities as president and owner signed the petition. Judge Eduardo V. Rodriguez presides over the case. Vicky M. Fealy, Esq., at The Fealy Law Firm, PC represents the Debtor as bankruptcy counsel. TIKE LLC: Unsecured Creditors to Get Nothing in Plan ---------------------------------------------------- Tike LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated February 4, 2026. The Debtor is a plastic manufacturing company specializing in custom plastics production. The Debtor is owned by Michael Desort (51% ownership interest) and Ting Zhang (49% ownership interest). Prior to filing, The Debtor has been forced to seek relief under Chapter 11 of the Bankruptcy Code due to significant financial strain resulting from ongoing litigation in the Eighth Judicial District Court, Clark County, Nevada, Case No. A-24-888457-B (Tike LLC v. IST Manufacturing, Inc.). This complex commercial litigation, which involves claims of fraud, breach of contract, breach of the implied covenant of good faith and fair dealing, and negligent misrepresentation arising from the Debtor's $1,425,000 acquisition of certain business assets, has imposed substantial legal costs upon the Debtor. The Debtor now faces a counterclaim for breach of contract from the defendant, further complicating its financial position. The mounting attorneys' fees, costs of litigation, and the uncertainty surrounding the outcome of this dispute have depleted the Debtor's resources and necessitated this bankruptcy filing to provide the Debtor with the breathing space needed to reorganize its affairs [or liquidate its assets in an orderly manner] while addressing its obligations to creditors. The Plan proposes that the Debtor will pay Stonehenge under the terms of its pre-petition contractual agreement and pay nothing to unsecured creditors. As such, the Debtor will have no need for projected disposable income. Class 2 consists of non-priority unsecured claims. This class consists of Proofs of Claims #1 and #2. These creditors will be paid nothing under the confirmed plan and will be discharged upon confirmation of this plan. This Class is impaired. Class 3 consists of equity security holders of the Debtor. The equity security holder(s), the Debtor's member(s), shall retain all current interests. The means for implementation shall come from business operations. A full-text copy of the Plan of Reorganization dated February 4, 2026 is available at https://urlcurt.com/u?l=VNEdEH from PacerMonitor.com at no charge. Counsel to the Debtor: James T. Leavitt, Esq. Leavitt Legal Services, PC 601 South 6th Street Las Vegas, NV 89101 Telephone: (702) 385-7444 Facsimile: (702) 385-1178 Mail: Jamestleavitt@gmail.com About Tike LLC Tike LLC, doing business as Welch Plastics, provides plastic manufacturing and fabrication services, including product prototyping, high-volume injection molding, reverse engineering, 3D printing, laser scanning, CAD file creation, CNC and laser cutting, heat bending, and thermoforming, serving clients from its base in Las Vegas, Nevada. The company, founded in 2000, is veteran- and minority-owned and specializes in producing sheet materials, large plastic tubes, and custom-designed plastic components. Tike sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16736) on November 6, 2025, with $1,851,820 in assets and $2,026,405 in liabilities. Michael DeSort, authorized representative of the Debtor, signed the petition. James T. Leavitt, Esq., at Leavitt Legal Services, PC represents the Debtor as counsel. TORY BURCH: S&P Affirms 'BB-' ICR, Outlook Stable ------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on luxury accessory retailer Tory Burch LLC. S&P also reduced its leverage downgrade trigger by a turn to 3x from 4x to reflect its view that Tory Burch's profitability is weaker than its peers given its small scale. The stable outlook reflects S&P's expectation that Tory Burch will maintain S&P Global Ratings-adjusted leverage in the high-2x area and generate positive free operating cash flow (FOCF) over the next 12 months. Tory Burch LLC continues to navigate a challenging operating environment amid tariff-related headwinds and soft consumer discretionary spending. S&P forecasts relatively elevated S&P Global Ratings-adjusted leverage in the high-2x area and S&P Global Ratings-adjusted EBITDA margins of roughly 20% over the next 12 months. S&P said, "The rating affirmation reflects our revised assessment of Tory Burch's business risk profile to weak from fair, driven by its comparatively smaller scale and weaker profitability relative to similarly positioned peers. At approximately $1.7 billion in annual revenue, the company operates at a materially smaller scale than Coach (approximately $5.6 billion) and Michael Kors (approximately $3.4 billion). The company also holds a smaller share of the global accessible luxury leather goods market than these peers, which we believe limits its competitive positioning. In addition, its last-12-month reported EBITDA of approximately $257 million and cash flow from operations of roughly $168 million indicate a more modest earnings and cash generating capacity that is more consistent with weaker-rated peers. "We forecast modest revenue growth over the next 12 months. Tory Burch's consolidated revenue increased roughly 3.2% during the third quarter of 2025 due to the company's fall loyalty event occurring late in the third quarter (rather than the fourth quarter historically). However, we forecast total consolidated revenue will decline roughly 3% for full-year 2025 due to strong competition and consumer discretionary spending remaining persistently weak amid a challenging operating environment. While we expect a modest revenue decline for fiscal 2025, Tory Burch's sales performed relatively better than most peers. "While we expect discretionary spending will remain soft through the end of 2026, we forecast the company will expand its full-year sales modestly by approximately 1.0% in 2026 and 1.7% in 2027 as it implements pricing optimization plans designed to drive customer engagement and brand desirability. "We believe Tory Burch can offset tariff headwinds. While we anticipate tariff-related headwinds will continue to weigh on its S&P Global Ratings-adjusted EBITDA margins over the next 12 months, we believe it is well positioned to partially offset this pressure through strategic sourcing initiatives and maintain leverage in the