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260309.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, March 9, 2026, Vol. 30, No. 68 Headlines 27 CURIOUS: Seeks to Sell Paso Robles Property to Highest Bidder 323 SOUTH 7TH: Seeks Court Approval to Tap Tejas Desai as Appraiser 323 SOUTH 7TH: Seeks to Hire Solomon Rosengarten as Legal Counsel 33 MAKO: Court OKs Amagansett Property Sale to Jason Gerstein 57 CONCRETE: Committee Seeks to Tap Grable Martin as Legal Counsel 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral 8535 HIGHFIELD: Commences Chapter 11 Bankruptcy in Colorado ALORIA VINEYARDS: Hires Equal Justice Law as Bankruptcy Counsel ALVARADO INVESTMENT: Seeks to Use Cash Collateral AMENTUM HOLDINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable AMK PROPERTIES: Seeks Chapter 11 Bankruptcy in Texas ANDERSON COMPANIES: Gets OK to Use Cash Collateral Until May 23 ANNALEE DOLLS: Cash Collateral Hearing Set for March 11 ANOINTED TOUCH: Final Cash Collateral Hearing Set for March 11 ANTERO RESOURCES: Moody's Rates $750MM Senior Unsecured Notes 'Ba1' ASCENT RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive ASPLUNDH TREE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ASSOCIATION OF APARTMENT: Taps Hilco, Summers Realty as Realtors AVENUE LIVING: DBRS Finalizes BB Rating on Subordinated Notes AXIP ENERGY: Receives Approval to Host Chapter 11 Auction in April AYA SERVICE: Collateral Public Auction Scheduled for March 16 BELL CANADA: DBRS Finalizes BB(high) on $1.5BB Junior Sub. Notes BIMERGEN ENERGY: Encompass Capital Holds 9.99% Equity Stake BLAKK SMOKE: Gets Interim OK to Use Cash Collateral BLEND COFFEE 1: Gets Extension to Access Cash Collateral BLUEPRINT EAST: Initiates Chapter 11 Bankruptcy in Pennsylvania BRADBURN METROPOLITAN 2: Moody's Cuts Issuer & GOLT Ratings to Ba3 BRIGHTLINE TRAINS: S&P Lowers $2.219BB Sr. Secured Debt to 'CCC-' BRINK'S COMPANY: Moody's Affirms Ba2 CFR on NCR Atleos Transaction BROCK HOLDINGS III: Moody's Affirms B3 CFR, Outlook Remains Stable CALDWELL HOLDINGS: To Sell Laurel Location to Avaworx Wellness CARBON HEALTH: Section 341 Meeting of Creditors on March 12 CATURUS ENERGY: Fitch Puts 'B-' LongTerm IDR on Watch Positive CHELSEA BUSINESS: Seeks Interim Cash Collateral Access COLLIERS HILL 1: Moody's Downgrades Issuer & GOLT Ratings to Ba1 COMPASS GROUP: Clears Going Concern Following Debt Covenant Waivers COOPER-STANDARD HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable CUMULUS MEDIA: Gibson Dunn Represents Ad Hoc Lenders' Group DATAVAULT AI: Fails to Meet Minimum Bid Price Requirement DATAVAULT AI: Issues Warrants for 9.7M Shares via Distribution DREAMS AND DESTINATIONS: Gets Interim OK to Use Cash Collateral E.W. SCRIPPS: Says Liquidity Adequate After 2025 Refinancing EAST LA HOME: Seeks to Tap Tang & Associates as Bankruptcy Counsel ENTERPRISE MANAGEMENT: Commences Chapter 11 Bankruptcy in Pa. ERIE COMMONS 2: Moody's Downgrades Issuer & GOLT Ratings to Ba2 EVERSOURCE ENERGY: Fitch Rates Planned Jr. Sub. Notes 'BB+' EWC COOK: Taps Hayward PLLC as General Bankruptcy Counsel EXOTIC COACH LINES: Files Emergency Bid to Use Cash Collateral FAITH ELECTRIC: Seeks $550,000 DIP Loan From F&M Bank FAN SZECHUAN: Employs Bill Zou & Associates as Legal Counsel FAT BRANDS: Section 341 Meeting of Creditors on March 5 FIREHOUSE GRILL: Gets Interim OK to Use Cash Collateral FIRST BRANDS: Ex-CFO Stephen Graham Pleads Guilty on Massive Fraud FIRST RESI: Collateral Public Sale Scheduled for March 19 FRED RAU: Gets Interim OK to Use Cash Collateral GEM PREP - POCATELLO: Moody's Affirms 'Ba2' Revenue Bond Rating GOTO GROUP: Fitch Lowers LongTerm IDR to 'CCC-' GRAN TIERRA: Moody's Withdraws 'Caa2' Corporate Family Rating GREAT WESTERN PARK 2: Moody's Lowers Issuer & GOLT Ratings to Ba1 GREYSTONE SELECT: Moody's Affirms 'Ba2' CFR, Outlook Stable HARRISBURG DAIRIES: Seeks Chapter 11 After Shutting Operations HEAVY METAL: DBRS Confirms BB(high) LongTerm Issuer Rating HERBALIFE LTD: Moody's Affirms B1 CFR, Rates New 1st Lien Loans Ba2 HOBBS & ASSOCIATES: $375MM Loan Add-on No Impact on Moody's B3 CFR HUDSON PACIFIC: Reports Larger 2025 Loss Despite Refinancing HUMANA INC: S&P Rates Proposed Junior Subordinated Notes 'BB+' IMMACULATE WINKS: To Sell Tampa Property to By Gary for $930K INSPIRED HEALTHCARE: Section 341 Meeting of Creditors on March 16 IRON MOUNTAIN: Seeks Chapter 11 Bankruptcy in Texas ISAAC PERLMUTTER: Collateral Public Auction Scheduled for March 13 JMAY REALTY: Commences Chapter 11 Bankruptcy in Texas JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral JUPITER BUYER: Dividend Recap No Impact on Moody's 'B2' CFR KAMY LV: Seeks to Hire Totaro & Shanahan as Bankruptcy Counsel KATE MALLER JEWELRY: Seeks Cash Collateral Access KATE MALLER: Hires Kutner Brinen Dickey Riley as Legal Counsel KATE MALLER: Taps Redpoint Financial Group as Accountant LINQTO INC: Sullivan & Cromwell Gets Another $1.6MM in Ch. 11 Fees LIQTECH INTERNATIONAL: Sadler Gibb Raises Going Concern Doubt LITTLETON VILLAGE 2: Moody's Cuts Issuer Rating to Ba1 LMD HOLDINGS: Sale Hearing Scheduled for March 10 LUMEN TECHNOLOGIES: S&P Alters Outlook to Positive, Affirms B- ICR LURIN REAL: Commences Chapter 11 Bankruptcy in Texas MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral MEYER BURGER: Gets Court OK to Solicit Chapter 11 Plan Votes MG LOGISTICS: Court Extends Cash Collateral Access to April 24 MICHAELS COMPANIES: Moody's Cuts Rating on Secured Term Loan to B2 MID-COLORADO INVESTMENT: Seeks to Sell Precious Metals MNH ENTERPRISE: Gets Interim OK to Use Cash Collateral MODIVCARE INC: Objects to AlixPartners' $5MM Fee Request in Ch. 11 MOSS CREEK: Moody's Affirms 'B2' CFR, Outlook Remains Stable MUB36 LLC: Collateral Public Auction Scheduled for March 30 MULTI-COLOR CORP: March 17 Plan Confirmation Hearing Set NATURE'S WAX: Gets Interim OK to Use Cash Collateral NEW PIPE: Seeks Approval to Employ Stiberman Law as Legal Counsel NGL ENERGY: Moody's Rates New Secured First Lien Term Loan 'B2' NICKLAUS COMPANIES: Picks Gary Nicklaus' Company as Top Bidder NORTH PINE NO. 2: Moody's Downgrades Issuer & GOLT Ratings to Ba2 NORTH PINE NO. 3: Moody's Downgrades Issuer & GOLT Ratings to Ba2 NOVA CHEMICALS: Fitch Keeps 'BB-' LongTerm IDR on Watch Positive NOVELIS CORP: Moody's Rates New $225MM 2026A Disposal Bonds 'B1' OASIS INTERIORS: Seeks to Hire TaxPros as Tax Return Preparer OBJECT & SUBJECT: Taps Trevin Workman Law as Special Counsel OLIN CORP: Fitch Lowers IDR to 'BB+', Outlook Negative OLIN CORP: Moody's Cuts CFR to Ba2 & Unsecured Notes to Ba3 OLIVER ARMS: To Sell East Point Property to Wallace Capital ORYX SYSTEMS: Seeks Chapter 11 Bankruptcy in North Carolina OXFORD FINANCE: Moody's Affirms 'Ba2' LongTerm CFR, Outlook Stable P Y T-SHIRTS SILK SCREENING: Has Deal on Cash Collateral Access PARAISO INFANTIL: Retains Monge Robertin Advisors as Advisors PARKER & SONS: Seeks Ch. 11 Bankruptcy in North Carolina PAT MCGRATH: Miami Judge Fast-Tracks Restructuring Plan PHYSICAL INVESTMENTS: To Sell Roanoke Property to Fast Track Flips PIC ESTATE: Seeks Chapter 11 Bankruptcy in Texas PLEW PROPERTIES: Gets OK to Use Cash Collateral POTOMAC ENERGY: S&P Affirms 'BB-' Rating on Fungible Term Loan PPS PROPERTY: To Sell Plainfield Property to RWP Property for $650K PRECISION TRADES: Taps Gray Pilgrim & Associates as Accountant RELIABLE ENERGY: To Sell Hydraulic Accumulators to B & D Flowback RIVERSIDE EXPRESS: Court OKs Continued Use of Cash Collateral ROUTE 95 WOOD: Seeks to Hire Johnson Legal Services as Counsel SANDY PINES: Campground Auction Scheduled for March 5 SEASHORE: March 5 Auction Set for Maui Beachfront Portfolio SEASON 2 CONSIGN: Seeks to Employ Brian K. McMahon as Attorney SHOSHANAH FASHIONS: Gets Extension to Access Cash Collateral SIRIUS XM: Moody's Rates New Senior Unsecured Notes 'Ba3' SOUTH SLOAN'S 2: Moody's Lowers Issuer & GOLT Ratings to Ba2 SOUTHERN TREE: Gets Court OK to Hire Bullseye Auction as Appraiser SPARTA US: Moody's Downgrades CFR to B2 & Alters Outlook to Stable SPRING MOUNTAIN: Lender Seeks to Prohibit Cash Collateral Access SS&C TECHNOLOGIES: Moody's Affirms Ba2 CFR, Outlook Remains Stable SSP WASTE: To Sell Trash & Recycling Assets to South Platte Service SUNOCO LP: Moody's Rates New $500MM Senior Unsecured Notes 'Ba1' TEHUM CARE: Health Units Lose Ch. 11 Shield After Missing Payments TERRAFORM GLOBAL: S&P Withdraws 'BB-' Issuer Credit Rating TMC MAINTENANCE: Gets Interim OK to Use Cash Collateral TRANSPORTATION EQUIPMENT: Moody's Alters Outlook on Ba3 CFR to Neg. TW ELECTRIC: Gets Interim OK to Use Cash Collateral UBA BROCKTON: Court Extends Cash Collateral Access to May 22 V&H HOLDINGS: Seeks Cash Collateral Access VERACODE: Fitch Lowers IDR to 'B-', On Watch Negative VIBRANTZ TECHNOLOGIES: Moody's Cuts CFR & First Lien Debt to Caa3 VIBRANTZ TECHNOLOGIES: S&P Upgrades ICR to 'CCC', Outlook Dev. VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral WAGNER COLLEGE: Fitch Affirms 'BB' IDR, Outlook Negative WESCO DISTRIBUTION: Moody's Rates Proposed Unsecured Notes 'Ba3' WHITEEAGLE PROPERTIES: To Sell Lindsborg Property to Curtis Grauman WK BROWN: Seeks to Use Cash Collateral WYNDHAM HOTELS: Moody's Rates New Unsec. Notes 'Ba2' ZYNEX INC: Plan Confirmation Hearing Scheduled for March 19 [] Fitch Affirms Ratings on 10 Oil-Related Companies [] Fitch Affirms Ratings on Five North American Env'l. Service Cos [] Fitch Affirms Ratings on Five North American Media Companies [] Fitch Affirms Ratings on North American Software Companies [] Fitch Affirms Ratings on Six North American Software Issuers [] Fitch Affirms Ratings on Six North American Tech Software Cos. [] Keen Auction to Hold Ogunquit Real Estate Auction on March 5 ********* 27 CURIOUS: Seeks to Sell Paso Robles Property to Highest Bidder ---------------------------------------------------------------- 27 Curious Oak LLC seeks permission from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 27 Wellsona Road, Paso Robles, California 93446. The Property is encumbered by the following liens: a deed of trust held by Farmers & Merchants Bank, and a deed of trust held by LDAR Real Estate, LLC. The sale of the Debtor’s Property would enable an affiliate of the Debtor, 35 Wellsona Holdings, LLC, to restructure its debt against its own real property located at 35 Wellsona Road, Paso Robles, California 93446. The Debtor employs Guide Real Estate and Linda Grande, licensed California real estate brokers, and Scott Ehrke and Linda Grande, agents of the respective Co-Brokers, in determining the value of the Property. The Agents advised the Debtor that the market value of the Property was at or near $895,000.00. The employment terms provide for a total broker's commission not to exceed six percent of the sales price of the Property, upon close of escrow, including three percent to the Co-Brokers1 and up to three percent to the buyer's broker. If the buyer is unrepresented, the Co-Brokers will receive an additional one percent. The Debtor reserves the right to object to the validity, scope and priority of any disputed liens, claims and interest that have been or will be asserted against the Property. Pursuant to the Purchase Agreement, real property taxes and assessments are to be prorated between the Debtor and the Buyer through escrow as of the closing, including the unsecured property taxes reflected in the Title Report. All real property taxes owed will be paid in full through escrow. Gregory and Patricia Varian Revocable Trust of 2013 and Zachary Allen Varian have offered to purchase the Property, and the Debtor has accepted that offer. The purchase price is $860,000.00. The Buyer has made an initial deposit of $25,000.00 payable and delivered to Title. The Deposit is refundable to the Buyer only in the event the Bankruptcy Court accepts a third party overbid or does not approve the Purchase Agreement for reasons not attributable to the Buyer. The Debtor shall retain the Deposit as liquidated damages if the Bankruptcy Court approves the sale and the Buyer defaults under the Purchase Agreement. The balance of the Purchase Price shall be tendered upon Close of Escrow. The sale is as is, where is, with all faults, without warranty or recourse, but free and clear of any and all liens, claims, and interests, together with all improvements, as well as all easements and appurtenances. The Debtor proposes the following procedure to allow for overbids prior to the Court's approval of the sale of the Property to ensure that the Property is sold for the best possible price: 1. Qualifying bidders shall: a. Bid at least $865,000.00 in cash for the Property; b. Set forth in writing the terms and conditions of the offer that are at least as favorable to the Debtor. c. Be financially qualified, in the Debtor's judgment, to close the sale as set forth in the Purchase Agreement; d. Submit an offer that does not contain any contingencies to closing the sale, including, but not limited to, financing, inspection, or repair contingencies; e. Submit a cash deposit in the amount of $30,000.00 ($25,000.00 plus $5,000.00) payable to Title, in the form of a cashier's check, which Overbid Deposit shall be non-refundable if the bid is deemed to be the Successful Bid. At the hearing on the Motion, only the Buyer and any party who is deemed a Qualifying Bidder shall be entitled to bid. Any incremental bid in the bidding process shall be at least $1,000.00 higher than the prior bid. Overbids shall be all cash and no credit shall be given to the purchaser or overbidder(s). Since the Buyer has spent significant time on this transaction, the Buyer requests that, in the event of successful overbid by a third party, a break-up fee of $2,500.00 be paid to the Buyer at the closing, through escrow The sale of the Property was negotiated at arms' length. There is no fraud, collusion, or insider transactions present here, and the Buyer received no special treatment or consideration. There is no connection or relation between the Debtor and the Buyer. The Debtor intends to notify all interested parties through the notice of the motion. About 27 Curious Oak LLC 27 Curious Oak LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), holding its primary property at 27 Wellsona Road in Paso Robles, California. 27 Curious Oak LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case. No. 25-11903) on October 15, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Jeffrey I. Golden, Esq. of GOLDEN GOODRICH LLP. 323 SOUTH 7TH: Seeks Court Approval to Tap Tejas Desai as Appraiser ------------------------------------------------------------------- 323 South 7th LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Tejas Desai, a professional practicing in Scotch Plains, New Jersey, as appraiser. The Debtor needs an appraiser to market and sell its properties located at 323 S. 7th Street, Newark, New Jersey; and 795 South 13th Street, Newark, New Jersey. Mr. Desai will be paid at $950 per appraisal and report for each property. Mr. Desai disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Tejas Desai 30 Winchester Drive Scothc Plains, NJ 07076 Telephone: (732) 423-6433 About 323 South 7th LLC 323 South 7th LLC is a a Newark, New Jersey-based real estate company. 323 South 7th LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10098) on January 6, 2026. In petition signed by Martin Stern, member, the Debtor disclosed up to $1 million in estimated assets and up to $10 million in estimated liabilities. Solomon Rosengarten, Esq., represents the Debtor as counsel. 323 SOUTH 7TH: Seeks to Hire Solomon Rosengarten as Legal Counsel ----------------------------------------------------------------- 323 South 7th LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Solomon Rosengarten, Esq., an attorney practicing in Brooklyn, New York, as counsel. The attorney will provide these services: (a) consultation; (b) preparation and filing of documents with the Court; (c) court appearances; and (d) negotiations. Mr. Rosengarten will be paid at a flat fee of $3,500. Mr. Rosengarten disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Solomon Rosengarten, Esq. 2329 Nostrand Avenue, Suite 100 Brooklyn, NY 11210 Telephone: (718) 627-4460 Email: vokma@aol.com About 323 South 7th LLC 323 South 7th LLC is a a Newark, New Jersey-based real estate company. 323 South 7th LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10098) on January 6, 2026. In petition signed by Martin Stern, member, the Debtor disclosed up to $1 million in estimated assets and up to $10 million in estimated liabilities. Solomon Rosengarten, Esq., represents the Debtor as counsel. 33 MAKO: Court OKs Amagansett Property Sale to Jason Gerstein ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved 33 Mako LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's property is located at 54 Sandcastle Lane, Amagansett, New York 11930. The Debtor owns the Property which is a single family residence with 3 bedrooms and 2 and 1/2 bathrooms. There is also a heated swimming pool at the Property. The Property is currently unoccupied. The Court has authorized the Debtor to sell the Property to Jason Gerstein as the highest bidder in the amount of in the amount of $4,320,000.00. The Sale of the Property to the Highest Bidder or the Backup Bidder pursuant to the Sale Procedures is duly authorized by Sections 363 of the Bankruptcy Code. The Court held that the marketing process has been adequate and appropriate and reasonably calculated to maximize the value for the benefit of all stakeholders. The Sale Procedures and Auction Sale were duly noticed, were substantively and procedurally fair to all parties and were conducted in a diligent, non-collusive, fair and good faith manner. The Sale Procedures afforded a full, fair and reasonable opportunity for any entity or person to make a higher or otherwise better offer to purchase the Property, and the winning bid constitutes the best and highest offer for the Property. The Debtor has full corporate power and authority necessary to execute all documentation necessary to consummate the Sale and requires no other consents or approvals. The Auction Sale, and the Highest Bidder or the Backup Bidder's purchase of the Property pursuant to this Order and the Plan, are non-collusive, fair and reasonable and was conducted openly and in good faith. The sale of the Property to the Highest Bidder or the Backup Bidder was done at arm's-length, without collusion or fraud, and in good faith. The Highest Bidder or the Backup Bidder, as transferee of the Property, is a good faith purchaser. The sale of the Property is in the best interests of the Debtor, its estate, its creditors and all other parties in interest. About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. 57 CONCRETE: Committee Seeks to Tap Grable Martin as Legal Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors appointed in the Chapter 11 case of 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Grable Martin PLLC as counsel. The firm will provide these services: (a) advise the committee with respect to its rights, duties and powers in this Chapter 11 case; (b) assist and advise the committee in its consultations and negotiations with the Debtor and other parties in interest relative to the administration of this case; (c) assist the committee in analyzing the claims of the Debtor's creditors and its capital structure and in negotiating with holders of claims and equity interests; (d) assist the committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, certain of its other stakeholders, insiders and of the operation of its businesses; (e) assist the committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, sales or other dispositions of its assets or businesses, the assumption or rejection of certain leases of non-residential real property and executory contracts, financing transactions, other transactions and the terms of one or more plans of reorganization and/or liquidation for it and accompanying disclosure statements and related plan documents; (f) assist and advise the committee as to its communications to the general creditor body regarding significant matters in this case; (g) represent the committee at all hearings and other proceedings before this Court; (h) review and analyze applications, orders, statements of operations and schedules filed with the Court and advise the committee as to its propriety and, to the extent deemed appropriate by the committee, support, join or object thereto; (i) advise and assist the committee with respect to any legislative, regulatory or governmental activities related to the Debtor and this case; (j) assist the committee in preparing pleadings and applications as may be necessary in furtherance of the committee's interests and objectives; (k) assist the committee in its review and analysis of the Debtor's various agreements; (l) prepare, on behalf of the committee, any pleadings; (m) investigate and analyze any claims belonging to the Debtor's estate; and (n) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these hourly rates: Attorneys $450 - $650 Paralegals $300 In addition, the firm will seek reimbursement for expenses incurred. Mary Elizabeth Heard, Esq., a member at Grable Martin, 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: Mary Elizabeth Heard, Esq. Grable Martin PLLC 7700 Broadway, Ste. 104 San Antonio, TX 78209 Telephone: (210) 572-4295 Email: meheard@grablemartin.com About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on December 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. On January 26, 2026, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Grable Martin PLLC as its counsel. 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a second interim order authorizing 7452 N. Western Ave., Inc. to use cash collateral. The court authorized the Debtor to use the cash collateral of Byline Bank, Newtek Bank, N.A. and the U.S. Small Business Administration for the period from February 27 through March 26 strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $100,300. As conditions of use, the Debtor must allow the secured creditors and the Subchapter V trustee access to its books and records; maintain insurance covering the collateral; provide evidence of collateral upon request; properly maintain and manage the collateral; and deliver profit-and-loss statements and budget-to-actual reports covering the interim period. As protection, the court granted the secured creditors valid, perfected replacement liens on all property acquired by the Debtor or its bankruptcy estate before and after its Chapter filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. As of the petition date, the secured creditors' cash collateral consists of cash ($30,000) and inventory ($23,000). Newtek is owed approximately $650,000 while the SBA is owed approximately $185,000. The order is available at https://shorturl.at/85rj6 from PacerMonitor.com. A further interim hearing is scheduled for March 23. About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc. is an Illinois-based company that owns and manages commercial real estate, including property located along North Western Avenue in Chicago. It conducts business under the names Candelite Chicago, Candelite Restaurant, Candelite Evanston, Candlelite Pizza, Chi Burger, Candlelite Cafe, Candlelite Pizza Cafe, and Candlelite, 7452 N. Western Ave. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00911) on January 20, 2026. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, N.A., as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com 8535 HIGHFIELD: Commences Chapter 11 Bankruptcy in Colorado ----------------------------------------------------------- On March 3, 2026, 8535 Highfield, LLC, filed for Chapter 11 protection in the District of Colorado Bankruptcy Court. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About 8535 Highfield, LLC 8535 Highfield, LLC is a company with assets and operations estimated between $10 million and $50 million. 8535 Highfield, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11268) on March 3, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $10 million to $50 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Aaron J. Conrardy, Esq. ALORIA VINEYARDS: Hires Equal Justice Law as Bankruptcy Counsel --------------------------------------------------------------- Aloria Vineyards seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire David Foyil, Esq. of Equal Justice Law Group to serve as counsel. Mr. Foyil will provide these services: (a) providing legal advice and counsel to the Debtor regarding its powers and duties as Debtor in Possession in the continued operation of its business, management of its financial affairs, and handling of its property; (b) preparing, on behalf of but with the assistance of the Debtor, all necessary applications, answers, orders, reports, and other legal papers, including the contemplated plan of reorganization and disclosure statement; and (c) performing all other legal services necessary for the proper representation of the Debtor as Debtor in Possession in this proceeding. Subject to Court approval, the Debtor has paid Equal Justice Law Group the sum of $7,500 as a retainer for legal services to be rendered in connection with this Chapter 11 case. According to court filings, Mr. Foyil has no disqualifying connection with the creditors, the Office of the United States Trustee or any party in interest, and represents no interest adverse to the Debtor or the estate. The firm can be reached at: David Foyil, Esq. EQUAL JUSTICE LAW GROUP 601 Court Street, Suite 106 Jackson, CA 95642 Telephone: (209) 223-5363 About Aloria Vineyards, LLC Aloria Vineyards, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Eastern District of California Case No. 26-10737) on February 24, 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 Jennifer E. Niemann oversees the case. Equal Justice Law Group is Debtor's legal counsel. ALVARADO INVESTMENT: Seeks to Use Cash Collateral ------------------------------------------------- Alvarado Investment Properties, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor owns three real properties—12321 Alexander Lane in Santa Ana, California; 103 E 118th Place in Los Angeles; and 514 Pullman Street in Los Angeles—each encumbered by first-priority liens held by Bench Equity, LLC. The Debtor asserts that the Lender may have a perfected security interest in the cash collateral generated by rental income from these properties. The Debtor seeks interim authority under 11 U.S.C. Sections 363(c) and 363(e) to use the cash collateral to fund necessary post-petition operating expenses, including mortgage payments, property taxes, insurance, maintenance, utilities, and other essential costs required to preserve the value of the properties and maintain ongoing operations. The Debtor emphasizes that certain units at 103 E 118th Place are subject to reduced legal rents due to code violations identified by the Department of Housing, which temporarily reduces the revenue available from those units. The proposed budget allocates cash flow from rental income to cover all ordinary expenses and adequate protection payments to Bench Equity, ensuring the lender's interest is protected from diminution. The Debtor argues that failure to use the cash collateral would cause immediate and irreparable harm, potentially forcing cessation of business operations, inability to maintain the properties, and breach of obligations to tenants. The Debtor requests that the Court approve the use of cash collateral on an interim basis, schedule a final hearing pursuant to Federal Rules of Bankruptcy Procedure 4001 and 9014, and confirm that the Lender's interest is adequately protected. A copy of the motion is available at https://urlcurt.com/u?l=fQ1KVi from PacerMonitor.com. About Alvarado Investment Properties, LLC Alvarado Investment Properties, LLC owns and manages residential and investment properties in Santa Ana and Los Angeles, California, with combined comparable sale value exceeding $3 million, operating in the Southern California real estate investment sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11030) on February 3, 2026. In the petition signed by Melissa Regina Alvarado, managing member, the Debtor disclosed $3,017,500 in total assets and $1,910,337 in total liabilities. Judge Sheri Bluebond oversees the case. Onyinye N Anyama, Esq., at ANYAMA LAW FIRM, APC, represents the Debtor as legal counsel. AMENTUM HOLDINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Amentum Holdings, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB+' and the company's term loan and revolver at 'BBB-'. Fitch also assigned Recovery Ratings of 'RR2' and affirmed the senior unsecured notes at 'BB+'/'RR4'. The Rating Outlook is Stable. The assignment of the 'RR2' rating corrects an error in Fitch's application of its "Recovery Rating Criteria." The ratings reflect Amentum's market position as a leading government technology services provider with significant size, scale, and capabilities across the lifecycle. Amentum's credit profile is bolstered by its diversified, cost-plus weighted contract base across large, growth-oriented end markets, multi-year backlog, competitive renewal rates, positive FCF generation and supportive secular trends. Amentum's 'BB+' IDR is constrained by management's financial policy and willingness to pursue debt-funded M&A, which Fitch views as consistent with 'BB+' rating tolerances. Key Rating Drivers Successful Integration of Merger: Amentum has successfully integrated the acquired Jacobs' business units, reducing execution risk while enhancing scale, diversification and competitive positioning. The combined entity's expanded capabilities and increased exposure to nuclear energy, space systems and intelligence strengthen its ability to compete for large, complex programs and deepen existing customer relationships. This is evidenced by sizable recent wins, and on-contract growth. Jacobs and its shareholders are expected to remain the majority owners of Amentum, with Lindsay Goldberg and American Securities holding the remaining balance. Fitch does not view governance as a rating constraint. This is supported by the company's public commitment to reducing debt and achieving net leverage of 3.0x and Fitch's expectation that ownership and board representation will transition over the coming years. Stable, High-Single Digit Margins Expected: Fitch expects Amentum to generate stable EBITDA margins around 7.50%-8.25% over the forecast, somewhat lower than peers. However, Fitch views earnings quality as comparatively higher than peers given the high proportion of cost-plus contracts. Renewal rates and new business win rates, as well as long-term contracts and enterprise investment approach, support margin stability. Fitch recognizes growth opportunities may result in contract mix shift toward fixed-price contracts. However, the incremental margin risk is seen as manageable given management's bidding track record and program review process. Sub-3.5x Leverage: Fitch expects the company to remain on track to achieve its net leverage target, with Fitch-calculated leverage, including factoring, forecasted around 3.5x in 2026, supported by annual FCF between $500 million-$650 million over the next few years. Cash generation is bolstered by a capital-light business model with capital expenditures under 0.5% of revenue and minimal working capital requirements. Fitch expects the company to have an opportunistic capital deployment strategy, while maintaining a measured financial policy. Positive rating action would likely necessitate a shift in capital structure and formulation of a more conservative financial policy. Enterprise Model Supports Growth: The company's enterprise strategy allows capability integration across the full lifecycle, resulting in synergy realization and momentum in new business capture. Focused investment in the front-end of the government acquisition lifecycle positions Amentum for later program phases, supporting durable, long-cycle customer relationships and a sustained share of spend through follow-on work and on-contract growth. However, this approach is susceptible to win rate variability and potential timing delays. Long-term contracts and broad applicability of advanced technology solutions across various end markets help mitigate risk. Diversified Contracts, Backlog Support Visibility: Fitch believes Amentum has a high degree of revenue visibility, which supports the 'BB+' rating. This is underpinned by its highly diversified, cost-plus weighted contract base across large, growth-oriented end markets, multi-year backlog and competitive renewal rates. Limited recompete risk and the company's robust backlog of more than $47 billion underpins revenue and near-term credit stability. The company's high degree of contract diversification reinforces the stability of the cash flow profile and limits downside risk. These factors support Fitch's expectation of low- to mid-single digit revenue growth over the forecast. Industry Tailwinds Support Growth: Fitch views Amentum as well positioned to benefit from sustained investment and demand in space-related programs, secure digital modernization and infrastructure, and nuclear energy services and technologies, supported by defense and allied government priorities. These high-growth, margin-accretive markets are well-funded and expected to have high growth potential over at least the next decade, supporting a durable runway for backlog, revenue growth and contract expansion across both government and commercial customers. Recent wins demonstrate the company's growing traction across these markets. Peer Analysis Fitch compares Amentum Holdings, Inc. with other government technology service providers, such as KBR, Inc. (BB+/Negative Watch), Science Application International Corporation (SAIC, not rated [NR]), Leidos (NR), and CACI (NR). Amentum's business profile benefits from a higher degree of diversification across programs, platforms and scope of work than most peers, which tend to focus on IT service offerings or have more product focus. Amentum's revenue visibility is supported by backlog coverage around 3.3x at 1Q26. This is higher than the 2.5x-3.0x range typically seen for KBR, SAIC, and Leidos, but slightly lower than CACI, which usually maintains backlog coverage around or above 3.5x. Fitch views the business profile of Amentum as consistent with its peers and more reflective of an investment-grade company's characteristics. Fitch expects Amentum will reduce EBITDA leverage below 3.5x in 2027, largely in line with the 2.5x-3.5x range within which KBR, SAIC and CACI tend to fluctuate. Meanwhile, Fitch expects Leidos to maintain leverage in the 2.0x-3.0x range, which is more consistent with 'BBB' rating category tolerances. Amentum's EBITDA margins in the high single digit range lag behind peers', which are typically around 10%. However, this is largely due to Amentum's higher degree of cost-plus contracts that support above-average earnings quality and cash flow stability. Fitch’s Key Rating-Case Assumptions Low to mid-single-digit revenue growth over the forecast, supported by the company's high renewal rate and Amentum competing in higher growth areas of government spending, such as space, intelligence, and nuclear energy; EBITDA margins in the high single digits over the forecast, supported by cost synergies following the merger and increasing exposure to higher-growth, margin-accretive end markets; Minimal working capital cash requirements and capex under 0.5% of revenue; Management continues to execute on deleveraging, in line with its publicly stated financial policy to reduce net leverage to 3.0x by YE 2026; Bolt-on M&A that enhances or expands capabilities as its deleveraging progresses. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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+'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Deviation from stated financial policy, leading to EBITDA leverage sustained above 3.5x; - Sustained decline in the backlog trend or below average recompete win rates that leads to heightened cash flow risk; - Significant loss on one of its fixed price contracts or poor execution on existing contracts that significantly impacts the company's profitability, cash flow generation or ability to win future contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Demonstrated commitment to a financial policy supporting EBITDA leverage sustained below 3.0x; - Establishment of a balanced capital allocation plan preserving through-the-cycle financial flexibility; - Maintenance of strong backlog and diversification that supports revenue visibility; - A less encumbered capital structure. Liquidity and Debt Structure Fitch expects the company's liquidity to be sufficient over the rating horizon. Liquidity and financial flexibility are further bolstered by the company's cash generation. The company's capital structure is comprised of first lien revolver and term loan, as well as unsecured notes. Issuer Profile Amentum is an advanced technology solutions provider to domestic and international governments across the defense, space, civilian, intelligence and environmental end markets. 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 Amentum Holdings, 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 ----------- ------ -------- ----- Amentum Holdings, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ AMK PROPERTIES: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On March 2, 2026, AMK Properties LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filings, the debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About AMK Properties LLC AMK Properties LLC is a real estate investment and property management company engaged in the ownership and management of real estate assets. AMK Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50554) on March 02, 2026. In its petition, the debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The debtor is represented by Ronald J. Smeberg, Esq. of Smeberg Law Firm, PLLC. ANDERSON COMPANIES: Gets OK to Use Cash Collateral Until May 23 --------------------------------------------------------------- Anderson Companies, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court authorized the Debtor to use cash collateral through May 23 to fund operations in accordance with its budget, subject to a 15% variance. As adequate protection, Newtek Small Business Finance, LLC and other creditors with valid pre-bankruptcy liens on the cash collateral will be granted replacement liens on post-petition receivables, with the same validity, priority and extent as the pre-bankruptcy liens. Additionally, Newtek will receive a monthly payment of $3,200. The final hearing is set for March 19. The order is available at https://is.gd/bJVDKf from PacerMonitor.com. As of the petition date, multiple parties assert liens against the Debtor's assets. Most notably, Newtek claims a first priority mortgage on the Debtor's commercial property located in Mullica, New Jersey, along with a first position security interest in substantially all personal property, including accounts receivable, equipment, and deposit accounts. Additional secured claims include equipment lenders with liens on specific machinery, judgment creditors with liens against the commercial property, and the Township of Mullica, which holds a statutory municipal tax lien for unpaid real estate taxes. The Debtor acknowledges that Newtek asserts a security interest in cash and accounts receivable constituting cash collateral under section 363(a). The Debtor further states that the secured debt against the commercial property significantly exceeds its appraised value of approximately $655,000, leaving no meaningful equity cushion to support operations without access to cash collateral. Newtek, as secured creditor, is represented by: Tae Hyun Whang, Esq. Law Offices of Tae H. Whang, LLC 185 Bridge Plaza North Suite 201 Fort Lee, NJ 07024 About Anderson Companies LLC Anderson Companies LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12028) on February 26, 2026. In the petition signed by Shawn Anderson, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Jenny Kasen, Esq., at Kasen Law Group, P.C., represents the Debtor as legal counsel. ANNALEE DOLLS: Cash Collateral Hearing Set for March 11 ------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Hampshire is set to hold a hearing on March 11 to consider extending Annalee Dolls, LLC's authority to use cash collateral. Annalee Dolls is seeking interim approval to use cash collateral from March 1 to 31, with a maximum authorized expenditure of $217,294. The Debtor assumes that a proposed Section 363 sale of certain personal property will be approved and closed by March 16; if the sale does not close by that date, the Debtor must submit an alternate budget for court approval. The cash collateral, in which Customers Bank and Burr Ridge Advisors, LLC hold first-priority security interests under prior DIP financing orders, may be used for ordinary course business expenses, including maintaining real estate, insurance premiums, and other operational costs as detailed in the approved budget. Adequate protection for the lienholders includes replacement liens maintaining the same priority, validity, and enforceability as existing liens, and securing any diminution in the value of collateral caused by the Debtor's use of cash collateral, with such diminution becoming an administrative priority claim under section 507(b). Funds budgeted for professional fees are to be held in a debtor-in-possession account and may only be used to pay approved professionals, except that previously authorized fees to the Debtor's counsel for March may be paid. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. Burr Ridge Advisors, LLC, as DIP lender, is represented by: Joseph A. Foster, Esq. McLane Middleton, Professional Association 900 Elm Street, Box 326 Manchester, NH 03105 Phone: (603) 625-6464 Fax: (603) 625-5650 Email: joseph.foster@mclane.com ANOINTED TOUCH: Final Cash Collateral Hearing Set for March 11 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, is set to hold a hearing on March 11 to consider final approval of Anointed Touch Residential Services, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral expires on March 11. The Debtor needs access to cash collateral including cash accounts, accounts receivable, and inventory for ongoing business operations. It was initially allowed to use up to $107,000 in cash collateral. Anointed Touch said its budget projects profitable operations based on historical data and current client needs but noted that available cash collateral may be exhausted within a few months, requiring future relief requests. The creditors that may assert claims on the cash collateral through UCC-1 financing statements include Corporation Service Company, First Corporate Solutions, and C T Corporation System, with filing dates ranging from 2024 to 2025. The validity, priority, and extent of the claims are under evaluation and may not be validly perfected, the Debtor said, adding that if the claims are valid, the cash collateral's value is less than the amount owed, leaving no interest for subordinate creditors. The Debtor operates a personal care agency providing in-home and community-based services for individuals with developmental disabilities as well as aged and disabled clients. It has faced liquidity challenges that were previously managed through merchant cash advances, which, while volatile, allowed it to continue operating. About Anointed Touch Residential Services Anointed Touch Residential Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-00922) on February 24, 2026. In the petition signed by Ayries Nachelle Bledsoe, sole member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. ANTERO RESOURCES: Moody's Rates $750MM Senior Unsecured Notes 'Ba1' ------------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Antero Resources Corporation's (AR) $750 million senior unsecured notes issued in January 2026. AR's existing ratings, including its Ba1 Corporate Family Rating, Ba1-PD Probability of Defaulting Rating and the Ba1 rating on its existing senior unsecured notes remain unchanged. The outlook is stable. AR will use net proceeds from the notes to fund a portion of its acquisition of upstream assets from HG Energy II, LLC (HG) for $2.8 billion (including liabilities related to assuming HG's hedge positions). The notes contain a mandatory redemption at 101% if the acquisition does not close by June 02, 2026 and no extension to the deadline has been agreed. RATINGS RATIONALE AR's senior unsecured notes are rated Ba1, at the Ba1 CFR level, reflecting an unsecured capital structure. AR's senior notes and revolving credit facility are unsecured, rank pari passu and do not have guarantees from AR's operating subsidiaries or Antero Midstream Partners LP (AM, Ba1 stable). AR's Ba1 CFR reflects its moderating leverage it has achieved in recent years; enhanced operating and drilling efficiency that should support production with lower levels of capital; and consistently conservative financial policies, which have improved the company's capacity to endure industry volatility. The ratings are supported by AR's substantial natural gas production in the Appalachia region – which will be bolstered by the addition of HG's operations, considerable NGL production that offers commodity diversification and enhances profit margins, and its capability to sell gas in higher value markets through a diversified portfolio of firm-transportation (FT) contracts. The CFR also considers AR's significant ownership and control of AM, which had a market capitalization of about $9 billion as of January 29, 2026. AR will benefit from its substantially hedged 2026 natural gas production and a meaningful amount of gas hedging in 2027 through a mix of collars and swaps at prices above Moody's $3/mcf natural gas price assumption, which should provide support to its debt reduction effort. AR's credit profile is limited by singular geographic concentration in Appalachia, shale focused operations that necessitate ongoing investments, exposure to volatile energy prices, and high midstream costs relative to other Appalachian gas producers because of its substantial FT costs and processing fees. The credit profile also considers AM's substantial debt, which Moody's consolidates into AR's financial metrics for analysis purposes. Although AR owns 29% of AM, the two companies are highly integrated with nearly all of AM's revenues coming from AR, and AR has significant influence over AM's operational and financial decisions. The SGL-1 rating indicates AR's very good liquidity through mid-2027. At September 30, 2025 AR had approximately $1.3 billion available under its $1.65 billion committed revolver. The company can easily comply with the 65% debt to capitalization covenant stipulated in the revolving credit agreement, which expires in July 2029. Moody's expects AR to generate about $1 billion of free cash flow annually in 2026 and 2027 under Moody's base case commodity price assumptions, which will be available to repay debt. AR has no debt maturities through 2028. The stable outlook reflects the leveraging nature of the HG acquisition and the execution risk related to the integration of HG's operations and achieving targeted synergies and returns on investment. Moody's expects the company will delever expeditiously, consistent with its recent history and stated financial policy, however Moody's assumptions is that the pace of debt repayment will be such that its credit metrics are unlikely to approach investment grade levels in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade would be considered if the company successfully integrates the HG acquisition and executes its debt reduction plan resulting in sustained fully consolidated (including AM) RCF/debt above 50%, and leveraged-full cycle ratio (LFCR) is maintained above 2x in a mid-cycle commodity price environment. A downgrade is likely if AR's fully consolidated retained cash flow to debt approaches 30%, if its LFCR is maintained below 1.5x, or it persistently generates negative free cash flow. Antero Resources Corporation is a leading natural gas and natural gas liquids producer in the Marcellus and Utica Shales in West Virginia, Ohio and Pennsylvania. The principal methodology used in this rating was Independent Exploration and Production published in February 2026. ASCENT RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive ----------------------------------------------------------------- Moody's Ratings revised Ascent Resources Utica Holdings, LLC's (Ascent) outlook to positive from stable. Moody's affirmed Ascent's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 ratings for the company's backed senior unsecured notes. "The change in Ascent's outlook to positive reflects Moody's expectations for free cash flow to continue to be applied toward debt reduction in 2026, strengthening credit metrics and resilience to future natural gas price volatility," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE Ascent's positive outlook reflects Moody's expectations for the company to generate positive free cash flow in 2026 supported by solid natural gas fundamentals and the sizable portion of natural gas production that is hedged, and to reduce debt to reach its $2 billion debt target. Ascent's Ba3 CFR reflects the company's position as a large-scale natural gas producer supported by substantial proved reserves, a robust acreage position, and significant operational efficiencies. The company benefits from an extensive drilling inventory in the Appalachian Basin, primarily focused on the Utica Shale, with additional inventory in the Marcellus Shale. Ascent's operating performance is further reinforced by conservative financial management and a solid track record of execution. The company maintains firm transportation commitments that provide reliable flow assurance for produced volumes and enhance market access. While these agreements support Ascent's operating profile, they could become burdensome if production were to decline. Ascent's comprehensive hedge portfolio helps mitigate exposure to natural gas price volatility and improve cash flow predictability. A significant portion of 2026 production is already hedged, assuming maintenance of current production levels, with additional hedge coverage extending over multiple future years. Looking ahead, Moody's expects Ascent to deploy free cash flow toward debt reduction and shareholder returns. The company targets reducing debt to $2.0 billion by year-end 2026, down from $2.2 billion as of September 30, 2025. Moody's expects Ascent to maintain very good liquidity. The company has an RBL revolving credit facility with $2 billion in elected commitments and a $3 billion borrowing base. As of September 30, 2025, the facility had $400 million in outstanding borrowings and $83 million in letters of credit, alongside $5 million in cash on hand. In October 2025, Ascent issued a $101 million add-on to its senior notes due 2029 with use of proceeds to reduce revolver borrowings. The revolver matures in June 2029 and contains a springing maturity 91 days prior to the maturity of any series of notes with $350 million or more outstanding, next applicable to Ascent's notes due June 2029. The facility includes two financial covenants including a maximum leverage ratio of 3.5x (net of up to $100 million of cash) and a minimum current ratio of 1.0x. Moody's expects Ascent to maintain compliance with these covenants. The company's next debt maturity is its senior notes due November 2027. Ascent's senior unsecured notes are rated B1, one notch below the CFR, reflecting their effective subordination to the company's secured RBL revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include sustaining debt levels at or below the company's $2 billion target; maintenance of production and replacement of reserves while generating positive free cash flow; lower leverage and retained cash flow (RCF) to debt sustained above 40%; and managing shareholder returns within cash flow. Factors that could lead to a downgrade include deteriorating cash margins or capital returns; RCF/debt below 30%; deterioration of liquidity; or more aggressive financial policies. Ascent, headquartered in Oklahoma City, Oklahoma, is a privately held independent exploration and production company focused on natural gas production in Ohio's Utica Shale. The company's shareholders include The Energy & Minerals Group, First Reserve Corporation, and Riverstone. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ASPLUNDH TREE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings affirmed Asplundh Tree Expert, LLC's (Asplundh) Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba1 senior secured first lien bank credit facilities ratings. The outlook was changed to stable from negative. The affirmation of the Ba1 rating with a stable outlook reflects Moody's expectations that Asplundh will maintain key credit metric ratios at levels consistent with its Ba1 CFR over the next 12-18 months, absent any transformative debt-financed acquisitions. Throughout 2025 Asplundh demonstrated a more disciplined inorganic growth strategy relative to the prior 12 month period, which allowed the company to execute on several initiatives such as, (i) integrating recent acquisitions and realizing respective synergies, and (ii) improved working capital management, resulting in stronger free cash flow generation and leverage remaining in the low 3.0x debt/EBITDA area. Over the next 12-18 months Moody's expects leverage (including Moody's standard adjustments) to remain below 3.5x debt/EBITDA, EBITA/interest to improve above 4.5x, and for the company's margin and cash flow to continue showing modest improvement over the same period. However, Moody's expects free cash flow generation will continue to be used for sizeable dividend payments, limiting any potential for meaningful debt reduction. Governance considerations are relevant to the rating action, specifically the company's debt-funded M&A growth strategy. RATINGS RATIONALE Asplundh's Ba1 CFR reflects the company's position as the leading provider of vegetation management and utility infrastructure services across North America. Asplundh is one of few companies in the industry with the scale, expertise, and value-added capabilities to service corporate clients. The business is supported by long term contracts with tenured customers in defensive end markets such as electric utilities, other power providers, and local governments. The nondiscretionary nature of vegetation management leads to strong recurring revenue and high customer retention rates. At the same time, the rating reflects the company's modest organic growth in its vegetation business, revenue exposure to the utility sector, and modest margins that continue to be pressured by elevated labor costs and competitive pricing pressures in certain regions. Asplundh's capital spending (about 6% of revenue) and high dividend payout ratio limit financial flexibility and meaningful debt reduction. Moody's project Asplundh will maintain good liquidity over the next 12-15 months with the company generating around $100 million in free cash flow in 2026 after funding tax and cash dividends. The company's liquidity is supported by a $750 million revolving credit facility due October 2028 (or springing September 2027, if the term loan remains outstanding). As of the twelve month period ended September 30, 2025, the company reported $64 million in cash on balance sheet, generated around $75 million in free cash flow, and had $552 million available on its revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains strong liquidity, including stronger free cash flow generation, and if the company demonstrates a more conservative financial policy. Specifically, Moody's could upgrade the ratings if debt/EBITDA improves towards 2.5x and if EBITA/interest is sustained above 6.0x. The ratings could be downgraded if the company's margins deteriorate and if debt/EBITDA increases above 3.5x or EBITA/interest below 4.5x. Weaker liquidity or a large debt-funded acquisition or dividend could also result in a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Willow Grove, PA, Asplundh is North America's largest provider of vegetation management, infrastructure and other service that support the operations of utilities, rail roads and other industries. Asplundh is owned and majority controlled by the Asplundh family, while private equity firms CVC Capital Partners and the Carlyle Group own a minority stake. As of the twelve month period ended September 30, 2025, the company reported $6.7 billion in revenue. ASSOCIATION OF APARTMENT: Taps Hilco, Summers Realty as Realtors ---------------------------------------------------------------- The Association of Apartment Owners of Kauai Beach Villas seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Hilco Real Estate, LLC and Summers Realty, Inc. to serve as realtors. The firms will provide these services: (a) meeting with the Seller to ascertain the Seller's goals, objectives and financial parameters in selling the Property; (b) soliciting interested parties for the sale of the Property and marketing the Property for sale through a managed qualifying bid process; and (c) at the Seller's direction and on the Seller's behalf, negotiating the terms of the sale of the Property. Compensation will be a fee equal to four percent of the Gross Sale Proceeds for any Property sold, with Hilco and SRI mutually agreeing on how to split the fee. Reimbursable Expenses incurred in connection with the performance of services shall be reimbursed by the Seller up to a cap of $25,000. Hilco Real Estate, LLC and Summers Realty, Inc. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firms can be reached at: Hilco Real Estate, LLC Jeff Azuse 5 Revere Drive, Suite 410 Northbrook, IL 60062 Tel: (847) 418-2703 Fax: (847) 897-0826 Email: jazuse@hilcoglobal.com - and - Tom Summers Summers Realty, Inc. 1310 Inia St., Ste A Kapaa, HI 96746 Tel: (808) 822-5876 About Association of Apartment Owners of Kauai Beach Villas The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. Association of Apartment Owners of Kauai Beach Villas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. AVENUE LIVING: DBRS Finalizes BB Rating on Subordinated Notes ------------------------------------------------------------- DBRS Limited finalized Avenue Living (2014) LP's (Avenue Living or the Company) provisional Subordinated Notes credit rating of BB with a Stable trend including its Series 1 $250 million 7.750% Fixed-to-Fixed Reset Rate Subordinated Notes due February 17, 2056 (the Series 1 Notes). The Series 1 Notes are direct unsecured, subordinated obligations of the Company. The payment of principal, premium (if any) and interest on the Notes, are subordinated in right of payment to the prior payment in full of all Senior Indebtedness. The Series 1 Notes are also structurally subordinated to all debt and other liabilities of the Company's subsidiaries that are not Guarantors and are also structurally subordinated to all debt and other liabilities of the Company's subsidiaries that are Guarantors except to the extent the terms of any such debt or other liabilities provide that such debt or other liabilities ranks equally with, or is subordinate in right of payment to, the Notes or the Guarantees. Morningstar DBRS notes that the Guarantors (Avenue Living (2014) GP Ltd, Boulevard Real Estate Equities Ltd and Avenue Living U.S. Real Estate Master LP and 1707015 Alberta ULC) provide a guarantee of a Credit Facility of the Company from time to time, in each case in accordance with the terms of the Supplemental Indenture and until such Person is released from its obligations under its Guarantee. Morningstar DBRS notes that the Guarantee is provided on a subordinated basis and it ranks parri passu with all other subordinated indebtedness of the Guarantor and is subordinated to all Guarantor's Senior Debt. Morningstar DBRS understands that Avenue Living intends to use the net proceeds to refinance existing indebtedness and for general corporate purposes. Notes: All figures are in Canadian dollars unless otherwise noted. AXIP ENERGY: Receives Approval to Host Chapter 11 Auction in April ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has given the green light for Axip Energy Solutions LLC to hold its planned April 2026 auction of assets, following approval of a $161 million stalking horse bid from a competitor in the natural gas compressor sector. The authorization comes as part of the company’s ongoing Chapter 11 restructuring efforts. The stalking horse bid sets a minimum purchase price and outlines key terms, providing a foundation for the auction and giving other bidders a clear target to surpass. The judge concluded that the bid was in the best interests of the estate and would help attract competitive offers, the report states. With court approval secured, Axip will move forward with formal bidding procedures and marketing for the April auction. The goal of the process is to maximize value for creditors and support a successful transition of the business through the Chapter 11 process, according to Law360. About Axip Energy Services LP Axip Energy Services, LP is a provider of natural gas contract compression services. Axip Energy Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Paul E. Heath, Esq., at Vinson & Elkins LLP represents the Debtor as counsel. Epiq Corporate Restructuring, LLC is the Debtors' claims, noticing, and solicitation agent. AYA SERVICE: Collateral Public Auction Scheduled for March 16 ------------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code (the "UCC"), by virtue of default under a pledge agreement dated November 27, 2024 executed by AYA Service 1 LLC ("Pledgor") and 47 West LLC, a Delaware limited liability company, authorized to do business in New York ("Secured Party"), the Secured Party, will offer for sale, at public auction, the right, title, and interest of the Pledgor in and to one hundred percent (100%) of the membership interests and other equity interests, including, but not limited to, all economic rights and governance rights associated therewith, in and to 321-323-325 West 42nd Street LLC (the "Issuer") which owns the real property known as 321, 323 and 325 West 42nd Street, New York, New York ("Property") (collectively, the "Collateral"). The rights secured by the Secured Party are subject to a senior loan (the "Senior Loan") and first-priority mortgage on the Property and the obligations and liabilities set forth in the Senior Loan documents. In order to satisfy the amounts due to the Secured Party in the amount of $3,648,639.28, plus accrued interest and fees, including default interest at the rate of 24% per annum from November 19, 2025, plus costs and disbursements and less any credits being held by the lender, if any, and less a $100,000 payment received on January 15, 2026 to reduce the principal, the public auction will be held on March 16, 2026 at 3:30 p.m. (EST), and will be conducted by Matthew D. Mannion of Mannion Auctions, LLC, virtually via the following Zoom meeting link: https://us06web.zoom.us/j/83931696258?pwd=BgrvaFc2lJoygzuoFUuAHuQFPAFl72.1 Meeting ID: 839 3169 6258 Passcode: 582050 or by phone at +1 (646) 931-3860. The Secured Party Reserves the right to credit bid. Any individual or entity interested in bidding on the Collateral must contact, Matthew D. Mannion at mdmannion@jpandr.com or by phone at +1 (212) 267-6698, to obtain a copy of the Terms of Sale and information regarding bidding instructions. Upon execution of a confidentiality and non-disclosure agreement, additional documentation and information will be made available. The relevant UCC was filed on November 27, 2024 and refiled on November 19, 2025, in the State of Delaware, whereby AYA Service 1 LLC, as pledgor, pledged its 100% interest in 321-323-325 West 42nd Street LLC, as the sole member, to the Secured Party. Attorneys for Secured Party: Evan M. Newman, Esq. Jacobowitz Newman Tversky LLP 377 Pearsall Ave, Suite C Cedarhurst, NY 11516 Tel: (516) 545-0996 Fax: (212) 671 1883 E-mail: enewman@jntllp.com BELL CANADA: DBRS Finalizes BB(high) on $1.5BB Junior Sub. Notes ---------------------------------------------------------------- DBRS Limited finalized its provisional credit rating of BB (high), with a Stable trend, on Bell Canada's (Bell Canada or the Company) combined $1.5 billion junior subordinated notes issuance (the Subordinated Notes) as follows: Security Final Rating and Trend -- $750 million Junior Subordinated Notes Series D, due 2056 at BB (high), Stable trend -- $750 million Junior Subordinated Notes Series E, due 2056 at BB (high), Stable trend The Subordinated Notes are direct unsecured subordinated obligations of Bell Canada. The obligations of Bell Canada under the Subordinated Notes are contractually subordinated in right of payment to all present and future Bell Canada senior debt, are structurally subordinated in right of payment to all indebtedness and obligations of Bell Canada's subsidiaries, and rank equally (pari passu) in right of payment with all present and future junior subordinated debt. The payment of principal, interest and other payment obligations under each series of the Subordinated Notes are fully, irrevocably and unconditionally guaranteed by BCE Inc. (the Guarantor), rated BBB (low), Stable trend by Morningstar DBRS, on a junior subordinated basis. