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260311.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, March 11, 2026, Vol. 30, No. 70 Headlines 10500 SUMMIT KP: Seeks to Hire Wolff & Orenstein LLC as Attorney 10509 SUMMIT: Seeks to Hire Wolff & Orenstein LLC as Attorney 2015 WALNUT: Computershare Wants Trigild's Lagowitz as Receiver 2120 TIEBOUT: Public Auction of 10 Properties Scheduled for April 8 30-85 31ST: Commences Chapter 11 Bankruptcy in New York 302 GRAFTON: Initiates Chapter 7 Bankruptcy in New York 3326 CHESTNUT: Starts Chapter 11 Bankruptcy in California 410 SOUTH MORGAN: Seeks Chapter 11 Bankruptcy in Illinois 5200 KH: Seeks Chapter 11 Bankruptcy in New York 539 HURON REAL: Case Summary & Five Unsecured Creditors 599 LIBERTY: Seeks Chapter 11 Bankruptcy in New York 6325 SHERIDAN: U.S. Trustee Unable to Appoint Committee 652 GRANDVIEW: Hires Northgate Real as Real Estate Advisor 6909 BURNET: Gets Interim OK to Use Cash Collateral 71 STOCK: Commences Chapter 7 Bankruptcy in New York 8973 GRANTLINE: Commences Chapter 11 Bankruptcy in California 919 LOMBARD: Computershare Wants Trigild's Lagowitz as Receiver 99A SOMERS: Seeks Chapter 11 Bankruptcy in New York A & A BODY WORKS: Case Summary & 10 Unsecured Creditors AGEAGLE AERIAL: Registers 2.5MM Shares for Equity Plans AI ERA CORP: Names Ahmad Moradi CEO ALL SOUTH AC: Seeks to Hire Honey Law Firm as Bankruptcy Counsel AMERICAN CONTRACTORS: Hires H2R CPA as Accountant AMERICAN CONTRACTORS: Hires WH Burkley LLP as Counsel AMK PROPERTIES: Case Summary & One Unsecured Creditor ARCHBLOCK LLC: Hires Chipman Brown Cicero as Co-Counsel ARCHBLOCK LLC: Hires Stretto Inc. as Administrative Advisor ARCHBLOCK LLC: Hires Wollmuth Maher & Deutsch LLP as Co-Counsel ARKHAM REALTY: Case Summary & Two Unsecured Creditors AVALON DERM: Case Summary & Two Unsecured Creditors AVALON GLOBOCARE: Raises $2.8 Million in Private Placement BAUSCH HEALTH: Settles 2023 PSUs in Cash for Key Executives BAY SHORE DELUXE: Commences Chapter 7 Bankruptcy in New York BELLA FAMILY: Hires Law Offices of Richard R. Robles as Counsel BELLA HOUSTON: Seeks to Hire O'Connor & Associates as Appraiser BELLA HOUSTON: Seeks to Hire Spector & Cox PLLC as Counsel BLAKK SMOKE: Seeks to Tap Fealy Law Firm PC as Bankruptcy Counsel BOMBARDIER INC: S&P Affirms 'BB-' Rating on Senior Unsecured Notes BONIFAS ENTERPRISES: Hires Kutner Brinen Dickey Riley as Counsel BREAKTHROUGH VENTURES: Hires Offit Kurman as Bankruptcy Counsel BREAKTHROUGH VENTURES: Seeks Interim Cash Collateral Access BROADBAND INFRASTRUCTURE: Hires GCP Inc. as Investment Banker BROADBAND INFRASTRUCTURE: Hires Pohl Bankruptcy as Counsel BRYAN BRIGGS: District Court Upholds Dismissal of Bankruptcy Case BULLIVANT HOUSER: Seeks to Tap Sussman Shank LLP as Counsel BULMAKS INC: Seeks to Hire Gutnicki LLP as Co-Counsel BURKBURNETT, TX: S&P Cuts Waterworks Revenue Bonds Rating to 'BB+' BY HOTEL: Seeks Chapter 11 Bankruptcy in Delaware CARBON HEALTH: April 2 Proofs of Claim Deadline Set CHAINCE DIGITAL: Enters Into $5.03M Securities Purchase Agreement CLEVELAND AVENUE: Seeks Approval to Hire a Management Team CORNERSTONE WELLNESS: Gets Interim OK to Use Cash Collateral CORNERSTONE WELLNESS: Taps Madoff & Khoury LLP as Legal Counsel COURTESY SCREENING: Court OKs Vehicle Sale to Robert Povey CTCHGC LLC: Hires John E. Jonson CPA as Accountant D 'N A HEATING: Hires Fife M. Whiteside PC as Bankruptcy Counsel D 'N A HEATING: Seeks to Hire Mann & Adams LLC as Accountant DEL MONTE: Lenders Contest Approval of Chapter 11 Settlement DELUXE CORP: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable DENTALHUB OF WYLIE: Hires Elieson Esq. as Legal Counsel DIOCESE OF BUFFALO: Court Clears HQ Auction Amid Leaseback Concerns DIOCESE OF EL PASO: Seeks Ch. 11 Bankruptcy to Resolve Abuse Suits EDWARDS LOGGING: Hires Spain & Gillon LLC as Bankruptcy Counsel ELRI.PARKER INC: Hires Jackson Thornton as Accountant EMPIRE FACILITY: Hearing Today on Bid to Use Cash Collateral