high-2x area. The company is strengthening its partnerships with key manufacturers to secure more favorable pricing, diversifying its supplier base to reduce its exposure to specific geographies, strategically increasing item prices, and adjusting its purchasing volumes to align its inventory with demand trends and cost dynamics. Furthermore, we believe Tory Burch will continue to identify and execute cost optimization opportunities across the business throughout the year. We believe these components support its ability to maintain relatively stable operating performance, which will likely enable it to preserve key credit metrics we view as appropriate for the current rating. "We no longer net accessible cash against our calculation of adjusted debt following our revision of Tory Burch's business risk profile. During the third quarter ended Oct. 4, 2025, Tory Burch's S&P Global Ratings-adjusted leverage remained relatively unchanged year over year at roughly 2.9x. We forecast the company's S&P Global Ratings-adjusted margins will be 21.2% in 2026 (from roughly 20.2% in 2025), improving to roughly 21.6% in 2027 due to price optimizations and ongoing cost saving initiatives. We continue to apply a negative comparable rating analysis modifier to Tory Burch, reflecting its S&P Global Ratings–adjusted leverage in the high-2x area. "Tory Burch will have adequate liquidity over the next 12 months due to positive FOCF generation, sizeable cash balance, and undrawn borrowings under its revolving credit facility. We continue to view Tory Burch's ability to fund its growth initiatives and financial policy without the reliance of debt funding initiatives favorably. As of the end of the third quarter, the company had approximately $200 million of balance sheet cash and about $192 million of availability under its revolving credit facility, net of $8 million reserved for letters of credit. We project FOCF of $110 million-$115 million in fiscal 2026 after capital expenditures of roughly $77 million, which we expect will be allocated largely to new store openings, maintenance, and information technology initiatives. We also forecast tax-related distributions of approximately $35 million in fiscal 2026, resulting in discretionary cash flow of $75 million-$80 million. The company has no near-term debt maturities; its $600 million term loan matures in 2028, and its revolving credit facility matures in 2030. Given this liquidity profile and projected cash generation, we do not anticipate Tory Burch will require incremental debt over the next 12 months to fund operations or growth initiatives. "The stable outlook reflects our expectation that Tory Burch will maintain S&P Global Ratings-adjusted leverage in the high-2x area and generate positive FOCF over the next 12 months." S&P could lower the ratings if it expects its S&P Global Ratings-adjusted leverage will rise and remain above 3x. This could occur if: -- The company underperforms relative to S&P's base-case forecast, particularly due to increased competition, loss of brand resonance, or further weakness in consumer discretionary spending; or -- Management's financial policy becomes more aggressive, potentially pursuing large distributions or debt-funded acquisitions. S&P could raise the ratings if company sustains S&P Global Ratings-adjusted leverage below 2x. This could occur if: -- The company's operating prospects and competitive standing improve such that we believe it compares more closely with its larger and more diversified competitors. This could occur if it materially expands its scale and improves its competitive position; or -- It improves its profitability metrics or uses cash flow to permanently reduce its debt balance, leading to lower sustained leverage. TRIPLE POINT: Taps Law Office of Raymond W. Verdi as Counsel ------------------------------------------------------------ Triple Point seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire The Law Office of Raymond W. Verdi, Jr. to serve as counsel for the Debtor. The firm will render these services: (a) assisting the Debtor in preparing and filing (and serving as necessary) schedules, statements, monthly financial statements, and other necessary and appropriate documents; (b) preparing and filing, on behalf of the Debtor, all motions, applications, documents in connections with adversary proceedings, and proposed orders or other legal papers; (c) appearing at all appropriate meetings and before any appropriate forum (including this Court) in order to represent and protect the interests of the Debtor and the Estate herein; (d) explaining to the Debtor its responsibilities in a case under chapter 11, and ensuring insofar as practicable that it complies with its responsibilities; (e) representing the Debtor in its negotiations with secured and unsecured creditors, and Committees who may be appointed in the case; (f) assisting the Debtor in formulating a plan of reorganization and disclosure statement; and (g) performing such other further legal services for the Debtor which may be necessary herein. The normal billing rates of the Verdi Firm, which will be employed in this case are: members -- $475 per hour; paralegals/legal assistants -- $125 per hour. The Verdi Firm agreed to a retainer in this case in the sum of $7,500, the entirety of which has been paid by Shams Ayub, the President and 100% owner of the Debtor. As of the date hereof, the Verdi Firm has received the full $7,500 Retainer. To the best of the Debtor's knowledge, the Verdi Firm is a disinterested person as that term is defined in Section 101 of the Bankruptcy Code; and the Verdi Firm does not hold, or represent any entity with, an adverse interest in or in connection with this case. The firm can be reached at: Raymond W. Verdi, Jr., Esq. LAW OFFICE OF RAYMOND W. VERDI, JR. 178 East Main Street Patchogue, NY 11772 Telephone: (516) 380-9064 Facsimile: (631) 654-5252 About TRIPLE POINT DEFENSE CORP Triple Point Defense Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 8:26-bk-70479) on February 2, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Sheryl P. Giugliano oversees the case. The Law Office of Raymond W. Verdi, Jr. is Debtor's proposed counsel. TWO JAYS: To Sell Berlin Property to Chad Robinette for $125K ------------------------------------------------------------- Two Jays Properties & Rentals LLC seeks approval from the U.S . Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property located at 313 Langford St. GA., Berlin, GA 31722, which is encumbered by: a. 1st Mortgage in favor of Southeastern Credit Union in the amount of approximately $69,792.13; and b. 2nd Mortgage in favor of Southeastern Credit Union in the amount of approximately $29,224.33. After marketing the Property, the Debtor has obtained an offer to purchase for $125,000.00 from Chad D. Robinette. Southeastern Credit Union will receive sufficient net sale proceeds to satisfy its mortgages after carving out the following expenses: 1) ordinary and necessary costs required to be paid at sale's closing; and 2) the real estate broker's commission. The offer by Buyer is the highest viable offer presented to the estate at this time, and one which the Debtors and their real estate broker believe is fair. The proposed closing date is February 24, 2026, or as soon thereafter as possible. The Debtor believes that Southeastern Credit Union holds valid liens against the Property being sold Southeastern Credit Union's claim is secured by a first and second mortgage on the Debtor's Property, and Southeastern Credit Union is owed a total of approximately $99,016.46. Southeastern Credit Union is due a sufficient portion of the net sale proceeds to satisfy its lien, after the payment of closing costs. The Debtor submits that the "value" of the Property being sold is at most $125,000.00 because that is the amount of the highest and best offer that was received. The Buyer is not an insider, nor is the Buyer otherwise related to the Debtor. In addition, the sale price is fair and reasonable. About Two Jays Properties & Rentals LLC Two Jays Properties & Rentals, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40045) on January 28, 2026, listing assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Blanche Berry, manager, signed the petition. Byron W. Wright III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. UNITED SPORTING: Prospect Capital Virtually Writes Off $183MM Loan ------------------------------------------------------------------ Prospect Capital Corporation has marked its $183,023,000 loan extended to United Sporting Companies, Inc. to market at $8,590 or 0% 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 United Sporting Companies, Inc. The loan accrues interest at a rate of 11.00% (1M LIBOR + 11.00% plus 2.00% PIK) per annum. The loan matured on November 16, 2019. "Investment on non-accrual status as of the reporting date," said the company. 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 United Sporting Companies, Inc. United Sporting Companies, Inc. provides hunting and shooting sports products. The Company offers pistols, barrels, shotguns, magazines, dot sights, loaders, belts, cannons, rifles, hearing protection, bags, crossbow bolts, tactical slings, cables, and other shooting products. United Sporting serves customers in the United States. UNLIMITED DELIVERIES: Court Stays Roberts, et al. Lawsuit --------------------------------------------------------- Judge Kristi K. DuBose of the U.S. District Court for the Southern District of Alabama stayed the case captioned as CLARENCE L. ROBERTS, et al., Plaintiffs, v. BENTARIUS FONTA STEWART, et al., Defendants, Case No. 22-cv-00187-KD-MU (S.D. Ala.) as to Unlimited Deliveries, LLC d/b/a MK Trucking. This action is before the Court on the Suggestion of Bankruptcy filed by Defendant Unlimited Deliveries, LLC d/b/a MK Trucking. Unlimited provides notice that it is a petitioner in a Chapter 11 bankruptcy case, and is therefore subject to the automatic stay imposed by 11 U.S.C. The automatic stay against Unlimited became effective upon its commencement of its Chapter 11 bankruptcy case. However, the automatic stay does apply to Defendant Bentarius Fonta Stewart. A copy the Court's Order dated February 9, 2026, is available at https://urlcurt.com/u?l=1txg8A from PacerMonitor.com. About Unlimited Deliveries, LLC Unlimited Deliveries, LLC, doing business as MK-Trucking, is a Pass Christian, Mississippi-based freight trucking company providing specialized interstate transportation services across the United States. Unlimited Deliveries, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss., Case No. 26-50139) on January 28, 2026. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Katharine M. Samson handles the case. Craig M. Geno, Esq., at Law Offices of Geno and Steiskal, PLLC, represents the Debtor as legal counsel. UPSTREAM HOLDCO: Prospect Capital Marks $22MM 2L Loan at 21% Off ---------------------------------------------------------------- Prospect Capital Corporation has marked its $22,000,000 loan extended to Upstream Holdco, Inc. to market at $17,265,000 or 79% 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 Upstream Holdco, Inc. The loan accrues interest at a rate of 13.30% PIK (3M SOFR + 9.50%) per annum. The loan matures on May 20, 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 Upstream Holdco, Inc. Upstream Holdco, Inc. is a major U.S. outpatient rehabilitation provider in the U.S. URBAN-GRO: Posts $4M Loss in 2025 Q1, Claims Going Concern Resolved ------------------------------------------------------------------- urban-gro, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4 million for the three months ended March 31, 2025, compared to a net loss of $2.6 million for the three months ended March 31, 2024. The Company has produced multiple consecutive years of net losses and negative cash flows from operations. The financial results described in the Company's financial statements and its financial position as of March 31, 2025, raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had negative working capital of $30.1 million, compared to negative working capital of $26.5 million as of December 31, 2024, a decrease of $3.6 million. This decrease in working capital was primarily due to a decrease in accounts receivable of $2.8 million, as well as increases in accounts payable and customer deposits of $4.4 million. As of March 31, 2025, the Company had cash of $0.7 million, which represented a decrease of $0.1 million from December 31, 2024 due to the following changes during the three months ended March 31, 2025: * Net cash provided by operating activities was $2.2 million. This source of cash is the net effect of the net loss of $4 million, offset by non-cash expenses of $0.7 million, and a reduction in net operating assets and liabilities of $5.5 million. See the condensed consolidated statements of cash flows for further details on the non-cash expenses and net changes in operating assets and liabilities; * Net cash provided by investing activities was $0.1 million. We have no material commitments for capital expenditures as of March 31, 2025. * Net cash used in financing activities was $2.3 million. Cash used from financing activities primarily relates to payments made on the Line of Credit and other financing agreements. However, the Company has recently taken actions to strengthen its liquidity, including decreasing headcount and operating expenses to expedite the Company's path to cash flow positive results. If necessary, the Company will seek to raise capital by issuing additional equity shares either through a private placement or on the open market. The Company may also seek to obtain additional debt financing for which there can be no guarantee. Management has concluded that these recent positive steps alleviate any substantial doubt about the Company's ability to continue its operations, and meet its financial obligations, for the next 12 months. As of March 31, 2025, the Company had $16.1 million in total assets, $44.3 million in total liabilities, and $28.2 million in shareholders' deficit. A full text copy of the Company's Report is available at https://tinyurl.com/4u27sryt About urban-gro, INC. urban-gro, Inc. (Nasdaq: UGRO) -- www.urban-gro.com -- is an integrated professional services and Design-Build firm. The Company offers value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture, industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive its team to provide exceptional customer experiences. With offices across North America and in Europe, the Company delivers Your Vision - Built. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated January 16, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had total assets of $19.5 million, $44.1 million in total liabilities, and $24.6 million in total stockholders' deficit. URBANCORE PRESERVATION: Madison's Kimaz Appointed as Receiver ------------------------------------------------------------- The Hon. Maxine M. Chesney of the U.S. District Court for the Northern District of California entered an amended order granting the request of Federal National Mortgage Association aka Fannie Mae against Urbancore Preservation – Redwood, LP for appointment of Madison Real Estate Group's Jacqueline Kimaz as receiver for Urbancore Preservation – Redwood, LP. The receiver will take exclusive power, authority, and control over the assets, management, operations, maintenance, leasing, repair, and preservation of Urbancore's real and personal located at 1848, 1852, 1856, 1860 E. 25th Street, Oakland, California 94606. The Court held that: A. Fannie Mae as Plaintiff has a valid, enforceable, and properly perfected first priority lien and security interest on the Property. B. Plaintiff is the owner and holder of a promissory note, which is secured by the Property. C. The Deed of Trust provides that upon the occurrence of an Event of Default: -- Defendant's right to collect Rents shall automatically terminate, and Plaintiff shall, without notice, be entitled to all Rents as they become due and payable, including Rents then due and unpaid; -- Plaintiff may, either personally or through its agents, enter into or upon the Property to take possession and perform all acts it determines to be necessary or desirable for the operation and maintenance of the Property, including the execution, cancellation or modification of Leases, the collection of Rents (including through use of a lockbox), the making of repairs to the Property, and the execution or termination of contracts providing for the management, operation, or maintenance of the Property and Additional Collateral; and -- Plaintiff may apply for the appointment of a receiver for the Property to perform all acts granted to Plaintiff under the Deed of Trust. The Deed of Trust further provides that upon the occurrence of any Event of Default, should Plaintiff apply for the appointment of a receiver, Defendant has expressly consented to the appointment of a receiver without further notice. D. Defendant has caused to occur Events of Default under the Loan Documents that it has failed to cure. Such defaults include failing to deposit $318,950 to the Replacement Reserve Account by May 16, 2025, and failure to repair and remediate issues of health and safety on the Property. A receiver is therefore needed to preserve, maintain, and protect the Property. No further notice is required under the Loan Documents. Before performing her duties, the receiver shall execute a receiver's oath and file a bond in the amount of $20,000 with surety thereon, conditioned upon the faithful performance of the receiver's duties. The Court further held that: 1. Defendant and any of Defendant's agents (including, without limitation, property managers) and all other third parties shall surrender possession of the Property to the Receiver as of 9:00 a.m. on the Effective Date. 2. The Receiver shall receive and take charge of the Property and all personal property, including the Additional Collateral, assets, Leases, security deposits, accounts, all Rents due and hereinafter due, notes, receivables, bank accounts, actions and choses in action, and all other property of any kind and every kind, character and description wherever the same may be located or found and used in connection with the operation of the Property and reduce the same to possession and to collect all outstanding accounts, receivables, Leases, Rents, bank accounts, actions and choses in action, or other evidence of indebtedness and to bring suit to recover the same in her own name. 3. To the extent any Rents are due and unpaid, all tenants of the Property, are directed to attorn to the Receiver, and until the further order of the Court, to pay over to the Receiver or her duly designated agent all Rents of the Property; and Defendant, its agents, and all third parties are enjoined and restrained from collecting the Rents of the Property. 