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Notes: All figures are in Canadian dollars unless otherwise noted. BIMERGEN ENERGY: Encompass Capital Holds 9.99% Equity Stake ----------------------------------------------------------- Encompass Capital Advisors LLC, Todd J. Kantor, Encompass Capital Partners LLC, and Encompass Capital Master Fund LP, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own an aggregate of 2,000,000 shares -- including 700,000 common shares, 1,000,000 warrants exercisable at $11.875 per share, and 300,000 pre-funded warrants, all subject to a 9.99% beneficial ownership blocker limiting exercise to avoid exceeding 9.99% ownership post-exercise -- of Bimergen Energy Corp's common stock and warrants, representing 9.99% shares outstanding. Breakdown: * Encompass Capital Advisors LLC and Todd J. Kantor: 2,000,000 (9.99%) * Encompass Capital Partners LLC: 1,585,972 (7.92%) * Encompass Capital Master Fund LP: 1,027,094 (5.13%) Todd J. Kantor is the managing member of Encompass Capital Advisors LLC and Encompass Capital Partners LLC, and a director of Encompass Capital Master Fund LP. All disclaim beneficial ownership except to the extent of any pecuniary interest therein. The warrants/pre-funded warrants are exercisable subject to the 9.99% blocker. Encompass Capital Advisors LLC may be reached through: Todd J. Kantor 200 Park Avenue, Suite 1604 New York, NY 10166 Tel: 646-351-8452 A full-text copy of Encompass Capital Advisors LLC's SEC report is available at: https://tinyurl.com/y6m4bsb4 About Bimergen Energy Bimergen Energy Corporation is a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. As of September 30, 2025, the Company had $23,229,481 in total assets, $3,340,309 in total liabilities (all current), and total stockholders' equity of $19,889,172. Irvine, Calif.-based Ramirez Jimenez International CPAs, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities, therefore, the Company has stated that substantial doubt exists about its ability to continue as a going concern. BLAKK SMOKE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Blakk Smoke, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through April 6 to pay operating expenses in accordance with its budget, subject to a 15% variance. As adequate protection, secured creditors will be granted replacement security interests in and liens on the Debtor's cash collateral and other assets, with the same priority as their pre-bankruptcy liens. These liens are subject to the fee carveout. The creditors expected to assert security interests in the cash collateral include Velocity Capital Group (approximately $1 million), Keystone Financial ($130,000), Clear Finance Technology ($22,795), Pearl Capital ($40,000), Figi Funding ($38,101), and On Ramp Funds ($80,488), along with several others whose claim amounts are currently unknown. In total, the Debtor estimates that more than $1,194,385 in claims may be asserted as secured against its cash collateral. While acknowledging these asserted liens, the Debtor reserves the right to challenge the validity, priority, and extent of any such security interests and anticipates that creditors will be paid in accordance with their lawful lien status as of the petition date. At the time of filing, the Debtor had only approximately $4,427 in operating cash on hand. The final hearing is set for April 6. The order is available at https://is.gd/JKpSF8 from PacerMonitor.com. About Blakk Smoke Inc. Blakk Smoke, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31222) on February 25, 2026. In the petition signed by Cardell Bradley, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Eduardo V Rodriguez oversees the case. Vicky M. Fealy, Esq., at The Fealy Law Firm, PC, represents the Debtor as legal counsel. BLEND COFFEE 1: Gets Extension to Access Cash Collateral -------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a fourth interim order extending the Debtors' authority to use cash collateral until April 6. The fourth interim order signed by Judge Roberta Colton authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor. The interim order granted protections to secured lenders in the form of post-petition replacement liens, continued insurance coverage, and access to the Debtors' books, records, and premises upon reasonable notice. The lenders that may assert an interest in the cash collateral are Timberland Bank/ARF Financial LLC, First Southern Bank, BayFirst National Bank, Securities Settlement Solutions LLC, Sunshine State Economic Development Corporation, Flagship Bank and Paul Mullen and Jamie Mullen as trustees of the Human Fund Revocable Trust U/D/T. A continued hearing is scheduled for April 6. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PziDm from PacerMonitor.com. About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1 and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BLUEPRINT EAST: Initiates Chapter 11 Bankruptcy in Pennsylvania --------------------------------------------------------------- On March 2, 2026, Blueprint East, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Blueprint East, LLC Blueprint East, LLC is a limited liability company. Blueprint East, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10838) on March 2, 2026. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Ashley M. Chan handles the case. BRADBURN METROPOLITAN 2: Moody's Cuts Issuer & GOLT Ratings to Ba3 ------------------------------------------------------------------ Moody's Ratings has downgraded Bradburn Metropolitan District No. 2, CO issuer and general obligation limited tax (GOLT) ratings to Ba3 from Baa3. The district has about $18.6 million in GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba3 issuer rating reflects an elevated long-term liabilities to full value ratio, which, at approximately 12%, is higher than that of its sector Baa peers and is expected to remain so. The rating also reflects the district's below median available fund balance to liabilities ratio that will remain narrow and well below peers at around 6%. The rating also incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba3 rating is supported by the district's solid available fund balance and liquidity ratios (just over 91% for both) relative to its limited operations. The fiscal 2026 budget indicates a stable financial position. The district also benefits from its favorable location near the Denver metropolex area with a growing tax base and resident incomes that surpass the national level. However, it faces the challenge of a high concentration of major taxpayers. The Ba3 rating on the district's GOLT debt is the same as the issuer rating because of significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Moderation of long-term liabilities relative to and full value to levels approaching higher rated peers -- Increase in available fund balance to liabilities that approaches 20%, in line with higher rated peers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves relative to revenue to levels below 75% -- Higher long-term liabilities relative to full value, and/or available fund balance to long term liabilities falling meaningfully below current levels PROFILE Bradburn Metropolitan District No. 2 was created in December 2000 to fund required public improvements to develop the Bradburn project, including utilities, roadways and storm drain. The Bradburn development is a 123-acre master-planned, mixed-use development which also includes Bradburn Metropolitan District No. 3. All public improvements are conveyed to the city of Westminster, CO upon completion, and the district has virtually no operations. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. BRIGHTLINE TRAINS: S&P Lowers $2.219BB Sr. Secured Debt to 'CCC-' ----------------------------------------------------------------- S&P Global Ratings lowered both its unenhanced and underlying ratings (SPUR) on Brightline Trains Florida LLC's (OpCo) $2.219 billion senior secured debt guaranteed by Assured Guaranty Municipal (AGM) to 'CCC-' from 'CCC'. At the same time, S&P revised its rounded recovery estimate for the OpCo debt to 0% from 5%. S&P said, "We also lowered our rating on the Parent's $1.119 billion of 144A notes to 'CCC-' from 'CCC'. The '6' recovery rating is unchanged. The '6' recovery rating on both issues now indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a distressed exchange. "The negative outlook reflects that we could lower our ratings on the Parent and OpCo if their liquidity deteriorates further such that we expect a distressed exchange to be a virtual certainty in about six months." Subsequently, S&P Global Ratings withdrew all its ratings on both the Parent and OpCo at the issuer's request. S&P said, "Brightline Trains Florida LLC (OpCo) continues to significantly underperform our original expectations. In addition, based on its third-quarter liquidity information, which indicated a sharper-than-forecast decline in its reserves--at least $35 million due to unexpected liquidity uses and weaker-than-forecast performances in December 2025 and January 2026--we believe there is a higher probability of a distressed exchange in about six months at both the OpCo and Brightline East LLC (Parent). "Faster-than-anticipated liquidity deterioration leads us to view a distressed exchange at OpCo and Parent as likely in about six months. As of Sept. 30, 2025, OpCo's total liquidity of $144.4 million (excluding $21 million of grant) was about $35 million below our previous expectations. Furthermore, we believe the project generated modestly negative cash flow available for debt service (CFADS) in the fourth quarter of 2025, which further depleted its liquidity. Under our December 2025 forecast, we had assumed total liquidity of about $191 million (including grant) as of year-end 2025. The project has experienced higher-than-projected draws from most of its reserves, including due to unanticipated train purchase costs of about $16 million and unexpected expenses of about $19 million. S&P now forecasts total liquidity of about $160 million (including grant). The alarming depletion of the project's liquidity raises concerns around the quality of information provided. Moreover, it indicates that the project faces an increased risk of a distressed exchange. Significant cash flow deficits have depleted the project's liquidity. S&P said, "With our base-case assumptions largely unchanged, we now project sustained cash flow pressures will deplete the project's liquidity in 2026. Specifically, we forecast its total liquidity (post-debt service) will decline to about $16 million as of July 1, 2026. In addition, risks remain to the downside given the limited visibility into the project's liquidity utilization after the third quarter of 2025 and the lack of quality related to the information provided by management in terms of the accuracy of their expense estimation and explanation. We view the project's forecast $16 million liquidity cushion as vulnerable to erosion, which--in our view--heightens the risk of a distressed exchange at both the OpCo and Parent in about six months." S&P said, "We also believe there is an elevated risk of a restructuring that we would view as distressed and tantamount to a default in the next six months. Based on the project's sustained underperformance, significant cash flow deficits, and deeply distressed debt trading prices, we believe it will likely consider undertaking a distressed exchange or redemption in the next six months. We would likely view any amendments that cause its lenders to receive less than they were originally promised without providing appropriate offsetting compensation as a default under our criteria. For example, this may include a subpar exchange, a lower interest rate, an extended maturity, a slower timing of payments, or a more junior ranking in the collateral. Even a small discrepancy between the restructured debt and the original promise may lead us to view a restructuring as distressed. "The negative outlook reflects that we could lower our ratings on the OpCo and Parent debt if the project's liquidity deteriorates further such that we view a distressed exchange as a virtual certainty in about six months." Had S&P not withdrawn its ratings, S&P could have lowered the ratings if: -- The project's liquidity deteriorates further such that we view a payment default or liquidity shortfall as a virtually certain; or -- The project undertakes a debt exchange or other restructuring transaction that view as distressed and tantamount to a default. The ratings upside was limited at the time of the withdrawal absent a significant improvement in the project's performance such that S&P no longer expect a distressed exchange under our base-case forecast. This could have occurred either due to a significant unforeseen improvement in its revenue and earnings or the receipt of substantial shareholder support or a grant to improve its liquidity. BRINK'S COMPANY: Moody's Affirms Ba2 CFR on NCR Atleos Transaction ------------------------------------------------------------------ Moody's Ratings affirmed The Brink's Company's (Brink's) ratings, including the company's Ba2 corporate family rating, Ba2-PD probability of default rating, and the Ba3 rating on Brink's' existing senior unsecured notes. Concurrently, Moody's downgraded Brink's' speculative grade liquidity (SGL) rating to SGL-2 from SGL-1. The outlook is stable. The ratings action follows Brink's announcement that it plans to acquire NCR Atleos (Atleos) for about $6.6 billion using a combination of debt and equity [1]. The transaction is expected to close in the first quarter of 2027, subject to regulatory clearance and other customary closing conditions. The affirmation reflects Moody's views that, although the transaction would increase Brink's financial leverage, there is a strong strategic rationale for combining the hardware and software capabilities of NCR Atleos with Brink's cash management services. The affirmation also reflects Brink's commitment to deleveraging to below 3x net leverage (on a company basis) within one year of closing the transaction, a key governance consideration. RATINGS RATIONALE The announced acquisition of NCR Atleos would create a global provider of both physical and digital solutions, offering end-to-end cash management and self-service banking solutions to a broad and diversified customer base worldwide. The transaction has a strong strategic rationale, combining Brink's scale, security infrastructure, and cash handling economics with Atleos' technology-enabled platform, and modern self-service banking capabilities. Moody's views the combination as enhancing Brink's business profile through increased exposure to recurring revenue and cross-selling opportunities, while preserving the company's strong competitive position in physical cash management. At the same time, the transaction entails integration and execution risks that will require sustained management focus. Moreover, Moody's expects Brink's total debt to increase by around $4.5 billion at transaction close in the first quarter of 2027. As a result, the company's pro forma leverage will rise to about 5.2x debt/EBITDA (on a Moody's-adjusted basis), representing a meaningful increase from current levels. With projected mid-single digit revenue growth and giving partial credit for planned cost synergies, Moody's expects leverage to decline to around 4.5x within 18 months post-closing. The pace of deleveraging will depend on the successful execution of integration initiatives, realization of synergies, and the combined company's ability to sustain earnings growth. Moody's expects the combined company to generate substantial free cash flow, supported by recurring revenue, scale benefits, and strong underlying cash conversion. This free cash flow will provide financial flexibility to prioritize debt reduction and support the expected deleveraging trajectory. Overall, while leverage will remain elevated in the near-term following the acquisition, Moody's believes the strengthened business profile, improved growth prospects, and solid free cash flow generation partially offset the increased financial risk. Brink's has good liquidity, as indicated by the SGL-2 speculative grade liquidity rating, which is supported by available cash balances of around $1.7 billion (less around $106 million of cash held for cash management services operations) as of December 31, 2025 and expected free cash flow generation of around $500 million in 2026. The liquidity is also supported by a $1.0 billion revolving credit facility due June 2027 (unrated), of which $580 million is available as of December 31, 2025. The company must comply with financial covenants applicable to its secured indebtedness, including a maximum net senior secured first lien leverage ratio of 3.5x and a minimum interest coverage test (as defined in the secured facility agreement) of 3.0x. Moody's expects Brink's will comply with the tests over the next year. Moreover, Moody's expects Brink's to refinance its existing term loans and revolving credit facilities (unrated) due June 2027, as well as unsecured notes due October 2027 as part of the acquisition financing upon transaction close. The Ba3 rating on the outstanding senior unsecured notes is one notch below the Ba2 CFR and takes into account the notes effective subordination to Brink's unrated secured debt. The senior notes are guaranteed by substantially all of the domestic subsidiaries of the company. Moreover, the instrument rating of the senior unsecured notes assumes the current capital structure and may change depending on the final debt capital structure assumed at the close of the transaction. The stable outlook reflects Moody's expectations for mid-single digit organic revenue growth and deleveraging to around 4.5x debt/EBITDA (on a Moody's adjusted basis) within 18 months post-closing of the acquisition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the combined company demonstrates revenue and profitability margin expansion resulting in debt/EBITDA sustained below 3.5x, EBITA to interest expense remaining above 3.5x, and annual free cash flow to debt exceeding 10%, while maintaining conservative financial policies. The ratings could be downgraded if debt/EBITDA is sustained above 4.5x, or if the combined company experiences a deterioration in operating performance or adopts more aggressive financial policies or if annual free cash flow to debt contracts materially. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Founded in 1859, Brink's provides security-related services on a global basis. Services include cash-in-transit, secure transportation of valuables, ATM servicing, payment services, guarding and related logistics. Revenue for Brink's was $5.15 million for the last twelve months ended 30 September 2025. BROCK HOLDINGS III: Moody's Affirms B3 CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed Brock Holdings III, LLC's ("Brock") B3 Corporate Family Rating, B3-PD Probability of Default Rating and B3 rating on its senior secured 1st lien Term Loan. The outlook remains stable. "Brock's B3 ratings are supported by adequate liquidity and consistent operational performance, driven by disciplined origination practices," stated Giancarlo Rubio, Vice President at Moody's Ratings. "The ratings are constrained by the company's modest debt coverage capacity, substantial debt obligations, and exposure to cyclical fluctuations in demand from its customer industries". RATINGS RATIONALE Brock's B3 CFR reflects its current size, leading market position within a fragmented industry, and consistent operating performance. However, the company's credit profile is constrained by its modest debt coverage capacity, stemming from low cash generation that is due to narrow margins and high competition, as well as significant financial charges resulting from a large debt load and vulnerability to interest rate changes. In Q3 2025, Brock increased its debt and drew on its committed revolving credit facility to finance a substantial legal settlement completed that year. The company's EBITDA margin increased more than 100bps over the last 2 years, reaching 7.9% LTM Sep 2025 as management has prioritized profitability over revenue growth. Despite this improvement, the company's leverage metrics and profitability remain below Moody's expectations, given the increase in the debt in Q3 2025, and delayed recovery in demand from the chemical industry amid sustained high competition in the industry. More than 80% of company's revenues are generated through Time and Material "T&M" contracts which allows the pass through of direct costs to clients. The company has limited lump sum contracts to relatively small works of less than $10 million in revenue. Moody's considers that these improved risk management practices around contract origination are fundamental to maintain healthy margins given the fragmented and competitive nature of the industry. In Q3 2025, Brock faced unexpected expenses from settling a work accident judgment. To prevent recurrence, the company implemented a new framework featuring improved insurance management, better employee relations and benefits, and the creation of a multidisciplinary response team. The stable outlook reflects Moody's expectations that Brock will sustain its profitability, generate positive free cash flow and, maintain adequate liquidity. Moody's expects Brock to maintain adequate liquidity through mid-2027. The company will have around $100 million of available borrowing capacity under its upsized $165 million ABL credit facility (not rated) that matures in 2030. Moody's expects Brock to generate sufficient operating cash flow to fund its operations and capital spending, and will direct most of its free cash flow to repay debt raised under the revolving credit facility. The ABL credit facility is subject to a springing covenant requiring a minimum fixed charge coverage ratio of at least 1x, to be triggered when facility availability is less than $5 million or less than 10% after June 2026. Moody's expects Brock to remain in compliance with this covenant through 2027. Brock's First Lien Term Loan is rated B3, the same as the CFR taking into account limited utilization of the ABL facility. The Term Loan is secured by first priority liens on substantially all assets other than ABL collateral and by second priority liens on all ABL collateral. The ABL facility is secured by a first lien on substantially all current assets and a second lien on substantially all other assets. Further increases in the size of the ABL or heavier than expected utilization could put pressure on the B3 rating of the Term Loan. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CONSIDERATIONS Brock's ESG Credit Impact Score of CIS-4 is largely driven by the company's governance risks resulting from its financial policies and its status as a private company owned by a financial sponsor, which include high financial leverage and growth through acquisition. The company's environmental and social risks have less impact on the assigned rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Brock leverage profile does not improve and EBITA-to-Interest Expense declines below 1x, leverage (debt / EBITDA) exceeds 5.5x, or if Brock generates negative free cash flow. A sizeable leveraging acquisition, or the deterioration in the liquidity could also lead to a downgrade of the ratings. The ratings could be upgraded if Brock increases its EBITDA scale and diversification, consistently generates positive free cash flow, EBITA-to-Interest Expense remains close to 2.0x and leverage (debt / EBITDA) falls below 4.5x for a sustained period. Headquartered in Houston, TX, Brock is a leading provider of scaffolding, mechanical, insulation, painting & coatings and other industrial services. Its customer base is concentrated on the refining and chemical industries in North America. The company is majority owned by funds managed by American Industrial Partners. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. CALDWELL HOLDINGS: To Sell Laurel Location to Avaworx Wellness -------------------------------------------------------------- Caldwell Holdings, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the franchisee for a chiropractic office under The Joint Corporation's franchise agreement. The Debtor leases space from 14700 Baltimore Avenue Investors, LLC under a commercial lease for the chiropractic office location at 14722 Baltimore Avenue, Suite 105, Laurel, MD 20707 (Laurel Location). The Debtor and proposed purchaser, Avaworx Wellness, LLC, have entered into an Asset Purchase Agreement on March 3, 2026. The Asset Purchase Agreement establishes the terms and conditions for the sale of the Laurel Location by Debtor to the Proposed Purchaser. The Proposed Purchaser has agreed to provide the following consideration in exchange for the Purchased Assets: a cash payment in the amount of $50,000.00, which will be paid to Debtor. The Debtor believes that the sale to the Proposed Purchaser represents the highest and best offer for the sale of the Purchased Assets and will create the most value for the estate. Notably, the Proposed Purchaser has been approved by The Joint Corp. as a franchisee, and the only way to sell the Laurel Location is through the approval of The Joint Corp. In order to assume and assign the Lease to the Proposed Purchaser, Debtor intends to cure defaults and pay all amounts due to the Landlord under the Lease immediately after closing out of the Purchase Price. Debtor is also assuming and assigning the Franchise Agreement related to the Laurel Location to the Proposed Purchaser. The Joint may be requesting approximately $15,000.00 of transfer costs be taken from the $50,000.00 in sales proceeds. The sale of the Purchased Assets pursuant to the Asset Purchase Agreement will result in significant benefits to Debtor’s estate. Debtor does not have access to the capital required to continue to operate the Laurel Location and fund its reorganization and the sale will allow for the continued employment of its employees, prevent any landlord rejection damages from being asserted against not only this estate, but the estate of Shaun and Kaila Caldwell, and will provide a recovery to the secured lender, the First Internet Bank of Indiana. If the Laurel Location is not sold, the Debtor will be forced to simply shut it down. About Caldwell Holdings, LLC Caldwell Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41374) on September 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Hon. Paul W Bonapfel oversees the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CARBON HEALTH: Section 341 Meeting of Creditors on March 12 ----------------------------------------------------------- A meeting of creditors under Section 341(a) is scheduled for March 12, 2026 at 1:00 p.m. (Central Time) in the bankruptcy case of Carbon Health Technologies Inc. The meeting will be held via telephonic conference. The debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. The meeting may be continued or adjourned to a later date. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CATURUS ENERGY: Fitch Puts 'B-' LongTerm IDR on Watch Positive -------------------------------------------------------------- Fitch Ratings has placed Caturus Energy, LLC's 'B-' Long-Term Issuer Default Rating (IDR), 'BB-' with a Recovery Rating of 'RR1' secured issue rating and 'B-'/'RR4' unsecured issue rating on Rating Watch Positive (RWP). The RWP follows Caturus' announced agreement to acquire South Texas assets from SM Energy for $950 million. The proposed acquisition would increase Caturus' operating scale and profitability. It would raise the liquids share of production, supporting modestly higher netbacks. It would also likely include a significant equity component in the financing. Fitch expects to resolve the RWP upon the closing of the transaction. While not expected, this could take longer than six months. Key Rating Drivers Acquisition Increases Scale: Fitch views the acquisition favorably as it increases Caturus' scale. In 3Q25 it produced 616 million cubic feet of natural gas equivalent per day (mmcfe/d). The acquisition will increase this by around 240 million mmcfe/d, which brings the operating scale in line with higher-rated peers. Additionally, the acquisition increases the liquids component of the company's production which will improve price realizations. An affiliate of Caturus has entered into a 220,000 gross acre development agreement with Black Stone Minerals within the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program utilizing Caturus' expertise operating in basins requiring deep drilling in hot, high-pressure zones. This arrangement exists outside of Caturus Energy but may eventually provide basin diversification through dropdowns into Caturus. Aggressive Growth Plans: The management team plans to run a three-rig program through 2027, and a four-rig program thereafter. This growth plan entails significant capital spending, ranging from $700 million to $800 million per year, and execution risk. The growth plan could be funded from cash flows and revolver borrowings under strip pricing. However, Fitch's base-case price deck indicates the plan would require additional funding beyond the current revolver commitment. Additional Debt with Improved FCF: The rating is supported by Caturus' ability to remain FCF positive under Fitch's base case price deck while maintaining flat to modestly declining production post the acquisition. This flat production scenario is Fitch's base case. The company can maintain this production while spending significantly less capital, (between $400 million and $600 million per year) than under the growth plan. The positive FCF provides the opportunity to repay some of the debt used to finance the acquisition over the forecast. Conservative Hedging Policy: Caturus' hedging policy supports the company's credit strength. The company targets hedging 75% of proved gas production two years ahead. Caturus is allowed under its revolver to hedge up to 85% of 1P production. The hedging policy provides downside protection to cash flows and stabilizes the credit profile. Fitch expects the company to add hedges on the acquired liquids production. Supportive Equity Sponsor: Kimmeridge Energy is a supportive equity sponsor with a strong record of investment in the energy sector. Mudabala's large investment in Caturus HoldCo, LLC added another supportive investor. Caturus HoldCo, LLC invested a further $125 million of equity into Cauturus after the Mudabala investment. Fitch's rating does not rely on further equity infusions from Caturus HoldCo, LLC but Fitch does expect a significant equity infusion as part of the financing of the acquisition. Capital Structure and Recovery: Caturus' capital structure consists of a $675 million revolver that has a borrowing base derived from the company's reserves and $500 million in senior notes. Fitch's recovery analysis results in an 'RR1' Recovery Rating for the 'BB-' Reserve-Based Lending (RBL) and an 'RR4' Recovery Rating for the 'B-' senior notes. Peer Analysis Caturus is a small Eagle Ford operator with 3Q25 production of 616 mmcfe/d (10% liquids). On a PF basis, production will increase to around 850 mmcfe/d which is in line with Aethon United BR LP (Aethon; B/RWP; 867 mmcfepd). It remains smaller than Gulfport Energy Corporation (B+/Stable; 1,120 mmcfepd) and larger than W&T Offshore, Inc. (B-/Stable; 214 mmcfepd). In 3Q25, it generated levered cash netbacks of $1.06 per thousand cubic feet equivalent (mcfe) as compared to peers Aethon ($1.43/mcfe) and Gulfport ($1.61/mcfe). The increased liquids component to Caturus' production will increase netbacks by at least $0.20/mcfe. Under Fitch's base forecast, Caturus is projected to remain below 2x leverage throughout the forecast which is broadly in line with peers. Fitch’s Key Rating-Case Assumptions - Revolver interest rate based on the secured overnight financing rate (SOFR) forward curve; - WTI prices of $58 for 2026 and 2027 and $57 thereafter; - Henry Hub prices of $3.50 for 2026, $3.00 for 2027 and $2.75 thereafter; - Around 50% production growth in 2025 followed by around 41% growth in 2026, 16% growth in 2027 and then flat to down; - Capex of around $860 million in 2025 and then between around $400 and $600 million a year thereafter; - FCF used for debt repayment. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Higher), Financial Structure (a-, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result 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 'b-'. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Caturus would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Caturus' GC EBITDA assumptions reflect Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $2.50 in 2026, and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption is $225 million, which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. The GC EBITDA was increased by $75 million from the last review due to the increased production from the acquired assets. An EV multiple of 3.75x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of the multiple considered the following factors: The historical case study exit multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and median of 5.4x; Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 80% drawn from the $675 million commitment. This reflects the expectation that in a stressed pricing environment, the borrowing base will be reduced. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the $675 million senior secured revolver and a recovery corresponding to 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A reduction in financial flexibility resulting from an inability to transition to positive FCF and/or excessive use of the RBL; - Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded mergers and acquisitions (M&A) activity; - Mid-cycle EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the transaction under the terms described. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction - Growth and/or efficiency gains leading to mid-cycle EBITDA generation exceeding $500 million; - Sustained positive FCF; - Maintenance of conservative financial policy leading to mid-cycle leverage sustained below 2.5x. Liquidity and Debt Structure Liquidity is sufficient with $3 million of cash and $346 million available under the revolver as of Sept. 30, 2025. Under the base case with flat production the company generates positive FCF and is able to repay a portion of the revolver over 2026 and 2027. Issuer Profile Caturus Energy, LLC is an independent exploration & production company focused primarily on the development of natural gas properties in South Texas. The company maintains 212,000 net acres in the dry gas window of the Eagle Ford Trend. 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 Caturus' revenue-weighted Climate.VS of 54 by 2035 is toward the lower end of the range for North American oil and gas production companies. Caturus falls toward the lower end of the range due to natural gas representing 83% of its production. Natural gas production is viewed as less vulnerable than oil production due to its lower carbon intensity and use as a transition fuel. This score reflects the potential risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable fuels. This poses near-term risks in the context of higher costs driven by the need for greater focus on reducing emissions and longer-term risks in the context of reductions in demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes meaningful energy transition will play out over several decades. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil and gas in the global economy, and in the shorter term from policies designed to limit greenhouse gas emissions from the production of oil and gas. These risks do not have a material influence on the rating currently, given the very long-term timeframe over which the transition may take place, uncertainty regarding the extent and nature of changes, and markets and company's reaction to them. Caturus is focused on reducing air emissions. The company achieved net-zero GHG emissions in 2024 and does have specific Scope 1 and 2 reduction targets. Caturus is pursuing responsibly sourced gas certification, plans to eliminate routine flaring by 2025, and uses emissions monitoring technology to detect and reduce emissions. 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 ----------- ------ -------- ----- Caturus Energy, LLC LT IDR B- Rating Watch On B- senior unsecured LT B- Rating Watch On RR4 B- senior secured LT BB- Rating Watch On RR1 BB- CHELSEA BUSINESS: Seeks Interim Cash Collateral Access ------------------------------------------------------ Chelsea Business Properties LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor is a New York limited liability company that owns a commercial building located at 144 Eighth Avenue in Manhattan and operates as a single asset real estate entity. The property generates approximately $64,000 per month in rental income from five tenants, who are substantially current on their obligations. The Debtor filed its Chapter 11 petition on Feb. 24, and remains in possession of its property. No trustee, examiner, or creditors' committee has been appointed. The Debtor is in the process of establishing debtor-in-possession bank accounts at JPMorgan Chase Bank, N.A., into which all income will be deposited and from which expenses will be paid. The Debtor acknowledges that JPMorgan Chase, N.A. holds a secured mortgage lien in the approximate amount of $4.8 million against the property, and that the U.S. Small Business Administration may also hold a secured claim, although the Debtor has been unable to locate a corresponding UCC filing. Out of an abundance of caution, the Debtor has included the SBA in its proposed budget and seeks authorization to set aside funds for payment if its secured status is confirmed. The Debtor asserts that the rental income constitutes cash collateral subject to these lenders' security interests and that it cannot continue operating or preserve the value of the property without authority to use those funds to pay necessary operating expenses. The Debtor requests entry of an interim order permitting limited use of cash collateral consistent with a five-week operating budget, followed by a final order authorizing continued use. The proposed budget provides for deposit of all gross receipts into the DIP account and payment of ordinary and necessary expenses—including property management, utilities, maintenance, and other operational costs—subject to a 20% variance to allow for ordinary business fluctuations. The Debtor contends that these expenditures are essential to maintain the property, preserve tenant occupancy, and sustain the building’s going-concern value, thereby enhancing the prospects for either a successful reorganization or a sale that could repay the secured creditors in full. In support of its request, the Debtor argues that adequate protection under 11 U.S.C. section 361 is satisfied because the continued operation and maintenance of the property will prevent diminution in the value of the secured creditors’ collateral. The Debtor emphasizes that courts routinely permit the use of cash collateral where doing so preserves going-concern value and prevents deterioration of secured assets. The Debtor further proposes to grant replacement liens to Chase and the SBA in all prepetition and postpetition assets and proceeds, to the same extent and priority as existed on the petition date, but only to the extent of any diminution in the value of their collateral resulting from the use of cash collateral. These replacement liens would be subject to customary carve-outs, including United States Trustee fees, approved professional fees, up to $10,000 for a hypothetical Chapter 7 trustee, and recoveries from avoidance actions. A copy of the motion is available at https://urlcurt.com/u?l=uYhxhL from PacerMonitor.com. About Chelsea Business Properties LLC Chelsea Business Properties LLC is a New York limited liability company that owns a commercial building located at 144 Eighth Avenue in Manhattan and operates as a single asset real estate entity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10380) on February 24, 2026. In the petition signed by Kenneth Choi, manager and operating member, the Debtor disclosed up to $10 million in both assets and liabilities. Sally Siconolfi, Esq., at Siconolfi PLLC, represents the Debtor as legal counsel. COLLIERS HILL 1: Moody's Downgrades Issuer & GOLT Ratings to Ba1 ---------------------------------------------------------------- Moody's Ratings has downgraded Colliers Hill Metropolitan District No. 1, CO's issuer and general obligation limited tax (GOLT) ratings to Ba1 from Baa1. The district has about $36.5 million in GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba1 issuer rating reflects a below average available fund balance to liabilities ratio which currently stands at 3.2% and is expected to remain extremely narrow and well below peers. The rating also incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba1 issuer rating is supported by solid economic factors including strong resident income metric at 217.1% of the US median, and the district's large and built out tax base that supports property tax revenue, the main revenue source. The district's low available fund balance and liquidity ratios at under 15% of revenue increase to 51.0% and 52.2%, respectively, when including $1.0 million in cash restricted for debt service. Although, fund balance to liabilities remains a limited 3.2%. The proposed fiscal 2026 budget figures suggest balanced operations. The district's 7.5% long-term liabilities to full value ratio is slightly higher than similarly rated peers however should continue to improve with continued tax base growth and given a lack of issuance plans. The Ba1 rating on the district's GOLT debt is the same as the issuer rating, reflecting the significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations resulting in available fund balance and/or liquidity ratios approaching 100% of revenue -- Increase in available fund balance to levels that approach 20% of revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves relative to revenue to levels that approach 25% -- Higher long-term liabilities to full value and/or available fund balance to long-term liabilities falling meaningfully below current levels PROFILE Colliers Hill Metropolitan District No. 1 is located in the Town of Erie, approximately 14.5 miles east of Boulder and 27.8 miles north of the city and county of Denver. The district consists of 311 of the 962-acre master planned residential community of Colliers Hill. All constructed public infrastructure in the district is conveyed to the town of Erie, and the district has no ongoing capital responsibilities. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. COMPASS GROUP: Clears Going Concern Following Debt Covenant Waivers ------------------------------------------------------------------- Compass Group Diversified Holdings LLC filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $293.73 million for the fiscal year ended December 31, 2025, compared to $322.77 million for 2024. Net revenues were $1.87 billion for the fiscal year ended December 31, 2025, compared to $1.79 billion for 2024. As of December 31, 2025, the Company had $3.04 billion in total assets, $2.47 billion in total liabilities, and $573.66 billion in total stockholders' equity. Liquidity and Capital Resources As of December 31, 2025, CODI had approximately $68.0 million in cash and cash equivalents and approximately $96 million in revolver availability. Going Concern In the prior year, conditions and events raised substantial doubt about the Company's ability to continue as a going concern, primarily related to covenant noncompliance under the Company's 2022 Credit Facility, related cross‑default provisions in its senior notes, and liquidity uncertainty arising from those matters. These conditions were disclosed in the Company's previously issued consolidated financial statements on Form 10-K/A for the year ended December 31, 2024. During the current period, the Company resolved the conditions that previously raised substantial doubt. Specifically, the Company entered into an amendment to its 2022 Credit Facility that waived existing covenant breaches and events of default and provided revised covenant terms. In addition, the Company regained compliance with its senior note indentures following the timely delivery of required financial statements. As a result, the lenders and senior noteholders no longer have the ability to accelerate the Company's indebtedness based on the matters that gave rise to the prior substantial doubt assessment. Accordingly, management has concluded that the conditions and events that previously raised substantial doubt about the Company's ability to continue as a going concern have been resolved. As of the issuance date of these consolidated financial statements, management believes the Company has the ability to meet its obligations as they become due for at least one year thereafter. Therefore, these consolidated financial statements have been prepared without inclusion of any adjustments that might result from the outcome of uncertainty related to going concern. "2025 was a challenging year as we navigated the Lugano investigation and completed the related restatement. Despite this, our operating companies, excluding Lugano, delivered solid performance in 2025, reflecting the strength of our diversified subsidiaries and our ability to perform across a range of economic conditions," said Elias Sabo, CEO of Compass Diversified. "We remain focused on driving profitable growth while continuing to deleverage." Sabo continued, "Despite ongoing macro uncertainty, we are confident in our ability to generate top and bottom-line growth in 2026 for our remaining subsidiary companies. Our focus is on rebuilding investor confidence by creating consistent, long-term shareholder value through our differentiated business model, strong operating subsidiaries, and permanent capital base." A full text copy of the Company's Annual Report is available at https://tinyurl.com/ytmxsstj About Compass Group Diversified Holdings Compass Group Diversified Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides financial service, as well as offers debt and equity capital for long-term growth of the company. Compass Group Diversified Holdings serves customers in the United States. * * * This concludes the Troubled Company Reporter's coverage of Compass Group Diversified Holdings LLC until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. COOPER-STANDARD HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Cooper-Standard Holdings Inc. to 'B-' from 'CCC+'. S&P said, "At the same time, we raised our issue-level rating on the company's senior secured first-lien debt to 'B-' from 'CCC+'; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 35%). "The stable outlook reflects our view that the company will maintain positive FOCF generation while maintaining leverage below 6x over the next 12 months." Cooper-Standard successfully extended its debt maturities and improving margins and FOCF. The company successfully refinanced its first-lien notes due 2027, third-lien notes due 2027, and unsecured debt due 2026, which reduces near-term liquidity risk. The company generated reported FOCF of about $16 million in fiscal 2025 due to stronger profitability and disciplined working capital control following a few years of elevated operating costs, low production volumes, and inflationary pressures hurting FOCF. For fiscal 2025, the company improved S&P adjusted EBITDA margins to about 8.5% compared to 7.5% in 2024 due to cost cutting, efficiency initiatives, and price negotiations to improve margins. This should allow the company to continue improving EBITDA margins while generating positive FOCF in 2026. S&P said, "We forecast limited top-line growth in 2026, although strong cost controls and conquest wins should further improve profitability and sustain positive FOCF generation. We anticipate challenging operating conditions in the light vehicle market over the next year. We forecast global light vehicle production growth to decline 1% to 1% growth in 2026. We also forecast U.S. light-vehicle sales to decline to 15.6 million in 2026 from 16.1 million in 2025, reflecting a slight increase in unemployment and the reversal of some pre-buying ahead of tariffs in 2025. Despite this, we anticipate Cooper-Standard's revenue to grow 1.8% in 2026 reflecting new business wins, new product launches, and stronger growth across Asia-Pacific (APAC). "We expect the company will continue its restructuring efforts, optimizing its footprint, increasing production in best cost countries, and improving its fixed-cost optimization. Furthermore, we expect the company will continue to launch new business at higher margins. We believe these factors will expand EBITDA margins to about 9.3% in 2026. To support this growth, we also expect a larger step up in working capital and tooling to fund new business wins and support new product launches. The company also indicated cash taxes will increase with higher profits in 2026, and we expect capital expenditure (capex) of around 2% of sales to support efficiency initiatives and growth. "The increased profits should offset increased taxes and working capital and allow the company to generate positive free cash flow of about $15 million in 2026. We anticipate greater FOCF improvement in 2027 as production volumes improve, driving adjusted EBITDA margins to 9.5%, and as working capital investment normalizes, resulting in our FOCF forecast of $24 million. "We expect the company to maintain an adequate liquidity position going forward. We now forecast liquidity sources over uses well over 1.2x over the next 12 months. Liquidity is supported by a $192 million cash balance, $160.9 million availability on its revolver, and our forecasted improving funds from operations (FFO) generation of about $97 million over the next 12 months. Without any significant debt maturities until 2031, the company's primary liquidity uses will fund its seasonal peak working capital and ongoing capex, which we believe the company can adequately finance with its cash flow generation. "The stable outlook reflects our view that Cooper will generate positive FOCF over the next 12 months while maintaining leverage below 6x. "We could downgrade our ratings on the company if it cannot generate meaningful FOCF or if the capital structure becomes unsustainable. This could happen if EBITDA declines due to significant operational, macroeconomic, or competitive challenges. "We could raise our ratings on the company if leverage is sustained below 5x, FOCF to debt approaches 5% on a sustained basis, and the company maintains an adequate liquidity position. This could happen if operational performance improves such that EBITDA and cash flow generation continue to grow." CUMULUS MEDIA: Gibson Dunn Represents Ad Hoc Lenders' Group ----------------------------------------------------------- An ad hoc group of certain beneficial holders to Cumulus Media, Inc., et al. and its debtor-affiliates, represented by Gibson, Dunn & Crutcher LLP as counsel, 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 Group's current members and the claims and equity interests they held in the Debtors' cases. According to the group's Verified Statement: 1. In the fourth quarter of 2025, the Ad Hoc Group was formed and retained attorneys affiliated with Gibson, Dunn & Crutcher LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations of the debtors and certain of their subsidiaries and affiliates. In February 2026, Gibson Dunn contacted Howley Law PLLC to serve as Texas co-counsel to the Ad Hoc Group. 2. Gibson Dunn and Howley represent the Ad Hoc Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders or holders under: -- a Credit Agreement, dated as of May 2, 2024, among CUMULUS MEDIA INTERMEDIATE INC. ("Intermediate Holdings"), and CUMULUS MEDIA NEW HOLDINGS INC., a Delaware corporation, the other Borrowers party thereto, the Lenders from time to time party thereto and BANK OF AMERICA, N.A., as administrative agent; -- an Indenture, dated as of May 2, 2024, among New Holdings, each of the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, 3. Gibson Dunn and Howley do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Gibson Dunn and Howley do not represent the Ad Hoc Group as a "committee" and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. No member of the Ad Hoc Group represents the interests of, or acts as a fiduciary for, any person or entity other than itself in connection with the Debtors' chapter 11 cases, nor is any such member an insider of the Loan Parties or the Debtors. 4. Upon information and belief formed after due inquiry, Gibson Dunn and Howley do not hold any disclosable economic interests (as such term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. 5. Nothing contained in this Verified Statement is intended or shall be construed to constitute: -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any and all final orders in any and all non-core matters entered only after de novo review by a United States District Judge; -- consent to the jurisdiction of the Court over any matter; -- an election of remedy; -- a waiver or release of any rights that any of the members of the Ad Hoc Group may have to a jury trial; -- a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Ad Hoc Group; or -- a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the Ad Hoc Group are or may be entitled under the Credit Agreement or the Indenture, in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. 6. The Ad Hoc Group, through its undersigned counsel, reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019 at any time in the future. The names and addresses of each of the members of the Ad Hoc Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. ABRY Partners LLC 888 Boylston Street, Suite 1600 Boston, MA 02199 2029 Credit Agreement $7,960,657.09 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 2. Aviva Investors Global Services Limited 80 Fenchurch Street, London, EC3M 4AE 2029 Credit Agreement $0 2029 Indenture $19,038,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 3. Bank of America, N.A. 900 W. Trade St. Charlotte, NC 28255 2029 Credit Agreement $32,643,451.25 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 4. Barings LLC, on behalf of certain funds and accounts Barings LLC, 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 2029 Credit Agreement $4,526,333.61 2029 Indenture $15,242,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 5. BofA Securities, Inc. 1 Bryant Park, 3rd Floor, New York, NY 10036 2029 Credit Agreement $0 2029 Indenture $22,871,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 6. Continental Casualty Company 151 North Franklin Street, Chicago, IL 60606 2029 Credit Agreement $31,367,338.63 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 7. Canada Pension Plan Investment Board One Queen Street East, Suite 2500, Toronto, ON, M5C 2W5 Canada 2029 Credit Agreement $0 2029 Indenture $67,384,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 8. Columbia Cent CLO Advisers, LLC 290 Congress Street, Boston, MA 02210 2029 Credit Agreement $8,189,118.44 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 9. Columbia Management Investment Advisers, LLC 290 Congress Street, Boston, MA 02210 2029 Credit Agreement $1,347,545.84 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 10. Cross Ocean SIF ESS FUND (K) LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $7,658,746.03 2029 Indenture $986,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 11. Cross Ocean GCD Master Fund I A LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $0 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests 8,772 shares 12. Cross Ocean GSS Master Fund LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $19,573,333.89 2029 Indenture $2,195,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests 144,707 shares 13. Cross Ocean Global SIF (A) LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $17,426,678.72 2029 Indenture $2,988,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 14. Cross Ocean Global SIF (H) Sarl Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $10,355,451.03 2029 Indenture $1,328,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 15. Cross Ocean USSS Fund I (A) LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $0 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests 110,609 shares 16. Cross Ocean USSS Master Fund II (A) LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $7,890,563.53 2029 Indenture $1,021,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 17. Cross Ocean USSS Master Fund III (A) LP Azimuth Governance Limited P.O Box 490, George Town Grand Cayman, KY1-1106 Cayman Islands 2029 Credit Agreement $50,858.43 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 18. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by: Delaware Management Company, a series of Nomura Investment Management Business Trust (formerly, Macquarie Investment Management Business Trust) 100 Independence 610 Market St. Philadelphia, PA 19106 2029 Credit Agreement $0 2029 Indenture $22,557,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 19. HPS Investment Partners, LLC 40 W 57th Street, 33rd Floor New York, NY, 10019 2029 Credit Agreement $6,188,121.38 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 20. HSBC Bank USA, NA 66 Hudson Blvd E, New York, NY 10001 2029 Credit Agreement $4,175,793.20 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 21. Investcorp Credit Management US LLC 280 Park Avenue, 36th Floor, New York, NY 10017 2029 Credit Agreement $1,971,338.43 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 22. Kore Advisors LP 1501 Corporate Drive, Suite 120 Boynton Beach, FL 33426 2029 Credit Agreement $14,274,440.28 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 23. LCM Asset Management LLC 399 Park Avenue, 22nd Floor, New York, NY 10022 2029 Credit Agreement $35,383,611.19 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 24. Legal & General Investment Management America, Inc 71 S. Wacker, Chicago, IL 60606 2029 Credit Agreement $0 2029 Indenture $4,873,000.00 2026 Credit Agreement $0 2026 Indenture $210,000.00 Other Disclosable Economic Interests $0 25. Mockingbird Corporate Loan Opportunity Fund LP 2021 McKinney Ave, Suite 1200 Dallas, TX 75201 2029 Credit Agreement $2,906,214.75 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 26. Mockingbird Credit Opportunities Company LLC 2021 McKinney Ave, Suite 1200 Dallas, TX 75201 2029 Credit Agreement $16,750,905.86 2029 Indenture $0 2026 Credit Agreement $202,709.51 2026 Indenture $0 Other Disclosable Economic Interests $0 27. MCOC IV LLC 2021 McKinney Ave, Suite 1200 Dallas, TX 75201 2029 Credit Agreement $4,115,823.36 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 28. Moore Global Investments, LLC 11 Times Square, NY, NY 10036 2029 Credit Agreement $2,578,185.00 2029 Indenture $4,707,000.00 2026 Credit Agreement $900,000.00 2026 Indenture $544,000.00 Other Disclosable Economic Interests $0 29. Neuberger Berman Investment Advisers LLC 190 S LaSalle Street Chicago, Illinois 60603 2029 Credit Agreement $1,466,584.79 2029 Indenture $603,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 30. Neuberger Berman Loan Advisers LLC 190 S LaSalle Street Chicago, Illinois 60603 2029 Credit Agreement $2,233,982.47 2029 Indenture $147,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 31. Neuberger Berman Loan Advisers II LLC 190 S LaSalle Street Chicago, IL 60603 2029 Credit Agreement $7,627,346.82 2029 Indenture $3,049,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 32. Northern Trust Investments, Inc. 50 S LaSalle St, MB-12 Chicago, IL 60604 2029 Credit Agreement $0 2029 Indenture $7,7621,000 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 33. Octagon Credit Investors, LLC, on behalf of certain funds and accounts 250 Park Avenue New York, NY 10177 2029 Credit Agreement $14,252,336.69 2029 Indenture $231,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests 6,327 shares 34. South Dakota Investment Council on behalf of the South Dakota Retirement System 4009 W 49th St. Unit 300 Sioux Falls, SD 57106 2029 Credit Agreement $0 2029 Indenture $25,220,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 35. Victory Capital 15935 La Cantera Pkwy, San Antonio, TX 78256 2029 Credit Agreement $0 2029 Indenture $9,179,000.00 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 36. Victory Capital Management 60 State Street Boston, MA 02109 2029 Credit Agreement $7,906,317.05 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests $0 37. Voya Alternative Asset Management LLC 200 Park Ave New York, NY 10166 2029 Credit Agreement $15,618,688.00 2029 Indenture $0 2026 Credit Agreement $0 2026 Indenture $0 Other Disclosable Economic Interests 80,343 shares Attorneys for the Ad Hoc Group: Scott J. Greenberg, Esq. Michael J. Cohen, Esq. Stephen D. Silverman, Esq. Tommy Scheffer, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166 Tel: (212) 351-4000 E-mail: sgreenberg@gibsondunn.com mcohen@gibsondunn.com ssilverman@gibsondunn.com tscheffer@gibsondunn.com - and - Francis Petrie, Esq. 333 South Grand Avenue Los Angeles, CA 90071-3197 Tel: (213) 229-7000 E-mail: fpetrie@gibsondunn.com - and - Tom Howley, Esq. HOWLEY LAW PLLC 700 Louisiana Street, Suite 4220 Houston, TX 77002 Tel: (713) 333-9120 E-mail: tom@howley-law.com About Cumulus Media, Inc. Cumulus Media Inc. is a radio broadcasting and audio content provider. Cumulus Media Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90346) on March 4, 2026, listing estimated assets and liabilities between $1 billion and $10 billion each. As of September 30, 2025, Cumulus Media had $1,078,217,000 in total assets and $1,135,135,000 in total liabilities. The Hon. Alfredo R. Perez presides over the cases. Cumulus Media is represented by lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP as its legal counsel. The Debtors also hired Alvarez & Marsal North America, LLC, as restructuring advisor, Moelis & Company, as financial advisor, and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims, noticing, solicitation, and certification agent. Cumulus Media and affiliates previously sought voluntary Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 17-13381) in November 2017. The company successfully emerged from this bankruptcy on June 4, 2018, with a significantly deleveraged balance sheet. DATAVAULT AI: Fails to Meet Minimum Bid Price Requirement --------------------------------------------------------- Datavault AI Inc. disclosed in a regulatory filing that it received a letter from The Nasdaq Stock Market notifying the Company that, because the closing bid price for its common stock has been below $1.00 per share for 30 consecutive business days, it no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company's common stock on The Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until August 24, 2026, to regain compliance with the Minimum Bid Price Requirement. During the compliance period, the Company's shares of common stock will continue to be listed and traded on The Nasdaq Capital Market. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the 180 calendar day grace period. In the event the Company is not in compliance with the Minimum Bid Price Requirement by August 24, 2026, the Company may be afforded a second 180 calendar day grace period. To qualify, the Company would be required to meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement. In addition, the Company would be required to provide written notice of its intention to cure the minimum bid price deficiency during this second 180-day compliance period by effecting a reverse stock split, if necessary. The Company intends to actively monitor the bid price for its common stock between now and August 24, 2026 and will consider available options to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or that the Company will otherwise be in compliance with the other listing standards for The Nasdaq Capital Market. 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. DATAVAULT AI: Issues Warrants for 9.7M Shares via Distribution -------------------------------------------------------------- Datavault AI Inc. previously announced on December 29, 2025, that the board of directors declared a dividend of warrants to purchase shares of Datavault common stock, par value $0.0001 per share, to eligible record holders of Common Stock and other equity securities of Datavault that have certain contractual rights to participate in the Distribution, in each case as of the close of business on January 7, 2026. The eligible Datavault securities held by the Record Holders as of the Record Date are collectively referred to herein as the "Datavault Securities." The Warrants were issued on February 27, 2026, pursuant to a Warrant Agreement, dated as of the Distribution Date, by and between Datavault and VStock Transfer, LLC, on the basis of 1 Warrant for every 60 shares of Common Stock held (or, for Datavault Securities other than Common Stock, shares of Common Stock underlying such Datavault Securities held, subject to the contractual terms of such securities) by such holders as of the Record Date. Record Holders holding fewer than 60 shares of Common Stock (or Common Stock Equivalents) as of the Record Date were not entitled to receive any Warrants. Record Holders holding more than 60 shares of Common Stock (or Common Stock Equivalents) as of the Record Date in increments of other than 60 shares were entitled to receive such number of Warrants as is determined by dividing the number of shares of Common Stock (or Common Stock Equivalents) held by each such holder as of the Record Date by 60 (rounding down to the nearest increment of 60 shares). For example, a Record Holder holding one hundred and 125 shares of Common Stock as of the Record Date was only entitled to receive 2 Warrants, i.e., 1 Warrant in respect of each 60 shares of Common Stock (or Common Stock Equivalents) held as of the Record Date). Each Warrant entitles the holder thereof to purchase, subject to certain conditions specified in the Warrants, 1 share of Common Stock at an exercise price of $5.00 per share (subject to adjustment for recapitalizations, stock splits, stock dividends and similar types of transactions), at any time and from time to time following the Distribution Date until expiration of the Warrants, which expiration shall be the date that is the one-year anniversary of the Distribution Date. The exercise of the Warrants is conditioned upon the requirement that the applicable beneficial owner thereof holds 1 Dream Bowl Meme Coin II token per Warrant requested to be exercised and each such Dream Bowl Meme Coin II token is held in a digital wallet validly created and subsisting with Datavault in a Datavault account (which conditions will be subject to verification by Datavault). Datavault has made separate announcements and filings with the Securities and Exchange Commission regarding the Dream Bowl Meme Coin II tokens and investors are encouraged to read such announcements and filings for more information regarding such tokens. A full text of the Form of Warrant is available at https://tinyurl.com/4myerx5n In connection with the Distribution, on February 27, 2026, Datavault filed a prospectus supplement to its effective shelf registration statement on Form S-3, which was originally filed with the SEC on July 7, 2025, as amended, and was declared effective by the SEC on July 9, 2025 (File No. 333-288538), and the related prospectus, dated July 9, 2025, included in the Registration Statement at the time it originally became effective. Datavault filed the Prospectus Supplement for the purpose of registering the issuance of: (i) the Warrants to purchase up to 9,723,244 shares of Common Stock and (ii) up to 9,723,244 Warrant Shares issuable upon exercise of the Warrants. The legal opinion and consent of Paul Hastings LLP addressing the validity of the Warrants and the Warrant Shares are available at https://tinyurl.com/6drskjam. In connection with the filing of the Prospectus Supplement, the Company will reduce the maximum aggregate amount of shares that it will sell pursuant to that certain Equity Distribution Agreement, dated July 21, 2025, by and between the Company and Maxim Group LLC, as sales agent, from $50,000,000 to $33,383,781, to accommodate the issuance of the Warrants and the Warrant Shares under the Registration Statement. 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. DREAMS AND DESTINATIONS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina entered an interim order authorizing Dreams and Destinations, Inc. to use cash collateral. The court authorized interim use of cash collateral strictly for ordinary operating expenses under a court-approved budget to prevent immediate and irreparable harm to the business. The Debtor may not use funds to pay pre-petition debts unless specifically authorized. The four-week budget total operational expenses of $3,350.12 for the week ending February 20; $4,041.97 for the week ending February 27; $12,552 for the week ending March 6; and $1,632.91 for the week ending March 10. As of filing, the Debtor's cash collateral consisted mainly of approximately $7,526.20 in bank accounts and receivables. Secured debts include about $197,380 owed to the U.S. Small Business Administration (first-priority lien) and roughly $30,700 owed to PayPal Loan Builder (second-priority lien). As adequate protection, secured creditors will receive replacement liens on post-petition collateral and related proceeds, preserving their priority and security interests. The Debtor must also maintain insurance, preserve collateral, comply with reporting obligations, and make a $200 adequate-protection payment to the SBA during the interim period. The order establishes safeguards and limits on spending, including restrictions on budget variances and requirements for court approval of professional fees. Creditors retain the right to challenge liens, claims, or collateral valuation at later stages. Events such as default, failure to comply with the order, or cessation of operations may terminate authorization to use cash collateral. The Debtor, founded in 2001, operates a romance-travel agency specializing in honeymoons and destination weddings, working through independent travel advisors and supplier commissions. The filing aims to restructure debt while allowing the business to continue operations and serve clients. The order explains that the Debtor experienced financial distress primarily due to the COVID-19 pandemic, which eliminated projected revenue and forced the business to incur debt to cover operating expenses. Although travel demand later returned, economic uncertainty, delayed bookings, and reduced cash reserves created unsustainable financial pressure by late 2025. About Dreams and Destinations Inc. Dreams and Destinations, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10095) on February 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. E.W. SCRIPPS: Says Liquidity Adequate After 2025 Refinancing ------------------------------------------------------------ The E.W. Scripps Co. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $100.9 million for the fiscal year ended December 31, 2025, compared to a net income of $146.2 million for 2024. Total operating revenues were $2.2 billion for the fiscal year ended December 31, 2025, compared to $2.5 billion for 2024. As of December 31, 2025, the Company had $5 billion in total assets and $3.8 billion in total liabilities (including current liabilities of $454 million, long-term debt of $2.6 billion, deferred income taxes of $268 million, operating lease liabilities of $86 million, and other long-term liabilities of $369 million), and total equity of $1.2 billion. Liquidity and Capital Resources On April 10, 2025, Scripps completed a series of previously announced refinancing transactions, which included replacing its $585 million revolving credit facility with a new $208 million revolving credit facility, maturing on July 7, 2027, and a new $70.0 million non-extended revolving credit facility, which matured on January 7, 2026. Scripps also entered into an accounts receivable securitization facility, scheduled to terminate on April 10, 2028, with aggregate commitments of up to $450 million. The maximum availability allowed for the securitization facility is limited by our eligible accounts receivable balances. Scripps' primary source of liquidity is its available cash and borrowing capacity under its revolving credit facilities and securitization facility. Our primary source of cash is generated from our ongoing operations and can be affected by various risks and uncertainties. At the end of December 2025, Scripps had $27.9 million of cash on hand and $271 million of additional borrowing capacity under its revolving credit facilities and securitization facility. As of December 31, 2025, the Company had no borrowings outstanding under its credit facilities and it had $361 million outstanding under the securitization facility, with a maximum availability allowed of $363 million. Based on its current business plan, the Company believes its cash flow from operations will provide sufficient liquidity to meet the Company's operating needs for the next 12 months. Debt On April 10, 2025, Scripps entered into a new credit agreement and completed a series of previously announced refinancing transactions. Under the new credit agreement, the Company have a revolving credit facility with aggregate commitments of up to $208 million due July 2027 and a non-extended revolving credit facility with aggregate commitments of up to $70.0 million that matured in January 2026. In connection with the new credit agreement, Scripps have an outstanding balance of $619 million on its term loans as of December 31, 2025. The annual required principal payments on these term loans total $8.9 million. On April 10, 2025, Scripps also entered into a new three-year accounts receivable securitization facility, scheduled to terminate on April 10, 2028, with aggregate commitments of up to $450 million. The maximum availability allowed is limited by its eligible accounts receivable balances, as defined under the terms of the securitization facility. As of December 31, 2025, Scripps had $361 million outstanding under the securitization facility, with a maximum availability allowed of $363 million. On August 6, 2025, Scripps issued $750 million of senior secured second lien notes and paid the remaining $426 million principal amount of the senior unsecured notes that were due to mature on July 15, 2027. As of December 31, 2025, the Company have $1.7 billion of senior notes outstanding. Senior secured notes have a total outstanding principal balance of $1.3 billion. The senior secured notes that mature on January 15, 2029 bear interest at a rate of 3.875% per annum and the senior secured notes that mature on August 15, 2030 bear interest at a rate of 9.875% per annum. Senior unsecured notes totaling $392 million mature on January 15, 2031 and bear interest at a rate of 5.375% per annum. Debt Covenants Scripps' notes do not have maintenance covenants. The credit agreement contains covenants to comply with a maximum first lien net leverage ratio. For the $208 million revolving credit facility, the Company must comply with a maximum first lien net leverage ratio of 3.50 to 1.0 through September 30, 2026, at which point it steps down to 3.25 times for the fiscal quarter ended December 31, 2026, and thereafter. As of December 31, 2025, Scripps was in compliance with its financial covenants. Debt Repurchase Program In February 2023, the Board of Directors provided a new debt repurchase authorization, pursuant to which we may reduce, through redemptions or open market purchases and retirement, a combination of the outstanding principal balance of our senior secured and senior unsecured notes. The authorization permits an aggregate principal amount reduction of up to $500 million and expires on March 1, 2026. Equity On January 7, 2021, Scripps issued 6,000 shares of Series A preferred stock, having a face value of $100,000 per share. The preferred shares are perpetual and will be redeemable at the option of the Company beginning on the fifth anniversary of issuance, and redeemable at the option of the holders in the event of a Change of Control (as defined in the terms of the preferred shares), in each case at a redemption price of 105% of the face value, plus accrued and unpaid dividends (whether or not declared). Scripps did not declare or provide payment for the preferred stock dividend in any of the 2025 or 2024 quarters. At December 31, 2025, aggregated undeclared and unpaid cumulative dividends totaled $117 million and the redemption value of the preferred stock totaled $750 million. In connection with the issuance of the preferred shares, Berkshire Hathaway also received a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share. Under the terms of the preferred shares, Scripps is prohibited from paying dividends on and repurchasing its common shares until all preferred shares are redeemed. From Scripps President and CEO Adam Symson: "We ended 2025 with strong financial results that met or exceeded expectations across the board and have entered 2026 with significant momentum. During the coming year, we expect to benefit from record mid-term election spending, our local sports partnerships that are driving industry-leading core advertising performance, national professional sports on ION as well as the Winter Olympics and the World Cup, continued revenue growth in connected TV that outpaces the market, and accretive M&A activity. "The company transformation we announced on Feb. 11 targets annualized enterprise EBITDA growth of $125 million-$150 million by 2028. The improved EBITDA run rate will be realized through cost savings and revenue growth initiatives that will leverage technology, including AI and automation, to improve the ways we operate, the tools we use in our work and the revenue we garner from our existing businesses. We expect to see early benefits of this work in the second half of 2026. "The transformation work is guided by our vision to create connection as we adapt to the changing ways our audiences engage with news, sports and entertainment programming and how our advertisers reach their customers. It is a proactive effort that comes on top of substantial progress we have made in recent years to improve our cost structure and margins. In the Scripps Networks division, we exceeded our full-year 2025 guidance by delivering a nearly 700-basis-point year-over-year margin improvement. This success was driven by our women's sports strategy and our streaming revenue initiatives as well as disciplined expense management. Across our Local Media division, expenses remained about flat for the year, even as we invested in growth-driving local sports rights. Holding our network affiliate fees flat reflected a fundamental shift in the network-affiliate dynamic that we expect to continue working in our favor. "Our success in 2025 now serves as a foundation for the greater work that lies ahead for us -- to take our founder E.W. Scripps' mission and entrepreneurial spirit for the enterprise, overlay our vision to create connection and apply the operating principles and cost structure E.W. would create were he to found this company today. I am confident this approach will translate directly into greater business results and meaningful new shareholder value." A full text copy of the Company's Annual Report is available at https://tinyurl.com/3dzjhuw5 About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EAST LA HOME: Seeks to Tap Tang & Associates as Bankruptcy Counsel ------------------------------------------------------------------ East LA Home Improvement, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tang & Associates as counsel. The firm will render these services: (a) advise the Debtor on matters relating to administration of the estate, and on its rights and remedies about the estate's assets and the claims of secured and unsecured creditors. (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this estate; and (d) represent the Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The firm will be paid at these hourly rates: Counsel $500 Paralegal and Law Clerk $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor's principal, Habibollah Elahinejad. Kevin Tang, Esq., an attorney at Tang & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 594-7024 Email: kevin@tang-associates.com About East LA Home Improvement LLC East LA Home Improvement LLC is a single-asset real estate company that owns and leases a commercial office property at 606 East Mill Street in San Bernardino, California, with a comparable sale value of $3.8 million. East LA Home Improvement sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10788) on Feb. 2, 2026. In the petition signed by Habibollah Elahinejad, managing member, the Debtor disclosed $4,400,000 in total assets and $3,028,185 in total liabilities. Judge Magdalena Reyes Bordeaux oversees the case. The Debtor tapped Kevin Tang, Esq., at Tang & Associates as counsel. ENTERPRISE MANAGEMENT: Commences Chapter 11 Bankruptcy in Pa. ------------------------------------------------------------- On March 2, 2026, Enterprise Management Group, Incorporated filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Enterprise Management Group, Incorporated Enterprise Management Group, Incorporated is a business management and consulting company that provides administrative, operational, and management support services to clients across various industries. Enterprise Management Group, Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10849) on March 2, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Derek J. Baker handles the case. ERIE COMMONS 2: Moody's Downgrades Issuer & GOLT Ratings to Ba2 --------------------------------------------------------------- Moody's Ratings has downgraded Erie Commons Metropolitan District 2, CO's issuer rating to Ba2 from Baa1 and general obligation limited tax (GOLT) rating to Ba2 from Baa2. The district has about $32.4 million in GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba2 issuer rating reflects the district's below-median available fund balance to liabilities ratio at a very low 1.5% and very narrow reserves and liquidity at under 20% of revenue, both of which will remain well below peers. In absolute dollar terms, the district's reserves are extremely small, totaling just over $473,000, which leaves the district with narrow resources in the event of unforeseen expenses. The rating further incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba2 rating is supported by solid economic factors including a strong resident income which equates 217.1% of the nation, and a built-out tax base that exhibits strong growth, key to property tax revenue, the main revenue source. The proposed fiscal 2026 budget indicates a small surpluse. However, reserves will still remain well under 25% of revenue, by the end of the year. The district's 6.5% long-term liabilities to full value ratio is elevated but should continue to improve with continued tax base growth and given a lack of issuance plans. The Ba2 rating on the district's GOLT debt is the same as the issuer rating reflecting significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations resulting in available fund balance and/or liquidity ratios approaching 50% of revenue -- Increase in available fund balance to liabilities that approaches 20%, in line with higher rated peers -- Moderation of long-term liabilities relative full value to levels approaching higher rated peers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves with levels falling below the current level of about 20% of revenue -- Higher long-term liabilities relative to full value, and/or available fund balance to long term liabilities falling below current levels PROFILE Erie Commons Metropolitan District 2 (the district) was created in 2003 in conjunction with Erie Commons Metropolitan District No. 1 (district no. 1) in order to construct public infrastructure to support the development of residential and commercial property within the district, known as the Erie Commons master-planned development. The district is located in the town of Erie, 25 miles north of Denver. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. EVERSOURCE ENERGY: Fitch Rates Planned Jr. Sub. Notes 'BB+' ----------------------------------------------------------- Fitch Ratings has assigned a first-time 'BB+' rating to Eversource Energy's (ES) planned fixed-to-fixed reset rate junior subordinated notes. Proceeds will be used to repay a portion of Eversource's short-term debt, refinance upcoming debt maturities including the $450 million Series AA senior notes (May 15, 2026) and the $300 million Series U senior notes (Aug. 15, 2026), and for general company purposes. These securities qualify for 50% equity credit under Fitch's hybrid methodology, reflecting their junior subordinate priority, the option to defer interest payments on a cumulative basis for up to 10 years on each occasion, and no step-up. Eversource's Negative Rating Outlook reflects deleveraging uncertainty following the Connecticut regulator's rejection of the proposed $2.4 billion sale of Aquarion Water (Aquarion) and continuing political uncertainty regarding Revolution Wind (Revolution). Failure to offset higher leverage from the Aquarion decision or meaningful incremental delays to Revolution could lead to negative rating actions. Key Rating Drivers Aquarion Update: On Jan. 27, 2025, ES announced the sale of Aquarion for $2.4 billion, with expected net proceeds of about $1.6 billion after settling $800 million of Aquarion's debt. On Nov. 19, 2025, Connecticut Public Utilities Regulatory Authority (PURA) rejected the sale, stating it was not in the best interest of customers. On Dec. 2, 2025, ES appealed PURA's rejection, and on Jan. 15, 2026, a Connecticut Superior Court judge ruled PURA had illegally blocked the sale of Aquarion. PURA now needs to reconsider the application consistent with the court's ruling. A decision is expected in 1Q26. The rejected sale caused a large funding gap in ES's deleveraging plan. The company had planned to use sale proceeds to reduce holding company leverage. Fitch could revise ES's Outlook to Stable if the sale of Aquarion closes and ES uses the proceeds to pay down debt, or if ES finances the funding gap in a credit-supportive and timely manner over the next six to 12 months. Without the sale proceeds, Fitch estimates ES's FFO leverage will average around 6.2x through 2027, above its downgrade sensitivity of 6.0x. Revolution Update: On Dec. 22, 2025, the U.S. Department of the Interior issued another stop-work order halting construction on five major offshore wind projects along the U.S. East Coast, including Revolution. On Jan. 1, 2026, Revolution's project partners appealed to the order. On Jan. 12, 2026, a federal judge granted a preliminary injunction which allowed the project to resume construction. The project is 87% and remains on track for commercial operation in 2H26. The U.S. government stated its plans to appeal the preliminary injunction and further actions causing material delays or cost overruns to the project, or obligations to ES, could lead to adverse rating actions. Offshore Wind Exits Risks: In 2024, ES sold its two remaining offshore wind projects, 50% ownership interest in the South Fork Wind and Revolution. The company has fully exited its offshore wind operations, a credit positive, but risks remain. In addition to construction cost overruns and abandonment costs, ES must ensure Global Infrastructure Partners (GIP) receives a 13% pre-tax internal rate of return on its Revolution investment. ES already recorded about $365 million of liabilities at the time of the sale to reflect increased construction costs and delays. Revolution Contingent Liabilities: During 3Q'25, the company incurred an additional $284 million of liabilities on the project related to construction cost increases and impact from the stop-work order. This is partly offset by about $209 million federal tax benefit linked to tax losses on ES's offshore wind investments, resulting in a net charge of $75 million. In 2025, ES made payment of about $201 million to GIP to reduce the contingent liabilities. As of Dec. 31, 2025, the contingent liability totaled about $448.2 million. Further cost overruns, delays, or abandonment could result in additional costs. Fitch expects ES to fund additional needs in a credit-supportive manner. Minimal Credit Metrics Cushion: ES's FFO leverage has been elevated, averaging about 7.2x over the past four years due to acquisitions, high capex, offshore wind cost overruns and large deferrals, including storm costs. In 2024, FFO leverage improved to 6.4x after ES divested the offshore wind operations and issued about $1 billion in equity. The Aquarion sale falling through created a large funding gap in the company's deleveraging plan. Fitch now projects ES's FFO leverage of about 6.2x through 2027, above its downgrade sensitivity of 6.0x. Large Utility Capex Plan: ES's five-year capex program targets about $26.5 billion of investments, almost 3x depreciation expense, across electric transmission and distribution as well as gas distribution. This utility capex is a relatively low-risk growth plan, including about $11.2 billion in electric distribution, $7.2 billion in Federal Energy Regulatory Commission (FERC) regulated electric transmission and $6.8 billion in natural gas distribution. Most of ES's planned utility capex will be recovered with limited lag, reflecting FERC construction work in progress, electric distribution trackers and natural gas distribution infrastructure expansion cost-recovery mechanisms. Regulatory Diversification: ES operates utilities in three states and invests heavily in FERC-regulated projects. FERC, Connecticut, Massachusetts and New Hampshire represent 36%, 29%, 29% and 6% of ES's consolidated rate base, respectively. Fitch views FERC as one of the most constructive U.S. regulators due to timely cost recovery and formulaic rates of return. Connecticut's electric regulatory environment is more challenging. Fitch views PURA's recent actions to implement performance-based regulation, enactment of Senate Bill 7 and authorized returns on equity (ROEs) below the national average as less constructive. Peer Analysis Eversource's business and financial risk profiles are consistent with those of other 'BBB' rated utility parent companies including Emera Incorporated (Emera; BBB/Stable) and American Electric Power Company, Inc. (AEP; BBB/Stable). Eversource derives all its cash flows from regulated operations compared with approximately 90%-95% for AEP and Emera. AEP has a more geographically diverse asset mix with operations in 11 states, compared to Eversource's three state jurisdictions and Emera, which operates primarily in Florida but also has operations in Canada and the Caribbean region. Eversource has been more levered in the past few years compared to its peers with FFO leverage of over 7.0x. Fitch expects FFO leverage to average about 6.2x following the sale of Aquarion falling through. Similar to ES, Emera's leverage has been high over the past few years with FFO leverage average around 7.0x. Fitch forecast Emera's FFO leverage to improve between 5.8x and 5.9x over the forecast period following the execution of the company's deleveraging plan. For AEP, Fitch expects FFO leverage to average around 5.8x over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Moderate), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to address the funding gap to support deleveraging plan in a credit-supportive and timely manner; - Significant additional Revolution costs due to delays, overruns or abandonment that are not funded in a credit-supportive manner; - Failure to issue equity over 2026 and 2027 as planned to support deleveraging; - Adverse regulatory actions or other events that result in downgrades to ES's utility subsidiaries; - FFO leverage exceeding 6.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Revision of the Outlook to Stable - Clear line of sight into the company's financing of the Aquarion sale funding gap in a credit-supportive manner; - ES to fund any potential Revolution related liabilities in a credit-supportive manner; - Sustain FFO leverage below 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - FFO leverage sustained below 5.2x. Liquidity and Debt Structure Fitch considers liquidity for ES and its regulated utility subsidiaries adequate. ES has a $2.0 billion CP program that the company uses to provide its subsidiaries with intercompany loans. ES had about $1,280 million of CP borrowings outstanding as of Dec. 31, 2025, leaving about $720 million of available borrowing capacity. ES, The Connecticut Light and Power Company (CL&P; A-/Negative), Public Service Company of New Hampshire (PSNH; A-/Negative), NSTAR Gas Company (NGC; A-/Negative), Yankee Gas Services Company (Yankee Gas; not rated), Eversource Gas Company of Massachusetts (EGMA; not rated) and Aquarion Water Company of Connecticut (not rated) participate in a joint $2.0 billion RCF that terminates on Oct. 11, 2030. Under the RCF, CL&P has a $600 million borrowing sublimit; PSNH, NGC, EGMA and Yankee Gas each have a $300 million sublimit; and Aquarion Water Company of Connecticut has a $100 million sublimit. The RCF serves to backstop ES's CP program. There were no RCF borrowings outstanding as of Dec. 31, 2025. NSTAR Electric Company (NEC; A-/Negative) maintains its own $650 million CP program backstopped by an equal-sized RCF. NEC's $650 million RCF is separate from the shared RCF of parent ES and the other utilities but also terminates on Oct. 11, 2030. As of Dec. 31, 2025, about $245 million remained outstanding, leaving about $405 million of available borrowing capacity. ES and its utility subsidiaries require modest cash on hand and had $135 million of unrestricted cash as of Dec. 31, 2025. Issuer Profile ES is a holding company that owns seven regulated utilities serving electric T&D, natural gas distribution and water distribution customers in Massachusetts, Connecticut and New Hampshire. 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 Eversource Energy. 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 ----------- ------ Eversource Energy junior subordinated LT BB+ New Rating EWC COOK: Taps Hayward PLLC as General Bankruptcy Counsel --------------------------------------------------------- EWC Cook, Ltd. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division to employ Hayward PLLC as Replacement General Bankruptcy Counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor as Debtor-in-Possession in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) prepare and file the voluntary petition and other paperwork necessary to commence this proceeding; (d) assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, and any amendments thereto; (e) assist the Debtor in preparing the Initial Debtors Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (f) represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; (g) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and (h) assist the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. Todd Headden will receive an hourly rate of $450. Other attorneys shall receive hourly rates of $300 to $600. Paralegals shall receive hourly rates of $150 to $215. Legal Assistants shall receive an hourly rate of $95. In-house photocopies are charged at $0.20 cents per page, and all other out of pocket expenses, including postage and travel, are charged at actual costs. Hayward requested a retainer fee of $2,500 but has not received payment. There are no funds held in Hayward's trust. Hayward has no connections with the Debtor or its creditors, the U.S. Trustee, any person employed by the Office of the U.S. Trustee, or any other party in interest or their respective attorneys, and represents no known entity having an adverse interest in its estate or creditors in this case and is otherwise disinterested, according to court filings. The firm can be reached at: Todd Headden, Esq. HAYWARD PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (737) 881-7100 E-mail: theadden@haywardfirm.com About EWC Cook EWC Cook, Ltd. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10174) on March 14, 2021. At the time of the filing, the Debtor disclosed $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Kell C. Mercer, P.C. represents the Debtor as legal counsel. Judge Shad M. Robinson oversees the case. Hayward PLLC is Debtor's proposed legal counsel. EXOTIC COACH LINES: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Exotic Coach Lines, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks court approval to use cash collateral that may be subject to liens held by several creditors, specifically Sofiagrey, LLC; Kapitus Servicing; MCA Servicing Company; Global Funding Experts; and Advance Servicing, Inc., in order of their respective filing priority. Sofiagrey, LLC filed first, on March 6, 2024, asserting a blanket lien on all assets now owned or hereafter acquired, including accounts, deposit accounts, inventory, equipment, general intangibles, and proceeds. Its claim is approximately $1,604, and the Debtor represents that its assets, valued at $187,621 as of the petition date, fully cover this lien, leaving $186,017 in remaining asset value. Kapitus Servicing filed next, on August 4, 2025, asserting a claim of $72,637 against proceeds of accounts and related collateral; this claim is likewise fully secured within the remaining asset pool, leaving $113,380 in residual value. MCA Servicing Company filed on August 6, 2025, asserting a $54,770 claim secured by substantially all present and future assets; this lien is also fully covered, leaving $58,610 in asset value. Global Funding Experts filed on September 17, 2025, asserting a security interest in assigned accounts and future receipts, though the precise amount of its claim is unknown; it holds fourth priority and may be secured in whole or in part depending on remaining asset value. Advance Servicing, Inc., filed on October 1, 2025, asserting a $58,706 claim secured by accounts and other broad categories of assets; it holds fifth priority and may be secured to the extent assets remain after satisfaction of senior liens. The Debtor seeks authority to use cash collateral only to the extent any of these creditors hold valid, perfected, and enforceable liens, expressly reserving all rights to challenge the nature, validity, priority, extent, and enforceability of the asserted liens. The Debtor contends that use of cash collateral is essential to fund ordinary operating expenses and administrative expenses of the Chapter 11 case, maintain ongoing operations as a going concern, and comply with U.S. Trustee guidelines. Without such authority, the Debtor asserts that it would suffer harm to its estate and unsecured creditors, undermining prospects for reorganization. As adequate protection, the Debtor proposes granting each creditor replacement liens to the same extent and priority as their respective prepetition liens, without waiving any right to contest those liens. These replacement liens would apply to the same categories of collateral identified in the original security agreements and would remain in effect on an interim basis through the next hearing. The Debtor has prepared a six-month monthly budget and seeks authority to use cash collateral in accordance with that budget, subject to a 10% variance per line item. The Debtor requests entry of an interim order authorizing such use and granting any further relief the Court deems appropriate. A copy of the motion is available at https://urlcurt.com/u?l=YlPj2A from PacerMonitor.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. FAITH ELECTRIC: Seeks $550,000 DIP Loan From F&M Bank ----------------------------------------------------- Sam Heigle, the Chapter 11 trustee for Faith Electric, Inc. and affiliates, asks the U.S. Bankruptcy Court for the Western District of Oklahoma for authority to use cash collateral and obtain post-petition financing in accordance with its agreement with F&M Bank. This follows two prior rounds of court-approved financing and is intended to stabilize the debtors' estates as they advance toward a Chapter 11 plan of reorganization. The trustee emphasizes that this additional funding is essential to maintain administrative solvency, ensuring sufficient funds are available to cover legal and professional fees associated with the bankruptcy while also supporting new business growth and enabling the fulfillment of municipal contracts. The third financing consists of a total borrowing increase of $550,000, structured as a $300,000 promissory note for working capital and generator inventory purchases and a $250,000 letter of credit facility to provide the performance bonds required for municipal contracts. The financing carries a 9% annual interest rate, consistent with the terms of the prior financings, and forms part of a larger planned Exit Facility of up to $2,000,000 intended to support the company after emergence from bankruptcy. To secure the third financing, the trustee is granting F&M Bank superpriority administrative expense claims and priming liens under 11 U.S.C. Sections 364(c) and (d), placing the lender ahead of existing prepetition creditors for repayment from the new money collateral. The request preserves a carve-out to ensure payment of court fees and trustee professional fees, up to $600,000 in the event of a default, protecting the integrity of the legal process. The trustee justifies the emergency relief by noting that the financing is the result of arm's-length negotiations and represents the best terms available. He asserts that no alternative credit exists, that the interest rate is reasonable in light of potential municipal revenue, and that immediate funding is operationally necessary to secure performance bonds for lucrative contracts. Because of the time-sensitive nature of these opportunities, the trustee requests a waiver of the standard 14-day stay on orders so that the financing can take effect immediately, preventing potential irreparable harm and supporting a successful reorganization rather than a disorderly liquidation. A hearing on the matter is set for March 12, at 1:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=X01jNA from PacerMonitor.com. About Faith Electric Inc. Faith Electric, Inc. is an Oklahoma City-based company, which specializes in electrical contracting services. It offers design, installation, and repair for residential, commercial, and industrial clients. In 2019, the company rebranded as Generator Supercenter of Oklahoma, focusing primarily on Generac generator sales, installation, and maintenance. Faith Electric filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-10921) on March 31, 2025, listing up to $10 million in both assets and liabilities. Austin Partida, chief executive officer of Faith Electric, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, is the Debtor's bankruptcy counsel. Wells Fargo Commercial Distribution Finance, as secured creditor, is represented by: Ross A. Plourde, Esq. McAfee & Taft, A Professional Corporation 8th Floor, Two Leadership Square 211 North Robinson Oklahoma City, OK 73102-7103 Telephone: (405) 235-9621 Facsimile: (405) 235-0439 Email: ross.plourde@mcafeetaft.com F&M Bank, as DIP lender, is represented by: Kevin Blaney, Esq McAfee & Taft 8th Floor, Two Leadership Square 211 N Robinson Ave Oklahoma City, OK 73102 Telephone:(405) 235-8445 Facsimile:(405) 236-3410 Email: kevin.blaney@mcafeetaft.com FAN SZECHUAN: Employs Bill Zou & Associates as Legal Counsel ------------------------------------------------------------ Fan Szechuan Cuisine Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Bill Zou & Associates PLLC to serve as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor in any adversary proceeding and all other matters relating to its Chapter 11 case. BZA will receive hourly rates of $300 to $500 for attorneys and $200 for paraprofessionals. Bill Zou & Associates PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: William X. Zou, Esq. BILL ZOU & ASSOCIATES PLLC 136-20 38th Avenue, Suite 10D Flushing, NY 11354 Telephone: (718) 661-9562 Facsimile: (718) 661-2211 E-mail: xfzou@aol.com zoulawoffice@yahoo.com About Fan Szechuan Cuisine Inc. Fan Szechuan Cuisine, Inc. is a restaurant operator focusing on authentic Szechuan dishes. Fan Szechuan Cuisine, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12701) on December 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lisa G. Beckerman presides over the case. Bill Zou & Associates PLLC is Debtor's legal counsel. FAT BRANDS: Section 341 Meeting of Creditors on March 5 ------------------------------------------------------- A meeting of creditors under Section 341(a) is scheduled for March 5, 2026 at 10:00 a.m. (Central Time) in the bankruptcy case of FAT Brands Inc. The meeting will be held via telephone conference. The debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. The meeting may be continued or adjourned to a later date. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP, represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIREHOUSE GRILL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a second interim order authorizing Firehouse Grill Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, and the U.S. Small Business Administration for the period from February 27 through March 26 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $141,900. As adequate protection, the secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The order imposes several conditions to protect Newtek and the SBA interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. A further interim hearing is scheduled for March 23. The interim order is available at https://shorturl.at/Cgglw from PacerMonitor.com. About Firehouse Grill Inc. Firehouse Grill Inc. is a restaurant operator providing prepared food and beverage services to customers through its dining location. The company participates in the food service sector, focusing on in-person dining and related hospitality operations. Firehouse Grill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In its petition, the Debtor listed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Weinberg Barton & Company as accountant. FIRST BRANDS: Ex-CFO Stephen Graham Pleads Guilty on Massive Fraud ------------------------------------------------------------------ David Voreacos and Jonathan Randles of Bloomberg News report that Stephen Graham, the former Chief Financial Officer of First Brands Group, has pleaded guilty to federal fraud charges in connection with a sprawling accounting and financing fraud that contributed to the company's collapse and Chapter 11 bankruptcy. The 68‑year‑old entered his plea to bank fraud, wire fraud, and conspiracy charges this week before U.S. District Judge Analisa Torres in Manhattan. According to the plea, Graham admitted he and others knowingly submitted false and misleading financial information to lenders and financiers about First Brands’ true financial health and collateral, helping the company secure financing under false pretenses between 2018 and 2025. Under terms of his plea agreement, Graham agreed to cooperate with federal prosecutors and is expected to testify against founder Patrick James and his brother Edward James at their upcoming trial, which could shed further light on the alleged billion‑dollar fraud scheme at the heart of the criminal case. First Brands, which owned scores of automotive aftermarket brands and once generated billions in revenue, filed for Chapter 11 protection in late 2025 after creditors and investors raised concerns over opaque financial practices and mounting unpaid debt. The company's bankruptcy has since triggered widespread plant closures, layoffs, and legal actions, 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 RESI: Collateral Public Sale Scheduled for March 19 --------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, MANCHESTER SECURITIES CORP., AND ZYQUAN INVESTMENTS LIMITED ("Secured Party"), will sell 100% of the Collateral (as defined below), to the highest bidder at a public sale. The public sale will take place at 10:00 a.m. on March 19, 2026, both in person and remotely from the offices of Holland & Knight LLP, 787 Seventh Avenue, New York, New York 10019, with access afforded in person and remotely by zoom or other web-based video conferring and/or telephonic conferencing program selected by Secured Party. By virtue of certain defaults by 1005 First Resi Borrower, LLC ("Borrower" or "Debtor") under a loan, dated as of December 20, 2019 (the "Mezzanine Loan Agreement"), as amended by that certain Amendment to Mezzanine Loan and Security Agreement, dated as of December 20, 2023 (the "Amended Mezzanine Loan Agreement"), and Mezzanine Loan Promissory Note, dated December 20, 2019 in the original principal amount of $61,642,091.00 ("Mezzanine Note"), as amended by that certain Amendment to Mezzanine Loan Promissory Note, dated as of December 20, 2023, which, among other things, increased the original principal amount of the Mezzanine Loan to the maximum principal sum of $63,642,091.00 ("Amended Mezzanine Note"), which Loan has a current unpaid principal balance of $87,649,924.90, which Loan is evidenced and secured by, among other things, that certain Mezzanine Pledge and Security Agreement, dated as of December 20, 2019 ("Mezzanine Pledge Agreement"), by Borrower, as Pledgor, in favor of Manchester Securities Corp., a New York corporation, as administrative agent for Lender ("Administrative Agent"), and whereby Debtor pledged to Secured Party, one hundred percent (100%) of the all of its right, title and interests in the Collateral and does not involve the direct sale of the Property. As set forth in Section 2 of the Mezzanine Pledge Agreement, Borrower pledged, a first priority security interest in all of Borrower's right, title and interest in, to or under the following, whether now owned or hereafter acquired (collectively., the "Collateral"): (i) all Pledged Company Interests (meaning 100% of the limited liability company interest of Borrower in 1005 First, LLC (the current owner of the Property described below) as listed on Schedule 1 to the Mezzanine Pledge Agreement); (ii) all securities, additional equity interests, moneys or property representing dividends, distributions, cash or interest on any of the Pledged Securities, or representing a distribution in respect of the Pledged Securities, or resulting from a split-up, revision, reclassification or other like change of the Pledged Securities or otherwise received in respect of or otherwise in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Securities; (iii) any amounts payable under any policy of insurance by reason of loss or damage to the Pledged Securities or the Project; (iv) all "accounts", "general intangibles", "instruments" and "investment property" (in each case as defined in the Code) constituting or relating to the foregoing; and (v) all Proceeds of any of the foregoing (including any proceeds of insurance thereon, all "accounts", "general intangibles", "instruments" and "investment property", in each case as defined in the Code, constituting or relating to the foregoing). The Sale shall be conducted in respect of an indebtedness with a current unpaid principal balance of $87,649,924.90, together with interest thereon, plus all other sums due under the Mezzanine Pledge Agreement and other Mezzanine Loan Documents, subject to all prior liens, including relating to that certain Construction Loan and Security Agreement dated as of December 20, 2019 in the original principal amount of $130,600,000 (the "Senior Loan"), which secures certain real property (the "Property") consisting of the residential and retail component of a certain mixed-use development, commonly known as the "Revel NoMa" and f/k/a "Storey Park-Resi", and located at or about 1005 1st Street, NE, Washington, D.C. (as more particularly described in the Mezzanine Loan Documents), and all expenses and fees of Secured Party, including, but not limited to, advertising and publishing costs and attorneys' fees, the Terms and Conditions of Bidding and Sale (which are available upon request), and the auctioneer's fees. The Collateral will be sold to the highest qualified bidder; provided, however, that Secured Party reserves the right to cancel the sale in its entirety, or to adjourn the sale to a future date by announcement made at the time and place scheduled for the public sale. The Collateral will be sold only as a block to a single purchaser and will not be split up or broken down. Lender may credit bid the lien of the Lender and/or make cash bids at the Sale. The Sale will be conducted by Mannion Auctions LLC, by Matthew Mannion, Licensed Auctioneer, NYC Division of Consumer Affairs Licensed Auctioneer, License No. 1434494. For additional information respecting the Collateral and a copy of the Terms and Conditions of Bidding and Sale, and parties interested in bidding on the Collateral should contact: Attorneys for Secured Party, Stacey A. Lara, Esq., Holland & Knight LLP, 787 Seventh Avenue, New York, New York 10019, Tel: 212-513-3345, E-mail: stacey.lara@hklaw.com. Upon execution of a standard non-disclosure agreement, additional documentation and information will be made available. FRED RAU: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, granted Fred Rau Dairy Inc. another extension to use cash collateral. The court authorized the Debtor to use cash collateral through March 29, in accordance with the approved weekly budget, subject to a 10% variance. The existing stipulation governing cash collateral use and adequate protection remains in full force and effect. The previously approved stipulation with AgWest Farm Credit, FLCA and AgWest Farm Credit, PCA continues to govern the use of cash collateral. As adequate protection, creditors holding security interests in the cash collateral will be granted automatically perfected replacement liens on all of the Debtor's property retroactive to the petition date. These replacement liens will have the same validity, priority, and extent as their pre-bankruptcy liens and adequate protection payments continue to accrue as administrative expenses. A further hearing is scheduled for March 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/IKG0o from PacerMonitor.com. About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor tapped Peter L. Fear, Esq., at Fear Waddell, P.C. as legal counsel and Boos & Associates, P.C. as financial consultant and accountant. GEM PREP - POCATELLO: Moody's Affirms 'Ba2' Revenue Bond Rating --------------------------------------------------------------- Moody's Ratings has revised GEM Prep: Pocatello, ID's outlook to stable from positive and has affirmed the charter school's Ba2 revenue rating. The charter school currently has $6.8 million in outstanding revenue-backed debt. The outlook revision to stable is driven by a 14% decrease in student enrollment in fiscal 2026 which limits the charter school's near term credit upside. RATINGS RATIONALE The Ba2 rating balances the charter school's healthy operations and strong key financial metrics against its modest operating scale and recent decline in student enrollment. The charter school closed fiscal 2025 with a robust 298 days cash on hand and annual debt service coverage of 3.5x. Gem Prep: Pocatello will continue to benefit from capable management from the Gem Prep organization, which operates multiple standalone charter schools throughout the State of Idaho (Aaa stable). Additionally factored are the charter school's moderate debt leverage, relatively low annual fixed costs as a percentage of revenue, and low risk of charter non-renewal. RATING OUTLOOK The stable outlook highlights the charter school's capable home office management and the expectation of ongoing positive operating performance. These factors are anticipated to uphold robust liquidity and healthy debt service coverage, despite the recent dip in student enrollment which will restrict near term revenue growth. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained increases in annual operating revenue and student enrollment -- Continued maintenance of annual operating margins in excess of 20% and liquidity above 200 days cash on hand -- Material reduction to the charter school's debt leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Diminished demand drivers, such as persistent enrollment declines or deteriorating academic performance -- Material declines to days cash on hand and/or annual debt service coverage -- Significant increases to the school's debt leverage PROFILE Gem Prep: Pocatello is a nonprofit charter school, located in the City of Chubbuck, about 170 miles north of Salt Lake City (Aaa stable). The school operates a single site facility serving roughly 400 students in grades K-12. Gem Prep: Pocatello is one of seven member schools managed by Gem Innovation Schools of Idaho, Inc. (GIS) and was chartered by the Idaho Public Charter School Commission. The school's current contract with its authorizer expires on June 30, 2029. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. GOTO GROUP: Fitch Lowers LongTerm IDR to 'CCC-' ----------------------------------------------- Fitch Ratings has affirmed LMI Parent, L.P.'s and GoTo Group, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'CCC+'. Fitch has also affirmed GoTo's first-lien senior secured revolver, first-out term loan and notes at 'B+' with a Recovery Rating of 'RR1', and downgraded its first-lien senior secured, second-out term loan and notes to 'CCC-'/ 'RR6' from 'CCC'/ 'RR5'. The IDR reflects ongoing challenges, including declining revenue, weak free cash flow (FCF) generation, high EBITDA leverage, execution risk in revenue stabilization and margin expansion, and the upcoming maturity wall in 2028. However, Fitch expects EBITDA interest coverage to remain above 1.3x, commensurate with 'CCC+' rating tolerances. The $250 million revolver provides an additional liquidity cushion. The company's recurring revenue model and diversified customer base also support the IDR. The downgrade of the first-lien senior secured and second-out debt facilities reflects weaker recovery prospects because of continued secular decline across business segments. Key Rating Drivers Continued Revenue Decline: Fitch expects continued decline in revenue across all segments throughout the forecast period, particularly in the core collaboration segment. The overall decline is primarily due to intense competition from companies of all sizes, such as Microsoft, Cisco and Zoom. Although growth in GoTo's unified communications as a service (UCaaS) platform, GoTo Connect, has partially offset the decline in total revenue, Fitch does not expect total revenue to stabilize during the forecast period. Execution Risk: Fitch views execution risk and uncertainty associated with GoTo's strategic efforts as constraints on the company's rating. GoTo is taking steps to manage the revenue decline in its core collaboration segment and increase revenue in other areas, such as its IT Services Group (ITSG), by investing in innovation, product differentiation and key personnel. Additionally, GoTo is working to enhance operational efficiency to stabilize and expand its EBITDA margin, which Fitch forecasts to gradually grow at the low-30% level. High EBITDA Leverage: Fitch expects GoTo Group to maintain EBITDA leverage above 8x through the forecast period. While Fitch anticipates some margin expansion over the next few years, total EBITDA is likely to remain lower than in previous years due to declining revenue. This decline offsets the benefits of a reduced debt balance, keeping EBITDA leverage elevated and consistent with that of other software peers rated 'CCC+'. Adequate Liquidity with Upcoming Maturity Wall: Fitch projects EBITDA interest coverage will remain above 1.3x. GoTo's access to its full $250 million revolver (except for $5 million outstanding letters of credit) provides additional liquidity cushion, should the company have emergency liquidity needs. However, Fitch expects the issuer's FCF generation and cash flow from operations (CFO) minus capital expenditure (capex) to debt to remain negative to breakeven through the forecast period, draining the company's liquidity. Additionally, all debt facilities will mature in a little more than two years, in April 2028, posing material refinancing risk. Recurring Revenue Model with a Diversified Customer Base: Most of GoTo's revenue comes from recurring software subscriptions, which provides revenue visibility. Consistent with the fragmented nature of the SMB segment, its customers operate in different sectors with no single customer contributing more than 0.5% of total revenue. Revenue visibility and a diversified customer base contribute to low demand volatility for the company. Peer Analysis GoTo's main business operates in the UCaaS market. In the Fitch-rated universe, direct peers include RingCentral, Inc. (RingCentral; BB+/Stable) and Avaya LLC (Avaya; B-/Stable). RingCentral has a better market position with higher total revenue, as well as significantly lower EBITDA leverage. Fitch expected RingCentral to exit 2025 with EBITDA leverage of 2.5x and anticipates that the company would continue deleveraging with the growth of EBITDA. Although GoTo's 2024 DDE reduced its total debt balance, revenue and EBITDA continue declining, with no clear deleveraging path. RingCentral has a different target customer base on the enterprise side, while GoTo focuses on the SMB market. Avaya is rated at B-' after the 2023 bankruptcy and reorganization. Fitch expected Avaya to exit 2025 with higher revenue but slightly lower EBITDA than GoTo. Compared to GoTo, Avaya has a much lower debt balance after the restructuring and consequently much lower EBITDA leverage and stronger (CFO-capex)/debt ratios, partially offset by weaker profitability. Avaya also faces intense competition, which pressures its top line, and has high execution risk from the business model transition. Fitch’s Key Rating-Case Assumptions - The rate of total revenue decline decelerates through the forecast period. - No mergers or acquisitions. - No incremental debt issued or prepayments to the existing debt facilities. - Operational efficiency initiatives continue, leading to EBITDA margins stabilizing and slightly growing at low- to mid-30% level. - SOFR at 4.4%, 3.6%, 3.3% and 3.5% from 2025 to 2028. - Capex is assumed to stay at 1% of annual revenue, excluding internal software development costs. 