ENCOMPASS 53: Seeks to Hire Colliers International as Broker FAT BRANDS: Hires Steptoe LLP as Bankruptcy Counsel FIRST BRANDS: Ch.11 Debt Secured by Cash, Factoring Lender Claims GBI SERVICES: Court OKs Golf Business Asset Sale to 20 Majors LLC GENTLEMEN'S CAVE: Case Summary & 16 Unsecured Creditors GIAPREET LLC: Hires CBRE Inc. as Real Estate Broker GOOD WILL ASSET: Initiates Chapter 11 Bankruptcy in New Jersey GRIT PRODUCTIONS: Hires Milbern Ray and Company as Accountant HANDLE PREFORMS: Hires Rountree Leitman Klein as Counsel HARTFORD CONNECTICUT: Voluntary Chapter 11 Case Summary HAWAII MOLD: Seeks to Hire Horita Realty LLC as Real Estate Broker HEALTH DRIP: Seeks to Hire Vartabedian Katz as Legal Counsel HOMESTEAD VILLAGE: Hires Davillier Law Group LLC as Co-Counsel HOMESTEAD VILLAGE: Hires Lugenbuhl Wheaton as Legal Counsel HUGHTON LLC: Case Summary & Six Unsecured Creditors ICAHN ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'BB-' ICR ICEBERG ACQUISITIONS: S&P Assigns 'B' ICR, Outlook Stable INDITEX VENTURES: Gets Interim OK to Use Cash Collateral INNOVATE CORP: S&P Downgrades ICR to 'CCC‑', Outlook Negative INTREPID LLC: Hires Zimmerman Booher as Special Counsel IPIC ENTERTAINMENT: Hires Stretto Inc as Claims and Noticing Agent IPIC THEATERS: Hires Development Specialists as Financial Advisor IPIC THEATERS: Seeks to Hire Burr & Forman LLP as Counsel IRON MOUNTAIN: Case Summary & Five Unsecured Creditors JENNIFER EMERSON: Hires Gary G. Lyon Esq. as Bankruptcy Counsel JOURNEY'S HOME: Hires Kaplan Johnson Abate & Bird LLP as Counsel K&M JACKSON: Voluntary Chapter 11 Case Summary KEVIN GARCIA: Hires Rountree Leitman Klein as Counsel KIRKBRIDE LAND: Hires Allen Stovall Neuman as Counsel LAKE SALISBURY: Hires Solomon Rosengarten as Bankruptcy Counsel LARA FAMILY: Gets Interim OK to Use Cash Collateral LEGACY WORLDWIDE: Gets Interim OK to Use Cash Collateral LIGADO NETWORKS: 3rd Cir. Vacates Stay Order in Inmarsat Dispute LOW COST TREE: Seeks to Hire Gift CPAs as Accountant LSE PROPERTIES: Commences Chapter 11 Bankruptcy in California MARAGAL MEDICAL: Hires Huron Consulting as Financial Advisor MARAGAL MEDICAL: Seeks to Hire Murphy & King as Bankruptcy Counsel MARELLI AUTOMOTIVE: Hires Ernst & Young as Accountant MARK D. BORNSTEIN: Hires Branson Ainsworth PLLC as Legal Counsel MAXIMUS SUPPLY: Hires Rubin & Levin PC as Bankruptcy Counsel MAZAIA HB: Commences Chapter 11 Bankruptcy in California MELPRO LLC: Seeks Chapter 11 Bankruptcy in District of Columbia MII AVIATION: Hires Arbel as Restructuring and Financial Advisor MII AVIATION: Hires Chipman Brown Cicero as Bankruptcy Counsel MII AVIATION: Hires Silver Birch as Investment Banker MISS AMERICA: Court OKs $500MM Ownership Fight Sanctions MY SIZE: Falls Below Nasdaq Minimum Bid Requirement NABOO ROYAL: Court Affirms Turnover Order in Partsbase Dispute NAVIDEA BIOPHARMACEUTICALS: Advised by SGG in Asset Sale NEBRASKA PEACE: Hires Turner Legal Group LLC as Counsel NEW GREATER GENERATION: Hires Valridge Property as Appraiser NEXSTAR MEDIA: S&P Affirms 'BB+' ICR, Outlook Negative NICKLAUS COMPANIES: Gets Court OK for Ch. 11 Sale to Jack's Family NORTH STAR: U.S. Trustee Appoints Creditors' Committee O'CONNOR CONSTRUCTION: To Sell Wise County Property to David Punnet OBJECT & SUBJECT: Seeks Cash Collateral Access Until July 31 OLD WORLD: Hires LMB Partners as Special Counsel OLDCASTLE BUILDING: Hires Advisers After 2025 Slump Results OLIVER FORREST: To Sell Decatur Property to Wallace Capital ORION PORTFOLIO: Hires DeSantis Property Management as Broker OUT THE GATE: Seeks to Hire Ordinary Course Professionals PATHFINDER AUTO: Seeks to Hire Zemanian Law Group as Counsel PENINSULA PACIFIC: S&P Affirms 'B-' ICR, Outlook Stable PHOENIX FUND: Hires Alexis Fuentes-Hernandez as Legal Counsel PHOENIX FUND: Hires Luis R. Carrasquillo as Financial Consultant PLURI INC: Regains Nasdaq Capital Market Good Standing PRETIUM PACKAGING: Hires Evercore Group as Investment Banker