4. The Receiver is authorized to perform all acts and incur costs associated with and necessary to preserve, maintain and protect the Property, which shall include the authority to exercise all rights, power and authority granted to Defendant under the Leases of the Property, and to evict from the Property any resident, lessee, tenant, subtenant, or occupant in violation of their obligations and duties under the Leases, as authorized by the Leases and local, state, and Federal rules and regulations. The Receiver is further authorized to enter into contracts as necessary to perform such duties, including, without limitation, insurance policies, repair, supply, and vendor agreements. 5. The Receiver shall be paid a flat receivership fee of $2,500, and a flat management fee of $2,500, plus reimbursement for any out-of-pocket fees, costs, or expenses. All the fees approved in this Paragraph are to be paid as a priority from the Rents and revenues of the Property. 6. No later than the 25th day of each month, the Receiver shall make an accounting of all Rents and revenues collected and all expenses paid for the previous month and shall file said accounting with the Court and shall serve upon Plaintiff's counsel and Defendant's counsel, if any, a copy of said accounting. 7. To the extent of the operating and other income from the Property received by the Receiver, the Receiver shall pay all expenses incurred regarding the Property which were incurred in the normal and ordinary course of business of the Property, and which were incurred by the Receiver on or after the Receiver took possession of the Property. 8. Upon taking charge of the Property as authorized herein, the Receiver shall comply with all local, state, and Federal regulations. About Urbancore Preservation – Redwood, LP Urbancore Preservation – Redwood, LP is a California limited liability company that owns real and personal properties at 1848, 1852, 1856, 1860, located at E. 25th Street, Oakland, CA 94606. Urbancore is facing a receivership case captioned as Federal National Mortgage Association aka Fannie Mae v. Urbancore Preservation - Redwood, LP, Case No. 3:25-cv-09044 (N.D. Calif.), before the Hon. Maxine M. Chesney. The case was filed on Oct. 21, 2025. Defendant Urbancore Preservation Redwood, LP is represented by: Jamie L. Edmonson, Esq. Robinson & Cole LLP Tel: (302) 516-1705 E-mail: jedmonson@rc.com Plaintiff Federal National Mortgage Association is represented by: Alexis Anne Rochlin, Esq. Reed Smith LLP Tel: (213) 457-8000 E-mail: arochlin@reedsmith.com - and - Phillip Howard Babich, Esq. Reed Smith LLP Tel: (415) 543-8700 E-mail: pbabich@reedsmith.com - and - Houston A. Marsha, Esq. Reed Smith Tel: (213) 457-8067 E-mail: mhouston@reedsmith.com VIABLE AMERICAN: Lauren Goodman Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as Subchapter V trustee for Viable American, L.L.C. Ms. Goodman will be paid an hourly fee of $360 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goodman declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lauren R. Goodman McGrath North 1601 Dodge Street, Suite 3700 Omaha, NE 68102 Phone: 402-341-3070 Email: lgoodman@mcgrathnorth.com About Viable American L.L.C. Viable American, L.L.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-40123) on February 4, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Brian S. Kruse presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as bankruptcy counsel. VICTOR TECHNOLOGY: Prospect Capital Marks $1.8M 1L Loan at 45% Off ------------------------------------------------------------------ Prospect Capital Corporation has marked its $1,800,000 loan extended to Victor Technology, LLC to market at $5,972,000 or 55% 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 Victor Technology, LLC. The loan accrues interest at a rate of 11.43% (3M SOFR + 7.50%) per annum. The loan matures on December 3, 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 Victor Technology LLC Victor Technology LLC is a supplier of printing calculators, scientific calculators, financial calculators, basic calculators, and desktop accessories with headquarters in Bolingbrook, Illinois. VIVAKOR INC: Extends $5.94MM Second Note to 2027 With Payoff Plan ----------------------------------------------------------------- Vivakor, Inc. disclosed in a regulatory filing that on February 5, 2026, the Company entered into Forbearance and Note Payment Amendment Agreement with J.J. Astor & Co. As previously reported, on July 9, 2025, the Company, issued a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $5,940,000, in relation to an amended Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $4,400,000, before fees. The Company received the funds on July 15, 2025. Under the terms of the Forbearance and Note Payment Amendment Agreement: (i) the parties agreed to extend the maturity date of the Second Note until January 1, 2027; (ii) the Company agreed to pay the following payments to payoff the Second Note: (a) $50,000 per week commencing Monday, April 6, 2026, (b) $100,000 per week commencing Monday, July 6, 2026, (c) $150,000 per week commencing Monday, October 5, 2026, and (d) $250,000 per week commencing Monday, December 7, 2026, with the outstanding balance to be paid in full by January 1, 2027, with the Company having the ability to pay the Amended Payment Terms in shares of common stock if certain conditions are met as set forth in the Agreement, and (iii) the Company agree to use its best efforts to remove its suspension from trading on the Nasdaq Capital Market and be reinstated for trading on the Nasdaq Capital Market on or before February 28, 2026, which deadline will be extended to a date not later than April 30, 2026 if the Company has applied for a reverse stock split prior to February 28, 2026 and is only waiting for regulatory approval of such stock split to regain compliance with Nasdaq's listing rules. In the event the Company fails to comply with the terms of the Agreement, then entire outstanding principal amount plus accrued interest then due and payable under the Second Note shall increase to 110% of the then Outstanding Principal Amount, such balance will begin accruing interest at 19% per annum compounded daily, the balance will become immediately due and payable to the Lender in full, the Forbearance provided herein shall terminate, and the Lender may exercise all of its rights and remedies under the Amended Loan Agreement, the Second Note and other transaction documents. A full text copy of the Forbearance and Note Payment Amendment Agreement is available at https://tinyurl.com/25fp3d53 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. WEST 3RD HOLDINGS: Hires Ciardi Ciardi & Astin as Counsel --------------------------------------------------------- West 3rd Holdings LLC d/b/a Il Giglio seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Ciardi Ciardi & Astin as counsel. Ciardi Ciardi & Astin will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor (b) prepare on behalf of the Debtor any necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of Reorganization. The firm will be paid at these rates: Albert A. Ciardi, III $625 per hour Jennifer C. McEntee $475 per hour Sarah A. Moynihan $375 per hour Stephanie Frizlen, Paralegal $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $8,738. Ciardi Ciardi & Astin is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Albert A. Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com About West 3rd Holdings LLC d/b/a Il Giglio West 3rd Holdings, LLC, doing business as IL Giglio, operates an Italian restaurant specializing in Tuscan and regional cuisine in New York, New York. West 3rd Holdings, LLC in Morrisville, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 26-10329) on Jan. 27, 2026, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lydia Katcoff as authorized representative of the Debtor, signed the petition. Judge Derek J Baker oversees the case. CIARDI CIARDI & ASTIN serve as the Debtor's legal counsel. WESTLAKE SENIOR: Has Deal on Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, granted Westlake Senior Living Center, LLC extension to use cash collateral to fund operations. At the February 11 hearing, the court approved in part the Debtor's stipulation with Poppy Bank and Sunrise Senior Living Management, Inc. to use cash collateral through March 11. The stipulation is available at https://urlcurt.com/u?l=k3vU81 from PacerMonitor.com. A further hearing is set for March 11. The cash collateral is generated from rents at a senior living facility known as Varenita of Westlake, which operates on the Debtor's property in Thousand Oaks, California. The Debtor filed for bankruptcy on January 27 on the eve of a scheduled foreclosure by its secured lender, Poppy Bank, which holds a deed of trust securing a loan originally issued for $43.24 million and now totaling about $45.76 million, with more than $2.6 million in arrears. Meanwhile, Sunrise Senior Living Management operates the facility, collects all rents, and pays all operating expenses under a management agreement with the Debtor. The Debtor believes the property is worth over $70 million. Poppy Bank, as secured lender, is represented by: Mitchell B. Greenberg, Esq. Michael J. Makdisi, Esq. Abbey, Weitzenberg, Warren & Emery, P.C. 100 Stony Point Road, Suite 200 Santa Rosa, CA 95401 Telephone: 707-542-5050 Facsimile: 707-542-2589 mgreenberg@abbeylaw.com mmakdisi@abbeylaw.com About Westlake Senior Living Center LLC Westlake Senior Living Center, LLC operates a senior living facility in California, providing housing and care services to elderly residents. Westlake Senior Living Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10110) on January 28, 2026. In its petition, the Debtor reports estimated assets ranging from $50 million to $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Stella A. Havkin, Esq. of Havkin & Shrago. WFO LLC: To Sell Bexar County Property to E. & J. Slaughter ----------------------------------------------------------- Mark Andrews, Chapter 11 Trustee of WFO LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 2918 Chisolm Trail, San Antonio, Bexar County, Texas 78217. The Debtor filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code on May 6, 2024. The prospective Buyers, Ernest K. Slaughter and Jeanette Slaughter of 5102 Leonhardt Road, San Antonio, Texas 78233, propose to purchase the Property for the sum of $240,000.00. Trustee believes it is in the best interest of the estate as well as its creditors and all parties in interest to sell the Property. Trustee also believes that such sale is the best way to maximize the value of the Property of the estate for its creditors and use of net sales proceeds in satisfaction of allowed claims. Buyers are third-party purchasers with no relationship to Debtor, the Trustee or any insider of Debtor. The Buyer has requested a closing date no later than March 31, 2026. The existing claims against the Property are taxes dur Bexar County, Texas for the pro rata taxes due at closing and HOA dues. Trustee has made a valid business justification for the proposed sale as the Property was appropriately marketed and the proposed Sale is an arms-length transaction with the proposed Buyer and the consideration for the sale is reasonable given the market and the condition of the Property. About WFO, LLC FO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6, 2024. In the petition signed by Frank Shumate, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. The petition was signed by Frank Shumate as president. Judge Craig A Gargotta presides over the case. James S. Wilkins, PC serves as the Debtor's bankruptcy counsel. Mark Andrews, Chapter 11 Trustee for WFO, LLC. WHITEHALL TRUST: U.S. Trustee Appoints Margaret Barajas as PCO -------------------------------------------------------------- Andrew Vara, the U.S. Trustee for Region 3, appointed Margaret Barajas as patient care ombudsman for Whitehall Trust, and affiliates. The appointment was made pursuant to the January 28 order from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. To the best of her knowledge, Ms. Barajas has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the Office of the U.S. Trustee and its employees, except as set forth in her verified statement. Section 333 of the Bankruptcy Code provides that the patient care ombudsman shall: * Monitor the quality of care provided to patients of the Debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * Not later than 60 days after appointment (and not less frequently than at 60-day intervals thereafter), report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided as per the order; * If the ombudsman determines that the quality of patient care provided is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and * Maintain any information obtained by such ombudsman under Section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M Mayer presides over the case. Michelle Lee, Esq., at Dilworth Paxson LLP serves as the Debtor's counsel. WILLIAM D. LEDFORD: Robbin Messerli Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 13 appointed Robbin Messerli