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 'ccc+'. Recovery Analysis Key Recovery Analysis Assumptions - The recovery analysis assumes that GoTo Group would be reorganized as a going-concern entity in bankruptcy rather than liquidated: - The $250 million revolver is assumed to be fully drawn; - A 10% administrative claim is assumed; Going Concern (GC) Approach The analysis assumes pressure in the form of sustained customer loss to competitors. In this scenario, Fitch assumes that revenue falls to around $900 million, and EBITDA margins remain around 30% because of continued operational efficiency initiatives and cost cutting after the reorganization. Higher investments in S&M and R&D to support revenue growth offset these benefits. The GC EBITDA of $275 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV) of the company. Fitch applied a multiple of 6.0x. The choice of this multiple considered the following factors: - Comparable Reorganizations: In Fitch's 2025 "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiples for reorganization EV/EBITDA is approximately 5.9x. Among all these companies, five were in the software subsector: SunGard Availability Services Capital, Inc. (4.6x), Aspect Software, Inc. (5.5x), Allen Systems Group, Inc. (8.4x), Avaya, Inc. (8.1x in 2017, 7.5x in 2023) and Riverbed Technology Software (8.3x). - The company has a recurring revenue model and diversified customer base, offset by low switching costs for the core collaboration segment, and shrinking market position due to intense competition and its SMB market focus. The FLFO term loan and notes are senior to the FLSO term loan and notes. This results in a recovery rating for the FLFO of 'B+'/'RR1' and the FLSO at 'CCC-'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Revenue declines by more than single digits; - Accelerating negative FCF; - EBITDA interest coverage sustained below 1.0x with less than 50% revolver availability; - A material reduction in debt terms that is considered a DDE under Fitch's Corporate Rating Criteria. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated execution of margin enhancement and revenue stabilization while maintaining revolver availability in excess of 50%; - (CFO-Capex)/Debt above 0% on a sustained basis; - EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure As of September 2025, GoTo Group had over $100 million cash on the balance sheet, and the company expected to exit FY25 with over $100 million cash balance as well due to positive FCF generation in FY25. As of September 2025, the $250 million revolver was fully available, except for $5 million outstanding letters of credit. The group has a revolver, first-lien first out (FLFO) term loan, FLFO bond, first-lien second out (FLSO) term loan and FLSO bond. FLSO debt facilities have a lower seniority than the others, and all instruments mature in 2028. Issuer Profile GoTo is a provider of unified communication as a service (UCaaS) and collaboration solutions, identity access management, and remote PC monitoring and support solutions, with a focus on the SMB market. The company serves over 2 million customers globally. 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 high risk for LMI Parent, L.P. or GoTo Group, Inc. ESG Considerations LMI Parent, L.P. has an ESG Relevance Score of '4' for Management Strategy due to ongoing revenue decline and weak FCF generation, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GoTo Group, Inc. LT IDR CCC+ Affirmed CCC+ senior secured LT B+ Affirmed RR1 B+ senior secured LT CCC- Downgrade RR6 CCC LMI Parent, L.P. LT IDR CCC+ Affirmed CCC+ GRAN TIERRA: Moody's Withdraws 'Caa2' Corporate Family Rating ------------------------------------------------------------- Moody's Ratings has withdrawn Gran Tierra Energy Inc.'s ("Gran Tierra") Caa2 Corporate Family Rating and Caa2 senior secured notes rating. Moody's have also withdrawn the negative outlook. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). GREAT WESTERN PARK 2: Moody's Lowers Issuer & GOLT Ratings to Ba1 ----------------------------------------------------------------- Moody's Ratings has downgraded Great Western Park Metropolitan District No. 2, CO's issuer and general obligation limited tax (GOLT) ratings to Ba1 from A3. The district had about $12.6 million in debt outstanding as of December 31, 2024. This action concludes a review for possible downgrade that was initiated on December 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba1 issuer rating reflects a significantly narrow available fund balance to liabilities ratio of 2.6% that will remain well below peers and incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The rating also reflects the district's moderate long-term liabilities to full value ratio, which falls to approximately 3.2% of the fiscal 2026 certified assessed valuation (AV) and is expected to continue declining, given that there are currently no additional debt plans. The Ba1 rating is supported by its favorable location near the Denver metroplex area with a mature base that provides stable property tax revenue. The average resident income is solid at 146.1% of the US median. The rating also considers the district's adequate available fund balance and liquidity ratios (38.9% of revenue) relative to its limited operations. Although, on an absolute dollar basis, reserves are low at approximately $326,000. Fiscal 2025 estimates indicate a modest $78,366 surplus across all funds which improves available fund balance to roughly 50% of revenue. Fiscal 2026 budget adopts a modest deficit although the district typically outperforms budget figures. The Ba1 rating on the district's GOLT debt is the same as the issuer rating, reflecting the significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Moderation of long-term liabilities relative to full value to levels approaching higher rated peers -- Increase in available fund balance to liabilities that approaches 20%, in line with higher rated peers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves relative to revenue to levels approaching lower rated peers -- Higher long-term liabilities relative to full value and/or available fund balance to long term liabilities falling meaningfully below current levels PROFILE The district contains approximately 169 acres of property located in the southwest portion of the City and County of Broomfield, and approximately 17 miles northwest of downtown Denver. The district is fully built out, consisting of 519 single family homes restricted for individuals aged 55 and up, all of which have been sold to homeowners. Operations are limited, with all public infrastructure owned and maintained by Broomfield and a local homeowner's association. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. GREYSTONE SELECT: Moody's Affirms 'Ba2' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has affirmed the Ba2 long-term corporate family rating and Ba2 long-term backed senior secured bank credit facility rating of Greystone Select Financial, LLC (Greystone). Greystone's outlook is stable. RATINGS RATIONALE The ratings reflect Greystone's solid franchise and market position as an originator and servicer of agency- and government-sponsored multifamily lending and servicing. Greystone's historical profitability compares favorably to other commercial real estate (CRE) lenders. The ratings also reflect Greystone's significant progress in building up its capitalization, with tangible common equity to tangible managed assets (TCE/TMA) of 32.8% on a non-consolidated basis as of September 30, 2025 (Greystone reports GAAP financials along with non-GAAP deconsolidated financials excluding the financial condition of a senior debt master fund and sponsor entity for which Greystone is deemed the primary beneficiary under GAAP and is required to consolidate, but whose assets are restricted). This solid capitalization provides creditors with a significant cushion against losses. At the same time, the ratings consider credit challenges, namely recent losses with respect to certain agency loans originated by Greystone and the related negative impact on profitability. In the third quarter of 2025, Greystone reported elevated provision for credit losses related to a subset of loans with heightened credit risk and fraud in its Federal National Mortgage Association (Fannie Mae, Aa1 Stable) servicing portfolio sold with recourse under the company's loss-sharing agreement with Fannie Mae. The losses caused Greystone to report a loss during the quarter of approximately $22.5 million, even as adjusted EBITDA improved year-over-year. In recent periods, Greystone's earnings, while strong compared to peers, have declined relative to historical levels driven largely by higher interest rates and lower agency volumes in 2023-24. As interest rates decline, volumes will improve, as they did in 2025, aiding lenders such as Greystone. While these developments present certain risks, they are largely offset by Greystone's strong cash flows, which are supported by its large servicing portfolio that provides a more stable source of income relative to volume-based agency lending revenue, along with solid capitalization. The stable outlook reflects Moody's expectations that Greystone will demonstrate solid financial performance, along with stable capitalization and liquidity, over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Greystone's ratings if the company: 1) reduces its reliance on confidence-sensitive secured funding and increases unencumbered assets, allowing access to alternative funding sources; 2) improves its debt maturity laddering; 3) maintains strong asset quality through the current credit cycle; 4) demonstrates predictable earnings and profitability that compare favorably with rated peers; and 5) maintains its tangible common equity to tangible managed assets ratio above 20%. Moody's could downgrade Greystone's ratings if the company: 1) reduces and maintains its tangible common equity to tangible managed assets below 15%; 2) experiences deterioration in asset quality that causes a meaningful increase in losses; 3) shows evidence of weakening underwriting standards; or 4) reduces its liquidity cushion, making it more vulnerable to market shocks. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HARRISBURG DAIRIES: Seeks Chapter 11 After Shutting Operations -------------------------------------------------------------- Mae Bell of abc27.com reports that Harrisburg Dairies, a long-standing dairy producer in Dauphin County, Pennsylvania, has filed for Chapter 11 bankruptcy several months after shutting down operations following 94 years in business. The company confirmed in October 2025 that it had halted all production and distribution, though it did not publicly disclose the reason for the abrupt closure at the time. Court filings show the company submitted its bankruptcy petition to the U.S. Bankruptcy Court for the Middle District of Pennsylvania on February 20, 2026. The filing indicates that Harrisburg Dairies reported nearly $4.6 million in assets and approximately $3.6 million in liabilities, largely consisting of loan obligations owed to MidPenn Bank. The company currently employs about five workers whom it hopes to retain to maintain limited operations and continue serving customers. According to the filings, the business plans to pay approximately $7,624 in payroll on February 27 and warned that failure to compensate employees could lead to resignations that would disrupt its services. Founded in 1931 by Ben Wolfe and Elias Wager and incorporated in 1946, the family-owned dairy has served customers across multiple states, including Pennsylvania, Maryland, New Jersey, Virginia, West Virginia, Delaware, New York, and Washington, D.C., the report staates About Harrisburg Dairies Inc. Harrisburg Dairies Inc. is a family-owned dairy processing and distribution company headquartered in Harrisburg, Pennsylvania. Founded in 1931 by Ben Wolfe and Elias Wager and incorporated in 1946, the company has long supplied milk and beverage products to customers throughout the Mid-Atlantic region. Harrisburg Dairies, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00474) on February 20, 2026. In the petition signed by Alec John Dewey, president, the Debtor disclosed up to $10 million in both assets and liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky PC, represents the Debtor as legal counsel. HEAVY METAL: DBRS Confirms BB(high) LongTerm Issuer Rating ---------------------------------------------------------- DBRS Limited confirmed its Long-Term Issuer Rating and Long-Term Senior Debt credit rating on Heavy Metal Equipment & Rentals (2122256 Alberta Ltd.; HME or the Company) at BB (high) and BB, respectively. The trends on both credit ratings are Stable. The Company's Intrinsic Assessment (IA) was maintained at BB (high) with a Support Assessment of SA3. The SA3 designation, which reflects no expectation of timely systemic support, results in HME's Long-Term Issuer Rating being equivalent to the Company's IA, while the one notch differential for the Long-Term Senior Debt credit rating reflects HME's substantial balance sheet encumbrance. KEY CREDIT RATING CONSIDERATIONS The credit ratings reflect HME's position as the largest provider of ultra-class heavy equipment rentals to Alberta's oil sands, a niche market with high barriers to entry. HME's earnings have been solid, with strong revenue growth driven by increased demand from existing customers; however, the Company's significant concentration by business line, customer, and geography is a constraint on the credit ratings. HME has a sound risk profile, with concentration risk moderated by the strength of its customer base, while asset risk and operational risk have been well managed. Although the Company's funding and liquidity profile has improved modestly from the issuance of unsecured debt, it remains reliant on secured facilities. HME's tangible common equity ratio is good, and internal capital generation is solid, while cash flow leverage is slightly elevated above the Company's target, albeit temporarily. CREDIT RATING DRIVERS Morningstar DBRS would upgrade HME's credit ratings if the Company were able to lessen its dependence on oil sands-related revenues while maintaining similar risk-adjusted returns. The Long-Term Senior Debt credit rating would be equalized with the Long-Term Issuer Rating if asset encumbrance levels were reduced. Morningstar DBRS would downgrade the Company's credit ratings if its earnings deteriorated significantly or if cash flow leverage increased materially. The credit ratings would also be downgraded should the North American economy materially transition away from the use of fossil fuels at a pace faster than expected, affecting demand for the Company's equipment. CREDIT RATING RATIONALE Franchise Building Block Assessment: Moderate Founded (in its current form) in 2009, HME specializes in the rental of earth-moving equipment, primarily to the Canadian mining industry, and it provides full support for its customers through the lifecycle of the equipment, including sourcing, maintenance, rebuilding, and disposal. The Company's business is highly concentrated in the rental of ultra-class heavy equipment to companies operating in Alberta's oil sands. Within this niche market, HME now enjoys an estimated 100% share that benefits from high barriers to entry given the long manufacturing lead times for heavy equipment and the technical expertise required to maintain the equipment. The Company further consolidated its position in the market through the purchase of KMC Mining Corporation's (KMC) assets, 26 Caterpillar 797 rigid frame haul trucks from North American Construction Group, and 19 Caterpillar 797s from BHP Group Limited in Chile (some of which were moved to Canada). The latter purchase has contributed to HME's modest progress in expanding outside of its home country. The Company's management team has significant industry experience, although ownership by the executive team and the lack of an independent board of directors results in weaker corporate governance. Earnings Building Block Assessment: Good/Moderate HME's earnings remain solid, as adjusted EBITDA increased 33% (37% on an unadjusted basis) year over year (YOY) for the fiscal year ended July 31, 2025 (F2025), driven by strong revenue growth and a slightly higher gross profit margin. Revenue growth of 29% was driven by continued demand for additional equipment from existing customers, and Morningstar DBRS notes revenues are concentrated by business line, customer, and geography. Additionally, equipment sales nearly doubled YOY, and are expected to increase further in F2026 as the Company has negotiated several sales, including some fleet acquired as part of the aforementioned asset purchases. Total expenses grew in line with revenue growth, as amortization and interest were higher because of an increase in fleet size and resulting debt levels. Meanwhile, net income grew 61% to a record-high in F2025. In Morningstar DBRS' view, earnings are sufficient to cover credit or other losses, which have historically been low. Risk Building Block Assessment: Moderate HME maintains a sound risk profile. Asset risk is well managed as the Company maintains strong relationships with the primary heavy equipment manufacturers/dealers in Canada and HME is among the largest customers of each of these dealers. Additionally, the Company employs a conservative depreciation approach, resulting in a fleet fair-market value that historically has been above net book value. Morningstar DBRS notes that the value of the equipment is independently appraised twice per year. Utilization rates are high, and underused equipment is sold into a generally strong secondary market. The Company's credit risk is heightened by customer concentration, but this risk is moderated by the investment-grade nature of HME's largest customers and its longstanding relationships with these customers. Modest credit risk is evidenced by low levels of charged-off receivables, which were just 51 basis points (bps) of income before provisions and taxes in F2025 and have averaged just 39 bps over the past five years. Operational risk is moderated by management's extensive industry experience, various insurance policies, telematics fleet coverage, and safe work procedures. Funding and Liquidity Building Block Assessment: Moderate/Weak Morningstar DBRS views HME's funding and liquidity profiles as modestly improved following two senior unsecured note issuances totaling $425 million (the Notes); however, funding is still relatively narrow in scope with a high reliance on secured funding. Funding sources include an asset-based revolving credit facility (the ABL Facility), the Notes, equipment term loans and capital leases, and a mortgage, supplemented by nominal amounts from shareholders and related parties. Liquidity is also highly reliant on these secured facilities, with undrawn capacity available on the equipment lines from various financial institutions and equipment dealers, while the Notes issuance increased available liquidity in the ABL Facility. The Company generates good net cash inflows from operating activities, and it does not hold a cash balance as all cash collections are used to pay down the ABL Facility. Capitalization Building Block Assessment: Moderate/Weak Given the lack of substantial credit risk, the Company's cash flows provide an acceptable absorption capacity for unexpected charges and internal capital generation ability is solid. Cash flow leverage (i.e., debt/EBITDA) has been relatively steady over the past five years around HME's target of 3.0 times (x) to 3.2x, but is currently slightly elevated because of the recent KMC asset purchase. Adjusted trailing 12-month leverage was 3.59x (3.52x on an unadjusted basis) as of October 31, 2025 (i.e., fiscal Q1 2026), according to Morningstar DBRS' calculations. Leverage as reported by the Company for covenant purposes was 3.54x. Morningstar DBRS expects leverage to remain elevated in the near term as HME takes on additional debt related to recent asset purchases but expects it to subsequently return to historical levels as revenue from these purchased assets is recognized. The tangible common equity ratio was solid at 17.8% in Q1 2026, down from 18.7% in Q1 2025 as asset growth outpaced retained earnings. The Company has limited flexibility to improve its capital position given its private ownership and lack of access to equity capital markets. Notes: All figures are in Canadian dollars unless otherwise noted. HERBALIFE LTD: Moody's Affirms B1 CFR, Rates New 1st Lien Loans Ba2 ------------------------------------------------------------------- Moody's Ratings affirmed Herbalife Ltd.'s (Herbalife) B1 Corporate Family Rating, B1-PD Probability of Default Rating and Ba2 rating on the existing senior secured revolving credit facility. Moody's also affirmed HLF Financing SaRL, LLC's (HLF) ratings, consisting of a Ba2 rating on the $800 million 12.25% backed senior secured notes due April 2029, a Ba2 rating on the $400 million senior secured first lien term loan B due April 2029, and a B3 rating on the $600 million backed senior unsecured notes due June 2029. Moody's also assigned a Ba2 rating to Herbalife's proposed senior secured first lien revolving credit facility and HLF's proposed senior secured first lien term loan A and term loan B. At the close of the proposed refinancing transaction, Moody's expects to withdraw the ratings on the existing senior secured revolving credit facility, the existing term loan B and the 12.25% backed senior secured notes due 2029, as these instruments will be repaid. Herbalife's SGL-2 speculative grade liquidity rating (SGL) is unchanged. The outlook for Herbalife and HLF is stable. Herbalife plans to utilize the proceeds from a new $125 million term loan A, a $125 million draw on a $425 million revolving credit facility, a new $500 million term loan B and approximately $500 million of additional pari-passu secured debt to repay the $370 million outstanding balance on the existing term loan B and the $800 million 12.25% senior secured notes due 2029, fund transaction fees and increase cash by approximately $10 million. The transaction is credit positive because it will extend the company's maturity profile and meaningfully reduce cash interest expense to support the company's deleveraging strategy. Moody's estimates interest savings of approximately $40 to $50 million annually will improve interest coverage and free cash flow available for debt reduction. The affirmations reflect Herbalife's improving operating trends, sustained free cash flow generation, and continued focus on debt reduction, balanced against persistent business and execution risks and high competition in the nutrition and weight loss industry that requires consistent investment to maintain and grow market share. Herbalife's reliance on the direct selling business model also necessitates ongoing investment to attract and retain distributors. These factors as well as sensitivity to economic conditions contribute to earnings and volume volatility. RATINGS RATIONALE Herbalife's B1 CFR rating reflects its niche product and service offering within the highly competitive nutrition and weight loss industry, reliance on the direct selling channel, and strong free cash flow generation, balanced against execution risk inherent in sustaining distributor recruitment and productivity. The company offers weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products in 95 markets around the world supported by customer engagement and coaching, which differentiate its offering but also create reliance on ongoing distributor activity to sustain volumes and revenue growth. Herbalife's strategies to restore growth are showing increasing effectiveness, evidenced by improving distributor trends and a return to positive volume growth in the third quarter of 2025. Moody's expects sales volumes to remain modestly positive through 2026 and into 2027, supported by improving distributor engagement, product innovation, and digital initiatives. Execution risk remains given the lag between recruitment and volume realization and the need to translate product and digital innovation into durable, organic volume growth. Herbalife's broad geographic diversification supports its credit profile by mitigating localized weakness, although uneven regional performance and ongoing softness in certain markets continue to weigh on overall stability. The company continues to benefit from cost discipline and restructuring actions implemented over the past two years, which are contributing to an improved operating margin and stronger free cash flow generation than previously expected. Herbalife remains committed to a previously announced plan to reduce its total outstanding debt to $1.4 billion by the end of 2028 and suspended share repurchases in 2023, which previously contributed, along with earnings pressure, to elevated leverage. The plan would entail continued meaningful debt reduction from the approximate $2.1 billion outstanding as of December 2025. Improved operating earnings and the focus on debt reduction is leading to lower leverage with, debt-to-EBITDA (incorporating Moody's adjustments) declining to approximately 3.3x as of December 2025 from 4.4x as of December 2024. Moody's expects leverage to continue to decline in 2026, supported by stable operating performance, strong free cash flow, and interest savings from the proposed refinancing actions. The planned mid-2026 commercial release of Pro2Col in the US, Canada and Puerto Rico and further expansion of the beta version to select EMEA markets in 2026, presents a good opportunity and supports the company's long-term strategy to become a more connected, data driven health and wellness platform, integrating products, community, AI and digital capabilities to better serve customers worldwide. Moody's also expects interest coverage to improve steadily over this period. Herbalife's global multi-level marketing structure continues to present inherent risks, particularly as recruitment dynamics evolve amid changing consumer preferences, increasing e-commerce penetration, and broader employment flexibility. These risks are more pronounced in certain developing markets, where competition and foreign exchange volatility can erode legacy distribution advantages. As a result, Moody's believes Herbalife must continue to maintain prudent financial policies and solid credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Herbalife will maintain stable earnings and good liquidity over the next 12 months, while continuing to reduce debt and improve credit metrics. Moody's forecasts that the company will generate strong free cash flow of at least $200 million in 2026, which will be directed toward debt repayment, supporting a gradual improvement in leverage and interest coverage. Ratings could be upgraded if Herbalife demonstrates successful execution of strategic initiatives including technology enabled personalization and distributor productivity improvements to generate sustained growth in organic sales and profitability with a stable distributor base and strong free cash flow. The company would also need to maintain financial policies that sustain debt-to-EBITDA below 4x, EBITA-to-interest above 2.5x and retained cash flow (RCF)-to-net debt in the mid-20% range to be upgraded. Ratings could be downgraded if earnings decline due to factors such as a contraction in the sales force of product volumes, pricing pressure on higher costs. Debt-to-EBITDA above 5x, EBITA-to-interest below 2x, free cash flow below $100 million, or a deterioration in liquidity could also lead to a downgrade. Marketing terms for the new credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of $500 million and 67% of consolidated EBITDA, plus unlimited amounts subject to a pro forma first lien net leverage ratio not to exceed 1.50x, with no inside maturity sublimit. A "blocker" provision restricts the transfer of intellectual property (other than intellectual property of de minimis value) from any IP Holding Company to unrestricted subsidiaries, other than non-exclusive licenses. The credit agreement is expected to provide limitations on up tiering transactions, requiring affected lender consent for amendments that subordinate the debt or liens. There is a guarantee coverage requirement subject to 70% of consolidated EBITDA and 70% of the consolidated total assets of parent and its subsidiaries as of the closing date. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The B1 CFR is two notches below the Ba2 scorecard-indicated outcome, reflecting industry and business model risks that are not fully captured in the scorecard, including Herbalife's reliance on the direct selling model, historically volatile operating performance and intense and increasing competition across the nutrition, weight loss and functional snacking categories. Herbalife Ltd., founded in 1980 and headquartered in Los Angeles, California, is a global health and wellness company that develops and sells weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products through a global network of independent members. The company operates primarily through a direct selling business model, complemented by a large base of distributor owned nutrition clubs that provide community based product consumption and wellness support. As of December 31, 2025, Herbalife had approximately 6.4 million members worldwide, including distributors, preferred members, and independent service providers, operating across 95 markets. For the year ended December 31, 2025, the publicly traded company generated approximately $5.0 billion of net sales. HOBBS & ASSOCIATES: $375MM Loan Add-on No Impact on Moody's B3 CFR ------------------------------------------------------------------ Moody's Ratings said the proposed Hobbs & Associates, LLC's (dba AIR Control Concepts, short as "AIR") $375 million backed senior secured first-lien term loan add-on due July 2031 has no impact on AIR's ratings, including the B3 corporate family rating, and the B3-PD probability of default rating. The outlook remains stable. The company is a Virginia-based commercial heating, ventilation, and air conditioning (HVAC) solutions provider. The, AIR announced it will increase the amount of its term loan by $375 million to fund continued acquisitions of companies across North America for expansion purposes. While the debt raise underscores a continued acquisition-funding strategy (three times in 13 months), Moody's notes that both scale and EBITDA have improved in subsequent quarters, such that leverage, as measured by debt/EBITDA, has not materially changed pro forma for targeted transactions in 2026. HUDSON PACIFIC: Reports Larger 2025 Loss Despite Refinancing ------------------------------------------------------------ Hudson Pacific Properties, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $592.3 million for the fiscal year ended December 31, 2025, compared to a net loss of $381.4 million for 2024. Total revenues were $831.1 million for the fiscal year ended December 31, 2025, compared to $842.1 million for 2024. As of December 31, 2025, the Company had $7.3 billion in total assets, $4.1 billion in total liabilities, $2.8 million in redeemable preferred units of the operating partnership; $50.6 million in redeemable non-controlling interest in consolidated real estate entities, and total equity of $3.2 billion. Financings -- During the year ended December 31, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes. -- During the 12 months ended December 31, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an initial aggregate principal amount of $475.0 million. The loan bears interest at SOFR + 4.15% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. The loan was originally secured by six office properties, including the Element LA property. Upon the sale of the Element LA property in the fourth quarter of 2025, the Company made an early partial repayment of the Office Portfolio CMBS loan in the amount of $206.3 million. The loan is now secured by the remaining five office properties. -- During the 12 months ended December 31, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. The Company then amended the agreement a second time, which resulted in an increase in the total capacity to $795.3 million and extended the maturity date for $462.0 million of the total commitments to December 31, 2029, which includes the effect of two optional six-month extensions at the sole discretion of the Company. -- During the 12 months ended December 31, 2025, the Company fully repaid its Series B, Series C and Series D notes. -- During the 12 months ended December 31, 2025, the Company refinanced its 1918 Eighth loan with a CMBS loan secured by the 1918 Eighth property with an aggregate principal balance of $285.0 million. The refinanced loan bears interest at a weighted average rate of 6.16% and matures on September 11, 2030. -- During the 12 months ended December 31, 2025, the Company issued in an underwritten public offering 33,936,206 shares of common stock and pre-funded warrants to purchase 10,266,228 shares of common stock, adjusted for the effect of the Reverse Stock Split. The gross proceeds from the offering amounted to $689.3 million. Liquidity and Capital Resources Hudson Pacific said, "We have remained capitalized since our initial public offering through public offerings, private placements, joint ventures and continuous offerings under our at-the-market program. We currently expect that our principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, strategic acquisitions, capital expenditures, tenant improvements, leasing costs, dividends and distributions, share repurchases and repayments of outstanding debt financing will include": * cash on hand, cash reserves and net cash provided by operations; * strategic dispositions of real estate; * sales of non-real estate investments; * proceeds from additional equity securities; * our ATM program; * borrowings under the operating partnership's unsecured revolving credit facility; * proceeds from joint venture partners; * proceeds from the Sunset Pier 94 Studios construction loan (unconsolidated joint venture); and * proceeds from additional secured, unsecured debt financings or offerings. Liquidity Sources "We had approximately $138.4 million of cash and cash equivalents at December 31, 2025. Our principal source of operating cash flow is related to leasing and operating the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements." "Our ability to access the equity capital markets will be dependent on a number of factors as well, including general market conditions for REITs and market perceptions about us. "In June 2025, we issued in an underwritten public offering 33,936,206 shares of common stock and pre-funded warrants to purchase 10,266,228 shares of common stock, adjusted for the effect of the Reverse Stock Split. The gross proceeds from the offering amounted to $689.3 million. "We have an ATM program that allows us to sell up to $125.0 million of common stock, $65.8 million of which has been sold through December 31, 2025. Any future sales will depend on several factors, including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program." A full text copy of the Company's Annual Report is available at https://tinyurl.com/3pzm63xk About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. HUMANA INC: S&P Rates Proposed Junior Subordinated Notes 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to Humana Inc.'s proposed fixed-to-fixed rate junior subordinated notes due 2056. The rating on the proposed notes is two notches lower than the 'BBB' issuer credit rating on the insurance holding company and senior unsecured notes rating. The two notches reflect the subordination of these notes in Humana's capital structure and the optional interest deferability feature. The proposed notes will be unsecured obligations and rank junior to the company's current and future senior debt. Their fixed coupon will reset every five years after the initial five-year fixed-rate period at an annual rate equal to the five-year U.S. Treasury rate, plus a predetermined spread, subject to a floor. Humana's first opportunity to call the notes at par (outside of rating agency and tax events) will be during the 90 days prior to the first reset date, which makes the first callable date effectively beyond five years. Humana can opt to defer interest payments on the notes. S&P said, "We consider this junior subordinated debt issuance to be hybrid capital. We expect to assign it intermediate equity content and incorporate it into the group's total adjusted capital, subject to our hybrid and debt-funded capital tolerance limits. The issuance has a favorable impact on Humana's capital adequacy in 2026 relative to funding with senior unsecured debt, though its impact on financial leverage is unfavorable, given we consider hybrid capital to be a financial obligation. Similar to our approach to debt-funded capital, we prorate hybrid capital between Humana's insurance and noninsurance businesses in our capital adequacy analysis." Humana intends to use the proceeds for general corporate purposes, including repaying its outstanding commercial paper borrowings, which it used to finance its recent acquisition of MaxHealth, a network of over 80 owned and affiliated primary care clinics in Florida, focused on value-based care. MaxHealth will be integrated within CenterWell Senior Primary Care. In 2025, Humana's financial leverage was 42.1%, down from 42.9% in 2024. Inclusive of this hybrid issuance, we expect leverage will peak in 2026 at 42.5%-44.5%, before falling toward 40% in 2027. Additionally, we forecast Humana's ratio of financial obligations to adjusted EBITDA at 5.0x-5.5x in 2026, with adjusted EBITDA fixed-charge coverage of 4.0x-4.5x. S&P's 'BBB' long-term issuer credit rating and negative rating outlook on Humana are unaffected by this hybrid issuance. The negative outlook reflects its expectation for Humana to continue facing weakened earnings in 2026-2027 due to the depressed Medicare Advantage Star Ratings, as well as reflects risks to its longer-term earnings and margin potential from its concentrated Medicare business. Additionally, the company faces growing uncertainty about meeting earnings expectations in 2026, given outsized Medicare membership growth and a potential increase in higher-utilizing members. Furthermore, credit protection measures could remain below expectations for a prolonged period. IMMACULATE WINKS: To Sell Tampa Property to By Gary for $930K ------------------------------------------------------------- Immaculate Winks LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 3811 West Sligh Avenue, Tampa, Florida. The Debtor is engaged in the business of providing cosmetology services and owns the Property where it conducts its business. The Debtor leases suites within the Property to other businesses to help offset the costs of owning the Property. The Debtor filed this case after determining that a sale of the Property was in the best interest of the Debtor's estate and its creditors. Specifically, the Debtor has equity in the Property that it will use to satisfy the claims of its creditors, with the only remaining obligation being the Debtor’s EIDL loan with the SBA. The Debtor employs Kourtney Pina of LPT Realty, LLC to market and sell the Property. The Property was originally listed for $1.2 million. The Property was appraised on August 29, 2025, which resulted in a conclusion that the Property had an approximate market value of $960,000 with the time sell the Property being six to nine months. The Debtor has received an offer from By Gary, LLC to purchase the Property for $930,000, with closing to occur on March 13, 2026. The Purchaser posted a deposit of $10,000. The Purchaser has agreed to pay all closing costs, including recording fees, title insurance premiums, etc. The Debtor proposes to pay the Broker the commission of 5% of the Purchase Price, which will be split between the Broker and the buyer's broker, Sasha Veras. The Property is encumbered by a mortgage held by Genuin Investments Land Trust (GILT), the Hillsborough County Tax Collector, and Kapitus Servicing, Inc. The Debtor proposes to pay certain amounts at closing to limit interest continuing to accrue. Specifically, despite the fact that the Debtor disputes the payoff amount provided by GILT, to prevent interest from continuing to accrue, the Debtor proposes to pay GILT the principal balance of the Mortgage at closing and hold back the remaining amounts pending resolution between the parties or by the Court. The Debtor also proposes to pay the Hillsborough County Tax Collector the 2025 property taxes at closing. The Debtor requests authority to execute any and all documents necessary to consummate the sale transaction, including any affidavits required for issuance of a title policy. The sale is in good faith because the proposed sale is to a third party after extended marketing efforts and arm's-length negotiations with the Buyer. The Debtor believes the proposed sale of the Property is the highest and best purchase price for the Property. About Immaculate Winks Immaculate Winks, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06837) on September 18, 2025, with $500,001 to $1 million in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Andrew J. Wit, Esq., represents the Debtor as legal counsel. INSPIRED HEALTHCARE: Section 341 Meeting of Creditors on March 16 ----------------------------------------------------------------- A meeting of creditors under Section 341(a) is scheduled for March 16, 2026 at 3:00 p.m. (Central Time) in the bankruptcy case of Inspired Healthcare Capital Holdings, LLC. The meeting will be held via telephone conference. The Debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. The meeting may be continued or adjourned to a later date. The proof of claim deadline is June 15, 2026. The governmental bar date is August 3, 2026. About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. IRON MOUNTAIN: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On March 2, 2026, Iron Mountain Holdings, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Iron Mountain Holdings, LLC Iron Mountain Holdings, LLC is a Texas-based company engaged in energy and natural resource operations. Iron Mountain Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10372) on March 2, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Paul S. Hacker, Esq., of Hacker Law Firm. ISAAC PERLMUTTER: Collateral Public Auction Scheduled for March 13 ------------------------------------------------------------------ In accordance with applicable provisions of the Uniform Commercial Code (the "UCC"), as enacted in New York, N.Y.R.F.P. LLC, a New York limited liability company and Park National Capital Funding LLC, a New York limited liability company ("Secured Parties") will offer for sale, at public auction, the right, title, and interest of Isaac Perlmutter ("Pledgor") in and to one hundred percent (100%) of the membership interests and other equity interests, including, but not limited to, all economic rights and governance rights associated therewith in and to 60206 LLC, a New York limited lability company, which owns the real property known as 6020 16th Avenue Units 6 and P54, Brooklyn, New York 11219 ("Property") (collectively, the "Collateral"). The rights secured by the Secured Party are subject to a senior loan (the "Senior Loan") and first-priority mortgage on the Property and the obligations and liabilities set forth in the Senior Loan documents. In order to satisfy the amounts due to the Secured Party in the amount of $1,109,500.00, plus Interest at the rate of 24% per annum from February 1, 2026, the public auction will be held on March 13, 2026 at 10:00 a.m. (EST), and will be conducted by Matthew D. Mannion of Mannion Auctions, KKC virtually via the following Zoom meeting link: https://us06web.zoom.us/j/85224916593?pwd=MgDAJaMbE2lnvSJyVRRkbVE4ZdBJb.1 Meeting ID: 852 2491 6593, Passcode: 327029, or by phone at 1(646)931-3860 Any individual or entity interested in bidding on the Collateral must contact, Matthew D. Mannion at mdmannion@jpandr.com or by phone at +1 (212) 267-6698, to obtain a copy of the Terms of Sale and information regarding bidding instructions. Upon execution of a confidentiality and non-disclosure agreement, additional documentation and information will be made available. The relevant UCC was filed on October 26, 2022 under CRFN 2022000404920 in the State of New York, whereby Isaac Perlmutter, as pledgor, pledge his interest in 60206 LLC to the Secured Parties. Attorneys for Secured Party: Matthew W. Lizotte, Esq. Law Offices of Matthew W. Lizotte 1 Blue Hill Plaza, Lobby Lvl - Ste 1509 Pearl River, New York 10965 Tel: (845) 414-3331 E-mail: mlizotte@lizotte-law.com JMAY REALTY: Commences Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On March 2, 2026, K&M Jackson Enterprises LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About K&M Jackson Enterprises LLC K&M Jackson Enterprises LLC is a limited liability company. K&M Jackson Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-31442) on March 02, 2026. In its petition, the debtor reports estimated assets and liabilities in the range of $100,001 to $1,000,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The debtor is represented by Broocks Wilson, Esq. of Wilson Friery PLLC. JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted Josephines Restaurant Inc. second interim approval to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, National Association for the period from February 27 through March 26, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $50,225. The order imposes several conditions to protect Newtek's interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. In addition, Newtek will be granted replacement liens and security interests on post-petition property of the Debtor or its bankruptcy estate, preserving the lender's priority and protections during the bankruptcy case. The order is available at https://tinyurl.com/39cekf3s from PacerMonitor.com. A further interim hearing is scheduled for March 23. As of the petition, the Debtor's cash collateral consists of cash ($18,000) and inventory ($6,200) such as liquor, food and supplies in which Newtek holds an interest. The Debtor owes Newtek approximately $756,000. Josephines Restaurant sought Chapter 11 protection after rising food costs and a post-COVID drop in revenue led it to take on high-interest merchant cash advance loans with frequent payments. Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About Josephines Restaurant Inc. Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00909) on January 20, 2026. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. JUPITER BUYER: Dividend Recap No Impact on Moody's 'B2' CFR ----------------------------------------------------------- Moody's Ratings says Jupiter Buyer, Inc.'s (dba "ArchKey Solutions") proposed dividend recapitalization is credit negative. ArchKey Solutions' existing B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B2 ratings of its senior secured credit facilities remain unchanged. The outlook is stable. ArchKey Solutions plans to raise $325 million via a fungible add-on to its existing senior secured term loan and utilize $100 million of cash from its balance sheet to fund a one-time shareholder distribution totaling approximately $420 million, plus additional fees and expenses. The additional debt will increase the company's pro forma gross leverage from 3.7x to 5.4x on a Moody's adjusted basis as of the LTM period ended September 30, 2025, but will still remain within Moody's downgrade threshold. Despite weaker credit metrics as a result of the debt-funded shareholder distribution, Moody's views the current construction macro backdrop (especially in the data center and healthcare end markets) favorably, and expect the company to continue executing against its robust backlog while successfully integrating the two recent acquisitions. ArchKey Solutions, headquartered in St. Louis, MO, is an electrical services provider in the US It has amalgamated several regional electrical service companies and technology providers since 2018. The company maintains long-standing relationships with direct end customers and contractors and performs electrical services and installation projects for commercial & industrial, data centers, health care, education, logistics & distribution, and government end markets. The company generated approximately $1.8 billion in revenues for the LTM period ending September 30, 2025. An affiliate of 26North Partners is the majority shareholder of ArchKey Solutions. KAMY LV: Seeks to Hire Totaro & Shanahan as Bankruptcy Counsel -------------------------------------------------------------- Kamy LV, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Totaro & Shanahan, LLP as counsel. The firm's services include: (a) counsel the Debtor through meetings and phone calls, discussions concerning the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the United States Trustee Guidelines; (b) document preparation or amendments concerning the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; (c) consult with the Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; (d) assist the Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee ("OUST"); (e) negotiate with secured and unsecured creditors regarding the amount and payment of their claims; (f) discuss the Debtor's representative concerning the Disclosure Statement and plan of reorganization; (g) prepare the Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same unless filed as a Sub-V case which does not require a disclosure statement; (h) submit ballots to creditors, tally ballots and submit to the Court; (i) response to any objections to disclosure statement and/or plan; (j) negotiate with creditors as to values, etc., and the plan of reorganization; and (k) response any motions for relief from stay, motions to dismiss or any other motions or contested matters. The firm's counsel and staff will be paid at these hourly rates: Attorneys $650 Paralegals $150 The firm received a pre-petition retainer of $6,200 and the filing fee of $1,738 from the Debtor. Michael Totaro, Esq., an attorney at Totaro & Shanahan, 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: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804-2157 Email: Ocbkatty@aol.com About Kamy LV LLC Kamy LV, LLC owns a single-family home located at 17725 Revello Dr., Pacific Palisades, CA 90272-4166, with an estimated value of $3.2 million. Kamy LV sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11742) on February 25, 2026. In the petition signed by Kamran Benjamin, managing member, the Debtor disclosed $8,177,209 in total assets and $3,160,331 in total liabilities. Judge Barry Russell oversees the case. Michael R. Totaro, Esq., at Totaro & Shanahan, LLP serves as the Debtor's counsel. KATE MALLER JEWELRY: Seeks Cash Collateral Access ------------------------------------------------- Kate Maller Jewelry, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor's primary assets include its inventory of jewelry for sale, valued at approximately $313,924, along with raw materials and finished goods. As of the Petition Date, the Debtor had minimal cash on hand across its bank and PayPal accounts. Several secured creditors, including the Small Business Administration holding a first-priority lien on Debtor assets from an EIDL loan, Chase Bank holding a second-priority lien on an SBA-backed loan, and multiple merchant cash advance creditors, may have claims against the Debtor's cash collateral. The Debtor seeks authorization to use cash collateral on an interim basis to fund ongoing business operations, including replenishing inventory, paying operating expenses, and maintaining the business as a going concern. The Debtor argues that without access to cash collateral, operations would cease, causing irreparable harm and significant loss to creditors. To provide adequate protection for secured creditors, the Debtor proposes granting replacement post-petition liens on accounts receivable and income generated post-petition, maintaining insurance on collateral, providing monthly accounting reports, limiting budget deviations to 15% without prior approval, and preserving the assets in good repair. The Debtor emphasizes that approval of the interim and eventual final use of cash collateral is essential to maintain operations, generate revenue, and facilitate the Debtor’s reorganization plan, which aims to provide recoveries to unsecured creditors. A copy of the motion is available at https://urlcurt.com/u?l=aPXjA4 from PacerMonitor.com. About Kate Maller Jewelry, LLC Kate Maller Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-11128-TBM) on February 26, 2026. In the petition signed by Kathryn Maller, sole member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Thomas B. McNamara oversees the case. Jonathan M. Dickey, Esq., at Kutner Law, represents the Debtor as legal counsel. KATE MALLER: Hires Kutner Brinen Dickey Riley as Legal Counsel -------------------------------------------------------------- Kate Maller Jewelry, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary petitions, pleadings, reports, actions, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) take necessary actions to enjoin and stay until final decree continuation of pending proceedings, including lien foreclosure proceedings, as may be provided under 11 U.S.C. Sec. 362. The firm's customary hourly rates are: Jeffrey S. Brinen $600 Jenny Fujii $440 Jonathan M. Dickey $425 Keri L. Riley $410 Paralegal $100 Kutner Brinen Dickey Riley, 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: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com About Kate Maller Jewelry, LLC Kate Maller Jewelry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-11128) on February 26, 2026. At the time of filing, the Debtor had estimated assets of between $100,001 and $500,000, and estimated liabilities of between $500,001 and $1 million. Judge Thomas B. McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. is the Debtor's legal counsel. KATE MALLER: Taps Redpoint Financial Group as Accountant -------------------------------------------------------- Kate Maller Jewelry, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Redpoint Financial Group to serve as its accountant. The firm will provide these services: (a) maintain the Debtor's books and records; (b) prepare tax returns; and (c) assist the Debtor in the preparation of monthly operating reports during the course of the bankruptcy case. Josh Predolich, CPA, will be in charge of the Debtor's account. Redpoint Financial Group charges a flat fee of $100 per week for the accounting services, and the Debtor requests authority to continue payment in the ordinary course of business. Redpoint Financial Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm has no connection with the Debtor, its creditors, or any other party in interest, except that Kutner Brinen Dickey Riley, P.C. represented Redpoint Financial Group in an unrelated matter. The firm can be reached at: Josh Predolich Redpoint Financial Group 4785 Tejon Street Denver, CO 80211 About Kate Maller Jewelry, LLC Kate Maller Jewelry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-11128) on February 26, 2026. At the time of filing, the Debtor had estimated assets of between $100,001 and $500,000, and estimated liabilities of between $500,001 and $1 million. Judge Thomas B. McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. is the Debtor's legal counsel. LINQTO INC: Sullivan & Cromwell Gets Another $1.6MM in Ch. 11 Fees ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that on Friday, March 6, 2026, a bankruptcy judge in Texas approved a request for more than $1.6 million in legal fees for Sullivan & Cromwell, which acted as special Chapter 11 counsel to the defunct investment platform Linqto. The approval recognizes the firm's work during the company's restructuring proceedings. The judge highlighted the firm's contributions to the case, praising its attorneys for effectively managing complex legal issues tied to the bankruptcy. The court noted that the firm played a key role in helping guide the proceedings through a challenging restructuring process, the report states. The compensation covers services provided during Linqto's Chapter 11 case, which has involved numerous creditors and regulatory considerations. The company sought bankruptcy protection after facing operational and financial difficulties tied to its investment platform. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. LIQTECH INTERNATIONAL: Sadler Gibb Raises Going Concern Doubt ------------------------------------------------------------- LiqTech International, Inc. filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025. The audited financial statements include a warning and an explanatory paragraph from the independent auditor expressing substantial doubt about the Company's ability to continue as a going concern. The Company has incurred recurring operating losses and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern for at least the next 12 months. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 27, 2026, citing these recurring losses and negative operating cash flows. Th Company reported a net loss for the year ended December 31, 2025, of $8,601,940 compared to $10,345,258 for the comparable period in 2024, representing an improvement in net loss of $1,743,318 Revenue for the year ended December 31, 2025, was $16,507,558 compared to $14,604,618 for the same period in 2024, representing an increase of $1,902,940. As of December 31, 2025, the Company had cash and cash equivalents of $5,070,385, net working capital of $11,237,788, an accumulated deficit of 94,795,121, and total assets and liabilities of $27,278,097 and $16,905,861, respectively. Management has implemented cost optimization and operational initiatives designed to improve liquidity and support a sustainable path toward profitability, supported by an updated strategic focus and strengthened leadership. The Company continues to evaluate financing alternatives and strategic opportunities to enhance its capital position. While there can be no assurance that additional funding will be obtained on favorable terms, management believes its ongoing initiatives position the Company to support operations and advance its strategic objectives. A full text copy of the Company's Annual Report is available at https://tinyurl.com/2v3rx6cv About LiqTech International Ballerup, Denmark-based LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. As of December 31, 2025, the Company had $27,278,097 in total assets, $16,905,861 in total liabilities, and $10,372,236 in total equity. LITTLETON VILLAGE 2: Moody's Cuts Issuer Rating to Ba1 ------------------------------------------------------ Moody's Ratings has downgraded Littleton Village Metropolitan District No. 2, CO's issuer rating to Ba1 from Baa2 and downgraded the district's general obligation limited tax (GOLT) rating to Ba2 from Baa3. As of fiscal 2024, the district had approximately $18.5 million of GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba1 issuer rating reflects the district's limited scale of operations and the inherent weaker governance structure for all metropolitan districts given limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba1 issuer rating is constrained by narrow available fund balance and liquidity ratios relative to peers although levels are adequate given the district's limited operations. The fiscal 2026 budget was adopted with a modest deficit that will keep available fund balance at about $750,000, or a narrow 35% of revenue. Available fund balance to liabilities are a weak 4%, significantly below what is typically observed in the sector. The district's 5% long-term liabilities to full value ratio is elevated though should continue to improve based on a stable tax base, regular principal amortization, and a lack of issuance plans. The Ba1 issuer rating also reflects the district's small geographic footprint that is substantially built-out, but is moderately concentrated among top taxpayers. The one notch distinction between the issuer rating and the Ba2 GOLT rating reflects the district's limited taxing headroom and debt service coverage based on the maximum adjusted debt service mill levy. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations leading to an available fund balance to liabilities above 7.5% -- Surplus operations that sustain reserve levels well above 50% of revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves relative to revenue beyond current levels and/or further decrease of the available fund balance to liabilities ratio -- Debt issuances or tax base contraction that increases long-term liabilities relative to full value nearing 8% PROFILE The district encompasses 43 acres in the City of Littleton and was formed in 2006 to provide infrastructure improvements to facilitate development. The district provides landscaping, snow removal, irrigation and other services. The estimated population totals about 1,700 residents. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. LMD HOLDINGS: Sale Hearing Scheduled for March 10 ------------------------------------------------- The United States Bankruptcy Court for the Eastern District of Michigan is set to hold a sale hearing on March 10, 2026 in the bankruptcy case of LMD Holdings LLC and Luca Mariano Distillery, LLC. The Debtors' bankruptcy estate was scheduled to conduct a public sale of assets pursuant to 21 U.S.C. Secs. 363 and 365 on March 2, 2026, subject to higher and better offers and the Court-approved bidding procedures. Assets put up for sale include: * Business assets * Inventory and equipment * Intellectual property * Real estate and leasehold interests * Furniture, fixtures, and personal property Stalking Horse Selection Deadline: February 6, 2026 Bid Deadline: February 27, 2026 at 4:00 PM ET Auction (if required): March 2, 2026 at 10:00 AM ET Sale Hearing: March 10, 2026 at 11:00 AM ET All assets would be sold "as is, where is," free and clear of liens, claims, and encumbrances, with such interests attaching to proceeds as ordered by the Court. Information, Bid Procedures & Data Room Access: Matthew R. Dossey Travis M. Grody Aurora Management Partners, Inc. lucamarlano@auroramp.com By Order of the Court As shared by the Troubled Company Reporter, the sale of the assets is intended to maximize the recovery to the bankruptcy estates, relieve the estate of substantial obligations relating to such assets, reduce the estate's liabilities through the assumption and assignment of the relevant executory contracts and/or unexpired leases, and avoid the further deterioration in the value of the assets. About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reported between $1 million to $10 million in assets and liabilities. Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq., at Robert N. Bassel. LUMEN TECHNOLOGIES: S&P Alters Outlook to Positive, Affirms B- ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on U.S.-based telecommunications service provider Lumen Technologies, Inc. to positive from stable. The positive outlook reflects the benefits, including the sale of the fiber-to-the-home (FTTH) business to AT&T and the hyperscaler deals that will enable the company to materially reduce leverage by 2027. At that point, S&P expects leverage to decline to below 5x, which would support a higher rating. However, a series of one-time expenses will keep leverage elevated in 2026. The outlook also reflects its expectation that the private connectivity fiber (PCF) contracts will bolster Lumen's liquidity and support positive FOCF in 2027, despite one-time expenses as Lumen transitions its business. Lumen has secured indefeasible rights of use (IRU) contracts with hyperscalers and large technology companies valued at about $13 billion to provide network capacity that supports the increasing demand for data driven by AI. It also completed the sale of its fiber-to-the-home (FTTH) business to AT&T Inc. for $5.75 billion and paid down $4.8 billion of debt. The assets generate EBITDA of $200 million annually. Lumen also refinanced its high-cost debt for lower interest expense, which will help improve free operating cash flow (FOCF). The positive outlook reflects Lumen's potential for an improved financial outlook on the back of $13 billion of hyperscaler contracts. During the quarter, Lumen signed another $2.5 billion of PCF contracts for a total of almost $13 billion, about $1 billion more than the company's original expectations. Further, S&P believes there are opportunities to expand the number of contracts over time. These contracts benefit Lumen in that they secure upfront cash payments from the hyperscalers that boost near-term FOCF and liquidity. The company now expects to generate $500 million-$600 million annual revenue from these PCF deals. Lumen's sale of its FTTH business to AT&T enabled material debt repayment. During the first quarter of 2026, Lumen closed the sale for $5.75 billion, which we viewed as credit positive. With about four million fiber passings and one million FTTH customers, S&P viewed Lumen's consumer business as subscale, given that it contributed roughly $200 million of annual EBITDA in 2025 to the overall business. As a result, the company paid down $4.8 billion of debt, which will reduce leverage by almost 1x, excluding one-time expenses. Furthermore, the FTTH business was very capital intensive, and the sale will ease Lumen's path toward generating sustained positive FOCF. Several refinancings enabled Lumen to reduce its interest expense. It completed several refinancings in 2025 and 2026. The company issued senior secured debt out of wholly owned subsidiary Level 3 Financing Inc. to extend maturities to 2032, 2033, and 2034 from 2029 and 2030, all at lower rates. Later in 2025, Lumen issued senior unsecured notes at Level 3 to refinance its second-lien debt at that entity. Finally, it used the proceeds from the sale of the FTTH business to pay down all the super priority debt at Lumen. As a result of these transactions, we expect interest expense to be $650 million-$750 million in 2026, down from $1.3 billion in 2025, which will support stronger FOCF. S&P said, "We expect FOCF will be negative in 2026, including one-time items, and S&P Global Ratings-adjusted EBITDA will be lower, despite improving trends and PCF deals, resulting in higher leverage. Several one-time costs will keep FOCF negative in 2026 and result in elevated leverage. In total, we expect one-time costs to be $1.2 billion-$1.3 billion, including professional fees, expenses related to the sale of the FTTH business, and severance, which will result in lower EBITDA. These costs include about $300 million in professional fees, another $350 million-$400 million in expenses related to sale of the FTTH business to AT&T, and severance. As a result, we expect S&P Global Ratings-adjusted leverage to remain in the mid- to high-6x area in 2026, flat from 2025 (both years are affected by one-time expenses and declining EBITDA). That said, we expect these one-time expenses to decline materially in 2027. "Partially offsetting these one-time costs are a cash tax refund of $350 million-$450 million and upfront payments from the PCF deals. Despite these cash flow benefits, we expect an FOCF deficit of $200 million-$300 million in 2026 before improving to positive $100 million-$200 million in 2027. "Our base-case scenario assumes these one-time expenses will wind down in 2027, enabling the company to generate more normalized levels of EBITDA of about $3 billion and leverage below 5x following the sale of its FTTH business to AT&T. Our base-case assumes EBITDA will be approximately $3.2 billion in 2026 (excluding one-time expenses), down about 5% from 2025, although it will exclude the $200 million of EBITDA from the FTTH business." New products and digital services are small but growing. Lumen grew 36% and generated $117 million of revenue in 2025 from digital services, and management expects it to expand further to $500 million-$600 million in 2028 and $800 million-$900 million in 2030. Its most successful digital product is Network-as-a-Service (NaaS), which has about 2,000 customers and 3,800 active ports. Management credits the growth in this product from demand for enterprise-capable, AI-ready platforms that improve and accelerate performance. While this may bode well for the future, the company NaaS is still small in terms of revenue, and its long-term growth is uncertain. S&P said, "The positive outlook is based on our expectation that PCF contracts and the recent asset sale to AT&T will bolster Lumen's liquidity, enable it to pay down debt, and reduce leverage. While the company has substantial one-time costs in 2026, we expect these will wind down in 2027. At that point, we expect leverage will decline to below 5x from the high-6x area and FOCF will improve." S&P could revise the outlook to stable if: -- It experiences execution missteps from the deployment of new fiber routes for the hyperscalers or the integration of legacy networks and IT systems; -- Secular and competitive industry pressures are greater than we expect, such that revenue trends do not improve; -- FOCF remains negative because of unexpected one-time expenses; or -- Despite the sale of the FTTH assets, its S&P Global Ratings-adjusted leverage remains above 5x. S&P could raise the rating on Lumen if: -- One-time expenses in 2027 are substantially lower than 2026; -- The company's growth from newer technologies outpaces declines in legacy products; and -- It is able to organically improve leverage to below 5x and is on a path to report positive FOCF approaching 5% of debt on a sustained basis. LURIN REAL: Commences Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On March 2, 2026, Lurin Real Estate Holdings XXI LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $50 million and $100 million in debt owed to 50–99 creditors. About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 02, 2026. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The debtor is represented by Joshua W. Wolfshohl, Esq. of Porter Hedges LLP. MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------- Maximus Supply Chain Holdings, LLC and its affiliates received 12th interim approval from the U.S. Bankruptcy Court for the Northern District of Indiana, Hammond Division at Lafayette, to continue to use cash collateral. The 12th interim order authorized the Debtors to use cash collateral for operating expenses in accordance with their budget, subject to a 10% variance. The Debtors' budget shows projected expenses of $49,463 for the week ending March 6; $172,623 for the week ending March 13; $45,463 for the week ending March 20; $39,115 for the week ending March 27; $45,463 for the week ending April 3; $43,115 for the week ending April 10; $178,971 for the week ending April 17; $39,115 for the week ending April 24; and $45,463 for the week ending May 1. A status conference on further cash use is scheduled for April 20. The Debtors' relationship with their primary lender negatively impacted their liquidity. The lender cut off access to credit-line advances and then took unlawful actions against the Debtors. The Debtors estimate $10,217,941.46 in short-term debt and $25,186,734.16 in long-term debt, with approximately $35,587,571.33 in secured and $6,402,648.39 in unsecured obligations. About Maximus Supply Chain Holdings Maximus Supply Chain Holdings, LLC develops innovative solutions and products servicing a variety of industries including automotive, commercial vehicle, agricultural equipment, RVs, and power manufacturing industries. Maximus and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. N.D. Ind. Lead Case No. 24-40167) on June 25, 2024. At the time of the filing, Maximus reported up to $50,000 in both assets and liabilities. Sam Bazzi, president and chief executive officer of Maximus, signed the petitions. Judge Robert E. Grant oversees the cases. The Debtor is represented by: Sarah L. Fowler, Esq. Blackwell, Burke & Ramsey, P.C. Tel: 317-533-7869 Email: sfowler@bbrlawpc.com MEYER BURGER: Gets Court OK to Solicit Chapter 11 Plan Votes ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that on Thursday, March 5, 2025, a U.S. Bankruptcy Court for the District of Delaware judge conditionally approved the disclosure statement for the Chapter 11 plan of the U.S. affiliate of Swiss solar manufacturer Meyer Burger, effectively eliminating the need for a later hearing after the debtor and the U.S. Trustee's Office agreed on key terms. The conditional order paves the way for the company to begin soliciting votes from creditors. The disclosure statement outlines the proposed reorganization plan and provides details about the debtor's business operations, assets and liabilities, and how creditors would be treated under the plan. Approval of the statement means the court has determined it contains adequate information for stakeholders to evaluate the proposed reorganization, the report relays. Following the conditional sign‑off, Meyer Burger's affiliate can now distribute ballots and related solicitation materials to creditors. The next phase of the case will involve creditors voting on the plan and, ultimately, a confirmation hearing if sufficient support is secured, according to Law360. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is an industrial manufacturer of solar cells and solar modules. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11217-CTG) on June 25, 2025. In the petition signed by Justin D. Pugh, chief restructuring officer, the Debtor disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Craig T. Goldblatt oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Fox Rothschild, LLP. MG LOGISTICS: Court Extends Cash Collateral Access to April 24 -------------------------------------------------------------- MG Logistics Incorporated received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The sixth interim order authorized the Debtor to use the cash collateral of its secured lenders from February 17 through April 24, for the disbursements set forth in the budget. The Debtor projects total operational expenses of $400,125.01 for March and $400,125.01 for April. Existing protections from prior orders continue for all secured lenders, including PNC Bank and Daimler Truck Financial Services USA, LLC. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted a security interest in and lien on all assets of the Debtor, including assets acquired by the Debtor after its Chapter 11 filing, with the same priority as the lenders' pre-bankruptcy lien. These replacement liens do not apply to any causes of action under the Bankruptcy Code and are subject only to (i) any lien on the Debtor's assets that the court may approve in the future as being senior to a lender's lien; (ii) valid, perfected, and enforceable pre-bankruptcy liens, which are senior to the lenders' respective liens or security interests as of the petition date; (iii) the payment of the U.S. trustee's fees; and (iv) the amount of the Debtor's professionals' fees and disbursements accrued as of the date of the termination of the Debtor's use of cash collateral. As further protection, the court approved the following payments to lenders: (i) a monthly payment of $7,500 to M&T Equipment Finance Corp. during the fifth interim period; and (ii) a monthly payment of $40,000 to Bank Midwest during the fifth interim period (and subsequent months). The Debtor agrees Bank Midwest's claim is fully secured, valued at $2,214,347.89 as of August 1. The next hearing is set for April 21. A copy of the interim order is available at https://shorturl.at/JkL71 from PacerMonitor.com. Bank Midwest is represented by: Benjamin J. Court, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Phone: 612-335-1500 Fax: 612-335-1657 benjamin.court@stinson.com M&T is represented by: Kenneth D. Peters, Esq. Dressler Peters, LLC 101 W. Grand Ave., Suite 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 kpeters@dresslerpeters.com jmmertz@michaelbest.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MICHAELS COMPANIES: Moody's Cuts Rating on Secured Term Loan to B2 ------------------------------------------------------------------ Moody's Ratings downgraded The Michaels Companies, Inc.'s ("Michaels") $1 billion senior secured term loan and $2 billion senior secured first lien notes rating to B2 from B1. Additionally, Moody's affirmed the company's B2 corporate family rating, its B2-PD probability of default rating and the Caa1 rating of the company's $750 million senior secured second lien notes. Moody's also affirmed the B1 rating of the existing senior secured term loan and senior secured notes and the Caa1 rating of the existing senior unsecured notes. The ratings of the existing senior secured term loan, existing senior secured notes and existing senior unsecured notes will be withdrawn upon closing. The outlook remains stable. The rating for the senior secured term loan and the first lien notes were downgraded to the same level as the CFR following Michaels' revised capital structure, characterized by a preponderance of first lien debt and a diminishing amount of junior debt. RATINGS RATIONALE Michaels B2 rating reflects that it is an established leader in the highly fragmented arts and craft segment of retail. Michaels has improved top-line growth and profitability by gaining market share and adding new product categories and services as competitors have exited the market. Michaels' rating also reflects governance considerations particularly Michaels' private equity ownership by Apollo Global Management, Inc. and the business risk associated with the highly seasonal nature of its product sales. The company is also exposed to categories that are more sensitive to the current economic conditions (such as craft technology, seasonal décor and custom framing), and competition from larger well capitalized retailers. Liquidity is good and largely supported by availability under its $1.1 billion asset based revolving credit facility and its cash flow generation which is weighted toward its fourth fiscal quarter. Funded leverage remains high. However Moody's do expect improvement to 5.5x in 2026. Moody's adjusted Debt/EBITDA and EBIT/interest is expected to be around 4.5x and 1.5x in 2026 respectively. The stable outlook reflects Moody's expectations that credit metrics will continue to improve in 2026 as topline growth and profitability improvement continues. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if operating performance consistently improves while maintaining good liquidity. Quantitatively, ratings would be upgraded should operating performance and financial policies support EBIT/interest sustained above 2.25x with lease adjusted debt/EBITDA sustained below 4.25x. Ratings could be downgraded should free cash flow generation become negative, liquidity deteriorate for any other reason or financial strategies become more aggressive. Quantitatively, ratings would be downgraded should EBIT/interest be sustained below 1.5x or lease adjusted debt/EBITDA is sustained above 5.25x. The Michaels Companies, Inc. is the largest dedicated arts and crafts specialty retailer in North America based on number of stores operated. The company operates 1,376 Michaels stores in 49 states and Canada and generated revenue of about $5.2 billion in fiscal 2025. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MID-COLORADO INVESTMENT: Seeks to Sell Precious Metals ------------------------------------------------------ Joli A. Lofstedt, Chapter 11 Trustee for the bankruptcy estate of MidColorado Investment Company, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns 214 ounces of gold with an estimated value of $668,279.00 and 10 ounces of palladium with an estimated value of $9,990.00 (Precious Metals). The Trustee intends to sell the Precious Metals to one or more private parties based on the then current market prices. The Trustee is unaware of any liens, claims encumbrances or other interests in the Precious Metals. The Trustee employs Russ Wiley, who was a jeweler through Creative Gold located in downtown Colorado Springs, to assist Trustee in selling the Precious Metals at the then current market prices. Trustee believes that Wiley's experience and contacts in the industry as well as his experience with bulk sales of gold and other precious metals make him well-suited to provide such services to Trustee. The Trustee requests full authority to determine, in consultation with Wiley, how to sell the Precious Metals to maximize value for the Estate. Trustee further seeks authorization to accept the highest and best offers received for the Precious Metals, whether from one or more than one buyer and to consummate the sale(s) of all of the Precious Metals to such buyer(s). The Trustee anticipates that the actual purchase price to be received for the Precious Metals may be reduced to account for the purchaser(s)' costs of transportation and security to take possession of the Precious Metals. Wiley has agreed to perform the services for a commission of 2.0% of the gross purchase price for any sale of the Precious Metals to a buyer procured by Wiley plus reimburse Wiley for reasonable costs and expenses incurred in connection with any sale. About Mid-Colorado Investment Company, Inc. Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. On Apr. 2, 2025, Joli Lofstedt was appointed as Chapter 11 trustee in this Chapter 11 case. The trustee tapped Onsager Fletcher Johnson Palmer LLC as counsel. MNH ENTERPRISE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, entered an interim order authorizing MNH Enterprise, Inc. to use cash collateral. The court determined that immediate authorization to use cash collateral is necessary to prevent irreparable harm to the bankruptcy estate give the Debtor's lack of unencumbered funds to maintain operations. Under the order, the Debtor is authorized to use cash collateral strictly according to the approved budget for the period from the petition date through March 17. The Debtor must not exceed the listed expenses. The court recognized that the U.S. Small Business Administration holds a secured claim of approximately $1.7 million, supported by a first-priority lien on substantially all of the Debtor's assets, including accounts and inventory. As adequate protection for the SBA, the Debtor must make monthly payments of $4,000, grant replacement liens on post-petition collateral with the same priority as pre-petition liens, and provide monthly financial accountings and reports to the secured creditor. The order is temporary and remains in effect pending a final hearing. A final hearing is scheduled for March 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Dh9Df from PacerMonitor.com. About MNH Enterprise Inc. MNH Enterprise, Inc., doing business as Yes Appliance, is a wholesale and distribution company headquartered in Buena Park, California. MNH Enterprise, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10408) on February 10, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities ranging from $1 million to $10 million. The Debtor is represented by Andrew S. Cho, Esq., of Andrew S Cho, A Law Corp. MODIVCARE INC: Objects to AlixPartners' $5MM Fee Request in Ch. 11 ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Modivcare Inc., a medical transportation provider currently in Chapter 11, has challenged a nearly $5 million fee request submitted by restructuring adviser AlixPartners LLP covering roughly 111 days of work during the bankruptcy case. In an objection filed with the court, the debtor questioned whether the adviser’s billing entries adequately explained the services performed and whether certain charges were necessary for the restructuring effort. The company urged the court to scrutinize the application before approving the requested payment, the report states. The objection reflects broader efforts within the bankruptcy case to monitor professional expenses closely while the company works through its financial restructuring. Modivcare said careful oversight of administrative costs will help protect estate resources and maximize recoveries for stakeholders, the report relays. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOSS CREEK: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Moss Creek Resources Holdings, Inc.'s (Moss Creek) B2 Corporate Family Rating, its B2-PD Probability of Default Rating, and its B3 senior unsecured notes rating. The outlook remains stable. RATINGS RATIONALE Moss Creek's B2 CFR is supported by the company's strong track record of free cash flow generation, maintenance of low leverage, and its ~166,500 contiguous net leasehold acreage in the Midland Basin. These positive features of its credit profile are counterbalanced by its small scale relative to peer operators in the Permian Basin and the risks associated with its ownership by a publicly traded company in China. Moss Creek's annual production has held in the 55-65 thousand barrels of oil equivalent (Mboe/d) as the company has not sought to generate organic production growth, benefiting its free cash flow profile but limiting its scale. The company has ample liquidity to turn to M&A activity for growth, however, its ability to do so in Texas is inhibited by legislation introduced in 2025 restricts the ownership of land by entities and citizens from China, Russia, Iran, and North Korea. Inner Mongolia Yitai Coal Co. Ltd. (Yitai Coal, unrated) purchased a controlling interest in Moss Creek's publicly traded Chinese parent company during 2025. Although relatively recent, the change in control and new Board composition have not impacted Moss Creek's financial policies or strategic priorities. The stable outlook reflects Moody's expectations for Moss Creek to continue to maintain credit metrics and its production scale while generating free cash flow. Moody's expects Moss Creek to maintain good liquidity through at least 2027. The company had $592 million of cash on hand and $889 million of available borrowing capacity under its secured revolving credit facility as of the end of the third quarter of 2025. The revolver has a $1.4 billion borrowing base, $900 million of elected commitments, and will mature in March 2028. The financial maintenance covenants under Moss Creek's credit agreement include a 3.0x leverage (debt/EBITDA) covenant and a 1x current ratio covenant. Moody's expects Moss Creek to remain well in compliance with the covenants. Moss Creek's $750 million senior unsecured notes due 2031 are rated B3, one notch below the B2 CFR. The lower rating for the unsecured notes relative to the CFR reflect the revolver's size and priority claim on the company's assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moss Creek's ratings are not likely to be upgraded absent changes to regulations that limit its ability to grow and greater clarity over long-term ownership plans and financial policies of Yital Coal, the new controlling shareholder. In order for an upgrade to be considered, the company would need to meaningfully grows its production and proved developed reserves at competitive returns on investment while sustaining RCF/debt above 35% and LFCR above 1.5x. The company's ratings could be downgraded if RCF/debt falls below 25%, the company engages in a significant leveraging acquisition, or production or returns on investment are negatively impacted by capital productivity. Moss Creek Resources Holdings, Inc. is a privately-held independent exploration and production company headquartered in Houston, Texas. It is engaged in the development, production, operation, exploration, and acquisition of oil and natural gas properties in the Permian Basin of west Texas. The company is 100% owned by Shandong Xinchao Energy Corporation, Ltd. (Shandong), a Chinese corporation (listed on the Shanghai Stock Exchange), that is focused on investments in North American oil and gas assets. Inner Mongolia Yitai Coal Co. Ltd., a Chinese coal company (listed on the Shanghai Stock Exchange) with operations in Inner Mongolia and China, purchased a controlling interest in Shandong Xinchao Energy Corporation, Ltd. during 2025. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MUB36 LLC: Collateral Public Auction Scheduled for March 30 ----------------------------------------------------------- Newmark Group, Inc., on behalf of MSD RCOF PARTNERS XXVII, LLC, a Delaware limited liability company, and MSD PCOF PARTNERS LII, LLC, a Delaware limited liability company (together with their successor and assigns, "Secured Party") offers for sale at public auction on March 30, 2026 at 3:30 p.m. (prevailing Eastern Time) at the offices of Gibson, Dunn & Crutcher LLP, located at 200 Park Avenue, New York, New York 10166, and also being broadcast for remote participation via a virtual videoconference, in connection with a Uniform Commercial Code sale, 100% of the limited liability company membership interests (the "Interests") in 44-02 VENTURES, LLC, a Delaware limited liability company ("Mortgage Borrower"), which is the direct owner of the real property located at 44-02 Vernon Boulevard, Queens, New York (the "Premises"). The Interests are owned by MUB36, LLC, a Delaware limited liability company ("Pledgor"). Secured Party, as lender, made a loan in the maximum principal amount of up to $165,000,000.00 (the "Loan") to Mortgage Borrower. In connection with the Loan, Pledgor has granted to Secured Party a first priority lien on the Interests and all other collateral (collectively, the "Collateral") pledged under that certain Sole Member Pledge and Security Agreement, dated as of May 3, 2022 (as amended, supplemented or otherwise modified from time to time, the "Security Agreement"), made by Pledgor in favor of Secured Party. Secured Party is offering the Collateral for sale in connection with the foreclosure on the pledge of such Collateral. The Loan is also secured by mortgage on the Premises. Secured Party may, prior to the sale described herein, assign all of its right, title and interest in and to the Loan. In the case of such assignment, the assignee shall be considered the "Secured Party" for all purposes hereunder. The sale of the Collateral will be subject to all applicable third-party consents and regulatory and other governmental approvals, if any, as well as the terms of sale prepared by Secured Party. Without limitation to the foregoing, please take notice that there are specific requirements for any prospective bidder in connection with bidding on the Collateral. The Collateral is being offered as a single lot, "as-is, where-is", with no express or implied warranties, representations, statements or conditions of any kind made by Secured Party or any person acting for or on behalf of Secured Party, without any recourse whatsoever to Secured Party, Secured Party’s affiliates, direct and indirect holders of equity in Secured Party, directors, officers, agents, or employees of Secured Party or its affiliates or equity holders, or any other person acting for or on behalf of Secured Party of Secured Party or its affiliates or equity holders. Each bidder must make its own inquiry regarding the Collateral. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties, and similar taxes incurred in connection with the purchase of the Collateral. Secured Party reserves the right to (i) credit bid, (ii) reject any bid if Secured Party determines, in its sole and absolute discretion, that such bid was made by a participant that is not a Qualified Bidder (as defined in the Terms of Sale), (iii) accept a lower bid if the bid is on terms that Secured Party determines is more favorable to Secured Party or is from a bidder that, in Secured Party’s determination, offers a more certain likelihood of execution, (iv) terminate or adjourn the sale to another date and time, and (v) impose any other commercially reasonable conditions upon the sale of the Collateral as Secured Party may deem proper. Each prospective bidder (other than Secured Party or its affiliates) will further be required to represent in writing to Secured Party, among other things, that such bidder (a) is acquiring the Collateral for investment purposes, solely for the purchaser’s own account and not with a view to distribution or resale of the Collateral; (b) is an accredited investor within the meaning of the applicable securities laws; (c) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of investment and has sufficient financial means to afford the risk of investment in the Collateral; (d) will not resell or otherwise hypothecate the Collateral without a valid registration under applicable federal or state laws, including, without limitation, the Securities Act of 1933, as amended (the "Securities Act"), or an available exemption therefrom; provided that Secured Party reserves the right to verify that each certificate for the limited liability company interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act and to impose such other limitations or conditions in connection with the sale of the Collateral as Secured Party deems necessary or advisable in order to comply with the Securities Act or any other applicable law; (e) is not an Embargoed Person (as defined in the Terms of Sale); (f) is not capitalized with a Crowd Funding Structure (as defined in the Terms of Sale); and (g) will purchase the Collateral in compliance with all applicable federal and state laws. Meeting any requirements of the foregoing shall be at the sole responsibility, risk, cost, and expense of a prospective bidder. All bids (other than credit bids of Secured Party) must be for cash with no financing or other conditions, and the successful bidder must be prepared to deliver immediately available good funds as required by the Terms of Sale and otherwise comply with the bidding requirements and the Terms of Sale. Pursuant to the Terms of Sale, each prospective bidder must, among other things, make an initial deposit of $2,000,000.00 prior to the bid deadline of 5:00 p.m. prevailing Eastern Time on March 26, 2026 in order to become a qualified bidder and bid at the auction. Additionally, the selected bidder must (i) deposit with a title company or other agent designated by Secured Party 10% of the selected bidder’s final bid within twenty-four (24) hours of completion of the auction, (ii) pay the full amount of its bid as the purchase price for the Collateral, after deduction of the selected bidder’s deposits, by wire transfer of immediately available federal funds, no later than 2:00 p.m. prevailing Eastern Time on April 15, 2026, as set forth in, and subject to the terms of, the Terms of Sale, and (iii) otherwise comply with the bidding requirements and the Terms of Sale. Further information concerning the Collateral, the requirements for obtaining information and bidding on the Collateral and the Terms of Sale can be obtained by contacting Brock Cannon, Executive Managing Director, Newmark Group, Inc., by telephone at (212) 372-2066 or by email at Brock.Cannon@nmrk.com. MULTI-COLOR CORP: March 17 Plan Confirmation Hearing Set -------------------------------------------------------- In re: MULTI-COLOR CORPORATION, et al., Debtors. Chapter 11 Case No. 26-10910 (MBK) (Jointly Administered) NOTICE OF (I) COMMENCEMENT OF PREPACKAGED CHAPTER 11 BANKRUPTCY CASES, (II) COMBINED HEARING ON THE DISCLOSURE STATEMENT, CONFIRMATION OF THE JOINT PREPACKAGED CHAPTER 11 PLAN, AND RELATED MATTERS, AND (III) RELATED OBJECTION AND BRIEFING DEADLINES On January 29, 2026, the debtors and debtors in possession (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. Secs. 101-1532 (the "Bankruptcy Code") with the United States Bankruptcy Court for the District of New Jersey (the "Court"). Contemporaneously therewith, the Debtors filed the Joint Prepackaged Plan of Reorganization of Multi-Color Corporation and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (as may be altered, amended, supplemented, or modified from time to time in accordance with its terms, and including all exhibits and supplements thereto, the "Plan") and the Disclosure Statement Relating to the Joint Prepackaged Plan of Reorganization of Multi-Color Corporation and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (as may be altered, amended, supplemented, or modified from time to time in accordance with its terms, and including all exhibits and supplements thereto, the "Disclosure Statement"). YOU ARE ADVISED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING THE THIRD-PARTY RELEASE, EXCULPATION, DISCHARGE, AND INJUNCTION PROVISIONS, AS YOUR RIGHTS MAY BE AFFECTED. Copies of the Plan, the Disclosure Statement, and the other documents filed in these Chapter 11 Cases are accessible, free of charge, on the Debtors' restructuring website maintained by Kurtzman Carson Consultants, LLC (d/b/a Verita Global) (the "Solicitation Agent") at http://www.veritaglobal.net/MCC.Printed copies of the Plan, the Disclosure Statement, and the other documents filed in these Chapter 11 Cases may be obtained free of charge by calling the Solicitation Agent at (866) 967-1788 (Toll-free US / Canada) or (310) 751-2688 (International). In addition, such documents are available for inspection for a fee on the Court's website at https://ecf.njb.uscourts.gov. The Plan is a "prepackaged" plan of reorganization. The Plan provides for, among other things, (i) a $3.9 billion reduction of net debt of the business, (ii) an injection of approximately $889 million in new equity capital consisting of $400 million in Cash to be provided by the Plan Sponsor in exchange for 64.0 percent of the New Common Equity at Plan Equity Value on a Fully Diluted Basis and subject to dilution as set forth in the Plan, and $489 million in Cash to be provided by the Plan Sponsor and the members of the Secured Ad Hoc Group in exchange for a corresponding aggregate amount of New Preferred Equity, and (iii) a $657.5 million DIP Facility, consisting of (a) $250 million of new money commitments to adequately capitalize the Debtors' business through the chapter 11 process, (b) a 1:1 "roll-up" of First Lien Secured Claims with respect to the funding in clause (a), (c) a $7.5 million DIP Backstop Premium, and (d) up to $150 million in incremental new money loans with no related economics (except for principal) or "roll up." Crucially, the Plan provides for all Allowed General Unsecured Claims to be Unimpaired. Hearing on Confirmation of the Plan and the Adequacy of the Information Contained in the Disclosure Statement The hearing to consider the adequacy of information contained in the Disclosure Statement, any objections thereto, confirmation of the Plan, any objections thereto, and any other matter that may properly come before the Court related to approval of the Disclosure Statement and confirmation of the Plan (the "Combined Hearing") will be held before the Honorable Michael B. Kaplan, United States Bankruptcy Judge, in Courtroom #8 of the United States Bankruptcy Court, Clarkson S. Fisher U.S. Courthouse, 402 East State Street, Second Floor, Courtroom #8, Trenton, New Jersey 08608, on March 17, 2026, at 1:00 p.m., prevailing Eastern Time. Please be advised that the Combined Hearing may be continued from time to time by the Court or the Debtors without further notice other than by such adjournment being announced in open court or by a notice of adjournment filed with the Court and served on other parties entitled to receive notice. Information Regarding the Plan and Disclosure Statement Voting Record Date. The voting record date was January 15, 2026 (the "Voting Record Date"), which was the date for determining which certain Holders of Claims are entitled to vote on the Plan. Objections to the Plan and Disclosure Statement. The deadline for filing objections (each, an "Objection") to confirmation of the Plan or the adequacy of the information contained in the Disclosure Statement is March 3, 2026, at 5:00 p.m., prevailing Eastern Time (the "Objection Deadline"). Any such Objections must: (a) be in writing; (b) state with particularity the basis of the objection; and (c) be filed with the Clerk of the Bankruptcy Court electronically by (i) attorneys who regularly practice before the Bankruptcy Court in accordance with the General Order Regarding Electronic Means for Filing, Signing, and Verification of Documents dated March 27, 2002 (the "General Order") and the Commentary Supplementing Administrative Procedures dated as of March 2004 (the "Supplemental Commentary") (the General Order, the Supplemental Commentary and the User's Manual for the Electronic Case Filing System can be found at www.njb.uscourts.gov, the official website for the Bankruptcy Court) and (ii) by all other parties in interest, if not otherwise filed with the Clerk of the Bankruptcy Court electronically, via hard copy, and shall be served in accordance with the General Order and the Supplemental Commentary upon the following parties so as to be actually received on or before the Objection Deadline. Objections must be filed with the Court and served so as to be actually received no later than March 3, 2026, at 5:00 p.m., prevailing Eastern Time, by those parties who have filed a notice of appearance in the Debtors' Chapter 11 Cases and the following parties (the "Notice Parties"): (a) Proposed Co-Counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn.: Steven N. Serajeddini, P.C. (steven.serajeddini@kirkland.com), and 333 West Wolf Point Plaza, Chicago, Illinois 60654, Attn.: Rachael M. Bentley (rachael.bentley@kirkland.com), Peter A. Candel (peter.candel@kirkland.com), and Ashley L. Surinak (ashley.surinak@kirkland.com); and (ii) Cole Schotz, P.C., Court Plaza North, 25 Main Street, Hackensack, New Jersey 07601, Attn.: Michael D. Sirota (msirota@coleschotz.com), Warren A. Usatine (wusatine@coleschotz.com), and Felice R. Yudkin (fyudkin@coleschotz.com); (b) Co-Counsel to the Plan Sponsor and the Sponsor, (i) Debevoise & Plimpton LLP, 66 Hudson Boulevard, New York, New York 10001, Attn.: Scott B. Selinger (sbselinger@debevoise.com) and Brett Novick (bmnovick@debevoise.com) and (ii) Latham & Watkins LLP, 1271 Avenue of the Americas, New York, New York 10020, Attn.: Ray C. Schrock (ray.schrock@lw.com); Ryan Preston Dahl (ryan.dahl@lw.com), and Candace M. Arthur candace.arthur@lw.com); (c) Counsel to the Secured Ad Hoc Group, Milbank LLP, 55 Hudson Yards, 4 New York, New York 10001, Attn.: Evan Fleck (efleck@milbank.com) and Matt Brod (mbrod@milbank.com); (d) Counsel to the ABL Agent, Cahill, Gordon & Reindell LLP, 32 Old Slip, New York, New York 10005, Attn.: Timothy B. Howell (thowell@cahill.com); (e) the Office of the United States Trustee, Region 3, One Newark Center, 1085 Raymond Boulevard, Suite 2100, Newark, New Jersey 07102, Attn.: Jeffrey M. Sponder (jeffrey.m.sponder@usdoj.gov) and Jane M. Leamy (jane.m.leamy@usdoj.gov); and (f) counsel to any statutory committee appointed in these Chapter 11 Cases, if any. Any brief in support of confirmation of the Plan and reply to any objections shall be filed by March 13, 2026, at 5:00 p.m., prevailing Eastern Time, or such other date as the Court may direct. UNLESS AN OBJECTION IS TIMELY SERVED AND FILED IN ACCORDANCE WITH THIS NOTICE, IT MAY NOT BE CONSIDERED BY THE COURT. Proposed Co-Counsel to the Debtors and Debtors in Possession: KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Steven N. Serajeddini, P.C. 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 E-mail: steven.serajeddini@kirkland.com - and - KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Rachael M. Bentley Peter A. Candel Ashley L. Surinak 333 West Wolf Point Plaza Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 E-mail: rachael.bentley@kirkland.com peter.candel@kirkland.com ashley.surinak@kirkland.com Proposed Co-Counsel to the Debtors and Debtors in Possession: COLE SCHOTZ P.C. Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Telephone: (201) 489-3000 E-mail: msirota@coleschotz.com fyudkin@coleschotz.com wusatine@coleschotz.com About Multi-Color Corporation 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.'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 its financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. NATURE'S WAX: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a second interim order authorizing Nature's Wax & Spa, LLC to use cash collateral through March 26. Under the second interim order, the Debtor is authorized to use cash collateral only for court-authorized payments, including Subchapter V trustee fees, and for ordinary operating expenses outlined in its budget, subject to a 10% variance per line item. The Debtor's budget projects total operational expenses of $27,273.97 for the first month; $27,280.12 for the second month; $27,790.12 for the third month; $27,795.12 for the fourth month; $27,805.12 for the fifth month; and $27,855.12 for the sixth month. As adequate protection, creditors with interest in the cash collateral will be granted replacement liens, with the same validity and priority as their pre-bankruptcy liens. The creditors that may assert claims secured by a lien against the Debtor's cash collateral are the U.S. Small Business Administration, De Lage Landen, Milestone formerly known as LCA Bank, QL Titling Trust Ltd., and Regions Bank. The cash collateral is comprised of cash on hand and funds to be received through the continued payments on jobs from customers. As of the petition date, the Debtor estimates the value of its cash collateral, consisting of cash on hand, is approximately $7,800.90. The next hearing is scheduled for March 26. The interim order is available at https://shorturl.at/oDyRh from PacerMonitor.com. About Nature's Wax & Spa LLC Nature's Wax & Spa, LLC, a company in Kissimmee, Fla., provides hair removal and skincare services through its spa and wellness facilities. It specializes in waxing, facial treatments, and other spa services designed to meet individual client needs. Nature's Wax & Spa filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-08184) on December 16, 2025, listing between $100,001 and $1 million in assets and between $1 million and $10 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jesus Lozano, Esq., at Nardella & Nardella, PLLC. NEW PIPE: Seeks Approval to Employ Stiberman Law as Legal Counsel ----------------------------------------------------------------- NEW PIPE PLUMBING, INC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Robert A. Stiberman of Stiberman Law, P.A. to serve as counsel. The firm will provide these services: (a) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the Court; (b) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of this case; (c) protect the interests of the Debtor in all matters pending before the Court; and (d) represent the Debtor in negotiations with its creditors and in the preparation and confirmation of a plan. Robert A. Stiberman's current standard rate is $550 per hour. The rest of SL's paralegals have standard rates of $185 per hour. Pre-petition, the firm received a retainer totaling $20,738.00. The firm applied $12,395.50 in fees and expenses through the Petition Date, leaving a remaining retainer balance of $8,342.50 as of the Petition Date. In addition, the Debtor has agreed to pay up to $4,000 each month during the pendency of the case to secure payment of future fees, with any unearned balance to be made available to fund the initial plan payment at confirmation. The firm will apply for compensation and reimbursement of costs pursuant to 11 U.S.C. Secs. 330 and 331 at its ordinary rates. According to court filings, neither the attorneys nor the law firm represent any interest adverse to the Debtor, and proposed counsel are disinterested as required by 11 U.S.C. Sec. 327(a). The firm can be reached at: Robert Ariel Stiberman, Esq. STIBERMAN LAW, P.A. 2601 Hollywood Blvd. Hollywood, Fl 33020 Telephone: (954) 922-2283 Facsimile: (954) 302-8707 Email: ras@stibermanlaw.com About NEW PIPE PLUMBING, INC New Pipe Plumbing, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12382-LMI) on February 26, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Stiberman Law, P.A. is Debtor's legal counsel. NGL ENERGY: Moody's Rates New Secured First Lien Term Loan 'B2' --------------------------------------------------------------- Moody's Ratings assigned a B2 rating to NGL Energy Operating LLC's (NGL OpCo) proposed backed senior secured first lien term loan B. NGL OpCo is a wholly owned subsidiary of NGL Energy Partners LP (NGLEP or NGL Energy). NGL Energy's existing ratings, including its B2 Corporate Family Rating, and stable outlook remain unchanged. NGL OpCo's existing ratings, including its B2 senior secured first lien notes rating and B2 existing senior secured first lien term loan B rating, and stable outlook also remain unchanged. NGL OpCo intends to use net proceeds from its proposed term loan to prepay its existing term loan, benefitting the company's credit profile by extending its debt maturities. Around the closing of this term loan issuance, the company also intends to issue additional secured debt to fund the redemption of a portion of its outstanding Class D Preferred Units. Moody's expects the company's debt balances to increase by roughly $250 million following these transactions. While this will increase Debt/EBITDA, Moody's expects leverage to stay within levels consistent with the B2 CFR and there will be some offsetting benefit to reducing the higher cost distribution burden of the preferred units. RATINGS RATIONALE NGL OpCo's proposed term loan will rank pari passu with the company's existing secured notes and term loan and is rated B2, the same level as its existing secured notes and term loan, and consistent with NGL Energy's B2 CFR given the company's all secured capital structure. The company's asset-based revolving credit facility (unrated) has a first-priority claim over NGL Energy's working capital assets and a second priority claim to all other assets. The secured notes and the term loan have a second priority claim to the working capital assets and a first priority claim to NGL Energy's other assets. Given the relatively modest size of the revolver, the secured notes and term loan are rated the same as the CFR. NGLEP's B2 CFR is restrained by its high debt load and financial leverage, a complex capital structure that includes high-coupon cumulative preferred units, significant exposure to volumetric risks across its business segments and prior history of aggressive financial policies. Moody's expects relatively steady performance, meaningful free cash flow generation and gradually improving credit metrics into 2027, with most of the free cash flow likely used to reduce its outstanding high-coupon preferred equity. NGL Energy's primary credit strengths include its significant scale relative to similarly rated peers, diversified operations in different midstream segments and geographic regions, fee-based business model, and a sizeable water solutions business with many strong counterparties in the Delaware Basin that should remain the primary revenue and growth engine for the company. The stable outlook reflects Moody's expectations of gradually improving credit metrics supported by meaningful free cash flow generation into 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if NGLEP reduces financial leverage while delivering consistent free cash flow, with debt/EBITDA sustained below 4x while making significant progress towards reducing debt and/or outstanding high-coupon preferred units. The ratings could be downgraded if debt/EBITDA ratio rises above 5x or EBITDA/interest ratio falls below 2.5x. Deteriorating liquidity and leveraging acquisitions or shareholder distributions would also negatively impact ratings. NGL Energy Partners LP is a midstream Master Limited Partnership headquartered in Tulsa, Oklahoma. The principal methodology used in this rating was Midstream Energy published in October 2025. NICKLAUS COMPANIES: Picks Gary Nicklaus' Company as Top Bidder -------------------------------------------------------------- Alex Wittenberg of Law360 reports that bankrupt golf design and sporting brand company Nicklaus Cos., founded by Hall of Fame golfer Jack Nicklaus, said it has chosen a $35.7 million offer from a family office tied to his son, Gary Nicklaus, as the successful bidder in an auction for the debtor's assets. According to court filings, the bid emerged as the top offer after a competitive sale process for the company's intellectual property portfolio, which includes trademarks and licensing rights tied to the Nicklaus brand as well as other related business assets. The proposed sale will now be presented to the bankruptcy judge for approval. The debtor said the transaction would help preserve the long-standing Nicklaus brand while generating proceeds intended to benefit creditors in the Chapter 11 restructuring. 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. NORTH PINE NO. 2: Moody's Downgrades Issuer & GOLT Ratings to Ba2 ----------------------------------------------------------------- Moody's Ratings has downgraded North Pine Vistas Metropolitan District No. 2, CO's issuer rating to Ba2 from Baa2 and general obligation limited tax (GOLT) rating to Ba2 from Baa3. The district has about $11.8 million in GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba2 issuer rating reflects well below median available fund balance to liabilities ratio at a very narrow 1%. It also incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba2 rating reflects the low available fund balance at 14% of revenue and liquidity at 13% of revenue which are significantly below peers but will remain stable given the fiscal 2026 budget is balanced. The district serves as the taxing district, while District No. 1 serves as the operating district for the development. The district's 4.5% long-term liabilities to full value ratio is in line with similarly rated peers and should continue to improve with continued tax base growth and given a lack of issuance plans. The Ba2 rating on the district's GOLT debt is the same as the issuer rating reflecting the significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations resulting in available fund balance and/or liquidity ratios approaching 50% of revenue -- Significant increase in available fund balance to liabilities over 12.5% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves resulting in available fund balance and/or liquidity ratios approaching 10% of revenue -- Debt issuances that decrease available fund balance to liabilities and increase long-term liabilities relative to full value PROFILE The district spans approximately 183 acres within the Town of Castle Pines and is located approximately 23 miles southeast of downtown Denver. The district and North Pine Vistas Metro District No. 3 serve as taxing districts, while District No. 1 serves as the operating district for the development. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. NORTH PINE NO. 3: Moody's Downgrades Issuer & GOLT Ratings to Ba2 ----------------------------------------------------------------- Moody's Ratings has downgraded North Pine Vistas Metropolitan District NO. 3, CO's issuer rating to Ba2 from Baa2 and general obligation limited tax (GOLT) rating to Ba2 from Baa3. The district has about $19.4 million in GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec.0 9, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba2 issuer rating reflects well below median and very narrow available fund balance to liabilities ratio at 2%. It also incorporates the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba2 rating reflects the low available fund balance at 22% of revenue and liquidity at 27% of revenue which are significantly below peers but will remain stable given the fiscal 2026 budget is balanced. The district serves as the taxing district, while District No. 1 serves as the operating district for the development. The district's 6.2% long-term liabilities to full value ratio is in line with similarly rated peers and should continue to improve with continued tax base growth and given a lack of issuance plans. The Ba2 rating on the district's GOLT debt is the same as the issuer rating reflecting the significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations resulting in available fund balance and/or liquidity ratios approaching 50% of revenue -- Significant increase in available fund balance to liabilities over 12.5% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves resulting in available fund balance and/or liquidity ratios approaching 10% of revenue -- Debt issuances that decrease available fund balance to liabilities and increase long-term liabilities relative to full value PROFILE The district spans approximately 238 acres within the Town of Castle Pines and is located approximately 23 miles southeast of downtown Denver. The district and North Pine Vistas Metro District No. 2 serve as taxing districts, while District No. 1 serves as the operating district for the development. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. NOVA CHEMICALS: Fitch Keeps 'BB-' LongTerm IDR on Watch Positive ---------------------------------------------------------------- Fitch Ratings has maintained NOVA Chemicals Corporation's 'BB-' Long-Term Issuer Default Rating on Rating Watch Positive (RWP). Fitch has also maintained NOVA's senior secured debt (BB+ with an RR2 Recovery Rating) and senior unsecured debt (BB-/RR4) on RWP. The 'BB-' IDR reflects NOVA's position as a low-cost ethylene and polyethylene producers globally, sufficient liquidity and relatively moderate maintenance capital requirements. This is offset by an elevated debt burden, exposure to commodity prices, and an uncertain macroeconomic environment including rising trade tensions. The RWP reflects NOVA's pending acquisition by Borouge Group International, which was formed through a merger between Borouge plc and Borealis AG. Fitch expects to resolve the Rating Watch upon the close of the transaction in Q1 2026. Fitch will continue to monitor the transaction for insight into the final post-transaction capital structure as well as the strength of linkages between the ultimate parents and NOVA. Key Rating Drivers Pending Acquisition by Borouge: On March 4, 2025, Borouge plc and Borealis AG announced plans to combine with Borouge Group International, which will acquire NOVA for $13.4 billion. Borouge Group International will be jointly controlled as an equal partnership between ADNOC, for whom the central debt-capital market funding vehicle is ADNOC Murban RSC LTD (AA/Stable), and OMV AG (A-/Stable). The transaction will be debt-financed. The post-transaction company will be the world's fourth-largest polyolefins producer by nameplate production capacity, with a mid-cycle EBITDA target of $7 billion annually. Improving Operations Drives Deleveraging: NOVA's operations improved significantly in 2024 and 2025, despite lingering industry overcapacity. In 2023, the company suffered unplanned outages at its Corunna ethylene production facility due to a mechanical issue within a third-party proprietary technology. Fitch believes this period marked peak leverage for NOVA, with EBITDA leverage since falling below 4.5x. Continued industry overcapacity and the potential impact from U.S. tariffs could threaten this momentum throughout the ratings horizon. The company has not yet faced direct material impacts from tariffs due to its exemption under the USMCA trade agreement. Sustained Low-Cost Position: NOVA benefits from low-cost feedstock at its Geismar, Louisiana, Joffre, Alberta and Corunna, Ontario sites. These assets have access to some of the most prolific shale oil & gas basins, and the Joffre assets are near Canadian oil sands operations and integrated into the Alberta Ethane Gathering System. Fitch expects North American ethylene production to remain cost advantaged despite low global operating rates. Increased Focus on Sustainability: Fitch believes that NOVA's Circular Solutions business line, which focuses on producing lower-emission, recycled solutions, will remain a key target for investment during periods of greater cash flow and financial access. The company expects to reach full production at its new recycling plant in Connersville, IN in early 2026. Fitch believes polyethylene producers that secure both supply and demand commitments in North America will be able to enjoy premium pricing on recycled products. Peer Analysis NOVA and Westlake Corporation (BBB/Stable) are regional producers concentrated in ethylene and polyethylene production, but Westlake benefits from greater scale and product diversification. Both producers have globally competitive cost bases and specialized characteristics, resulting in some margin uplift from pure commodity chemical producers. Though NOVA and Westlake's North American asset bases provide the companies with a relative cost advantage, they lack the scale and geographic diversification of Dow Inc. (BBB/Stable) and LyondellBasell Industries N.V. (BBB/Stable). These three peers have demonstrated more capital discipline than NOVA, each electing to repay debt during a period of record margins and cash flow in 2021 and early 2022 while NOVA paid $1.2 billion in sponsor dividends. NOVA operates with far higher EBITDA leverage than its peers, with YE 2024 leverage over 4.0x compared to LyondellBasell at 2.5x. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer Include - Fitch-calculated EBITDA margins flat to slightly down through the forecast, driven by pressures in polyethylene; - Capex approximately in line with depreciation and amortization; - Modest dividends funded by excess cash; - Limited debt repayment beyond successful execution of the company's refinancing strategy. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (a, Lower), 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, 5% for the forecast year 2025, 5% for the forecast year 2026, 40% for the forecast year 2027 and 45% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 5.5x, potentially driven by persistently low utilization rates; - Generally negative FCF through the cycle, straining liquidity; - Aggressive capital deployment via significant dividends or elevated capital spending. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to operating with EBITDA leverage consistently below 4.5x, including voluntary debt repayment; - Generally neutral to positive FCF through the cycle. Further insight into the capital structure at the new parent, the permanence of the debt remaining at NOVA, and the strengths of legal and operation linkages of the parents to the subsidiaries could lead to a resolution of the RWP. Liquidity and Debt Structure At Sept, 30, 2025, NOVA maintained full availability on its $1.5 billion revolving credit facility and $62 million in readily available cash. The company also maintains two accounts receivable securitization programs, with total funding availability of $230 million and $48 million sold. Issuer Profile NOVA produces and sells ethylene, polyethylene and co-products. These products are used in a wide variety of downstream applications. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NOVA Chemicals Corporation LT IDR BB- Rating Watch Maintained BB- senior unsecured LT BB- Rating Watch Maintained RR4 BB- senior secured LT BB+ Rating Watch Maintained RR2 BB+ NOVELIS CORP: Moody's Rates New $225MM 2026A Disposal Bonds 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 backed senior unsecured rating to Novelis Corporation's funding obligation and proposed $225 million Solid Waste Disposal Revenue Bonds Series 2026A issued by The Industrial Development Authority of Baldwin County. The revenue bonds are obligations of Novelis Corporation and will be guaranteed jointly and severally on a senior unsecured basis, by Novelis Inc. (Novelis), the parent company, and certain of its existing US restricted subsidiaries and its other restricted subsidiaries that guarantee debt under the senior credit agreements. All of Novelis' other ratings including its Ba3 corporate family rating remain unchanged. The proceeds from the issuance of the revenue bonds will be loaned to Novelis Corporation, an indirect subsidiary of Novelis, under the terms of a loan agreement between Novelis Corporation and The Industrial Development Authority of Baldwin County, to finance certain costs relating to the company's aluminum manufacturing plant in Bay Minette, Alabama. RATINGS RATIONALE Novelis' Ba3 corporate family rating reflects the company's large scale and sizeable market position in a number of end markets including can packaging where it enjoys a leading market share. The rating considers the company's broad geographic footprint with operations in North and South America, Europe and Asia. The rating also reflects the company's ability to generate significant operating cash flow and the expectation its earnings and cash flow will significantly improve once it completes the repairs at its Oswego, NY facility and the construction of the new Bay Minette, AL facility and capital expenditures return to a more normalized level. At the same time, the rating incorporates the company's significant cost overruns on the Bay Minette project and the multiple fires at the Oswego facility which have resulted in a more substantial cash burn and high and rising gross debt levels. The rating also considers the inherent industry and business volatility and the risk of intensified competitive pressures as more aluminum flat-rolled products capacity is added in the US. Moody's anticipates Novelis' adjusted EBITDA will moderately weaken in fiscal 2026 (ends March 2026) and remain under pressure in early fiscal 2027 due to the impact of the two fires at its Oswego facility and the associated lost production, sourcing from third parties to replace lost production along with the impact of import tariffs. This will be somewhat tempered by savings from the company's cost efficiency program, good end market demand, strong aluminum prices and premiums leading to widening spreads over scrap costs and insurance proceeds net of deductibles and other uninsured costs. The lower earnings combined with fire repair costs, elevated capital investments and working capital investments due to higher aluminum prices, will lead to a substantial cash burn. This will result in higher debt levels and credit metrics that are weak for the Ba3 rating, including a leverage ratio (debt/EBITDA) above 4.5x. Moody's leverage estimate excludes the company's factored trade receivables which Novelis stopped disclosing in FY2023. Moody's considers these arrangements to be debt like. Nevertheless, the rating positively considers the company's scale, market position, geographic, end market and product diversity, its strong customer relationships, its metal pass-through business model, its long-term earnings potential and equity contributions of $950 million provided by Hindalco. Novelis has an adequate liquidity position (SGL-3) supported by $825 million of cash and $1.6 billion available under its $2 billion senior secured asset-based revolving credit facility (unrated) as of December 2025. The company is expected to burn cash and potentially increase its revolver borrowings in the near term and in February 2026 amended the ABL facility to increase the maximum revolving amount by $500 million to $2.5 billion to maintain adequate liquidity. The ABL is secured by accounts receivable and inventory. If, at any time, the availability under the ABL is less than the greater of (a) $150 million and (b) 10% of the lesser of the facility commitment or the borrowing base, the company will be required to maintain a minimum fixed charge coverage of at least 1.25x. Availability is viewed as remaining sufficient such that this will not be tested. The Ba1 rating on the senior secured term loan B (TLB), two notches above the CFR, reflects its secondary position behind the ABL facility and its priority position with respect to the senior unsecured notes. The TLB is guaranteed by the company's direct parent, Novelis Inc. and its current and future wholly owned restricted subsidiaries, subject to exceptions. The TLB has a first priority security interest in substantially all material PPE and intellectual property of the borrower and each subsidiary guarantor (other than guarantors organized in Brazil and UAE) and equity interests in material subsidiaries, as well as a second priority security interest on the ABL priority collateral. The subsidiary guarantors account for about 80-85% of Novelis Inc.' net sales, EBITDA and assets. The TLB does not have any financial covenants. The company has short-term credit facilities in Korea, Brazil and China to support operations in these countries. The B1 rating on the revenue bonds and the existing senior unsecured notes reflect their effective subordination to the significant amount of secured debt under the term loan, ABL and priority payables. The notes have a downstream guarantee from Novelis Inc. and are guaranteed by all of Novelis' existing and future US restricted subsidiaries, certain existing Canadian and other non-US foreign restricted subsidiaries. The stable outlook reflects Moody's expectations that Novelis's credit metrics will deteriorate in the near term due to elevated capital spending, lower profitability and higher debt levels, but will strengthen over the next 12-18 months and remain appropriate for the Ba3 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider an upgrade of Novelis Inc.'s credit ratings if the company completes the development of the Bay Minette project as planned and leverage (debt/EBITDA) is sustained below 3.5x, adjusted EBIT margin above 7%, (CFO-Dividends)/Debt above 25% and free cash remains positive. Novelis' ratings could be downgraded if liquidity evidences a material deterioration or the company issues a material amount of new debt, it increases its capital spending or if shareholder returns meaningfully exceed the capital allocation framework established by Hindalco Industries Limited, the ultimate parent company of Novelis Inc. Expectations of reduced profitability or an extended slump in the end-markets served could lead to negative pressure on the ratings. Quantitatively, ratings could be downgraded if the adjusted EBIT margin is sustained below 4% or (Cash flow from operations less dividends)/debt below 15% and leverage is sustained above 4.5x. Headquartered in Atlanta, Georgia, Novelis is the world's largest producer of aluminum rolled products. The company operates through four regional segments, North America, Europe, Asia and South America. While Novelis sells to a number of end markets, the company generates about 60% of sales in the can sheet market. Novelis generated approximately $18.2 billion in revenues during the LTM period ended December 31, 2025. Novelis is ultimately owned by Hindalco Industries Limited (unrated) domiciled in India. The principal methodology used in this rating was Steel published in September 2025. OASIS INTERIORS: Seeks to Hire TaxPros as Tax Return Preparer ------------------------------------------------------------- Oasis Interiors, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to hire Joseph J. Wenrich of TaxPros to serve as tax return preparer for Debtor and its wholly owned subsidiary, Coastal Shades LLC. Mr. Wenrich will provide these services: (a) prepare the 2025 federal and state income tax returns for Oasis Interiors, Inc.; and (b) prepare the 2025 federal and state income tax returns for Coastal Shades LLC. Mr. Wenrich will receive a flat fee of $650 per entity for preparation of the 2025 federal and state income tax returns, to be paid by the Debtor from funds available in the ordinary course of business, subject to Court approval. TaxPros is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joseph J. Wenrich TAXPROS 439 N. El Camino Real, Ste B San Clemente, CA 92672 Telephone: (949) 271-1200 About Oasis Interiors, Inc. Oasis Interiors, Inc., doing business as North County Blinds, is a family-owned retailer and installer of window treatments and interior soft furnishings based in Encinitas, California, serving customers across San Diego County. The Company provides in-home design consultations and installs Hunter Douglas window treatments (including Silhouette, Pirouette, Duette and Vignette lines) and also offers commercial blinds and shades, custom window cornices and custom bedding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12223) on August 11, 2025. In the petition signed by Cesar Ivan Jimenez, managing member, the Debtor disclosed $284,776 in total assets and $2,413,292 in total liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates, represents the Debtor as legal counsel. OBJECT & SUBJECT: Taps Trevin Workman Law as Special Counsel ------------------------------------------------------------ Object & Subject, LLC d/b/a Ascendant Brands seeks approval from the United States Bankruptcy Court for the District of Utah to employ Trevin Workman Law as special counsel. The firm will provide these services: (a) provide general corporate services; and (b) provide services in connection with the Debtor's potential issuance of new equity interests to creditors in connection with a plan of reorganization. Trevin Workman's current hourly rate is $250, and his paralegal is billed at $75 per hour. According to the application and accompanying declaration, Trevin Workman Law is not a creditor of the Debtor and does not hold or represent an interest adverse to the estate, except as disclosed in the declaration filed with the Court. The firm can be reached at: Trevin Workman, Esq. TREVIN WORKMAN LAW 632 North Main Street, Suite 2C Logan, UT 84321 Telephone: (435) 753-7530 E-mail: trevin@trevinworkmanlaw.com Website: www.trevinworkmanlaw.com About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq., at Cohne Kinghorn, P.C. OLIN CORP: Fitch Lowers IDR to 'BB+', Outlook Negative ------------------------------------------------------ Fitch Ratings has downgraded Olin Corporation's Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. The Rating Outlook is Negative. Fitch has also downgraded Olin's unsecured notes to 'BB+' with a Recovery Rating of 'RR4' from 'BBB-', and affirmed the revolver and Term Loan A at 'BBB-' with a Recovery Rating of 'RR2'. The downgrade reflects Olin's prolonged earnings weakness, which has been worse than Fitch's expectations, and a difficult outlook for 2026. Fitch expects profitability to remain under pressure and leverage to stay above 4.0x over the medium term. Fitch will also evaluate whether the recent decline in Olin's cost advantage is temporary or indicates a more lasting shift. The ratings remain supported by Olin's leading market positions, historically competitive cost structure, high vertical integration, solid cash flow generation, and strong liquidity. The Negative Outlook reflects Fitch's expectation that, given ongoing weak market conditions, leverage will stay high for the rating level. Olin's revolver and term loan A are senior secured through at least 3Q27, following the executed covenant relief amendment. Key Rating Drivers Sustained Earnings Weakness: Fitch expects Olin's earnings weakness to persist through 2026 following a roughly 24% year over year (y/y) decline in Fitch-calculated EBITDA in 2025. The 2026 outlook is pressured by sustained soft demand in construction and industrial end markets, oversupply in chlorine derivatives, and higher energy costs weighing on the Chlor Alkali and Vinyls (CAPV) segment. Near-term free cash flow (FCF) is also constrained by expected one-time cash outflows, including litigation payments. Offsetting factors include Fitch's expectation that European share gains support a return to modest positive EBITDA for Epoxy, while Winchester EBITDA is expected to be roughly flat y/y. Olin's EBITDA decline from the 2021 peak through 2025 primarily reflects a prolonged cyclical downturn and persistent oversupply, including an influx of Asian chlorine-derivative imports into its core markets. Assuming continued execution of its value optimization strategy, Fitch expects margins to improve modestly when cyclical demand eventually recovers. Fitch also observes some recent weakening in Olin's cost advantage, as U.S. natural gas, energy, and feedstock costs have risen while global oil prices have fallen. Fitch will continue to evaluate whether this shift is temporary or more structural, and how much it could limit Olin's competitive position. Cyclically Elevated Leverage: Fitch expects the continued soft performance to keep leverage above 4.0x through 2027. Fitch views the recent leverage increase as primarily earnings-driven rather than indicative of a more aggressive financial policy, as total debt has remained broadly flat through the downturn. Fitch expects Olin to continue to forego share repurchases while leverage is elevated and to prioritize debt reduction with any excess cash flow over the medium term. The company recently reiterated its long-term net leverage target of under 2.0x through the cycle. Solid FCF: Fitch expects Olin to generate solid FCF throughout the cycle, with 2026 temporarily pressured by one-time cash outflows that result in a moderate deficit. The FCF profile is supported by flexible capex requirements and expected tax refunds related to Section 45V under the Inflation Reduction Act, while current dividend payments remain manageable. Fitch believes Olin retains meaningful financial flexibility to pursue strategic objectives, supported by solid FCF and a robust liquidity position. Bank Debt Secured Through Relief: The 'RR2' Recovery Rating on Olin's revolver and term loan A reflects the addition of collateral under the recently executed covenant amendment. These facilities will be secured by certain assets of Olin and its subsidiary guarantors during the covenant relief period, which runs through 3Q27. Fitch notes Olin may also unilaterally exit the covenant relief period at any point, which would revert the credit facilities back to unsecured. The facilities are treated as Category 2 first-lien obligations due to the presence of an A/R securitization facility in the capital structure. Fitch views the covenant relief as indicative of adequate lender support amid a weaker earnings outlook. Market Leading, Low-Cost Producer: Olin's CAPV segment is a global leader in chlor-alkali and derivatives production and provides full integration for the Epoxy segment's products. The company's low-cost position is supported by access to advantaged natural gas liquids-based ethylene feedstocks under long-term supply agreements with Dow Inc. (BBB/Stable), as well as by its own power assets. In the Winchester segment, Olin also holds leading market positions in small-caliber ammunition. Peer Analysis Olin's earnings (EBITDA) are historically comparable in scale to Huntsman Corporation (BBB-/Stable), lower than Westlake Corporation (BBB/Stable) and Celanese Corp. (BB+/Negative), and higher than Methanex Corp. (BB+/Stable). While Westlake has a broadly similar business profile—supported by leading market positions and chlor-alkali vertical integration—its credit profile benefits from greater diversification, including downstream building products and polyethylene. Fitch's softer, though still positive, profitability outlook for Olin is broadly consistent with Huntsman's, reflecting both companies' meaningful exposure to cyclical end markets. Olin's forecast FCF margins of around 1.5% trail those expected for Celanese, Methanex, and Westlake. Fitch expects Olin's leverage to remain above 4.0x through 2027 amid continued earnings pressure. This cyclical leverage range of roughly 4.0x-5.0x is broadly in line with Huntsman and compares favorably with Celanese, which remains elevated following its debt-funded 2022 acquisition. However, Olin's leverage is weaker than that of Westlake and Methanex. Fitch’s Key Rating-Case Assumptions - Sales growth is muted through 2027 on continued soft demand in CAPV amidst modest recoveries in Epoxy and Winchester, with growth rates improving thereafter; - Fitch-defined EBITDA margins trough at 9.0% in 2026 and gradually improve towards 10% thereafter; - Capex of around $200 million-$250 million annually; - Dividends held around $90 million annually; - Fitch assumes no share repurchasing through 2027 with any FCF generated through that period applied to debt reduction. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Higher), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the forecast year 2025, 5% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Mid-cycle EBITDA leverage sustained above 4.0x; - Consistently neutral to negative FCF, potentially indicating structural oversupply or diminished cost competitiveness. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Outlook could be revised to Stable if market conditions recover faster than expected, increasing confidence that the company will deleverage; - Mid-cycle EBITDA leverage sustained below 3.0x; - FCF margins maintained above 1.5%. Liquidity and Debt Structure Olin has robust liquidity consisting of approximately $168 million of cash and cash equivalents at YE 2025 with full availability under the $1.2 billion senior unsecured revolver. Olin benefits from no material upcoming maturities until the 2029 unsecured note. Issuer Profile Olin Corporation (NYSE: OLN) is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The company's operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. 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 Olin Corporation. 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 ----------- ------ -------- ----- Olin Corporation LT IDR BB+ Downgrade BBB- senior unsecured LT BBB- Affirmed RR2 BBB- senior unsecured LT BB+ Downgrade RR4 BBB- OLIN CORP: Moody's Cuts CFR to Ba2 & Unsecured Notes to Ba3 ----------------------------------------------------------- Moody's Ratings downgraded Olin Corporation's (Olin) Corporate Family Rating to Ba2 from Ba1, the senior unsecured notes ratings to Ba3 from Ba1, and the Probability of Default Rating to Ba2-PD from Ba1-PD. The downgrade of the CFR to Ba2 reflects the trough operating environment in chlor alkali and Winchester, which has substantially weakened financial performance and credit metrics. The downgrade of the senior unsecured notes to Ba3 from Ba1 reflects the contractual subordination to the unrated bank credit facility after the recent amendment. Olin's Speculative Grade Liquidity (SGL) Rating was downgraded to SGL-3 from SGL-2. The rating outlook remains negative. "The downgrade of Olin's ratings with a negative outlook reflect the trough operating environment that is stressing credit metrics and triggered the amendment to its credit facility. This amendment improves liquidity and provides limited security to lenders, which subordinates the existing unsecured noteholders and results in an additional notch downgrade to the unsecured debt ratings," said John Rogers, Moody's Ratings' Senior Vice President and lead analyst for Olin Corporation. RATINGS RATIONALE The downgrade of Olin's CFR to Ba2 reflects an extended downturn in chlor alkali due to tepid end market demand and continued production by integrated producers globally. Winchester is also suffering from relatively weak commercial ammunition demand and higher raw material costs, which has reduced earnings from this segment. These difficult market conditions have caused Olin's leverage to spike to over 5.0x as of 31 December 2025. Moody's expects Olin's Chlor Alkali Products and Vinyls (CAPV) segment, the largest of the company's three operating segments, to continue to struggle due to weak demand and high energy costs. In addition, the company's financial performance in 2026 will be challenged by a higher-than-normal level of required turnarounds at its facilities, as well as an expected cash payment of $185 million related to litigation with a large customer, Shintech. The combination of these issues will likely lead to a further increase in debt in 2026 and keep credit metrics under pressure for the Ba2 rating. In addition to the difficult market conditions, one of Olin's competitors, Oxychem, is adding capacity in 2026 due to the regulatory driven conversion of their Battleground facility from a mercury cell plant to a membrane plant. While this additional capacity may not result in lower prices, it will likely delay the recovery in prices as demand begins to improve. The company is taking a number of cost saving actions to improve profitability during the downturn. The company's Beyond250 program is seeking to generate cost savings in each of its business segments totaling more than $250 million by the end of 2028. The company seeks to achieve a minimum of $210 million of additional cost savings, that are in addition to the $44 million of cost savings achieved in 2025. Olin's Ba2 CFR also reflects its position as the largest supplier of chlor-alkali in North America, supported by access to relatively low-cost energy, that under most market conditions provides a significant cost advantage. The rating is further supported by adequate liquidity and management's relatively conservative financial policies, which target a Net Debt/EBITDA ratio of 2.0x over the cycle. OUTLOOK The negative outlook reflects Moody's expectations that the company's financial performance will remain challenged over the next year or two. If chlor alkali prices do not improve in 2026 and cost saving are not expected to reduce leverage to below 4.5x in 2027, there could be further downside to the company's rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is highly unlikely at the current time due to the company's weak credit metrics. However, the ratings could be upgraded if the company can reduce leverage to below 3.0x over most of the cycle and leverage does not go below 4.0x in the trough. An upgrade would also be contingent on Retained Cash Flow/Debt remaining above 20% over the majority of the cycle and not falling below 10% in the trough. The ratings could be downgraded with expectations for adjusted Debt/EBITDA remaining above 4.5x and Retained Cash Flow/Debt sustained below 10% for an extended period. The ratings could also be downgraded if there is a substantive deterioration in liquidity or the company is expected to be free cash flow negative for two or more years. LIQUIDITY Olin has adequate liquidity. The SGL-3 Speculative Grade Liquidity Rating is supported by approximately $168 million in cash on hand and a $1.2 billion revolving credit facility that matures in 2030, with no outstanding balances (excluding $0.4 million of L/C) at 31 December 2025. Olin also has access to a $500 million accounts receivable facility maturing in November 2027, of which $340 million was utilized at year-end. In February 2026, Olin amended the terms of its revolving credit facility to provide additional room under the financial maintenance covenants through 3Q2027. As part of the amendment, certain Olin's domestic subsidiaries provided guarantees and lenders were given security in working capital, intangible assets and intellectual property (similar to the amendment they negotiated in 2020). The amendment also caps the accounts receivable facility at $500 million and the dividend at its current level. The guarantees and collateral are released at the end of the covenant relief period. Olin can also unilaterally exit the covenant relief period at any time, which would terminate the lien on the collateral and release the guarantees. Olin's financial maintenance covenants include a net leverage ratio and an interest coverage ratio. The net leverage ratio excludes up to $425 million of outstandings under the receivable facility. Olin's unsecured notes limit liens on fixed assets to less than 10% of Consolidated Net Tangible Assets. Olin Corporation is a Clayton, Missouri-based manufacturer and distributor of commodity chemicals and a manufacturer of small caliber firearm ammunition. The company operates through three main segments: (i) Chlor Alkali Products and Vinyls whose primary products include chlorine and caustic soda, ethylene dichloride and vinyl chloride, sodium hypochlorite (bleach), hydrochloric acid and potassium hydroxide; (ii) Epoxy, which produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products such as converted epoxy resins and additives; and (iii) Winchester, whose primary focus is the manufacture and sale of small caliber, sporting and military ammunition. Annual sales can range from $6 -10 billion depending on commodity prices. The principal methodology used in these ratings was Chemicals published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. OLIVER ARMS: To Sell East Point Property to Wallace Capital ----------------------------------------------------------- Oliver Arms Apartments LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns an apartment complex located at 3030 Washington Road, East Point, Georgia. The lienholders of the Property are Churchill MRA Funding I LLC and Investa Services, LLC. The Debtor is not aware of any other creditors asserting liens on the Property. The Property has no tenants and needs further capital investment into improvements. The Debtor has been shopping the Property for sale to its contacts in the industry and has secured a buyer for the Property for $2,000,000. The Debtor believes that this is the best price that it can get for the Property as-is and that it represents the true fair market value for the Property. The Debtor proposes to sell the Property for $2,000,000 to Wallace Capital Group LLC, who is not an insider of the Debtor. Further, no commissions are contemplated to be paid under the Purchase Agreement. The Debtor submits that the proposed purchase price amounts to fair market value for the Property. The Debtor has determined that selling the Property pursuant to the Purchase Agreement is in the best interests of the estate and its creditors because it will maximize the value of the estate's assets. The Debtor has determined that the sale of the Property pursuant to the Purchase Agreement will help maximize the value of the Debtor's bankruptcy estate for the benefit of creditors. The proposed purchase price is fair market value and creditors will receive a greater share of said proceeds since no commissions are being paid at closing. About Oliver Arms Apartments Oliver Arms Apartments, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-64023) on December 1, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, in Atlanta, Georgia. ORYX SYSTEMS: Seeks Chapter 11 Bankruptcy in North Carolina ----------------------------------------------------------- On February 27, 2026, Oryx Systems Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of North Carolina. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Oryx Systems Inc. Oryx Systems Inc. is a technology company providing software solutions and systems integration services for business and industrial applications. Oryx Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30244) on February 27, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The debtor is represented by John C. Woodman, Esq. of Essex Richards. OXFORD FINANCE: Moody's Affirms 'Ba2' LongTerm CFR, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Oxford Finance LLC's (Oxford) Ba2 long-term corporate family rating and Ba3 senior unsecured notes rating. The outlook is stable. RATINGS RATIONALE Oxford's Ba2 CFR and Ba3 senior unsecured rating reflect its continued growth and good performance in its healthcare and life science niche, as well as strong profitability and solid capitalization. The company earns high net income, reporting an annualized ratio of net income to average managed assets usually above 3% each quarter over the past several years. Also, the company's capitalization remains solid, with tangible common equity (TCE) to tangible managed assets (TMA) typically between 20% and 28% (23.7% as of September 30, 2025). Moody's expects the company's capital and equivalent debt-to-equity ratio to hover around 3.25x, similar to past levels. Credit challenges include Oxford's concentrated loan portfolio in the healthcare finance market and the company's high reliance on secured funding. The company's credit performance has been historically solid, but problem loans can fluctuate due to sector-wide risks that could result in asset quality deterioration. However, this is partially offset by a relatively granular portfolio with top 10 exposures being approximately 16% of total loans. Oxford relies heavily on confidence-sensitive secured funding at about 65% of gross tangible assets. Loan growth and a senior unsecured note due February 2027 have somewhat weakened the company's liquidity coverage over the next 12 months. Oxford's Ba3 senior unsecured rating reflects the debt's ranking and size in the company's capital structure. The Ba3 senior unsecured rating assigned to Oxford is one notch below the Ba2 CFR, reflecting a substantial amount of secured debt senior to Oxford's unsecured notes. The stable outlook reflects Moody's expectations that Oxford will maintain stable profitability, asset quality, funding, and liquidity in the next 12-18 months. The outlook also reflects Moody's expectations that Oxford will successfully refinance its February 2027 unsecured debt maturity and continue to diversify its loan portfolio over time, which would help offset any modest leverage increase. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Oxford significantly improves the diversification of its loan portfolio, leading to a sustained reduction in sector and borrower concentrations, while maintaining asset quality and underwriting standards. The ratings could also be upgraded if the company meaningfully improves its capitalization while also reducing its reliance on secured funding and improving liquidity coverage. The ratings could be downgraded if the company reports a significant deterioration in asset quality, profitability, or liquidity coverage. The ratings could also be downgraded if Oxford's leverage as measured by the company's debt (including non-recourse facilities) to equity ratio increases and remains above 3.5x. The senior unsecured rating could be downgraded if the company's funding mix were to shift more toward secured debt on a sustained basis. The principal methodology used in these ratings was Finance Companies published in July 2024. P Y T-SHIRTS SILK SCREENING: Has Deal on Cash Collateral Access --------------------------------------------------------------- P Y T-Shirts Silk Screening Co. Inc. dba American Printworks and the U.S. Small Business Administration advise the U.S. Bankruptcy Court for the Central District of California, Los Angeles 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 agreed that the Debtor may use cash collateral from February 22, 2026 through April 30, 2026. The Debtor operates a long-standing t-shirt imprinting and silk-screening business in the City of Vernon, employing nearly 100 individuals. The business has experienced fluctuating income and expenses in recent years, and its principal has contributed approximately $2 million in loans to support operations and relocation costs. The Debtor asserts that, after operating expenses and payments to the SBA, remaining profits will help fund a Subchapter V plan. The company's primary assets consist of equipment, fixtures, and accounts receivable. The SBA is the Debtor's principal secured creditor. In September 2020, the Debtor obtained a COVID Economic Injury Disaster Loan in the original amount of $150,000, which was later increased in July 2021 to $500,000. The loan carries a 3.75% interest rate over a 30-year term, with monthly payments of $2,536 beginning after a 24-month deferral period. As of the petition date, approximately $500,847.99 was owed. The loan is secured by a blanket lien on substantially all of the Debtor's tangible and intangible personal property, including inventory, equipment, accounts receivable, deposit accounts, general intangibles, proceeds, and related assets, as evidenced by executed security agreements and properly filed UCC-1 financing statements. Because the SBA holds a valid, perfected security interest in the Debtor's personal property and its proceeds, including cash collateral, the Debtor may not use such cash collateral without either SBA's consent or court authorization under 11 U.S.C. section 363(c)(2). The Debtor and the SBA have entered into a stipulation permitting interim use of cash collateral on agreed terms, retroactive to the petition date through April 30, 2026. Under the proposed arrangement, the Debtor will use cash collateral to pay ordinary and necessary operating expenses in accordance with a detailed budget, with authority to deviate up to 15% in the aggregate or by category (without adding new categories) to account for unforeseen fluctuations. The Debtor also agrees to resume monthly payments of $2,536 to the SBA beginning April 1, 2026, and to segregate excess revenues in its debtor-in-possession account beyond amounts needed to satisfy budgeted expenses. The Debtor argues that absent authorization to use cash collateral, it will be unable to meet payroll, pay rent, utilities, insurance, and other necessary expenses, which would force a shutdown of operations and irreparably harm the prospects of reorganization. The Debtor maintains that continued operations will preserve and potentially enhance the going-concern value of the business, thereby protecting the SBA's collateral position. Although the Debtor acknowledges that its assets are valued at approximately $350,000—less than the SBA's secured claim—it asserts that adequate protection is nonetheless provided through ongoing payments, preservation of collateral value, maintenance of the SBA's lien rights, and the generation of revenue necessary to fund a reorganization plan. A copy of the stipulation is available at https://urlcurt.com/u?l=IHS0Dh from PacerMonitor.com. About P Y T-Shirts Silk Screening Co. Inc. P Y T-Shirts Silk Screening Co. Inc. operates a long-standing t-shirt imprinting and silk-screening business in the City of Vernon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal Case No. 2:26-bk-11613-DS) on February 22, 2026. The Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Deborah J. Saltzman oversees the case. Stella Havkin, Esq. represents the Debtor as legal counsel. PARAISO INFANTIL: Retains Monge Robertin Advisors as Advisors ------------------------------------------------------------- Paraiso Infantil Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to retain Jose M. Monge Robertin, CPA, CIRA and Monge Robertin Advisors, LLC to serve as its insolvency and restructuring advisors. Monge will provide these services: (a) plan development; (b) liquidation analysis; (c) claims administration and review; (d) tax consulting; (e) financial consulting; (f) feasibility analysis; (g) negotiations with creditors; (h) investment and financing matters; and (i) other matters to assist counsel and Debtor's reorganization. The firm's standard hourly rates are: Jose M. Monge Robertin, CPA, CIRA $275 Maria Peña, MST, CIRA-Tax and Reorganization Partner $175 Brenda Ortiz, MBA, MST, CPNL, Accountant $100 Senior accountant $85 Assistant accountant $45 Staff support $35 As a nonprofit entity, a discount to standard rates of 25% on fees will be provided. Travel time will be billed at 50% of approved timely rates in trips exceeding one hour round-trip. According to court filings, Monge Robertin Advisors, LLC and Jose M. Monge Robertin, CPA, CIRA do not hold or represent any interest adverse to the Estate and are disinterested parties within the meaning of Sections 101(3) and 327 of the Bankruptcy Code. The firm can be reached at: Jose M. Monge Robertin, CPA, CIRA MONGE ROBERTIN ADVISORS, LLC INNOVA Building, 16 Innovacion Ave, Valle Tolima Caguas, PR 00725 Telephone: (787) 745-0707 Direct Phone: (787) 305-1121 Cellphone: (787) 410-1107 Email: cpamonge@cirapr.com About Paraiso Infantil Inc. Paraiso Infantil Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00493) on February 10, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Rolando Emmanuelli Jimenez, Esq., at Bufete Emmanuelli, C.S.P. represents the Debtor as legal counsel. PARKER & SONS: Seeks Ch. 11 Bankruptcy in North Carolina -------------------------------------------------------- On February 26, 2026, Parker & Sons Grading Co. Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of North Carolina. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Parker & Sons Grading Co. Inc. Parker & Sons Grading Co. Inc. is a construction services company that specializes in land grading, excavation, and site preparation for residential, commercial, and infrastructure projects. Parker & Sons Grading Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40062) on February 26, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. PAT MCGRATH: Miami Judge Fast-Tracks Restructuring Plan ------------------------------------------------------- Annie Mayne of Law.com reports that a Miami federal bankruptcy judge has accelerated the restructuring efforts of Pat McGrath Cosmetics LLC by conditionally approving a disclosure statement tied to a $30 million financing deal meant to rescue the cosmetics company. The approval allows the debtor to move forward with its Chapter 11 reorganization and seek creditor support for the proposed plan. "I'm not going to continue this for two reasons. The first is, this is a fast case ... the second is, I don’t have time for another hearing ... [it's] just the way it is," said U.S. Bankruptcy Judge Laurel M. Isicoff of the Southern District of Florida. The funding package was arranged by GDA Luma Capital Management, which committed to providing $10 million in debtor-in-possession financing and an additional $20 million in post-emergence capital to help fund operations once the company exits bankruptcy protection, the report atates. As part of the restructuring, the investment firm is expected to take a controlling stake in the reorganized company, while founder Pat McGrath will remain involved in the brand's creative direction as chief creative officer. The deal is intended to reduce the company's debt burden and provide a path for continued growth, according to Law.com. About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PHYSICAL INVESTMENTS: To Sell Roanoke Property to Fast Track Flips ------------------------------------------------------------------ Physical Investments, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the following real estate, with associated liens: a. 1611 10th Street, NW, Roanoke, VA 24012 (Property), subject to the following liens: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke City, Virginia (Roanoke Treasurer); ii. Deed of Trust in favor of Fay Servicing, LLC (Fay Servicing). The balance currently owed to Fay Servicing is approximately $115,000.00. The Debtor is not aware of any other liens on the Property. The Debtor requests that the Court authorize it to sell the Property, or substantially similar contract, free and clear of all liens, and encumbrances and other interests other than validity recorded easements. The Debtor proposes that any liens on the Property attach to the proceeds of the Property to the same extent, with the same validity and priority, as the liens have in the Property. The purchaser of the property is Fast Track Flips, LLC. The amount of the purchase price is less than the aggregate secured debt. Fay Servicing should be paid in full from the closing proceeds. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PIC ESTATE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On March 2, 2026, PIC Estate LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 200 and 999 creditors. About PIC Estate LLC PIC Estate LLC is a real estate holding and investment company involved in the ownership, management, and development of property assets and related investments. PIC Estate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40725) on March 2, 2026. In its petition, the Debtor reports estimated assets ranging from $100 million to $500 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Howard Marc Spector, Esq., of Spector & Cox, PLLC. PLEW PROPERTIES: Gets OK to Use Cash Collateral ----------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas, Houston Division entered an agreed order authorizing Plew Properties, LLC to use cash collateral of secured lender Investar Bank, National Association. The Court authorized the debtor to use cash collateral—defined primarily as rents, lease revenues, and rental deposits—solely to pay operating expenses outlined in an approved budget. The authority continues until confirmation of a plan, dismissal, or conversion of the case. Monthly spending may not exceed budgeted totals without Investar's consent, although a 10% aggregate variance is permitted. Unused funds may be carried forward to later periods, and any shortfall between income and expenses must be covered by the debtor's equity holders. The order also establishes mandatory sale milestones tied to the debtor's continued access to cash collateral. These include deadlines to file and obtain approval of bidding procedures, conduct an auction if necessary, obtain court approval of a sale, and close the transaction by July 31, 2026. Failure to meet these milestones terminates the debtor’s authority to use cash collateral unless extended by agreement with Investar. As adequate protection, Investar receives replacement liens on postpetition rental income and related proceeds, as well as a superpriority administrative expense claim to the extent of any decline in collateral value. The lender is also entitled to adequate protection payments under the budget. A carve-out preserves payment of approved professional fees, U.S. Trustee fees, and court clerk fees ahead of lender recovery. The debtor stipulated that Investar holds valid first-priority liens on approximately 78.392 acres of real property in Montgomery County, Texas, securing debt exceeding $6.6 million in principal plus interest and fees. Parties in interest have 30 days from entry of the order to challenge Investar's claims or lien priority. About Plew Properties, LLC Plew Properties, LLC is a real-estate holding company headquartered in Bloomington, Illinois, which owns property assets at 15900 Schank Road in Conroe, Texas. Plew Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37423) on December 5, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Christopher M. Lopez oversees the case. Tran Singh LLP is Debtor's legal counsel. POTOMAC ENERGY: S&P Affirms 'BB-' Rating on Fungible Term Loan -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Potomac Energy Center LLC's term loan after review of closing documents and interest rates. The recovery rating is '3', which reflects its expectations for meaningful recovery in the event of default. The stable outlook reflects S&P's expectation the project will continue to operate in line with its historical performance and generate debt service coverage ratios (DSCRs) largely in the 1.4x-2.0x area through the life of the project, which includes the post-refinancing period. In February 2026, Potomac issued a $216.3 million fungible term loan add-on under its existing term loan B (TLB) structure. It distributed proceeds to project owner Blackstone Energy Transition Partners IV L.P. The project also upsized its revolver by $30 million. As a result, the term loan balance increased to $715 million and revolver capacity increased to $110 million at the close of this transaction. Potomac also entered into 15-year energy and capacity contracts on 300 megawatts (MW) of capacity, which provides it with additional cash flow to support the incremental debt. Potomac owns an operating 774 MW natural-gas power plant in Leesburg, Va. The facility achieved commercial operations in April 2017 and consists of two Siemens SGT6-5000F combustion turbines. The facility only burns natural gas fuel. Kindle Energy, a Blackstone portfolio company, manages the asset. Potomac has contracted 300 MW of capacity, which covers a significant portion of forecasted generation during the contracted period and supports coverage of incremental debt. These contracts with an 'A-' rated electric cooperative offtaker, which expire in 2042, provide substantial locked-in margin on forecasted generation through a fixed premium, which covers power and capacity revenues and an additional premium on the reimbursement on fuel and operating costs over the contracted period. This materially reduces volatility for a substantial portion of the asset life. It provides an implied premium to S&P Global Ratings-adjusted margins relative to merchant generation, supporting the addition of incremental debt and improving resiliency to our downside case over the contract life. S&P said, "That said, the project remains exposed to merchant risk for the remainder of its capacity, including full merchant exposure at the tail of its asset life, which we consider to be through 2047. Under a weak-link approach, we consider this phase as the primary driver of the rating because contractual benefits are no longer applicable in our assessment of market risk and our forecast has about $79 million of debt remaining to be amortized during this five-year tail." Under current market conditions, power prices in the PJM-DOM have cleared at a premium relative to the broader PJM-RTO, resulting in clean spark spread expectations of $19-22/MWh on merchant generation over the asset life. However, power prices are difficult to predict and can exhibit volatility from period to period. Capacity prices in PJM-DOM to continue to clear at capped rates, reflecting outsized load growth because of data center development and constrained supply additions. The 2027-2028 auction cleared at the PJM capacity price cap of $333/MW-d. On February 19th 2026, S&P Global Ratings updated its assumptions around capacity prices in PJM from its prior review, reflecting higher capacity prices in the broader PJM market through 2031. S&P said, "We expect the current price signal should be an incentive for investment in incremental dispatch. However, the PJM market has limited transmission capacity and long interconnection processes, resulting in high barriers to entry and delayed timing for new entrants, especially in the PJM-DOM region. We anticipate the PJM-DOM market will remain constrained given its concentration of data centers and expect capacity prices to clear at a premium to the rest of PJM in 2032-2033 and thereafter." Potomac is one of the most efficient gas plants in the PJM-DOM supply stack, with a full baseload heat rate of about 7,136 Btu/kWh and relatively low marginal costs. Potomac has contractual arrangements to source its natural gas supply primarily from Eastern Gas South (formerly Dominion South), which exhibited a 20%-25% discount to Henry Hub and provides a competitive advantage relative to other combined-cycle gas turbine (CCGT) plants that source from higher-cost regions. Its low heat rate and cost advantage puts it ahead of other plants in the PJM-DOM dispatch stack, but its position in the DOM does not isolate it from competition from neighboring zones. S&P anticipates data center demand growth and supply constraints should continue to support capacity factors of over 65% over the next five years under normal operating conditions. Historical capacity factors have largely remained at 68%-76% since 2021 under normal operating conditions. The project may be exposed to refinancing risk at the end of its debt term. S&P said, "We forecast the project will not have sufficient CFADS and cash on hand to repay debt outstanding at maturity in 2032. Prospects for debt repayment over the debt tenor under the TLB sweep structure are sensitive to changes in market-driven and regulatory variables, particularly for projects with merchant exposure such as Potomac. We estimate approximately $503 million, or 70% of the issuance amount, will remain outstanding at the end of the debt term." S&P said, "The stable outlook recommendation reflects our expectation that Potomac will have dispatch levels in excess of 65% and spark spreads of $19-$22 per megawatt hour (/MWh) through the life of the TLB. We project DSCRs of 1.4x-2.0x through the life of the project, which includes the post-refinancing period. "We could lower the rating if we expect the project could not maintain a minimum DSCR of 1.30x on a sustained basis. This could result from factors such as lower-than-expected capacity factors or material reductions in power price, or if operational challenges such as forced outages result in lower plant availability." While unlikely within the next year or so due to the single-asset nature of the project, S&P could raise the rating if: -- S&P has a qualitative view that it could rate the project 'BB' given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk; and -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period. PPS PROPERTY: To Sell Plainfield Property to RWP Property for $650K ------------------------------------------------------------------- PPS PROPERTY 800 George St., LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 800 George Street, Plainfield, New Jersey. The Debtor receives an offer to purchase the Property from RWP Property Management LLC in the amount of $650,00.00. The Debtor considers the contract to be most favorable and equivalent to the fair market value. The Debtor has not received any higher or better offers for the property. To the best of Debtor's knowledge the proposed buyer is RWP Property Management LLC and is a disinterested purchaser who is not associated in any way with the Debtors. At the time of the closing, the Debtor shall pay a legal fee of $2,500.00 in connection with filing the motion, contract review and sale of property and in court fees of $199.00 to Robert C. Nisenson at the time of closing subject to court approval. The Debtor shall also pay a flat fee of $4,000 in realtors commissions to EXP Realty Services pursuant to the Contract. The claim of Tryon Street Acquisition Trust 1 shall be paid at the time of the closing pursuant to the payoff letter and the creditor will amend its claim within 14 days of closing. About PPS Property 800 George St., LLC PPS Property 800 George St., LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case #: 26-10135 VFP) on January 7, 2026. Judge Vincent F. Papalia presides over the case. Robert C. Nisenson at Robert C. Nisenson, LLC, represents the Debtor as legal counsel. PRECISION TRADES: Taps Gray Pilgrim & Associates as Accountant -------------------------------------------------------------- Precision Trades & Services, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to appoint Philip Krum of Gray Pilgrim & Associates, LLC as accountant. The firm will provide these services: (a) accounting services in respect to payroll and taxes; (b) payroll Preparation including W2s; (c) quarterly payroll Report Preparation; (d) corporate income tax returns; (e) personal income tax returns; (f) monthly bank/CC reconciliations; (g) partnership income tax returns; (h) monthly financials, qb review and 1099s; (i) accounts payable (bill pay); (j) allocation reports; (k) personal property tax returns; (l) tax estimates/tax planning; (m) tax audits; (n) meetings with you or on your behalf; (o) contract preparation and/or review; (p) valuation preparation and/or review; and (q) other consulting services corporate/personal tax returns billed accordingly. Gray Pilgrim & Associates, LLC will bill $600 per month for the payroll and tax services. Accounting rates begin at $125 hourly for a Staff Accountant and go up to $425 hourly for a Senior Partner. Consulting rates range from $325 to $425 per hour. Gray Pilgrim & Associates, LLC represents no other entity in connection with this case, is a disinterested party as that term is defined in 11 U.S.C. Sec. 101(14), and represents or holds no interest adverse to the interest of the Estate with respect to the matters on which it is to be employed, except as noted in the Affidavit of Professional. The firm can be reached at: Philip R. Krum GRAY PILGRIM & ASSOCIATES, LLC 422 Epic Drive Chambersburg, PA 17201 Telephone: (717) 263-8713 Website: www.gpallc.net About Precision Trades & Service LLC Precision Trades & Service, LLC provides residential and commercial renovation and improvement services, including roofing, siding, gutters, interior remodels, flooring and tile installation, decks, pergolas, windows, doors, and custom additions. It operates as a general contractor in Pennsylvania, Maryland, and West Virginia, serving multiple counties in each state. Precision Trades & Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00174) on January 22, 2026, with $369,655 in assets and $1,751,467 in liabilities. Jacob Plank, managing member, signed the petition. Judge Henry W. Van Eck oversees the case. Lawrence V. Young, Esq., at CGA Law Firm represents the Debtor as bankruptcy counsel. RELIABLE ENERGY: To Sell Hydraulic Accumulators to B & D Flowback ----------------------------------------------------------------- Reliable Energy Solutions LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Louisiana, Lafayette Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks authority to sell assets of the estate being 10 Hydraulic Accumulators and pay the proceeds of the sale to United Community Bank. Details of the accumulators can be found at https://urlcurt.com/u?l=TKzeEa. The Debtor believes United Community Bank holds a first lien on the assets to be sold. Debtor has proposed a liquidating plan which has not yet been confirmed by the court. Among the assets of Debtor's estate are ten accumulators, more particularly described as set forth in the attached "Invoice." All are subject to the mortgage of United Community Bank. The Debtor received an offer from B & D Flowback of 3808 S. Eastman Road, Longview, Texas, to purchase the Accumulators for the sum of $20,000.00, each, or a total of $220,000.00. The Debtor seeks an order approving the sale of the Accumulators to B&D, or any other purchaser willing to buy the same for the same price, and allow it to pay the sales proceeds to United Community Bank, in exchange for a reduction in the amount of the debt owed. The terms of the sale provide that the price is to be paid in cash or cash equivalent at the time of closing. The property should be sold free of liens with the liens and encumbrances to be paid out of the sales proceeds, in order to be able to deliver a good, valid and merchantable title to the purchaser of this property. Debtor believes the sale and the offer made are fair, and Debtor recommends approval of each sale as being in the best interests of the estate. The Debtor desires to accept the offers made, or any other which may be in an amount in excess of the amounts set forth. The Purchaser shall buy the Property "as is, where is." The sale shall be without any warranty or recourse whatsoever, even as to return of the purchase price, but with full substitution and subrogation to all rights and actions of warranty against all preceding owners. The sale of the property is in keeping with the stated intent of the debtor to liquidate its assets for the best price possible which will inure to the benefit of its creditors. Debtor believes the proposed sale is in the best interest of the debtor, its creditors and all parties in interest. About Reliable Energy Solutions Reliable Energy Solutions, LLC -- https://resgenerator.com/ -- provides full installation and service of all Generac standby generator systems. Reliable Energy Solutions sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-50826) on September 26, 2024, with $1 million to $10 million in both assets and liabilities.Harry Thibodaux, managing member, signed the petition. Judge John W. Kolwe handles the case. The Debtor is represented by Thomas R. Willson, Esq., at the Law Office of Thomas R. Willson. RIVERSIDE EXPRESS: Court OKs Continued Use of Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, granted Riverside Express Car Wash, LLC's approval for continued use of cash collateral. The cash collateral motion is granted on the condition that the Debtor continues to make monthly payments of $10,400 to T Bank N.A. as adequate protection, on the 1st day of each month. Riverside operates a car wash facility in Riverside, California, valued at $4.6 million, with additional personal property valued at $24,307. The Debtor owes approximately $8.86 million to secured creditors T Bank, Bay Area Development Co., and the Riverside County Treasurer. T Bank holds the first-position lien. T Bank is represented by: Joshua K. Partington, Esq. Nicholas S. Couchot, Esq. Rachel A. McMains, Esq. Snell & Wilmer, L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 jpartington@swlaw.com ncouchot@swlaw.com rmcmains@swlaw.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. ROUTE 95 WOOD: Seeks to Hire Johnson Legal Services as Counsel -------------------------------------------------------------- Route 95 Wood Products, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Johnson Legal Services, PLLC as counsel. The firm will render these services: (a) assist in navigating the complexities of the Chapter 11 process; (b) advise the Debtor on its legal rights and obligations; (c) prepare and file necessary documents; (d) file adversary proceedings as necessary to reorganize; (e) assist the formulation of a plan of reorganization; and (f) perform other tasks that may be required during the pendency of the Chapter 11 case. The firm will be billed at an hourly rate of $450 for attorney's time and $110 for paraprofessional time, plus reimbursement. Prior to the petition date, the firm received a pre-petition payment of $7,500, including the filing fee of $1,738. Ryan Johnson, Esq., an attorney at Johnson Legal Services, 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: Ryan W. Johnson, Esq. Johnson Legal Services, PLLC 1049 Market Street Wheeling, WV 26003 Telephone: (304) 212-4950 Email: Johnson.legal.services.pllc@gmail.com About Route 95 Wood Products LLC Route 95 Wood Products, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 26-00126) on March 1, 2026, listing under $1 million in both assets and liabilities. Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC serves as the Debtor's counsel. SANDY PINES: Campground Auction Scheduled for March 5 ----------------------------------------------------- Keen Auction Co., Inc. will hold an auction for Sandy Pines, LLC's Sandy Pines Campground on March 5, 2026 at 1:00 p.m. on site at 277 Mills Road (Rt. 9), Kennebunkport, Maine, Sandy Pines Campground is a camping resort. Property features: -- 46.25 +/- AC -- 268 +/- sites -- lodge/general store -- glamp tents -- park models -- RV & tent sites -- unique cottages -- saltwater pool -- kayak launch For complete terms and a Property Information Package visit KeenanAuction.com or call (207) 885-5100 and request by auction #26-13. About Sandy Pines Sandy Pines, LLC, operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-100xx) on Feb. 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SEASHORE: March 5 Auction Set for Maui Beachfront Portfolio ----------------------------------------------------------- Keen-Summit Capital Partners LLC will hold a bankruptcy auction for Seashore Properties, LLC's Maui Beachfront Hospitality Portfolio, a distinguished collection of nine properties spanning three blocks in the heart of Paia, Maui's most vibrant and walkable beach town, on March 5, 2026. The bid deadline was February 26, 2026. This diverse portfolio includes profitable hospitality accommodations, renowned restaurants, elegant wedding and event venues, bustling retail spaces, and multifamily residences. Its strategic location, surrounded by local boutiques and eateries, coupled with expansion potential and robust financial performance, makes this offering exceptionally valuable and nearly impossible to replicate. With various financing options available, investors can choose to acquire the entire portfolio or individual properties, unlocking limitless potential to create an unforgettable island experience. Investment Highlights Strategic Location: Centrally located in vibrant, walkable Paia Town on Maui's North Shore, just 4 miles east of Kahului Airport Diverse Portfolio: Includes nine parcels with hospitality, retail, restaurant, and beachfront residential properties Proven Financial Performance: Strong revenue history with customizable financing options available Future Development Potential: Opportunities for adding new hotel rooms and facilities to enhance property value and revenue Prime Accessibility: Surrounded by local shops, restaurants, sandy beaches and county parking facilities Portfolio Overview Website - www.mauiboutiquehotelforsale.com Property Description * 93 Hana Highway Paia Inn - 9 room inn with ground floor retail and a restaurant/bar with Rooftop * 95 B Hana Highway Two-story fourplex (6Bed/4BA) with detached Storage/Office * 40 AE Place Two Garden Cottages with beach access * 23 Nalu Place Beachfront 3 Bed/ 2BA Home * 69 Hana Highway Freestanding Retail with attached apartment * 75 Hana Highway Parking Lot with Development Potential * 65 Hana Highway Surf Club - Beachfront Restaurant & Venue * 49 Hana Highway Temple Makai - Beachfront Wedding & Event Venue * 33 Hana Highway Beachfront Estate - 4 Bed / 3 BA with detached cottage & garage Additional info: http://www.keen-seashoreproperties.com Keen-Summit Capital Partners LLC (646) 381-9222 http://www.keen-summit.com About Seashore Properties Seashore Properties, LLC, doing business as Paia Inn, operates a boutique hotel located at 93 Hana Highway in Paia on the island of Maui, Hawaii. The inn provides upscale lodging accommodations that blend contemporary amenities with local design elements, offering rooms and suites equipped with modern conveniences such as private baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore beach town, the property serves both leisure and business travelers seeking personalized hospitality and proximity to local dining, shopping, and coastal attractions. Seashore Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on Oct. 24, 2025, with between $10 million and $50 million in both assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. SEASON 2 CONSIGN: Seeks to Employ Brian K. McMahon as Attorney -------------------------------------------------------------- Season 2 Consign, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Brian K. McMahon P.A. to represent the Debtor in this Chapter 11 case. The firm will provide these services: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession; (b) advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtor in all matters pending before the Court; and (e) represent the debtor in negotiation with its creditors in the preparation of a plan. Mr. McMahon's current hourly rate is $450. Mr. McMahon has agreed to accept $8,500 to proceed with the case. Additionally, with the Court's permission, the Debtor agreed to pay 1,000 on the 15th day of each month after the case is filed during the pendency of the case as a post-petition retainer toward future fees. According to court filings, neither Mr. McMahon nor his firm represent any interest adverse to the debtor(s) or the estate, and they are disinterested persons as required by 11 U.S.C. Sec. 327(a). The firm can be reached at: Brian K. McMahon, Esq. BRIAN K. MCMAHON, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Season 2 Consign, LLC Season 2 Consign, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12407) on February 26, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. BRIAN K. MCMAHON, P.A. is Debtor's legal counsel. SHOSHANAH FASHIONS: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Shoshanah Fashions, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use the cash collateral of the U.S. Small Business Administration in accordance with its budget pending the final hearing. The SBA claims a security interest in pre-bankruptcy assets of the Debtor, including proceeds from pre-bankruptcy accounts receivable and cash on hand. As adequate protection, the SBA will be granted a continuing replacement lien and security interest to the same extent, validity and priority that it would have had in the absence of the Debtor's bankruptcy filing. The next hearing is set for April 23. Objections are due by April 21. The order is available at https://shorturl.at/4Y6ys from PacerMonitor.com. About Shoshanah Fashions Inc. Shoshanah Fashions, Inc. operates a women's fashion retail store in Canton, Massachusetts. Shoshanah Fashions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-10083) on January 14, 2026, listing up to $100,000 in assets and up to $1 million in liabilities. Stephen Gray of Gray & Company, LLC is the Subchapter V trustee. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff & Khoury, LLP, represents the Debtor as legal counsel. SIRIUS XM: Moody's Rates New Senior Unsecured Notes 'Ba3' --------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Sirius XM Radio LLC's (Sirius XM) new senior unsecured note. The Ba3 corporate family rating, Ba3-PD probability of default rating, the existing Ba3 senior unsecured notes rating, and stable outlook all remain unchanged. The speculative grade liquidity (SGL) rating also remains SGL-1. The net proceeds of the notes will be used to refinance Sirius XM's 3.125% senior notes due September 2026. The company announced a cash tender offer for any and all outstanding of the notes ($1 billion as of December, 31, 2025). Leverage will remain unchanged at 4.1x, including Moody's standard lease adjustments. While revenue and EBITDA are likely to be largely unchanged in 2026 due to competitive industry conditions, Moody's expects leverage to decline slightly to 4x driven by debt repayment. Interest expense is expected to be higher than the 3.125% senior unsecured note due in 2026, but the impact will be more than offset by additional debt repayment in the near term. Sirius XM's free cash flow (FCF) is expected to continue to improve in 2026 and 2027 as the company completes the replacement of its existing satellite fleet. RATINGS RATIONALE Sirius XM's Ba3 CFR reflects moderately high leverage, adjusted EBITDA margins of about 28% and strong operating cash flow of about $1.9 billion LTM Q4 2025. The substantial self-pay in-vehicle satellite radio subscriber base, unique mix of content with curated channels, sports, music streaming and podcasting assets combine to provide one of the leading digital audio providers in North America with significant scale. Sirius XM is challenged by a mature growth profile and faces strong competition from a wide variety of music streaming services that will continue to weigh on operating performance and limit growth. The company is pursuing several changes and enhancements to its service offering but it's uncertain how successful the initiatives will be. Significant investments on new satellites and updated platforms led to elevated capital spending and limited FCF, but FCF will increase over the next several years as new satellite launches are completed. Sirius XM's SGL-1 rating reflects the company's very good liquidity provided by its $2 billion senior secured revolver maturing in 2030 and a cash balance of $94 million as of Q4 2025. The company consistently generates solid FCF generation (FCF of $874 million or about 9% of adjusted debt as of LTM Q4 2025). Capital expenditures were $653 million LTM Q4 2025 as Sirius XM spent additional amounts for construction of new satellites and investments in its service offering but spending will decline over the next several years as new satellite spending is completed. Taking into consideration capital expenditures and quarterly dividends, Moody's expects FCF (defined as CFO less capex less dividends) to be about $1 billion in 2026. Sirius XM spent significantly on stock buybacks in prior years ($647 million in 2022 and $1,523 million in 2021) and as part of the Liberty Media split off transaction, but buyback activity was more modest at $136 million LTM Q4 2025. However, share repurchases may increase as the company approaches its target net leverage in the low to mid 3x range (as calculated by the company). A portion of FCF will also be used for debt reduction. The revolver has a 5x total leverage covenant (as defined in the bank credit agreement) and Moody's expects that the company will remain well within compliance with the covenant. The stable outlook reflects Moody's views that Sirius XM's leverage will decline modestly toward the 4x range in 2026 as a portion of FCF is used for debt repayment. Operating performance will remain constrained by a highly competitive environment from several leading music streaming services and result in relatively flat revenue and EBITDA performance through 2026. However, Sirius will continue to implement initiatives to try to improve growth and reduce costs. As satellite related capex decreases over the next several years, Moody's expects FCF to increase and lead to FCF as a percentage of debt above 10% in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade could occur if Sirius XM demonstrated organic revenue growth in the low to mid single digits with at least a stable subscriber base. Leverage would need to be sustained in the 3x range (as calculated by Moody's) with a FCF to debt ratio above 10% even during periods of satellite construction. A strong liquidity position with a conservative financial policy would also be needed with dividends and stock buybacks funded entirely from internally generated cash flow. A downgrade could occur if Sirius XM's leverage was sustained above 4.25x (as calculated by Moody's) or if FCF generation deteriorates as a result of customer migration to competing media services or problems with satellite operations. Organic revenue declines or a weakening of its liquidity position could also lead to negative rating pressure. Headquartered in New York, NY, Sirius XM Radio LLC (SiriusXM), is a wholly-owned operating subsidiary of Sirius XM Holdings Inc., which provides satellite radio services in the US and Canada through a fleet of six owned and active satellites. With about 32.9 million subscribers as of Q4 2025 (excluding Sirius XM Canada subscribers), the company creates and broadcasts commercial free music; live events; comedy; news; exclusive talk and entertainment; podcasts; and sports and talk programming. The wholly-owned Pandora Media, LLC (Pandora) subsidiary operates an ad-supported and subscription music discovery platform that allows users to create personalized stations and playlists, as well as search and play songs on-demand. Sirius XM holds a 70% equity interest and 33% voting interest in Sirius XM Canada (roughly 2.4 million subscribers). In September 2024, Sirius XM completed a split off transaction with former parent, Liberty Media Corporation that enabled Liberty Media to exit its ownership position in the company. Revenue totaled roughly $8.6 billion for the LTM period ended Q4 2025. The principal methodology used in this rating was Media published in September 2025. SOUTH SLOAN'S 2: Moody's Lowers Issuer & GOLT Ratings to Ba2 ------------------------------------------------------------ Moody's Ratings has downgraded South Sloan's Lake Metropolitan District No. 2, CO's issuer and general obligation limited tax (GOLT) ratings to Ba2 from Baa1. As of fiscal 2024, the district had about $22 million of GOLT debt outstanding. This action concludes a review for possible downgrade that was initiated on Dec. 09, 2025 in conjunction with the release of the US Special Purpose Districts methodology. RATINGS RATIONALE The Ba2 issuer rating reflects the district's limited scale of operations and weakness due to its governance structure given there are limited managerial resources available to react quickly to unexpected revenue declines or event risks. The Ba2 issuer rating also reflects a geographically small and highly concentrated tax base (67% top 10 taxpayer concentration) with resident income levels that represent about 111% of the national median. The district has experienced full value declines the last two years, a key source of property tax revenue, and also increased the long-term liabilities to full value ratio to 4.1%. The fiscal 2026 budget was adopted with a modest deficit but will keep reserves healthy relative to its limited operations, representing about 60% of revenue. The available fund balance to liabilities ratio will remain weak at about 5%, which is low for the sector. The Ba2 rating on the district's GOLT debt is the same as the issuer rating and reflects the significant headroom under the maximum millage available to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Trend of surplus operations that significantly increase available fund to liabilities ratio well above 7.5% and available fund balance to revenue ratio near 75% of revenue -- Moderation of long-term liabilities relative to full value to levels approaching higher rated peers, typically well below 4% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of reserves below 30% of revenue -- Additional debt issuance(s) resulting in a lower available fund balance to liabilities ratio and a higher long-term liabilities to full value ratio approaching 8% PROFILE The district is located in the city and county of Denver, and was established pursuant to a service plan approved in August 2013. The district was created to fund public infrastructure needed for development of a seven block mixed-use development to the south of Sloan's Lake, immediately west of downtown Denver. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. SOUTHERN TREE: Gets Court OK to Hire Bullseye Auction as Appraiser ------------------------------------------------------------------ Southern Tree Professionals, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division to employ Bullseye Auction & Appraisal, LLC as appraiser. The firm will provide these services: (a) determine the fair market value of the Debtor's equipment and vehicles listed in the Debtor's Schedules and in the proofs of claim filed by creditors asserting interests in such equipment; and (b) provide services as an expert witness as necessary in the bankruptcy case. Bullseye Auction & Appraisal, LLC will receive a fee of up to $4,000 to complete the appraisal of the Debtor's equipment and vehicles. Bullseye Auction & Appraisal, 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: Scott Schwartz BULLSEYE AUCTION & APPRAISAL, LLC 6470 E. John's Crossing Duluth, GA 30097 About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul-off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land-management sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge James R. Sacca oversees the case. William Rountree, Esq.. at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SPARTA US: Moody's Downgrades CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has downgraded Sparta US HoldCo LLC's (dba PQ Corporation) Corporate Family Rating to B2 from B1, Probability of Default rating to B2-PD from B1-PD, the ratings on its senior secured revolving credit facility, and senior secured first lien term loan to B2 from B1. The outlook has been changed to stable from negative. RATINGS RATIONALE The rating action reflects the company's elevated leverage, weak free cash flow generation with its sizeable capital expenditure program, and Moody's expectations that business conditions will remain soft and limit improvement in earnings and credit metrics in 2026. These constraints are partially mitigated by the company's solid market positions and good liquidity, which continue to support the credit profile. PQ Corporation's credit profile reflects its relatively small scale compared with many similarly rated companies and its limited product diversity, with revenues primarily derived from silicates, silicas, and related derivatives. While these products serve a range of industrial and consumer end markets, the company remains predominantly exposed to cyclical industrial demand, which remained challenged in 2025. Weaker end market conditions led to volume declines across most segments, particularly in the Americas, resulting in lower revenues and Moody's-adjusted EBITDA, despite partial offsets from pricing actions. Leverage, as measured by Moody's-adjusted debt to EBITDA, stayed elevated at around 6.0x in the LTM September 2025, reflecting lower earnings, while its free cash flow remained negative due to continued spending on capacity expansion in Georgia. While Moody's expects demand conditions will remain subdued in 2026, Moody's projections assumes that PQ Corporation's earnings will modestly improve, benefiting mainly from the realized cost savings from its restructuring initiatives and gradual volume contributions from its newly completed Georgia facilities. The modestly higher earnings should help to drive down its leverage to mid to high 5.0x range in 2026, consistent with the B2 rating. Furthermore, with materially reduced capital expenditures, Moody's expects PQ Corporation's free cash flow generation should return to modestly positive during the year, supporting the credit profile. The company's business profile is supported by its leading industry positions in silicates, especially in North America, where it has significant market share and competition is limited by transportation costs. Further supporting the rating is good geographic diversity with a global manufacturing footprint that ensures the ability to supply customers in a timely and cost-efficient manner. The rating also incorporates strong technical expertise, fairly significant barriers to entry given the capital investment and qualification requirements of customers and long-term customer relationships with a number of well-known brand names. The company's good liquidity is also an important supporting factor. RATINGS OUTLOOK The stable outlook reflects Moody's expectations that PQ Corporation's business performance will remain stable and its credit metrics will likely modestly improve benefiting from cost saving initiatives and contribution from new capacity expansion in the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade would require Debt/EBITDA, including Moody's standard adjustments, to be sustained below 4.5x and the private equity sponsors demonstrated commitment to financial policies that maintain leverage at or below that level, improved product diversity, and for free cash flow to remain consistently positive. A downgrade could be triggered if Debt/EBITDA is sustained above 6.5x, if free cash flow is persistently negative, if there is a significant deterioration in liquidity, a large debt-financed acquisition or large dividend to the sponsors. LIQUIDITY PQ Corporation has a good liquidity profile, with $92 million of cash and nearly full availability under its $125 million revolving credit facility at the end of September 2025. There are no near-term maturities as revolver matures in August 2028 and the term loan in August 2030. The company is projected to generate modestly positive free cash flow as it finishes up capacity expansion in Augusta, GA in 2026. The revolver has a springing first lien leverage ratio of 7.5x if borrowings exceed 35%. Moody's do not expect the company to borrow on the revolver and it currently has significant headroom under the first lien leverage ratio. STRUCTURAL CONSIDERATIONS The B2 ratings on the $125 million senior secured revolving credit facility due August 2028, $799 million senior secured first lien term loan due August 2030 reflect their senior position in the capital structure. The first lien revolver and term loan are secured by a first lien on the assets of the borrower and guarantors, which include domestic subsidiaries and stock pledges in foreign subsidiaries. The first lien term loan does not contain financial maintenance covenants while the revolving credit facility contains a springing maximum 7.5x first lien leverage ratio covenant that will be tested when the revolver is more than 35% drawn at the end of the quarter. Moody's do not expect the company to trigger the springing first lien test. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing PQ Corporation's credit quality, but not a driver of the actions. The company's (CIS-4) score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The score mainly reflects the risks associated with its leveraged capital structure and the exposure to environmental risks including physical climate risks related to its operations in the coastal regions as well as the high carbon intensity of the sodium silicates production process. Sparta US HoldCo LLC (dba PQ Corporation), headquartered in Malvern, PA, is a leading global producer of sodium silicates, specialty silicas and zeolites that have applications in diverse end markets such as personal care, industrial cleaning products, food & beverage and catalysts. The company is a carve-out from Ecovyst Inc. and on March 01, 2021, a partnership of Cerberus Capital Management, L.P. and Koch Minerals & Trading, LLC reached a definitive agreement to acquire the business for a total purchase price of approximately $1.1 billion. The company generated revenue of approximately $740 million for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Chemicals published in February 2026. SPRING MOUNTAIN: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- 1st Colonial Community Bank asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to prohibit Spring Mountain Brewing Company from continuing to use cash collateral in alleged violation of 11 U.S.C. section 363(c)(2), and further requests an accounting and turnover of such cash collateral. The dispute arises from a loan issued on November 25, 2020, in the original principal amount of $1.948 million to the Debtor, Lost Planet Brewing Company, Kathleen Platz, and Thomas Laky under the SBA lending program. The Borrowers executed a promissory note requiring repayment over 25 years and 9 months at a variable interest rate. To secure the loan, the Debtor and Lost Planet executed a security agreement granting the Bank a blanket lien on all assets, including accounts, receivables, inventory proceeds, money, certificates of deposit, deposit accounts, investment accounts, and other cash collateral. The Bank perfected its security interest by filing a UCC-1 financing statement with the Pennsylvania Department of State on November 25, 2020, and later continued the lien through a UCC-3 continuation statement filed on November 19, 2025. The Bank also holds mortgages on certain real property owned by the Borrowers, along with assignments of rents and leases. In February 2025, the Bank discovered that a federal tax lien in the amount of $48,097 had been filed against Lost Planet for unpaid 2022 taxes. The Bank asserts that the existence of this tax lien constituted a default under the terms of the promissory note. On February 24, 2025, the Bank demanded payment of the tax lien to avoid acceleration of the loan, but upon information and belief, the tax lien remains outstanding. Thereafter, on December 2, 2025, the Bank confessed judgment against the Borrowers in the Philadelphia County Court of Common Pleas in the amount of $2,400,625.84, plus ongoing interest and costs. Although the Borrowers petitioned to open or strike the judgment and sought a stay, the state court denied the stay request and scheduled oral argument. On February 17 -- the day before the scheduled oral argument -- the Debtor filed the present bankruptcy case. The remaining Borrowers have not filed for bankruptcy protection. The Bank alleges that the Debtor and Lost Planet operate a brewery in Royersford, Pennsylvania, but that it is unclear which entity is the true operating company. Although the Debtor owns the real property where the brewery operates, it reportedly does not receive rental income, leading the Bank to believe that funds may be commingled or used without regard to corporate separateness. The Bank further asserts that it has not received any loan payments since October 2025, and that payment was significantly late. According to the Bank, despite the Debtor's ongoing operations and collection of revenue, the Debtor has neither sought nor obtained court approval to use cash collateral as required under 11 U.S.C. section 363, nor has the Bank consented to such use. The Bank contends that the Debtor's continued use of cash collateral without authorization violates the Bankruptcy Code. A copy of the motion is available at https://urlcurt.com/u?l=nAmKAx from PacerMonitor.com. About Spring Mountain Brewing Company Spring Mountain Brewing Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10616) on February 17, 2026, with up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Ashely M. Chan presides over the case. Robert J. Lohr, II, Esq., at Lohr and Associates, Ltd. represents the Debtor as legal counsel. 1st Colonial Community Bank, as lender, is represented by Rebecca K. McDowell, Esq., at SALDUTTI LAW GROUP. SS&C TECHNOLOGIES: Moody's Affirms Ba2 CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed SS&C Technologies Holdings, Inc.'s ("SS&C") corporate family rating at Ba2 and its probability of default rating at Ba2-PD. Moody's also affirmed SS&C Technologies, Inc.'s existing backed senior secured credit facilities which are comprised of the company's $600 million revolver expiring 2027, $800 million senior secured term loan A due 2029, and recently upsized $4.985 billion senior secured first lien term loan B due 2031 at Ba1. Concurrently, Moody's affirmed the senior unsecured global notes issued by subsidiary SS&C Technologies, Inc. ("SS&C Technologies"), at Ba3. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. All outlooks remain stable. Moody's affirmation of the company's Ba2 CFR and respective facility ratings follows SS&C's cumulative debt raise of approximately $1.7 billion used to finance the acquisition of Battea and Calastone over the preceding 18 months. While both transactions were modestly leveraging, the acquisitions have long-term positive effects as they are synergistic with SS&C's core business offerings and provide potential for future growth. On February 05, 2026, the company reported earnings for the year ended December 31, 2025 that exhibited strong performance in which the company generated solid revenue and EBITDA (as defined by the company) growth of 6.6% and 7.9%, respectively. The strong results in a mixed capital markets environment provide support for Moody's anticipations for continued revenue and profit growth over the next 12 to 18 months and provide support for ratings affirmations. RATINGS RATIONALE The affirmation of SS&C's Ba2 CFR reflects debt leverage that Moody's considers moderately high, with debt/EBITDA of 3.6x (based on Moody's standard adjustments) for the year ended December 31, 2025 and corporate governance concerns related to the company's historical financial policies, featuring considerable expenditures on share repurchases and dividends, and an opportunistic, debt-fueled acquisition growth strategy. SS&C's history of increasing debt leverage significantly to finance acquisitions can result in high event risk and reflects an aggressive financial strategy, with ongoing potential for re-leveraging, that constrains credit quality. However, Moody's notes that the company has historically been able to successfully de-lever its balance sheet following the close and integration of significant acquisition targets. SS&C's credit profile is pressured by the company's concentrated vertical market focus with exposure to traditional and alternative asset management firms based in North America. To varying degrees, SS&C's fees from these customers can vacillate based on the market value of assets under management/administration and number of transactions processed. However, changes to revenues are somewhat cushioned from these factors due to their various pricing schemes, including minimum fees and tiered pricing. SS&C's large revenue scale, wide operating scope and solid competitive positioning as a leading provider of software and software-enabled services, primarily to financial services firms, provide rating support. SS&C's credit profile is further supported by its good revenue predictability, about 90% of which is attributable to recurring, transaction-based services provided to a very large client base as well as high revenue retention rates of over 95%. SS&C's strong profitability and annual free cash flow/debt of approximately 15% over the next 12-18 months provides capacity to gradually repay debt. The SGL-1 speculative grade liquidity rating reflects SS&C's very good liquidity profile, with cash of approximately $1 billion as of December 31, 2025 and Moody's expectations for over $950 million in free cash flow in 2026. SS&C's liquidity is also supported by the availability of a $600 million revolving credit facility (undrawn as of December 31, 2025) expiring in 2027. The revolver is subject to a maximum net leverage ratio covenant of 6.25x if utilization exceeds 30%. Moody's do not expect the covenant to be triggered, but expect that the company has ample operating cushion under the covenant if it is measured. The term loans do not include any financial maintenance covenants. The term loans require mandatory repayment from excess cash flow (as defined in the credit agreement), the amount of which is based on leverage levels. SS&C's Ba1 senior secured debt rating is one notch higher than the Ba2 CFR as the secured debt benefits from the first-loss absorption provided by the unsecured notes. The revolver and term loans are secured by a first priority security interest in substantially all tangible and intangible assets of the respective borrowers and their guarantor operating subsidiaries. SS&C Technologies, Inc.'s $2.75 billion of senior unsecured notes due 2027 and 2032 are rated Ba3, which is one notch lower than the Ba2 CFR, reflecting their junior position in the debt capital structure behind the large amount of secured claims. The stable outlook reflects Moody's expectations that SS&C will generate low single digit revenue and EBITDA growth over the next 12 to 18 months and debt/EBITDA will decline towards the low 3x level during this period, barring additional debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if SS&C expands revenues and EBITDA over the intermediate term such that the company can sustain debt/EBITDA below 2.5x with free cash flow/debt sustained above 20% while adhering to conservative financial policies. The ratings could be downgraded if SS&C experiences meaningful weakness in operating performance or adopts more aggressive financial strategies, such that Moody's expects debt/EBITDA to remain above 4x and free cash flow/debt to stay below 10%. The principal methodology used in these ratings was Software published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SS&C, headquartered in Windsor, Connecticut, is a provider of software and software-enabled services to over 18,000 clients in the financial services and healthcare industries. Moody's projects that SS&C will generate revenue of about $6.4 billion in 2026. SSP WASTE: To Sell Trash & Recycling Assets to South Platte Service ------------------------------------------------------------------- SSP Waste, Inc., seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Purchased Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the business of, among other things, residential trash removal and recycling in Jefferson County, Clear Creek County, and Park County, Colorado. Much of the Debtor's revenue is collected in advance on a quarterly basis primarily from residential customers. The Debtor collected approximately $580,000.00 for trash removal and recycling for the first quarter of 2026 (January 1, 2026 through March 31, 2026). The Debtor also has current accounts receivable of $48,000, which it anticipates collecting in the next few weeks. Based on recent quarters, the Debtor anticipates it will collect $360,000 in revenue as of April 1, 2026, for trash removal and recycling to be performed in the second quarter of 2026. The Debtor and Buyer hope to obtain approval of the Motion such that they can close the transaction as close to April 1, 2026, as possible. The Debtor will continue to perform the trash removal and recycling services until the Operations Transition Date, including for the period between April 1, 2026, and the Operations Transition Date, and the Prepayment shall be allocated based on the Operations Transition Date. The Debtor also provides services to a number of homeowners associations, in several instances pursuant to executory contracts. The executory contracts for the HOAs are Purchased Assets and will be assumed and assigned to the Buyer. The Debtor filed its chapter 11 case as a result of continuing losses and ongoing litigation with equipment lenders and merchant cash advance lenders. The Debtor asserts that the proposed sale is better for creditors than a chapter 7 liquidation. In addition, sale rather than liquidation will preserve jobs and provide uninterrupted trash removal services to Debtor’s customers in and around Park County, Colorado. The Buyer is not an insider. In the past four years, the Buyer purchased certain assets from the Debtor in arms-length transactions and has advanced funds to the Debtor to bridge cash flow shortfalls several times. The Buyer and the Debtor have also entered into a secured line of credit for up to $200,000.00 to ensure the Debtor has sufficient funds to operate its Business in chapter 11 pending approval of the Motion The summary of key terms in the Asset Purchase Agreement (APA) signed by the Debtor and the purchaser, South Platte Services, LLC or its assignee, is provided. https://urlcurt.com/u?l=u0SibP The aggregate purchase price for the Purchased Assets shall be $551,500.00 plus the amount required to pay any cure costs for Assigned Contracts and Assigned Leases, if any. No commissions are due to any brokers or investment bankers under the APA. The Debtor has insufficient cash flow to sustain operations, and the Buyer will continue to provide trash removal and recycling services for the benefit of the Debtor’s customers and the community in which the Debtor operates. The Buyer is not an insider and is not related to the Debtor. The Debtor submits that the Buyer is a good faith purchaser within the meaning of section 363(m) of the Bankruptcy Code About SSP Waste, Inc. SSP Waste, Inc. is engaged in the business of, among other things, residential trash removal and recycling in Jefferson County, Clear Creek County, and Park County, Colorado. SSP Waste sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-11311 MER) on March 4, 2026. Judge Michael E. Romero presides over the case. David Wadsworth at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. SUNOCO LP: Moody's Rates New $500MM Senior Unsecured Notes 'Ba1' ---------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to Sunoco LP's (Sunoco) proposed $500 million senior unsecured notes due 2031 and its proposed $500 million senior unsecured notes due 2034. Sunoco's existing ratings, including its Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating, are unchanged. The rating outlook remains stable. Proceeds from the offerings, along with borrowings under its revolving credit facility, will be used to redeem wholly-owned subsidiary NuStar Logistics, L.P.'s $500 million backed senior unsecured notes due June 2026 and Sunoco's $600 million senior unsecured notes due April 2027. RATINGS RATIONALE The proposed senior unsecured notes are rated Ba1, the same as Sunoco's other senior unsecured notes, and will rank pari passu with its existing notes. Sunoco's senior unsecured rating is the same as its Corporate Family Rating (CFR), reflecting the entirely unsecured nature of its capital structure. Sunoco's Ba1 CFR benefits from its investment grade scale, a large operating footprint, and a strong measure of contracted pipeline and storage earnings that bring important diversification and margin stability to its legacy wholesale fuel distribution business. The late 2025 acquisition of Calgary, Alberta-based Parkland Corporation expanded Sunoco's wholesale distribution operations into Canada and the Caribbean and adds considerable scale. Sunoco is one of the largest distributors of motor fuels in North America, benefitting from the geographic reach and revenue stability of this business and the strength of its Sunoco retail brand in the US. The rating is constrained by Sunoco's elevated debt leverage and its exposure to fuel volume risk which leaves it vulnerable to shifts in market demand and the long-term secular decline in fuel consumption tied to efforts to decarbonize the global economy. The Parkland acquisition shifted Sunoco's business mix back toward wholesale fuel distribution, which heightens its business risk. Sunoco has identified substantial synergies it expects to realize post-acquisition through a mix of cost reductions and commercial opportunities that will allow it to reduce leverage in the near term under mid-cycle fuel margin assumptions. The company has a good track record of delivering acquisition-related synergies, most notably its 2024 $7.3 billion acquisition of NuStar Energy L.P. in which it was able to execute its cost reduction and commercial plans in a manner that allowed it to return its financial leverage to pre-acquisition levels well ahead of schedule. Moody's expects the company will continue to be acquisitive, with an appetite for logistics assets such as terminals and storage tanks that support the distribution business in the company's more attractive markets. Moody's also expects that Sunoco will adhere to its stated long-term leverage target of 4x (about 4.3x including Moody's standard operating lease adjustments) and that acquisitions will be paced and funded in a way that doesn't cause adjusted leverage to be sustained above 4.5x. Moody's regards Sunoco as having good liquidity as indicated by its SGL-2 Speculative Grade Liquidity rating, principally a function of its $2.5 billion unsecured revolving credit facility, which was undrawn at December 31, 2025. The facility is primarily used to fund small and medium-sized acquisitions and it expires in June 2030. The company periodically issues notes to term out borrowings. Moody's don't expect the company to rely on its revolver in any material way to fund operations (other than temporary working capital swings) or its capital program as Moody's forecasts Sunoco to generate positive free cash flow. The credit facility requires Sunoco to maintain a net leverage ratio of not more than 5.5x and interest coverage of not less than 2.25x, both of which Moody's expects the company to comfortably comply. Following the redemption of the NuStar 2026 notes and Sunoco's $600 million 2027 notes, Sunoco's remaining near-term maturities will include a CAD 400 million issue due in June 2026, and $500 million and $550 million notes due in 2027. Moody's expects Sunoco to address each of these in the normal course. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Sunoco's growth and acquisition activity resumes a midstream bias, and its adjusted debt/EBITDA approaches 3.75x while maintaining strong distribution coverage. The ratings could be downgraded if adjusted leverage is consistently above 4.5x and distribution coverage is maintained below 1.2x. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). ET also owns 15% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Midstream Energy published in October 2025. TEHUM CARE: Health Units Lose Ch. 11 Shield After Missing Payments ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the parties tied to the Chapter 11 restructuring of prison health provider Tehum Care Services Inc. have lost the legal shields they received under a court‑approved bankruptcy settlement after failing to make timely payments to a creditor trust. The loss of those protections was disclosed in a notice filed Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas. The notice specifically names YesCare Corp., a successor to the former correctional healthcare provider Corizon Health, along with other affiliated entities. The filing states these companies can no longer claim immunity from lawsuits that were previously settled through the bankruptcy process, the report relays. The protections they lost had applied to hundreds of resolved personal injury and wrongful death claims, barring further legal action against the companies. Now that the settlement obligations were not met as agreed, those releases and injunctions are no longer enforceable for the insiders and affiliates, the notice said. A representative for YesCare did not immediately respond to a request for comment on the development. How quickly plaintiffs might move to reopen or pursue litigation remains an open question, according to report. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. TERRAFORM GLOBAL: S&P Withdraws 'BB-' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on TerraForm Global Inc. and TerraForm Global Operating LLC, including the 'BB-' issuer credit rating and 'BB-' issue level rating on its 6.125% senior unsecured notes. TerraForm's outstanding notes were fully repaid with proceeds from nonrecourse debt issued at its subsidiaries, along with cash on the balance sheet. S&P's rating outlook on the company was stable at the time of the withdrawal, which was done at the issuer's request. TMC MAINTENANCE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- TMC Maintenance Co., LLC received interim approval form the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget until the final hearing, which is set for March 24. The Debtor submitted a detailed budget projecting income of $370,000 for March 2026, including maintenance and sales revenue, with expenses totaling $319,750, covering payroll, materials, marketing, fuel, insurance, rent, equipment rentals, subcontractors, and miscellaneous costs. Net projected income totals $50,250, ensuring sufficient cash flow to maintain operations. As adequate protection, secured creditors will be granted a replacement lien on the Debtors' post-petition assets similar to their pre-bankruptcy collateral, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims or causes of action. Potential secured creditors asserting liens on the Debtor's assets include Fox Funding Group LLC, with a UCC-1 filed January 22; CT Corporation System and Corporation Service Company acting as representatives for unknown entities; Highland Hill Capital, LLC, Stage Advance LLC, and Vivian Capital Group LLC. The Debtor noted uncertainty regarding the validity and scope of these liens and reserves the right to challenge them. About TMC Maintenance Co. LLC TMC Maintenance Co., LLC is a Georgia-based LLC, formed in 2008, providing commercial and industrial HVAC maintenance and installation services throughout Georgia and the Southeast. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20266) on February 24, 2026. In the petition signed by Jeffrey W. Guthrie, authorized representative, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Adam E. Ekbom, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. TRANSPORTATION EQUIPMENT: Moody's Alters Outlook on Ba3 CFR to Neg. ------------------------------------------------------------------- Moody's Ratings has affirmed Transportation Equipment Network's (TEN) Ba3 corporate family rating and B2 backed second-lien senior secured notes rating. The outlook was changed to negative from stable. RATINGS RATIONALE The negative outlook reflects Moody's expectations that TEN's earnings will remain under pressure over the next 12-18 months, driven by the current weak operating environment for the US trucking industry, which has led to utilization rates that Moody's expects to remain below the company's historical run rate. The negative outlook also incorporates Moody's expectations that the company will maintain sound liquidity. TEN's rating affirmation is supported by the company's niche full service trailer leasing model, with long standing customer relationships supporting strong earnings before interest, tax, depreciation and amortization (EBITDA) margins, balanced against elevated leverage and a capital structure reliant on secured funding. TEN benefits from a differentiated full service leasing model serving creditworthy private fleet customers across the US and Canada. Its extensive branch footprint and in house maintenance network support good fleet utilization, long customer tenures, and recurring maintenance revenue, contributing to resilient performance through industry cycles. Relationships with the top 10 customers average approximately 22 years, with historically high lease renewal rates reflecting customer reliance on TEN's services for non core transportation needs. TEN's utilization rate dropped to 78% for the nine months ended September 30, 2025 from 90% in 2021, resulting in significant deterioration in earnings. Profitability, as measured by net income to average managed assets (NI/AMA), declined to -6.0% annualized for the nine months ended September 30, 2025 from 4.9% in 2022 (on a pro-forma basis including the results of the completed acquisitions). Consequently, debt-to-EBITDA leverage increased to 5.7x as of September 30, 2025 from 4.5x in 2022. However, TEN's adjusted EBITDA margin (excluding acquisition-related expense and income from sales of equipment) improved to 40% from 31% over that same period, benefitting from TEN's strategy to expand its geographic footprint and increase product offering with higher leasing rates. TEN continues to maintain a good equity capital position. The company's tangible common equity to tangible managed assets (TCE/TMA) ratio was strong at 32.7% as of September 30, 2025, which is higher than most rated peers, a credit strength. However, the capitalization level has declined since it peaked at 40.1% one year earlier as a result of consecutive operating losses due to low utilization rates. Moody's expects TEN to incur further operating losses in 2026, as demand for trucking services remains soft, and as a result capitalization will continue to decline modestly. Partially offsetting the strength in high recurring income flow is the company's high reliance on secured financing, which encumbers nearly all of its assets and limits its access to alternative funding sources. A greater level of unencumbered assets would provide TEN with increased access to secured financing in times of stress. As of September 30, 2025, TEN had approximately $1.1 billion of availability under its $1.55 billion asset-based revolving credit facility maturing on October 27, 2027. TEN was acquisitive in 2023 and 2024, acquiring multiple trailer leasing companies to broaden its geographic footprint and gain new customers, and its fleet size has grown to 88,000 as of September 30, 2025 from 22,000 in 2022. However, the intent to onboard more tuck-in acquisitions slowed down significantly in 2025 as the new management team has prioritized platform readiness and capital flexibility. In addition, management is actively pursuing portfolio repositioning, evaluating and exiting structurally low margin relationships where lease economics do not sufficiently offset maintenance and lifecycle costs. This represents a shift from acquisition driven growth toward a greater emphasis on organic expansion, which should help the company expand its margins over time. The B2 second-lien senior secured rating is two notches below the Ba3 CFR reflecting that the asset-based revolving credit facility has first-lien priority interest on the assets of TEN and is senior in payment priority to the company's second-lien senior secured notes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if TEN demonstrates profitable operating performance such that it maintains leverage, as measured by debt to EBITDA, below 3.5x; and if TEN can demonstrate a period of organic growth and a reduction in leverage before acquiring another target. The company could also be upgraded if it improves its liquidity profile by reducing its reliance on secured funding. The ratings could be downgraded if TEN suffers from a prolonged period of deterioration in earnings such that EBITDA/interest expense remains below 1.5x or if the company loses crucial customer relationships that substantially impair run-rate EBITDA. Deterioration in liquidity could also result in a rating downgrade. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TW ELECTRIC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- TW Electric Service, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget until the earlier of March 25 or upon termination of the interim order or filing of a notice of default. As protection, the U.S. Small Business Administration and CT Corporation System, as representative of an unidentified secured creditor, will be granted post-petition replacement liens on their collateral including post-petition assets, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The replacement liens are subject to and subordinate to a carveout for the payment of allowed professional fees and disbursements incurred by court-approved professionals. Both the SBA and CT Corporation System asserting security interests in the Debtor's assets. Certain proceeds from the Debtor's operations are claimed as cash collateral by these creditors. The next hearing is set for March 25. The order is available at https://is.gd/yfoCMk from PacerMonitor.com. About TW Electric Service Inc. TW Electric Service, Inc. is a family-owned electrical contracting company based in Benson, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00840-5-PWM) on February 25, 2026. In the petition signed by Terry Wood, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Pamela W. McAfee oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. UBA BROCKTON: Court Extends Cash Collateral Access to May 22 ------------------------------------------------------------ UBA Brockton, LLC received third interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral and provide adequate protection to its sole secured creditor, Everwise Credit Union. The court authorized the Debtor to use cash collateral through May 22 in accordance with its budget. As adequate protection, Everwise Credit Union will be granted a replacement lien on the Debtor's post-petition assets to compensate for any diminution in collateral value. This lien is deemed perfected automatically without further filings. The third interim order is available at https://tinyurl.com/4bpc6c8h from PacerMonitor.com. The order is available at https://is.gd/jrEqqQ from PacerMonitor.com. The next hearing will be held on May 20. As of the petition date, the Debtor's assets included $15,000 in cash, the Westgate facility in Brockton, Mass. (book value $5.2 million), the franchise agreement, and a lease with 435 Westgate, LLC. Its liabilities include a secured claim of $4,626,800 owed to Everwise, pre-petition vendor debts of $15,000, and potential reimbursement claims by the franchisors -- Urban Air Adventure Parks and Waterbury Urban Air, LLC -- for rent and equipment payments. About UBA Brockton LLC UBA Brockton, LLC, doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. UBA Brockton sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on November 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Rion M. Vaughan, Esq., at Rubin and Rudman, LLP, represents the Debtor as legal counsel. V&H HOLDINGS: Seeks Cash Collateral Access ------------------------------------------ V&H Holdings, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral and provide adequate protection. The Debtor, formed in 2021, manages two income-generating properties located at 2906 and 2908 McKinney Avenue in Dallas, Texas, which serve as its sole source of revenue. To continue operations and pursue reorganization, the Debtor seeks authority to use cash collateral, which is subject to a blanket lien held by Liberty Capital Bank through a Deed of Trust, Security Agreement, and Assignment of Rents recorded in 2018. The Debtor emphasizes that the fair market value of the Properties exceeds the Bank's claim, and proposes adequate protection in the form of replacement liens on now-owned and after-acquired cash to the extent of any diminution in value of the cash collateral, while excluding Chapter 5 causes of action. The Debtor submitted a detailed budget reflecting projected income and ordinary operating expenses and requests authority to use cash collateral to pay these amounts, including a 10% variance per month to account for unforeseen expenses necessary to maintain operations. The budgeted expenses will be funded primarily by rental income from the Properties, which will be deposited into a DIP operating account pending Court approval or the Bank's consent. The Debtor asserts that approval to use cash collateral is critical to preserve the value of the business as a going concern, maintain ongoing operations, and facilitate a successful reorganization, and requests the Court grant authority to use cash collateral as specified and any other relief deemed appropriate. A copy of the motion is available at https://urlcurt.com/u?l=hcSXTV from PacerMonitor.com. About V&H Holdings, LLC V&H Holdings, LLC manages two income-generating properties located at 2906 and 2908 McKinney Avenue in Dallas, Texas, which serve as its sole source of revenue. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30730) on February 23, 2026. In the petition signed by Lawrence Dupler, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Patrick J. Schurr, Esq., at SCHEEF & STONE, LLP, represents the Debor as legal counsel. VERACODE: Fitch Lowers IDR to 'B-', On Watch Negative ----------------------------------------------------- Fitch Ratings has downgraded Mitnick Parent, L.P.'s and Mitnick Corporate Purchaser, Inc.'s (collectively dba Veracode, Inc.) Long-Term Issuer Default Ratings (IDRs) to 'B-' from 'B'. In addition, Fitch has downgraded Veracode's super priority secured RCF to 'BB-' with a Recovery Rating of 'RR1' from 'BB'/'RR1'. Fitch has also downgraded the first lien secured term loan to 'B'/'RR3' from 'B+'/'RR3'. The ratings have all been placed on Rating Watch Negative (RWN). Mitnick Corporate Purchaser, Inc. is the issuer of the credit facilities. The downgrade reflects Veracode's weaker-than-expected revenue and FCF in fiscal 2026, driven by below-historical retention rates that weakened near-term credit metrics. While cost-cutting efforts supported margins and ARR showed signs of stabilization, weak overall performance has led to credit profile deterioration. The RWN reflects heightened refinancing risks as the RCF becomes current in May 2026, amid a challenging refinancing environment and weak recent performance. Key Rating Drivers Heightened Refinancing Risk: Veracode's financial flexibility is constrained by limited liquidity and only modest expected FCF, which limits its ability to materially reduce revolver borrowings while also meeting scheduled term-loan amortization. The revolver becomes current in May 2026, increasing near-term refinancing risk. Failure to reach an extension or otherwise address the facility in a timely manner would heighten the risk of a distressed debt exchange (DDE) and could pressure the rating. Fitch will monitor progress and the company's ability to maintain adequate liquidity over the coming months. Elevated Financial Leverage: Fitch anticipates Veracode's (CFO-capex)/debt to continue to trend below historical norms in fiscal 2026 due to competitive pressures on revenues, while gross leverage remains elevated at around 8.6x. Fitch expects both metrics to improve modestly through fiscal 2028, driven by EBITDA stabilization and mandatory debt amortization. Given the scale and the private equity ownership of the company, Fitch believes Veracode is likely to optimize return on equity (ROE) through acquisitions to accelerate growth or through dividends while maintaining some level of financial leverage. Secular Growth: Veracode should benefit from medium- to long-term growth in application security as software intensity increases, cloud-native development expands, and regulatory and customer expectations around secure software rise. Greater use of generative AI in software development could further increase code volume and complexity, supporting demand for automated testing and remediation. However, near-term growth may remain moderated by customer budget scrutiny and vendor consolidation, which could delay realization of these tailwinds in ARR growth. AI Disruption Risk: Generative AI is accelerating AI-enabled security features within broader developer and cloud platforms. As these bundled capabilities improve and become adequate for baseline use cases, customers may favor platform-native tools over dedicated application-security testing solutions, increasing pricing pressure and renewal displacement risk amid vendor consolidation. While AI-driven increases in software development activity may support underlying demand for application security, Veracode's credit profile will be sensitive to its ability to sustain product differentiation, retention, and ARR stability as AI-enabled alternatives become more widely available. Competitive Consolidation: Competitive intensity is rising as broader security suites and cloud and developer platforms expand AppSec capabilities and bundle them into larger contracts. This can pressure pricing and increase displacement risk at renewal, particularly for customers seeking fewer vendors. Veracode benefits from its installed base and embedded workflow role. However, sustained differentiation and commercial discipline are needed to defend retention and margins. Competitive dynamics remain a key sensitivity for ARR stability. Retention Execution Risk: Veracode's credit profile is highly sensitive to renewal performance given its subscription model and the market's shift toward renewal-led growth. While gross retention has stabilized, it remains below prior norms and could weaken if customers continue to rationalize tools and seats. Any renewed slippage would pressure revenue visibility, cash earnings, and deleveraging capacity. Diversified Customer Base: Veracode serves approximately 2,600 customers in the enterprise and midmarket segments. As of fiscal 2025, no single customer accounted for more than 10% of Veracode's revenue or accounts receivable. The company's diverse cross-section of industries served is representative of industry verticals that are particularly sensitive to information security, such as financial services. Fitch believes the diverse set of customers and industry verticals should reduce idiosyncratic risks that may arise from particular customers or industries. Product Breadth Limits: Although Veracode is expanding beyond core testing, revenue remains concentrated in application security testing and adjacent offerings. As customers prioritize platform consolidation, a narrower footprint can reduce negotiating leverage and increase competitive displacement risk versus broader suites. The ability to increase attach rates, deepen adoption, and demonstrate integrated risk outcomes is important to sustaining retention and supporting growth. Peer Analysis Fitch considers Veracode's credit profile broadly comparable to other sponsor-owned U.S. software providers in the 'B' rating category, characterized by high recurring revenue, strong margins, and elevated leverage. Software issuers rated at the 'B-' level tend to exhibit especially high leverage for the category and weaker operating metrics compared to higher rated peers. Compared to software industry peer Gen Digital Inc. (BB+/Stable), Veracode has smaller revenue scale and lower EBITDA margins. It also has significantly higher gross leverage. Imprivata (B/Positive) benefits from somewhat greater scale, stronger EBITDA margins, and more moderate leverage with further deleveraging capacity. Ivanti Software, Inc. (B-/Stable) displays a comparable recurring revenue profile and solid margins but is likewise constrained by elevated leverage and an increasingly competitive operating environment. Redstone Parent LP (RSA, B-/Stable) also exhibits similar scale, margins and leverage compared to Veracode, although RSA benefits from somewhat stronger financial flexibility following its recent DDE. Fitch’s Key Rating-Case Assumptions - Organic revenue growth down mid-single-digits in FY2026, returning to marginally positive growth in FY2027; - EBITDA margins (after adjusting for capitalized software development costs) remaining around 36%; - Interest burden expected to moderately improve driven by SOFR trends; - Fitch's base case assumes the company's RCF is extended. 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 Recovery Analysis - The recovery analysis assumes that Veracode would be reorganized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going-Concern Approach - In the event of financial distress, Fitch assumes that Veracode would experience increased customer churn and margin compression due to a reduced revenue scale. Veracode's going-concern (GC) EBITDA is estimated at $82 million, which is approximately 13% below the forecasted fiscal 2025 EBITDA of $94 million. Recent revenue growth has been weak due to retention rates falling below historic levels. However, EBITDA margins have remained stable as a result of cost-cutting measures. - The GC EBITDA estimate reflects Fitch's assessment of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). An EV multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considers the following factors: - Historical bankruptcy case studies for technology peer companies show exit multiples ranging from 2.6x to 10.8x; - Among these companies, only three were in the software sector: Allen Systems Group, Inc., Avaya, Inc., and Aspect Software Parent, Inc., with recovery multiples of 8.4x, 8.1x, and 5.5x, respectively. - Veracode's public traded peers continue to have very high valuations, between 23x and 44x, due to the recurring revenue characteristics and the mission-critical nature of their business models; - Although Veracode has historically benefitted from generally high revenue retention levels, this retention has weakened in recent years; - Fitch calculates an EV of $533 million. After accounting for a 10% administrative claim, an adjusted EV of $480 million is available for creditor claims. This results in a 'RR3' Recovery Rating for Veracode's first-lien term loan and an 'RR1' for its super-priority RCF. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to extend or refinance the RCF before it becomes current; - (CFO-capex)/debt ratio sustaining below 0%; - EBITDA Interest coverage sustaining below 1.25x; - Sustained decline in organic revenue as a result of weaker competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Stabilization of the rating dependent on making timely progress on extending the RCF while maintaining adequate liquidity; - EBITDA leverage sustaining below 7.0x; - (CFO-capex)/debt sustaining above 5%; - Organic revenue growth sustaining in the mid-single digits. Liquidity and Debt Structure Veracode reported cash and equivalents of $14 million as of Dec. 31, 2025 with a $11.5 million balance on its $75 million super-senior revolving credit facility. Fitch expects FCF to be limited in FY 2026 but improve in FY 2027. This could improve Veracode's liquidity position if it can successfully extend its RCF. Veracode's secured first-lien debt matures in 2029. Issuer Profile Veracode provides application security solutions delivered through a cloud-based platform, along with ancillary and related services. It helps customers address the acute threat posed by hackers targeting vulnerabilities to gain control over applications and access critical data. 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 Mitnick Parent, L.P.. 