PRETIUM PACKAGING: Hires FTI Consulting as Financial Advisor PRETIUM PACKAGING: Hires Kirkland & Ellis as Counsel PRETIUM PACKAGING: Hires KPMG LLP as Tax Service Provider PRETIUM PACKAGING: Hires Stretto Inc as Administrative Advisor PRETIUM PACKAGING: Seeks to Hire Cole Schotz PC as Co-Counsel PRO TEMECULA: Case Summary & 19 Unsecured Creditors PSI SERVICES: Case Summary & Seven Unsecured Creditors PZ168 CORP: Commences Chapter 11 Bankruptcy in New York RAINMAKER CIDER: Case Summary & 20 Largest Unsecured Creditors RHODIUM ENCORE: Ex-Directors, Attys Challenge Ch. 11 Sanctions Bid RHP HOTEL: Fitch Assigns 'BB' Rating on Senior Unsecured Notes RIZO-LOPEZ FOODS: Asset Sale Proposal Helps Avert Liquidation RSKT HOLDING: Gets Interim OK to Use Cash Collateral S & H SYSTEMS: U.S. Trustee Appoints Creditors' Committee SERNA'S TRUCKING: Case Summary & 20 Largest Unsecured Creditors SHANNON WIND: Hires Nomura Securities as Investment Banker SHARON VITALE: Hires Kelley Kaplan & Eller as Bankruptcy Counsel SILICON VALLEY: Judge Slams Ex-Venture Capitalist While Axing Suit STARLIGHT PARENT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable SYNERGY 768: Hires David C. Johnston as Bankruptcy Counsel THAI EXPRESS: Hires Conroy Baran LLC as Legal Counsel TPI COMPOSITES: To Sell Wind Blade Assets to Vestas Wind System TRANSCONTINENTAL INC: S&P Downgrades ICR to 'BB', Outlook Stable TRUE BELIEVERS: Seeks to Hire Krekeler Law S.C. as Counsel TZADIK SIOUX FALLS: Seeks Continued Cash Collateral Access V&H HOLDINGS: Hires Scheef & Stone LLP as Bankruptcy Counsel VANDERBILT MINERALS: U.S. Trustee Appoints Creditors' Committee VIRIDIS CHEMICAL: Seeks Ch. 11 Protection Amid Relocation Issues VOICES OF FAITH: Seeks to Hire NAI Brannen as Real Estate Broker WELLPATH HOLDINGS: Loses Bid to Dismiss Heath Lawsuit YNEZ SHOPS: Case Summary & 16 Unsecured Creditors ZIVIEA INC: Seeks Chapter 11 Bankruptcy with $5MM Debt [] Fitch Affirms Ratings on 10 US & Canada Freight Transpo Cos. [] Fitch Affirms Ratings on 8 NA Electric Generation Companies [] Fitch Affirms Ratings on Six Office REITs [] Fitch Affirms Ratings on Three Building Material Companies [] Fitch Affirms Ratings on Three Building Product Companies ********* 10500 SUMMIT KP: Seeks to Hire Wolff & Orenstein LLC as Attorney ---------------------------------------------------------------- 10500 Summit KP Venture, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Wolff & Orenstein, LLC as attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties as a Debtor-in-Possession and in the operation of its business and management of its assets; b. representing the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Sec. 362(a) of the Bankruptcy Code; c. preparing any necessary applications, motions, answers, orders, reports and other pleadings, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; e. assisting the Debtor in the preparation of a plan of reorganization; f. representing the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; and g. assisting the Debtor with all bankruptcy legal work or other legal services for the Debtor that may be necessary or desirable in the course of this case. The firm will be paid at these rates: Jeffrey M. Orenstein $535 per hour Matthew E. Abbott $330 per hour Paralegal/legal assistants $150 per hour On Feb 25, 2026, Wolff & Orenstein received a retainer in the amount of $5,238. In addition to the retainer provided prior to filing its Petition, the Debtor has also agreed to provide an additional $20,000 to supplement the retainer Wolff & Orenstein is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Suite 465, North Lobby Rockville, MD 20850 Tel: (301) 250-7232 Email: jorenstein@wolawgroup.com About 10500 Summit KP Venture, LLC 10500 Summit KP Venture, LLC is a single-asset real estate company, as defined in 11 U.S.C. Section 101(51B). 