as Subchapter V trustee for William D. Ledford, DDS, LLC. Mr. Messerli will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Messerli declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robbin L. Messerli 6917 Tomahawk Rd. P.O. Box 8686 Prairie Village, KS 66208-2618 Phone: 913.662.3524 Email: rob.messerli@gunrockvp.com About William D. Ledford, DDS LLC William D. Ledford, DDS, LLC, doing business as Blue Stream Dental, provides general and specialized dental care services, including cosmetic dentistry, orthodontics, periodontal treatment, preventive care, and restorative dentistry, serving patients in Kansas City, Missouri. The practice provides family dental services and emergency care, with treatments delivered by dentist Dr. William D. Ledford and a clinical team operating in the dental healthcare industry. William D. Ledford, DDS filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40187) on February 2, 2026, with $153,936 in assets and $1,345,186 in liabilities. William D. Ledford, managing member, signed the petition. Judge Cynthia A. Norton presides over the case. Gary Mardian, Esq., at Weisner & Frackowiak, LC represents the Debtor as legal counsel. WRIGHT SCAPES: Linda Leali Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Wright Scapes, Inc. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Wright Scapes Inc. Wright Scapes, Inc. provides commercial and residential landscape design, installation, and maintenance services in South Florida, including hardscape, pavers, artificial grass, tree care, and storm cleanup. It has been operating for over 14 years and serves clients across the region, offering professional landscaping solutions that enhance property aesthetics and value. Wright Scapes is fully licensed and insured, delivering services with trained staff and state-of-the-art safety equipment. Wright Scapes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Thomas L. Abrams, Esq., represents the Debtor as legal counsel. WRIGHT SCAPES: Seeks Court OK to Use Cash Collateral ---------------------------------------------------- Wright Scapse, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral. The Debtor seeks interim use of cash collateral for 60 days strictly in accordance with its operating budget. It needs cash to meet essential daily expenses such as payroll, rent, utilities, and job costs. The Debtor identifies two alleged secured creditors with UCC filings: JPMorgan Chase Bank, N.A., with an approximate secured balance of $125,000 against assets valued at about $122,000, and the U.S. Small Business Administration, with an approximate claim of $383,000, which the Debtor believes is largely or wholly undersecured. As adequate protection, the Debtor proposes to grant replacement liens on post-petition assets (excluding avoidance actions) to the same extent, validity, and priority as pre-bankruptcy liens and to make monthly cash payments of $1,500 to JPMorgan. The Debtor argues that this protection preserves the secured creditors' bargained-for value and complies with Bankruptcy Code standards, and that continued operations will enhance rather than diminish collateral value. A copy of the motion is available at https://urlcurt.com/u?l=CiVXTd from PacerMonitor.com. About Wright Scapse Inc. Wright Scapse, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Erik Wright, president of Wright Scapse, signed the petition. Thomas L Abrams, Esq., at Thomas L. Abrams PA, represents the Debtor as legal counsel. WSN CONSTRUCTION: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for WSN Construction, LLC. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About WSN Construction LLC WSN Construction, LLC, a company in Havana, Florida, provides commercial construction services including land clearing, preliminary site work, underground utilities installation, metal fabrication, and asphalt and concrete work, serving Northwest Florida and Southwest Georgia. WSN Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40059) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. X4 PHARMA: FMR LLC, Abigail Johnson Hold 9.7% Equity Stake ---------------------------------------------------------- FMR LLC and Abigail P. Johnson, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of October 31, 2025, they beneficially own 8,499,100 shares of common stock (with sole voting and dispositive power; held through Fidelity entities managed by FMR LLC as parent holding company and investment adviser, with Abigail P. Johnson as a control person) of X4 Pharmaceuticals, Inc.'s common stock, $0.0001 par value per share, representing 9.7% of the shares outstanding. FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: https://tinyurl.com/4jjuut88 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $163.56 million in total assets, $101.94 million in total liabilities, and $61.62 million in total stockholders' equity. [] Fitch Affirms Ratings on 8 North American Services Companies --------------------------------------------------------------- Fitch Ratings has affirmed eight North American services companies' and their related subsidiaries' and affiliates' ratings: 1. CBRE Group, Inc. 2. GTCR Everest Intermediate, Inc. 3. NCR Atleos Corporation 4. OPE Inmar Holdings, Inc 5. Plano Holdco, Inc. 6. Underwriters Laboratories Inc. 7. WMB Holdings, Inc 8. ZipRecruiter, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores CBRE 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, Moderate), Market & Competitive Positioning (a-, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Higher), Financial Structure (a+, Lower), and Financial Flexibility (aa-, 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+'. - No adjustments made to SCP resulting in an IDR of 'BBB+'. GTCR Everest Intermediate, 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 (bbb, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (bb-, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. - No adjustments made to SCP resulting in an IDR of 'B+'. NCR Atleos Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (a-, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (b+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The quantitative financial subfactors are assessed based on custom financial period parameters of 20% weight 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 'a+' results in no adjustment. - The SCP is 'bb-'. - No adjustments made to SCP resulting