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 ----------- ------ -------- ----- Mitnick Corporate Purchaser, Inc. LT IDR B- Downgrade B senior secured LT B Downgrade RR3 B+ super senior LT BB- Downgrade RR1 BB Mitnick Parent, L.P. LT IDR B- Downgrade B VIBRANTZ TECHNOLOGIES: Moody's Cuts CFR & First Lien Debt to Caa3 ----------------------------------------------------------------- Moody's Ratings downgraded Vibrantz Technologies Inc.'s (Vibrantz) Corporate Family Rating to Caa3 from Caa1 the Probability of Default Rating to Caa3-PD/LD from Caa1-PD. Concurrently, Moody's appended a limited default designation (L/D) to the company's PDR, following a distressed exchange of the majority of the company's debt. Moody's also downgraded backed senior secured first lien bank credit facilities (revolver and term loans) ratings to Caa3 from Caa1 and the senior unsecured rating to C from Caa3. The ratings outlook remains negative. The downgrade follows the company's announcement on February 18, 2026 that it has reached an agreement with more than 90% of the holders of its first lien term loans and unsecured bonds for a comprehensive financing and exchange transaction. Moody's considers this transaction a distressed exchange, which is an event of default under Moody's definition because it involves debt write-downs and allows the company to avoid default. The exact details of the transaction were not disclosed publicly, but the company said that lenders agreed to issue new debt, extend debt maturities and enhance liquidity as part of the transaction. All existing Vibrantz lenders and noteholders have an opportunity to participate in the exchange transaction. If all existing debt instruments are exchanged in the transaction, Moody's will withdraw the outstanding ratings. If any existing term loans and notes are not exchanged, these lenders will be left in a subordinated position relative to the exchanged and new money term loans created in this exchange transaction. Governance considerations under Moody's ESG framework, particularly financial strategy and risk management, are key drivers of the rating action. RATINGS RATIONALE The Caa3 corporate family rating reflects the company's high absolute debt levels and untenable capital structure. Vibrantz Technologies Inc., formed through the combination of Prince International Corporation, Ferro Corporation and ASP Chromaflo Holdings, LP, had leverage of 12x on a Moody's adjusted basis in the twelve months ended September 2025. Moody's metrics do not include adjustments for merger costs and one-time synergy implementation expenses and run rate synergies. Leverage has been high since the company was formed in 2022, as benefits of integration were offset by weakness in the company's end markets and resulted in weaker than expected earnings and cash flows. The restructuring transaction improves the company's liquidity through new cash raised and pushes out maturities, lowering near-term refinancing risk. At the same time, Moody's do not expect a significant recovery in the company's end markets in 2026 with earnings improvements driven by additional cost reductions and commercial initiatives. The rating benefits from the company's scale, large asset base, a broad range of product offerings and diverse but cyclical end markets, such as building and construction, durable goods and appliances, industrial, battery and electronics and automotive. The company has a large customer base and global footprint. The negative outlook reflects weak operating performance and untenable capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company demonstrates consistent earnings growth and improves adjusted Debt/EBITDA below 8.0x, EBITDA/Interest increases above 1.0x and RCF/Net Debt is positive. Moody's could downgrade the rating if liquidity and performance deteriorate again. Vibrantz Technologies Inc. headquartered in Houston, TX, is a manufacturer of mineral-based specialty additives, pigments and colorants, functional ingredients for specialty coatings and glass and porcelain enamels. Vibrantz is owned by private equity sponsor, American Securities. The company was formed as a result of a merger between two portfolio companies owned by American Securities and an acquisition of Ferro Corporation in April 2022. American Securities has owned the legacy Prince International Corporation business since 2018 and the legacy Chromaflo business since 2016. Vibrantz generated revenues of approximately $1.7 billion in the twelve months ended September 2025. The principal methodology used in these ratings was Chemicals published in February 2026. Vibrantz Technologies Inc.'s Caa3 rating is 2 notches below the scorecard indicated rating using LTM metrics through September 2025. The difference reflects, among other factors, the untenable capital structure and weak operating performance. VIBRANTZ TECHNOLOGIES: S&P Upgrades ICR to 'CCC', Outlook Dev. -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Vibrantz Technologies Inc. (formerly PMHC II Inc.) to 'CCC' from 'D'. The outlook is developing. The developing outlook indicates S&P may take a positive or negative rating action following our review of Vibrantz's business strategy, financial policies, cash flow profile, and capital structure after the transaction closes. Vibrantz completed a private debt exchange that S&P viewed as tantamount to default. It mitigated a near-term liquidity challenge by raising new money, eliminating annual debt amortizations, and pushing out debt maturities. S&P said, "The company is in the process of completing a debt exchange with remaining lenders who did not participate in the initial exchange, and we will review Vibrantz's credit profile over the coming weeks. We believe these transactions will likely improve its liquidity and debt maturity profile, but credit metrics remain unsustainable." The upgrade follows Vibrantz's completion of the initial private debt exchange. In aggregate, holders of more than 90% of Vibrantz's debt participated in this first phase of the restructuring. S&P notes that the subsequent launch of exchange offers for the remaining lenders is progressing whereby a vast majority of the remaining unsecured noteholders have also exchanged their legacy notes for new notes. S&P said, "We do not yet have clarity on Vibrantz's final capital structure, go-forward credit profile, and financial policies at this stage of the exchange transactions. We estimate the transactions will improve the company's near-term liquidity position because of new money raised, absence of scheduled amortization on new debt, and maturity extensions until 2030. However, we expect interest coverage ratios to remain weak and leverage unsustainable. "We may take a positive or negative rating action after the ongoing exchange is complete. The developing outlook reflects the potential for a near-term rating action once the final capital structure is clear and we perform a more comprehensive analysis of Vibrantz's post-transaction credit and liquidity profiles, recent operating performance, business strategy, and financial policies. We will also perform our recovery analysis on the new classes of debt and assign issue-level ratings accordingly. "Based on current information, we believe Vibrantz's near-term liquidity position will benefit from additional cash on the balance sheet and modestly lower annual debt servicing requirements. We expect aggregate cash interest costs to modestly increase from pre-transaction levels given the higher cost of some of the new debt. We expect the elimination of all principal amortizations on term loans to more than offset this impact. "At the same time, the sustainability of its capital structure is unclear. We expect the quantum of total debt will remain largely unchanged, subject to final participation results. Vibrantz's operating performance in 2025 was impaired given persistent soft demand conditions amid macroeconomic uncertainty, resulting in material free operating cash flow (FOCF) deficits. We expect its S&P Global Ratings-adjusted debt to EBITDA ratio to be 11x-12x at the end of 2025. Under the new capital structure, it is likely that its debt leverage remains elevated and FOCF remains negative in 2026 and potentially in 2027. We expect to reassess our base-case projections after the transaction closes in coming weeks when there is greater visibility on credit metrics and liquidity. We will also assess the likelihood of a default or another debt exchange over the next 12 months. "The developing outlook indicates we may take a positive or negative rating action, including an outlook revision, on Vibrantz following our review of the company's business strategy, financial policies, cash flow profile, and capital structure after the transaction closes. Our view on the sustainability of its capital structure is unclear at this stage and it remains subject to the final results of ongoing debt exchange, a comprehensive review of operating performance, cash flow, liquidity, and financial policies." S&P could take a negative rating action on Vibrantz, including revising its outlook to negative, over the coming weeks if: -- S&P expects persistent FOCF deficits and liquidity sources to become less than 1x uses; -- S&P views a financial covenant breach as likely over the next several quarters; -- It skips an interest payment; -- There is a heightened risk of a default or another distressed exchange; or -- S&P Global Ratings-adjusted debt to EBITDA ratio weakens from already unsustainable levels. S&P could take a positive rating action on Vibrantz, including revising our outlook to positive, over the coming weeks if it believes the company: -- Will consistently increase earnings through new business wins, cost-saving measures, or demand improvements in key end markets and approach more sustainable credit metrics; -- Will improve FOCF such that are no near-term liquidity and covenant pressures; and -- Has a low risk of another distressed exchange in the near term. VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a second interim order authorizing Vivians Restaurant, Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Byline Bank, Newtek Bank, National Association, and the U.S. Small Business Administration for the period from February 27 through March 26 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $98,000. As adequate protection, the secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The Debtor must maintain insurance, properly maintain collateral, provide access to books and records, and deliver profit-and-loss and budget-to-actual reports by March 23. The second interim order is available at https://shorturl.at/k0xG2 from PacerMonitor.com. A further interim hearing is scheduled for March 23. As of the petition, the Debtor's cash collateral consists of cash ($30,000) and inventory ($28,300) such as liquor, food and supplies in which the secured creditors hold an interest. The Debtor owes Newtek and the SBA approximately $514,000 and $346,000, respectively. Vivian's Restaurant filed for Chapter 11 protection due to rising food costs and a post-COVID revenue decline, which forced it to rely on high-interest merchant cash advance loans with frequent repayments. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com About Vivians Restaurant Inc. Vivians Restaurant Inc. is an Illinois-based full-service restaurant company specializing in casual and fine dining experiences, offering a variety of cuisines to local customers and event clients. Vivians Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00919) on January 20, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., Crane, Simon, Clar & Goodman. WAGNER COLLEGE: Fitch Affirms 'BB' IDR, Outlook Negative -------------------------------------------------------- Fitch Ratings has affirmed Wagner College's (Wagner) Issuer Default Rating (IDR) and bond ratings at 'BB' on approximately $116 million Dormitory Authority of the state of New York bonds, series 2022, issued on behalf of Wagner. The Outlook is Negative. Entity/Debt Rating Prior ----------- ------ ----- Wagner College (NY) LT IDR BB Affirmed BB Wagner College (NY) /General Revenues/1 LT LT BB Affirmed BB Wagner's 'BB' rating reflects a continued decline in operating performance, driven by very weak cash flow margins and sizable operating deficits (approximately $17 million in FY25). Fitch expects weak operating performance to persist despite elevated endowment draws and management improvement efforts. Operating revenue increased and outperformed budget in FY25, but slightly higher-than-expected budget expenses largely related to auxiliary enterprises and instructional support offset these gains. Fitch projects deficits to persist through FY30 as Wagner implements strategic programmatic and operational initiatives. These pressures are compounded by Wagner's elevated debt burden. The Negative Outlook reflects expectations for continued operating losses that may moderate over time but remain dependent on execution of strategic plans, including modest enrollment growth and potential asset monetization. SECURITY Bonds are a general obligation of the college payable from any legally available funds. The bonds are secured by a gross pledge of the college's unrestricted revenue with a negative mortgage pledge. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Enrollment Recovery from Program Expansion Wagner's revenue defensibility is supported by generally moderate demand indicators, including limited freshman selectivity and a declining matriculation rate of about 88% and 15%, respectively, which constrain prospects for tuition increases. Freshman-to-sophomore retention declined slightly but remains sound at 81%. Fitch believes expansion of revenue-accretive undergraduate and graduate programs could partly offset regional demographic pressure and support near-term net tuition growth, despite higher planned discounting. Undergraduate enrollment shows signs of stabilization, but graduate enrollment continues to decline, falling just about 5% in fall 2025 (FY26). The president is repositioning Wagner's academic platform by moving away from the liberal arts label toward a "Life Skills" label. Enrollment is expected to grow at a modest pace beyond FY26, driven by new programs in health sciences and business. Wagner's roughly $110 million endowment has provided sustainable operating support to date. Fitch sees elevated risk that Wagner increases endowment reliance to an unsustainable level to bridge sizable operating shortfalls in coming years. Management has engaged a consultancy to support strategic planning for fundraising. Operating Risk - 'bb' Very Weak Operating Performance Expected to Continue; Material Capex Operating cost flexibility remains limited, as expenditure is largely driven by personnel needs to deliver instruction and maintain core programs. Wagner's adjusted operating loss narrowed to approximately $17 million in FY25 but was slightly worse than Fitch's prior expectations due to elevated costs. The deficit resulted in a negative 4.4% Fitch-calculated cashflow margin and contributed to a 13% decline in available funds (AF; cash and investments less permanently restricted net assets), underscoring pressure on financial resources. Fitch anticipates minor improvement in cash flow margins over time, but expects margins to remain negative in most years, consistent with a 'bb' Operating Risk profile if material margins do not improve. Leadership turnover likely hindered execution of Wagner's strategic plan in recent years. Current leadership has been in place for about 16 months. Management is allocating funds to develop new academic programs and enhance facilities, which Fitch expects will constrain near-term margin improvement but could support better operations over time. Capex needs are high due to deferred maintenance and limited external support, which constrains resources and increases pressure on the college's ability to sustain its program offerings in a competitive market. Elevated capex in recent years has lowered the average age of plant to under 15 years at FYE225. Recently renovated dormitories are fully occupied and are contributing incremental revenue. Facility upgrades have been financed largely through the series 2022 bond issuance. Financial Profile - 'bb' Weakened Leverage Profile Wagner's leverage profile is weak but has flexibility to meet financial commitments in the base case. Leverage is at a recent high, with 41% AF-to-adjusted debt at FYE25. Wagner has about $110 million of fixed-rate bonded debt, with no variable-rate exposure. Near-term leverage pressure will remain, and financial flexibility is vulnerable to market and operating conditions under Fitch's stress scenario. Wagner's series 2022 bonds require a minimum 1.1x debt service coverage ratio from available net revenues, which Fitch expects the college to meet. Fitch expects the college will face pressure as it implements changes over the next three to five years. These changes are inconsistent with the current rating and remain subject to execution risk related to the growth strategy. In Fitch's forward-looking scenarios, which underpin Wagner's ratings and Outlook, continued weak operating performance and elevated endowment spending are expected to erode balance sheet strength, consistent with a lower rating. Asymmetric Additional Risk Considerations Fitch has assigned an asymmetric risk consideration to Operating Risk assessment, due to a consistent and persistent mismatch in revenue and expenditure growth rates over time, which have translated into increasing negative margins. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to increase enrollment and student-generated revenue; - Cash flow margins remain under 5%, which may pressure debt service coverage; - Elevated endowment draws are necessary to support operating margins; - AF-to-adjusted debt ratio remains consistently below 35%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Enrollment growth supports moderate growth in student-generated revenue; - Improved cash flow, resulting in margins consistently exceeding 10%; - Successful development of non-student-dependent revenue sources could support a stronger revenue defensibility and higher rating; - Stronger balance sheet, with a sustained level of AF-to-adjusted debt in excess of 60%. PROFILE Wagner College, established in 1883, is located on Staten Island, NY. Recently, the full-time equivalent (FTE) student enrollment has been consistent, with 1,922 FTEs in fall 2025 (FY26), approximately 84% of whom are pursuing undergraduate degrees. The institution is committed to delivering a practice-oriented education within a residential college setting, where a majority of the undergraduates engage in full-time studies and live on campus. The college's most prominent graduate programs are in the fields of education, business, and nursing. Fully accredited by the Middle States Commission on Higher Education, Wagner College is currently in the self-study stage of its 10-year accreditation cycle. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WESCO DISTRIBUTION: Moody's Rates Proposed Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings assigned Ba3 ratings to WESCO Distribution, Inc.'s proposed $650 million backed senior unsecured notes due 2031 and $650 million backed senior unsecured notes due 2034. All other ratings are unchanged. The outlook is stable. Moody's expects the terms and conditions of these proposed backed senior unsecured notes to be consistent with WESCO Distribution, Inc.'s outstanding Ba3 backed senior unsecured notes. Proceeds from the notes will be used to repay borrowings under the company's Receivables Facility and ABL Facility. Moody's expects however, that the company will subsequently redraw from these facilities to repay the company's $1.325 billion 7.25% senior unsecured notes of 2028 when they become callable at par in June 2026. This transaction is leverage neutral and Moody's estimates interest cost savings of around $20 million once the 7.25% senior unsecured notes are called. RATINGS RATIONALE WESCO International, Inc. 's Ba2 corporate family rating (CFR) reflects the company's large scale of over $23 billion in revenue, vast global operating footprint, and diverse product offering through its Electric & Electronic Solutions, Communications & Security Solutions, and Utility and Broadband Solutions business segments. The company remains well positioned to continue to capitalize on growth in AI-driven data centers, investments into energy efficiency and security solutions. WESCO is not a manufacturer, but a distributor, and does not have an onerous capital expenditure obligation, which supports consistent free cash flow generation. Moody's expects free cash flow, post dividends, of around $500 million in 2026 and $700 million in 2027. Financial policy includes a growth through acquisition strategy, which Moody's expects to be focused on bolt-on acquisitions, share repurchases, and dividends. Furthermore, WESCO remains committed to its long term net leverage target of 1.5x to 2.5x net debt to EBITDA (3.6x as of December 31, 2025). WESCO is reliant on its $1.725 billion asset based revolving credit facility due February 2030 to fund working capital needs, which can be volatile as a distributor, fund its bolt-on acquisition strategy, pay dividends, and repurchase common stock. In addition, WESCO has an accounts receivables facility capacity of $1.55 billion due February 2028. Amounts borrowed from these facilities can be repaid to an extent with free cash flow generation. Moody's expects leverage to remain stable in 2026 at around 3.5x debt/EBITDA. At December 31, 2025, there was $582 million outstanding on the revolving credit facility, leaving $1.1 billion available, and $1.3 billion drawn on its $1.55 billion accounts receivable securitization facility. The Ba3 rating on the senior unsecured notes is one notch below the Ba2 CFR and reflects the subordination to the revolving credit facility, which has a first-lien pledge on substantially all assets of the company, except accounts receivable backing the accounts receivable securitization facility. The stable outlook reflects Moody's expectations that WESCO will continue to generate solid free cash flow and balance shareholder returns within the confines of maintaining its long-term stated net leverage target range. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade to WESCO's rating could occur if adjusted debt-to-EBITDA (Moody's adjusted) is maintained near 3.0x. Upward rating movement also requires retained cash flow-to-debt to be consistently above 20%, operating margin above 8%, EBITA-to-interest expense near 4.5x, and maintenance of a very good liquidity profile. A downgrade could occur is WESCO pursues aggressive financial policies, including debt funded acquisitions or shareholder returns, and adjusted debt-to-EBITDA (Moody's adjusted) is sustained near 4.0x. Also, if liquidity weakens, including the lack of free cash flow, retained cash flow-to-debt falls to around 15%, and EBITA-to-interest expense is sustained near 3.0x. Headquartered in Pittsburgh, Pennsylvania, WESCO International, Inc. is a leading provider of business-to-business distribution, logistics services, and supply chain solutions. WESCO is a publicly traded company (WCC) and generated annual December 31, 2025 revenue of $23.5 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. WHITEEAGLE PROPERTIES: To Sell Lindsborg Property to Curtis Grauman ------------------------------------------------------------------- WhiteEagle Properties 22 Corp. seeks permission from the U.S. Bankruptcy Court for the District of Kansas, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 115 N. Main St., Lindsborg, KS 67456. The Debtor wants to sell the Property to Curtis Graumann or Assigns for the total sum of $550,000.00, inclusive of the 10% Buyer’s Premium due McCurdy Real Estate & Auction, LLC. The Debtor has not claimed the Real Estate as exempt. The Real Estate will be sold in its present, "as is" condition, with no express or implied warranties. The Real Estate will be sold subject to all rights of way and easements of record. The Debtor further moves the Court for authority to sell the Real Estate free and clear of all liens and encumbrances. Objections to the intended sale of the Real Estate, allowance and payment of the costs and expenses of the sale, or to the proposed distribution of the sale proceeds shall be made in writing to the Clerk of the United States Bankruptcy Court, Room 167, 401 N. Market, Wichita, Kansas 67202, on or before March 27, 2026. About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WK BROWN: Seeks to Use Cash Collateral -------------------------------------- WK Brown, LLC asks the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection. The cash collateral is rental income generated from its property at 2590 Freeway Boulevard, Brooklyn Center, Minnesota, which is subject to Bravera Bank's first-priority mortgage and assignment-of-rents. The Debtor has established a Debtor-in-Possession operating account to deposit all rental revenues, which currently total approximately $38,000 per month, and has a current account balance of $638. The use of this cash collateral is essential for the Debtor to continue operations, maintain the property, pay insurance, utilities, property taxes, and meet other ordinary-course obligations necessary to preserve the value of the real estate. As adequate protection for Bravera Bank, the Debtor proposes granting replacement liens to the extent of any diminution in value caused by the use of cash collateral, making monthly mortgage payments of $32,175, providing monthly operating reports, and ensuring the tenant maintains insurance and property upkeep. The Debtor argues that without access to these funds, it would suffer immediate and irreparable harm, jeopardizing the preservation of the property and the value of the estate. The Debtor seeks both interim and final authorization to use the cash collateral through the confirmation of a plan of reorganization, with the court to ensure adequate protection of Bravera Bank's secured interests, including replacement liens and cash payments. The hearing on this motion is scheduled for March 19, with responses due by March 12, and parties may appear in person, by video, or by telephone. A copy of the motion is available at https://urlcurt.com/u?l=HdqPbR from PacerMonitor.com. About WK Brown WK Brown, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42685) on August 18, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. Bravera Bank, as secured creditor, is represented by Aaron B. Chapin, Esq. at Husch Blackwell LLP. WYNDHAM HOTELS: Moody's Rates New Unsec. Notes 'Ba2' ---------------------------------------------------- Moody's Ratings affirmed the Ba2 senior unsecured rating of Wyndham Hotels & Resorts ("Wyndham") and assigned a Ba2 rating to the new senior unsecured notes. Moody's also upgraded the company's senior secured bank credit facility ratings to Baa3 from Ba1. Finally, Moody's affirmed Wyndham's Ba1 corporate family rating and Ba1-PD probability of default rating. The company's speculative grade liquidity rating of SGL-2 remains unchanged. The outlook is stable. The upgrade of the senior secured bank credit facility ratings to Baa3 results from a change in Wyndham's debt capital structure following the announced $650 million senior unsecured note issuance. This note issuance will refinance Wyndham's existing senior secured term loan A and repay the outstanding balance on its senior secured revolving credit facility. This refinancing transaction is leverage neutral and will increase the proportion of unsecured debt in the capital structure. The affirmation of Wyndham's Ba1 CFR is reflective of the benefits from the company's franchise strength, scale and significant pipeline for growth counterbalanced in part by some softness in the economy and midscale segments of lodging. RATINGS RATIONALE The Ba1 CFR reflects Wyndham's scale as one of the largest hotel companies in the world based on number of franchised properties. Wyndham had over 8,300 affiliated hotels with approximately 869,000 rooms in approximately 100 countries operating across 25 brands. Wyndham has a strong pipeline – approximately 259,000 rooms – which Moody's views favorably as unit growth is an important part of future earnings growth. Wyndham also benefits from its franchise-based business model which generates stable and recurring earnings relative to companies that own a greater proportion of their hotels. Moody's expects that softness in RevPAR (revenue per available room) will continue into 2026. Despite the softness in RevPAR, Wyndham has been able to increase earnings and Moody's expects that this will continue in 2026 along with stable cash flow. Moody's believes that this stability is driven by Wyndham's franchise based business model which generates stable and recurring earnings, continuous growth in its hotel franchise network and a high retention rate. Industry RevPAR contracted in 2025 unexpectedly and was particularly pronounced in Wyndham's two primary segments, midscale and economy. Wyndham's company global outlook for RevPAR that was provided in February for the 2025 calendar year was +2% to +3%. The company's RevPAR for 2025 declined throughout the year and was -3% for the full year as a result of softness in both average daily rates and occupancy. Wyndham's good liquidity is supported by cash of $64 million and $776 million of committed revolver availability at December 31, 2025. The $224 million draw on the revolver will be repaid with proceeds from the new senior unsecured notes which will increase the revolver availability to $1 billion. Wyndham will generate sufficient cash over the next 12 months to cover its debt service and capital requirement needs. The revolving credit facility expires in 2030 and has a maximum first lien net leverage ratio covenant of 5.0x. Moody's expects the company will maintain adequate cushion under the leverage covenant. After the senior secured term loan A is refinanced with the expected senior unsecured notes issuance, the earliest maturity for Wyndham will be $500 million of senior unsecured notes that mature in August 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the adoption of financial policies and an investment grade-like capital structure. An upgrade could occur if debt/EBITDA is sustained below 3.0x and EBITA/interest expense is sustained above 6.0x. Ratings could be downgraded if debt/EBITDA is sustained above 4.0x or EBITA/interest expense is sustained below 4.0x. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Wyndham Hotels & Resorts franchises over 8,300 hotels representing 869 thousand rooms in approximately 100 countries. The company operates a portfolio of 25 brands which are primarily in the economy and midscale segments of the industry. Revenue, excluding marketing, reservation and loyalty revenue, was $867 million for 2025. ZYNEX INC: Plan Confirmation Hearing Scheduled for March 19 ----------------------------------------------------------- IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION NOTICE OF (I) HEARING TO CONSIDER (A) ADEQUACY OF THE DISCLOSURE STATEMENT AND (B) CONFIRMATION OF THE PLAN, (II) PROCEDURES FOR ASSUMPTION AND REJECTION OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES, AND (III) OBJECTION DEADLINES - AND - SUMMARY OF THE PLAN NOTICE IS HEREBY GIVEN as follows: 1. On December 15, 2025 (the "Petition Date"), Zynex, Inc. ("Zynex") and its debtor affiliates, as debtors and debtors in possession in the above-captioned cases (collectively, the "Debtors") each commenced a case under chapter 11 (collectively, the "Chapter 11 Cases") of title 11 of the United States Code, 11 U.S.C. Secs. 101–1532 (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). 2. On February 7, 2026, the Debtors filed the Third Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Reorganization of Zynex, Inc. and Its Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 263] (as may be amended, supplemented, or otherwise modified from time to time, the "Plan and Disclosure Statement", the "Plan" or the "Disclosure Statement", as applicable), pursuant to sections 1125 and 1126 of the Bankruptcy Code. 3. On February 2, 2026, the Court entered an order conditionally approved the Disclosure Statement for purposes of solicitation (the "Solicitation Order"). I. HEARING TO CONSIDER ADEQUACY OF THE DISCLOSURE STATEMENT, CONFIRMATION OF THE PLAN, AND ASSUMPTION OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES 1. Confirmation Hearing. A hearing to consider confirmation of the Plan and final approval of the Disclosure Statement (the "Confirmation Hearing") has been scheduled for March 19, 2026 at 9:00 a.m. (prevailing Central Time) before the Honorable Alfredo R. Perez, United States Bankruptcy Judge. The Confirmation Hearing may be adjourned or continued from time to time by the Court or the Debtors without further notice other than by a Court announcement providing for such adjournment or continuation on its agenda. The Plan may be modified, if necessary, prior to, during, or as a result of the Confirmation Hearing. 2. Voting Record Date. Holders of Claims in Class 2 (Convertible Notes Claims) and Class 3 (General Unsecured Claims) who are otherwise eligible to vote shall be entitled to vote to accept or reject the Plan as of January 27, 2026 (the "Voting Record Date"). 3. Voting Deadline. If you received a Solicitation Package, including a Ballot, and intend to vote on the Plan, you must: (i) follow the instructions carefully; (ii) complete all of the required information on the Ballot; and (iii) execute and return your completed Ballot according to and as set forth in detail in the voting instructions on your Ballot so that it is actually received by the Debtors' solicitation and noticing agent, Epiq Corporate Restructuring, LLC ("Epiq" or the "Solicitation Agent") on or before March 12, 2026 at 4:00 p.m. (prevailing Central Time) (the "Voting Deadline"). ANY FAILURE TO FOLLOW THE VOTING INSTRUCTIONS INCLUDED WITH YOUR BALLOT MAY DISQUALIFY YOUR BALLOT AND YOUR VOTE. 4. Parties in Interest Not Entitled to Vote. Holders of Claims or Interests in Class 1 (Other Priority Claims), Class 4 (Intercompany Claims), Class 5 (Intercompany Interests), and Class 6 (Existing Interests) are not entitled to vote on the Plan and will not receive a Ballot. 5. Objections to Confirmation. The deadline to object or respond to confirmation of the Plan or final approval of the Disclosure Statement is March 12, 2026 at 11:59 p.m. (prevailing Central Time) (the "Confirmation Objection Deadline"). 6. Form and Manner of Objections to Confirmation. Objections and responses, if any, to confirmation of the Plan or final approval of the Disclosure Statement, must: (i) be in writing; (ii) conform to the Bankruptcy Rules and the Local Rules of the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Local Rules"), and any order of the Court; (iii) set forth the name of the objecting party and the nature and amount of Claims or Interests held or asserted by the objecting party against the Debtors' estates or property; (iv) provide the basis for the objection and the specific grounds therefor, and, if practicable, a proposed modification to the Plan that would resolve such objection; and (v) be filed with the Court (with proof of service) via ECF or by mailing to the Bankruptcy Court at United States Bankruptcy Court Clerk's Office, United States Courthouse, 515 Rusk Avenue, Courtroom 400, 4th Floor, Houston, Texas 77002, so as to be actually received no later than the Confirmation Objection Deadline. In addition to being filed with the Court, any responses or objections must be served on the following parties (collectively, the "Notice Parties") so as to be received by such deadline: a) Counsel for the Debtors, (a) Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017, Attn: Elisha D. Graff, Esq. (egraff@stblaw.com), Moshe A. Fink, Esq. (moshe.fink@stblaw.com), Rachael L. Foust, Esq. (rachael.foust@stblaw.com), and Zachary J. Weiner, Esq. (zachary.weiner@stblaw.com); (b) Reed Smith, LLP, 2850 N. Harwood Street, Suite 1500 Dallas, Texas 75201, Attn. Omar Alaniz, Esq. (oalaniz@reedsmith.com); Dylan Ross, Esq. (dylan.ross@reedsmith.com) b) the Office of the United States Trustee for the Southern District of Texas, 515 Rusk Street, Suite 3516, Houston, TX 77002; c) counsel to the Ad Hoc Group, Brown Rudnick LLP, 7 Times Square, New York, NY 10036, Attn: Robert Stark, Esq. (rstark@brownrudnick.com), Andrew M. Carty, Esq. (acarty@brownrudnick.com); d) counsel to the official committee of unsecured creditors, (a) Vartabedian Hester & Haynes, 1900 Post Oak Blvd., Suite 2400, Houston, TX 77056, Attn: Jeff Prostok, Esq. (jeff.prostok@vhh.law); Martin Sosland, Esq. (martin.sosland@vhh.law); and Candice Carson, Esq. (candice.carson@vhh.law); and e) any other party entitled to notice under Bankruptcy Rule 2002. IF AN OBJECTION TO CONFIRMATION OF THE PLAN OR FINAL APPROVAL OF THE DISCLOSURE STATEMENT IS NOT FILED AND SERVED STRICTLY AS PRESCRIBED HEREIN, THEN THE OBJECTING PARTY MAY BE BARRED FROM OBJECTING TO CONFIRMATION OF THE PLAN OR FINAL APPROVAL OF THE DISCLOSURE STATEMENT OR THE ADEQUACY THEREOF AND MAY NOT BE HEARD AT THE CONFIRMATION HEARING. YOU ARE ADVISED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING THE RELEASE, EXCULPATION, DISCHARGE, AND INJUNCTION PROVISIONS IN ARTICLE IX OF THE PLAN, AS YOUR RIGHTS MIGHT BE AFFECTED. 7. Additional Information. The materials in the Solicitation Package are intended to be self-explanatory. If you should have any questions or if you would like to obtain a copy of the Solicitation Procedures, the Plan and Disclosure Statement, or related documents, you may: (a) access the Solicitation Agent's website at https://dm.epiq11.com/zynex; (b) write to Zynex, Inc., c/o Epiq Ballot Processing Center, 10300 SW Allen Boulevard, Beaverton, OR 97005; (c) email zynexinfo@epiqglobal.com or (d) call the Solicitation Agent at (877) 753-7768 (toll free, U.S.& Canada) or +1 (503) 683-8271 (international). You may also obtain copies of any pleadings filed in the Chapter 11 Cases for a fee via PACER at: https://ecf.txsb.uscourts.gov/. Please be advised that the Solicitation Agent is authorized to answer questions about, and provide additional copies of, solicitation materials, but may not advise you as to whether you should vote to accept or reject the Plan or provide legal advice. II. NOTICE TO COUNTERPARTIES TO EXECUTORY CONTRACTS AND UNEXPIRED LEASES 1. You or one of your affiliates may be a counterparty to one or more contracts or leases that may be an Executory Contract or Unexpired Lease with one or more of the Debtors. Except as otherwise provided in the Plan, as of the Effective Date, the Debtors shall be deemed to have rejected each Executory Contract and Unexpired Lease to which it is a party in accordance with, and subject to, the provisions and requirements of sections 365 and 1123 of the Bankruptcy Code, unless such Executory Contract or Unexpired Lease: (i) was previously assumed or rejected by the Debtors, pursuant to a Final Order of the Bankruptcy Court, (ii) previously expired or terminated pursuant to its own terms or by agreement of the parties thereto, (iii) is the subject of a motion to assume filed by the Debtors on or before the Confirmation Date, or (iv) is specifically designated by the Debtors as a contract or lease to be assumed on the Schedule of Assumed Executory Contracts and Unexpired Leases. 2. Entry of the Confirmation Order shall constitute a Bankruptcy Court order approving the assumption or rejection of such Executory Contracts or Unexpired Leases as provided for in the Plan, pursuant to sections 365(a) and 1123 of the Bankruptcy Code effective as of the Effective Date. Each Executory Contract or Unexpired Lease assumed pursuant to the Plan and Disclosure Statement or by Bankruptcy Court order but not assigned to a third party before the Effective Date shall re-vest in and be fully enforceable by the applicable contracting Reorganized Debtor in accordance with its terms, except as such terms may have been modified by the provisions of the Plan and Disclosure Statement or any order of the Bankruptcy Court authorizing and providing for its assumption under applicable federal law. 3. Objections to the Assumption of Executory Contracts and Unexpired Leases: If you believe any further amounts are due as a result of a Debtor's monetary default under an Executory Contract or Unexpired Lease or you wish to object to the assumption of an Executory Contract or Unexpired Lease under the Plan, including an objection regarding the ability of the Reorganized Debtors to provide "adequate assurance of future performance" (within the meaning of section 365 of the Bankruptcy Code) (each, an "Assumption Objection"), you may assert an Assumption Objection against the Debtor or Reorganized Debtors, as applicable, subject to all defenses the Debtors or Reorganized Debtors may have with respect to such Assumption Objection. Your Assumption Objection must: (a) be in writing; (b) conform to the applicable Federal Rules and the Bankruptcy Local Rules; (c) set forth the name of the objecting party, the basis for the objection, and the specific grounds thereof and (d) be filed with the Court and served on the Notice Parties so as to be received by March 12, 2026 at 11:59 p.m. (prevailing Central Time) (or such other date as may be established by the Court) (the "Assumption Objection Deadline"). Any counterparty to an assumed Executory Contract or Unexpired Lease that fails to timely object to the proposed assumption of such Executory Contract or Unexpired Lease, including an objection regarding the ability of the Reorganized Debtors to provide "adequate assurance of future performance" (within the meaning of section 365 of the Bankruptcy Code), prior to the Assumption Objection Deadline (a) shall be deemed to have assented to such proposed assumption and shall be deemed to have forever released and waived such Assumption Objection and shall be precluded from being heard at the Confirmation Hearing with respect to such objection, and (b) shall be forever barred from imposing or charging against any Reorganized Debtor any accelerations, increases or any other fees as a result of any assumption pursuant to the Plan. For the avoidance of doubt, all rights of a counterparty to assert that further amounts are due as a result of a Debtor's monetary default under an Executory Contract or Unexpired Lease are preserved after the Effective Date and can be asserted in the ordinary course of business, regardless of whether such counterparty files an Assumption Objection, subject to all defenses the Debtors or Reorganized Debtors may have with respect to such claims. ANY COUNTERPARTY TO AN EXECUTORY CONTRACT OR UNEXPIRED LEASE THAT DOES NOT TIMELY OBJECT TO THE PROPOSED ASSUMPTION OF SUCH EXECUTORY CONTRACT OR UNEXPIRED LEASE BY THE ASSUMPTION OBJECTION DEADLINE WILL BE DEEMED TO HAVE CONSENTED TO SUCH ASSUMPTION. ANY PROOFS OF CLAIM FILED WITH RESPECT TO AN EXECUTORY CONTRACT OR UNEXPIRED LEASE THAT HAS BEEN ASSUMED SHALL BE DEEMED DISALLOWED AND EXPUNGED, WITHOUT FURTHER NOTICE TO OR ACTION, ORDER OR APPROVAL OF THE COURT. III. SUMMARY OF THE PLAN3 1. The table below provides a summary of the classification, description and treatment, of Claims and Interests under the Plan. Anticipated recoveries for such Claims and Interests will be included in the Plan Supplement. This information is provided in summary form below for illustrative purposes only and is qualified in its entirety by reference to the provisions of the Plan. Class Designation Impairment Voting Status Class 1 Other Priority Claims Unimpaired Not Entitled to Vote (Presumed to Accept) Class 2 Convertible Notes Claims Impaired Entitled to Vote Class 3 General Unsecured Claims Impaired Entitled to Vote Class 4 Intercompany Claims Impaired/Unimpaired Not Entitled to Vote (Deemed to Reject or Presumed to Accept) Class 5 Intercompany Interests Impaired/Unimpaired Not Entitled to Vote (Deemed to Reject or Presumed to Accept) Class 6 Existing Interests Impaired Not Entitled to Vote (Deemed to Reject) 2. Key components of the Plan are as follows: Administrative Expense Claims and Priority Tax Claims. Except to the extent that a holder of such Claim agrees to a less favorable treatment, each holder of an Allowed Administrative Expense Claim or an Allowed Priority Tax Claim will receive, in full and final satisfaction of such Allowed Claim, cash in an amount equal to such Allowed Claim on the Effective Date or as soon as practicable thereafter or such other treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code. DIP Claims. On the Effective Date or as soon as practicable thereafter, in full and final satisfaction of all DIP Obligations, each holder of such DIP Obligations shall receive: * if the Stalking Horse Bid is the Successful Bid, its pro rata share of 100% of the New Common Shares of Reorganized Zynex, subject to dilution by the MIP (and, if applicable, its pro rata allocation of any take-back debt issued on the Effective Date or otherwise pursuant to the Plan); and * if a Third-Party Bid is the Successful Bid, payment in full in cash of all DIP Obligations. Convertible Notes Claims. On the Effective Date or as soon as practicable thereafter, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for such Allowed Convertible Notes Claims, each Holder of such an Allowed Convertible Notes Claim will receive, except to the extent such Holder agrees to less favorable treatment; * in the event that the Plan Sponsor is the Stalking Horse Bidder its Pro Rata Share, together with the Holders of Allowed General Unsecured Claims, of GUC Trust Class B Interests; or o in the event that the Plan Sponsor is not the Stalking Horse Bidder, its Pro Rata Share, together with the Holders of Allowed General Unsecured Claims, of (i) Excess Sale Proceeds, if any, and (ii) GUC Trust Class B Interests. General Unsecured Claims. On the Effective Date or as soon as practicable thereafter, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for such Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive, except to the extent such Holder agrees to less favorable treatment; * in the event that the Plan Sponsor is the Stalking Horse Bidder its Pro Rata Share, together with the Holders of Convertible Notes Claims, of GUC Trust Class B Interests; or o in the event that the Plan Sponsor is not the Stalking Horse Bidder, its Pro Rata Share, together with the Holders of Allowed Convertible Notes Claims, of (i) Excess Sale Proceeds, if any, and (ii) GUC Trust Class B Interests. Intercompany Claims. On the Effective Date, all intercompany Claims will be adjusted, reinstated, or cancelled as determined by the Reorganized Debtors and the Plan Sponsor. Intercompany Interests. On the Effective Date, all Intercompany Interests will be adjusted, reinstated, or cancelled as determined by the Reorganized Debtors and the Plan Sponsor. Existing Interests. On the Effective Date, all Existing Interests shall be cancelled, and each holder of such Interests shall receive, on the Effective Date or as soon as practicable thereafter, its Pro Rata Share of remaining Excess Sale Proceeds, if any, after payment in full of all Allowed Claims and shall otherwise not receive any recovery under the Plan. About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on Dec. 15, 2025. In its petition, Zynex reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped Simpson Thacher & Bartlett LLP as counsel, Reed Smith as co-counsel, and Province LLC as financial advisor. Epiq is the claims agent. The Official Committee of Unsecured Creditors retained Dundon Advisers LLC as financial adviser, and Vartabedian Hester & Haynes as counsel. [] Fitch Affirms Ratings on 10 Oil-Related Companies ---------------------------------------------------- Fitch Ratings has affirmed four North American oil and gas production companies, five North American oil field service companies, and one North American refinery and one midstream company, and their related subsidiaries: 1. California Resources Corporation 2. Precision Drilling Corporation 3. Nabors Industries, Inc. 4. Vermilion Energy Inc. 5. Delek US Holdings, Inc. 6. Delek Logistics Partners, LP 7. Murphy Oil Corp 8. Northern Oil & Gas, Inc. 9. Weatherford International Ltd. 10. Seadrill Limited 11. Tidewater, 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 California Resources Corporation - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b, Higher), Financial Structure (aa-, Lower), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b+' Precision Drilling 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, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bbb, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb-'. Nabors Industries, 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 (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb-, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Vermilion Energy Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (b, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (b, Moderate), Profitability (b+, Higher), Financial Structure (aa, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. Delek US 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 (bb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (b+, Higher), Profitability (b+, Higher), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+' Delek Logistics Partners, LP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Higher), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (bb-, Lower), Financial Structure (bb, Moderate), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Murphy Oil 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+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (aa, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. Northern Oil & Gas, 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+, Lower), Sector Characteristics (bb+,Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb+, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. Weatherford International Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb-, Moderate), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. Seadrill Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Tidewater, 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 (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Northern Oil and Gas, Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- Nabors Industries, Ltd. LT IDR B Affirmed B Delek Logistics Finance Corp. senior unsecured LT B+ Affirmed RR4 B+ Vermilion Energy Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Seadrill Limited LT IDR B+ Affirmed B+ Nabors Industries, Inc. LT IDR B Affirmed B senior unsecured LT B- Affirmed RR5 B- senior unsecured LT BB- Affirmed RR2 BB- senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB Affirmed RR1 BB Seadrill Finance Limited LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Senior Secured 2nd Lien LT BB- Affirmed RR3 BB- Weatherford International plc LT IDR BB Affirmed BB Tidewater Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ Precision Drilling Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- Murphy Oil Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ guaranteed LT BB+ Affirmed RR4 BB+ Weatherford International Ltd. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB California Resources Corporation LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ Delek US Holdings, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Affirmed RR3 BB- Delek Logistics Partners, LP LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ [] Fitch Affirms Ratings on Five North American Env'l. Service Cos ------------------------------------------------------------------ Fitch Ratings has affirmed five North American Environmental Services and related companies' ratings: 1. Waste Management, Inc. 2. Republic Services, Inc. 3. Waste Connections, Inc. 4. Waste Pro USA Inc. 5. Reworld Holding 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 Ratings Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Waste Management, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a+, Higher), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Lower), Company Operational Characteristics (a, Moderate), Profitability (a+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The standalone credit profile (SCP) is 'a-'. Republic Services, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a+, Higher), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Lower), Company Operational Characteristics (a, Moderate), Profitability (aa-, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The standalone credit profile (SCP) is 'a-'. Waste Connections, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a+, Higher), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Lower), Company Operational Characteristics (a, Moderate), Profitability (aa-, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The standalone credit profile (SCP) is 'a-'. Waste Pro USA 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+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b+, Higher). - 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+'. Reworld Holding Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast year 2025, 33% for the forecast year 2026 and 33% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The standalone credit profile (SCP) is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Waste Management, Inc. LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Republic Services, Inc. LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Waste Connections, Inc. LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Waste Pro USA, Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ Waste Management of Canada Corporation LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Browning Ferris Industries, LLC LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Reworld Holding Corporation LT IDR B+ Affirmed B+ senior unsecured LT B- Affirmed RR6 B- senior secured LT BB Affirmed RR2 BB [] Fitch Affirms Ratings on Five North American Media Companies --------------------------------------------------------------- Fitch Ratings has affirmed five North American media companies' and their related subsidiaries' ratings and Outlooks. Fitch has also maintained one company on Rating Watch Negative. 1. Versant Media Group, Inc. 2. The E.W. Scripps Company 3. Cinemark Holdings, Inc. 4. Electronic Arts Inc 5. Warner Music Group Corp 6. NEP Group Holdings, 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 Versant Media 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 (b+, Higher), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. The E.W. Scripps 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 (ccc+, Moderate), Sector Characteristics (ccc+, Higher), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b-, Lower), Company Operational Characteristics (b-, Moderate), Profitability (bbb-, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'ccc'. Cinemark 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 (bb+, Moderate), Sector Characteristics (b+, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bbb, Lower), Financial Structure (bbb, 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. - 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-'. Electronic Arts 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, Higher), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a-'. Warner Music Group Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. NEP Group 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 (bb, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (b, Higher). - 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 an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NEP Group Holdings, Inc. LT IDR B Affirmed B Warner Music Group Corp. LT IDR BBB- Affirmed BBB- Cinemark Holdings, Inc. LT IDR BB- Affirmed BB- NEP/NCP Holdco, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Cinemark USA, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ NEP Group, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- The E.W. Scripps Company LT IDR CCC Affirmed CCC senior unsecured LT CC Affirmed RR6 CC senior secured LT CCC- Affirmed RR5 CCC- senior secured LT B Affirmed RR1 B Electronic Arts Inc. LT IDR A- Rating Watch A- Maintained senior unsecured LT A- Rating Watch A- Maintained Versant Media Group, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ NEP II Inc LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- WMG Acquisition Corp. LT IDR BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB WMG Holdings Corp. LT IDR BBB- Affirmed BBB- NEP Europe Finco B.V. LT IDR B Affirmed B Senior secured LT BB- Affirmed RR2 BB- [] Fitch Affirms Ratings on North American Software Companies ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of six North American Technology software companies and their related subsidiaries and affiliates: 1. Open Text Corporation 2. Imprivata Inc. 3. Capstone TopCo, Inc. 4. RingCentral, Inc. 5. Cloud Software Group, Inc. 6. Dayforce Bidco, LLC (f/k/a Dawn Bidco, LLC) 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 Open Text Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. Imprivata Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. Capstone TopCo, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+'. RingCentral, 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 (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb, Lower), Profitability (bb+, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Cloud Software Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+' Dayforce Bidco, LLC (f/k/a Dawn Bidco, LLC) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 45% for the forecast year 2026 and 45% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result 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 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Capstone Borrower, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Open Text Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Picard Parent, Inc. LT IDR B+ Affirmed B+ Senior secured LT BB+ Affirmed RR1 BB+ RingCentral, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Citrix Systems, Inc. senior secured LT BB+ Affirmed RR1 BB+ Dayforce Bidco, LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Cloud Software Group, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ sr sec 2nd Lien LT B- Affirmed RR6 B- Cloud Software Group Holdings, Inc. LT IDR B+ Affirmed B+ Open Text Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Open Text ULC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Imprivata Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Capstone TopCo, Inc. LT IDR B+ Affirmed B+ [] Fitch Affirms Ratings on Six North American Software Issuers --------------------------------------------------------------- Fitch Ratings has affirmed the ratings of six North American Technology software companies and their related subsidiaries and affiliates: 1. Avaya LLC 2. Automatic Data Processing Inc. 3. CoreWeave, Inc. 4. Ping Identity Holding Corp. 5. AppLovin Corporation 6. KnowBe4, 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 Avaya LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b-'. Automatic Data Processing 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 (aa-, Moderate), Market and Competitive Positioning (aa-, Higher), Diversification and Asset Quality (aa-, Moderate), Company Operational Characteristics (a+, Moderate), Profitability (a+, Moderate), Financial Structure (aa, Higher), and Financial Flexibility (aa-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'aa-'. CoreWeave, 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 (bb+, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), 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, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of 1 notch(es). - The SCP is 'bb-' Ping Identity Holding Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+' AppLovin Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a+, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (a+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. KnowBe4, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Automatic Data Processing Inc. LT IDR AA- Affirmed AA- ST IDR F1+ Affirmed F1+ senior unsecured LT AA- Affirmed AA- senior unsecured ST F1+ Affirmed F1+ Ping Identity Holding Corp. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB KnowBe4, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Oranje Midco, LLC LT IDR B Affirmed B CoreWeave, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Avaya LLC LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ Avaya Holdings Corp. LT IDR B- Affirmed B- Ping Identity Corporation LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB AppLovin Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB [] Fitch Affirms Ratings on Six North American Tech Software Cos. ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of six North American Technology software companies and their related subsidiaries and affiliates: 1. Trinet Group Inc. 2. Finastra Limited 3. Proofpoint Intermediate Holdings I, Inc. 4. Qlik Parent, Inc. 5. Lava Intermediate, Inc. 6. Dragon Buyer, 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 TriNet 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 and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Finastra Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a(n) same credit profile for both parent and subsidiary approach. Proofpoint Intermediate Holdings I, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. Qlik Parent, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. Lava Intermediate, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. Dragon Buyer, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Dragon Midco Inc. LT IDR B+ Affirmed B+ Proofpoint, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Proofpoint Intermediate Holdings I, Inc. LT IDR B Affirmed B TriNet Group, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Lava Intermediate, Inc. LT IDR B Affirmed B TriNet USA, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Avalara, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- DH Corporation/ Societe DH LT IDR B Affirmed B Sr Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ senior secured LT B+ Affirmed RR3 B+ Qlik Parent, Inc. LT IDR B Affirmed B Finastra USA, Inc. LT IDR B Affirmed B Sr secured 2nd lien LT CCC+ Affirmed RR6 CCC+ senior secured LT B+ Affirmed RR3 B+ Project Alpha Intermediate Holding, Inc. LT IDR B Affirmed B sr secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- Dragon Buyer, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Finastra Limited LT IDR B Affirmed B [] Keen Auction to Hold Ogunquit Real Estate Auction on March 5 --------------------------------------------------------------- Keen Auction Co., Inc. will hold a real estate foreclosure auction on Thursday, March 5, 2026 at 10:00 a.m. on premises at 261 Shore Road, Ogunquit, Maine. Property features: * 83-seat restaurant * three-bedroom upscale apartment * professional office rental * parking, 876 Post Rd., Rt. 1 For complete terms and a Property Information Package visit KeenanAuction.com or call (207) 885-5100 and request by auction #26-12. ********* 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. 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