10500 Summit KP Venture, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-11981) on February 26, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas Brault as manager. Jeffrey Orenstein, Esq. at WOLFF & ORENSTEIN LLC presides over the case. 10509 SUMMIT: Seeks to Hire Wolff & Orenstein LLC as Attorney ------------------------------------------------------------- 10509 Summit Venture, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Wolff & Orenstein, LLC as attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties as a Debtor-in-Possession and in the operation of its business and management of its assets; b. representing the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Sec. 362(a) of the Bankruptcy Code; c. preparing any necessary applications, motions, answers, orders, reports and other pleadings, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; e. assisting the Debtor in the preparation of a plan of reorganization; f. representing the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; and g. assisting the Debtor with all bankruptcy legal work or other legal services for the Debtor that may be necessary or desirable in the course of this case. The firm will be paid at these rates: Jeffrey M. Orenstein $535 per hour Matthew E. Abbott $330 per hour Paralegal/legal assistants $150 per hour On Feb 24, 2026, Wolff & Orenstein received a retainer in the amount of $5,238. In addition to the retainer provided prior to filing its Petition, the Debtor has also agreed to provide an additional $20,000 to supplement the retainer Wolff & Orenstein is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Suite 465, North Lobby Rockville, MD 20850 Tel: (301) 250-7232 Email: jorenstein@wolawgroup.com About 10509 Summit Venture, LLC 10509 Summit Venture, LLC is a single-asset real estate company that owns one income-producing property. 10509 Summit Venture, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-11982) on February 26, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Thomas Brault as manager. Jeffrey Orenstein, Esq. at WOLFF & ORENSTEIN LLC presides over the case. 2015 WALNUT: Computershare Wants Trigild's Lagowitz as Receiver --------------------------------------------------------------- Computershare Trust Company, National Association, filed a motion with the U.S. District Court for the Eastern District of Pennsylvania, seeking the appointment of Ian Lagowitz of Trigild LLC, as receiver for 2015 Walnut Street Owner LLC. Computershare is the Trustee for the benefit of the registered holders of BMO 2022-C3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C3 and the uncertificated VRR interest owner to foreclose a mortgage executed by Defendant, 2015 Walnut Street Owner LLC, to secure repayment of a commercial loan in the principal amount of $2,700,000.00. The mortgaged property comprises a five-story structure with eight multifamily units and 1,200 square feet of ground-floor and basement retail space located at 2015 Walnut Street in the City of Philadelphia. Plaintiff holds and is suing to foreclose the mortgage and now seeks the appointment of an independent property receiver to operate and manage the Property in view of, inter alia, the express receivership provision of the loan documents, Borrower's longstanding payment default and diversion of rents, Borrower's failure to fund the taxes and insurance premiums for the Property or provide proof of insurance or current financial information, the 10 open municipal code violations and risk of waste at the Property, and the appointment of a receiver for two of Borrower's sponsor's other properties in the Eastern District of New York on a substantially similar record. On August 2, 2022, LMF Commercial, LLC issued to Borrower a commercial mortgage loan in the principal amount of $2,700,000.00. The Loan is evidenced by a Promissory Note and secured by an Open-End Mortgage, Security Agreement and Fixture Filing and by an Assignment of Leases and Rents, all effective as of August 2, 2022. The Mortgage provides that Borrower absolutely and unconditionally assigns to Lender