in an IDR of 'BB-'. OPE Inmar Holdings, 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 and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Higher), 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 no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. - No adjustments made to SCP resulting in an IDR of 'B+'. Plano Holdco, 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 (bb-, Moderate), Market & Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. - No adjustments made to SCP resulting in an IDR of 'B+'. Underwriters Laboratories 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 (bb, Moderate), Market and Competitive Positioning (bbb-, Lower), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a+, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. -No adjustments made to SCP resulting in an IDR of 'BBB+'. WMB Holdings, 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 (bb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. - No adjustments made to SCP resulting in an IDR of 'BB'. ZipRecruiter, 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 (b+, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Lower), Company Operational Characteristics (b-, Higher), Profitability (b, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The quantitative financial subfactors are assessed based on custom financial period parameters of 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. - No adjustments made to SCP resulting in an IDR of 'B'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Plano Holdco, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- OPE Inmar Holdings, Inc. LT IDR B+ Affirmed B+ NCR Atleos Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ CBRE Services, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Corporation Service Company LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- UL Solutions Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ CBRE Group, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 Inmar, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- WMB Holdings, Inc. LT IDR BB Affirmed BB ZipRecruiter, Inc. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B GTCR Everest Borrower, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- [] Rachel Albanese to Co-Chair Debevoise's Restructuring Group -------------------------------------------------------------- Debevoise & Plimpton LLP has augmented the firm's restructuring capabilities through a series of strategic appointments, which will be effective February 16, 2026. Rachel Ehrlich Albanese, Sam Newman and Daniel Shamah will join the firm as partners in the Restructuring Group, and Ms. Albanese will be appointed Co-Chair of the Group. The firm will also name partners Ben Pedersen, Scott Selinger and Erica Weisgerber as Co-Chairs of Liability Management and Special Situations, and Ms. Weisgerber as Chair of Bankruptcy Litigation. Presiding Partner Peter Furci said, "We are seeing sustained client demand for restructuring and related capabilities, particularly in the private capital space, as market conditions continue to put pressure on balance sheets. The addition of Rachel, Sam and Daniel and the leadership appointments across related capabilities strengthen the firm's ability to advise corporate and private capital clients across the full investment life cycle." Natasha Labovitz and Sid Levinson, Co-Chairs of the Restructuring Group, said in a joint statement, "Rachel, Sam and Daniel are exceptional lawyers whose experience, judgment and complementary skillsets will deepen and strengthen our Restructuring Group. Their arrival, along with the appointments in Liability Management and Special Situations and Bankruptcy Litigation, enhances our ability to advise clients on the most complex restructuring and distressed situations." The appointment of Ms. Albanese as Co-Chair of the Group is part of the firm's long-term succession planning process, as Ms. Labovitz will retire from the firm at the end of 2026. Ms. Labovitz oversaw the growth of the Restructuring Group into a premier practice, advising on some of the most prominent and complex restructuring matters globally. Ms. Labovitz will work closely with Ms. Albanese and Mr. Levinson, who has served as Co-Chair since 2019, to ensure a smooth transition as she continues to advise clients through year end. "Debevoise has a market-leading private equity platform backed by a deep bench of lawyers who advise on complex matters across the investment cycle," said Ms. Albanese. "Sam, Daniel and I look forward to working with the Group and across practices to strengthen the firm's restructuring capabilities and bolster its full-service offering." As part of the firm's strategy to expand its restructuring capabilities, the firm has established dedicated leadership across Liability Management and Special Situations and Bankruptcy Litigation. These leadership appointments bolster the firm's ability to represent clients in out-of-court financings and recapitalizations, and other complex restructuring transactions, as well as clawback actions in domestic and cross-border insolvencies, intercreditor and priority disputes, and high-stakes restructuring-related litigation. These strategic investments deepen the firm's bench, leadership and capabilities across interconnected disciplines and position the firm well to guide clients through fast-moving, multifaceted distressed situations, from early-stage liability management and special situations to in-court restructurings and strategic transactions, while delivering coordinated, commercially focused advice throughout the business cycle. Ms. Albanese brings more than 20 years of restructuring experience advising debtors, creditors, equity holders, and other stakeholders in complex restructurings, including chapter 11 cases, out-of-court workouts, and cross-border insolvency proceedings. Mr. Newman represents companies, owners, and investors in restructurings, including out-of-court restructurings and chapter 11 cases, as well as distressed asset transactions, and has particular recent expertise in representing biotech and life sciences companies. Mr. Shamah is known for combining deep restructuring experience with significant liability management transaction experience and a strong litigation background involving complex commercial and financial instruments. ********* 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 ***