Borrower’s right, title, and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Borrower was frequently delinquent with its debt service payments beginning in August 2022 and has failed to make any payment at all to Plaintiff since December 2024. Plaintiff, through its counsel, served a Notice of Default and Demand for Payment upon Borrower by letter dated April 14, 2025. Borrower's continuing and uncontested failure to make its monthly debt service payments and tax and insurance deposits shows that Plaintiff is likely to succeed in this mortgage foreclosure action. Plaintiff submits that the Court should exercise its discretion under Rule 66 of the Federal Rules of Civil Procedure and grant its equest. About 2015 Walnut Street Owner LLC 2015 Walnut Street Owner LLC, owns a five-story structure with eight multifamily units and 1,200 square feet of ground-floor and basement retail space at Walnut Street in the City of Philadelphia. 2015 Walnut is facing a receivership case captioned as Computershare Trust Company, National Association v. 2015 Walnut Street Owner LLC, Case No. 2:25-cv-02961 (E.D.Penn.), before the Hon. Wendy Beetlestone. The case was filed on June 10, 2025. Counsel for Plaintiff Computershare: Raymond A. Quaglia, Esq. Facundo Bouzat, Esq. BALLARD SPAHR LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 665-8500 E-mail: quaglia@ballardspahr.com bouzatf@ballardspahr.com 2120 TIEBOUT: Public Auction of 10 Properties Scheduled for April 8 ------------------------------------------------------------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION, Plaintiff against 2120 TIEBOUT LLC, et al., Defendant(s). Pursuant to that certain Judgment of Foreclosure and Sale entered herein and dated January 21, 2026 ("Judgment"), Peter A. Axelrod, Esq., the Sale Referee will sell the following real properties individually at public auction at the base of the front steps of the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007 on April 8th, 2026 at 2:30 p.m., Eastern Prevailing Time, as follows: The Property, consists of ten separate premises which are described as follows and are to be sold IN SEPARATE LOTS, not to be divided or combined, and in their 'as-is' and 'where-is' condition. The ten (10) following premises to be sold separately at auction are located at, and commonly known as, (1) 2120 2126 TIEBOUT AVENUE, BRONX, NY 10457; (2) 452 WEST 164TH STREET, NEW YORK, NY 10032; (3) 503 WEST 169TH STREET, NEW, NY 10032; (4) 505 WEST 135TH STREET, NEW YORK, NY 10031; (5) 522 WEST 148TH STREET, NEW YORK, NY 10031; (6) 554 WEST 148TH STREET, NEW YORK, NY 10031; and (7) 561 WEST 144TH STREET, NEW YORK, NY 10031; and (8) 622 EAST 169TH STREET, BRONX, NY 10456; and (9) 712 WEST 180TH STREET, NEW YORK, NY 10033; and 10) 66 & 72 EAST 190TH STREET, BRONX, NY 10468 (Premises 1, Premises 2, Premises 3, Premises 4, Premises 5, Premises 6, Premises 7, Premises 8, Premises 9, and Premises 10 (collectively, the "Property"). PREMISES 1: 2120 2126 TIEBOUT AVENUE, BRONX, NY 10457, situated, lying and being in the Borough and County of Bronx, City and State of New York, bounded and described as follows: BEGINNING at a point on the Southeasterly from the corner formed by the Intersection of the Southeasterly side of Tiebout Avenue with the Northeasterly side of East 180th Street; being a plot 220.82 feet by 104.32 feet 219.09 feet by 100.08 feet ("PREMISES 1"). PREMISES 2: 452 WEST 164TH STREET, NEW YORK, NY 10032, situated, lying and being in the Borough of Manhattan, County of New York, City and State of New York, bounded and described as follows: BEGINNING at point on the Southerly side of West 164th Street, distant 111 feet Eastwardly from the corner formed by the intersection of the Southerly side of West 164th Street and the Easterly side of Amsterdam Avenues RUNNING THENCE southwardly and parallel with Amsterdam Avenue, 114 feet 6 1/4 Inches; THENCE eastwardly and parallel with West 164th Street, 14 feet; THENCE northwardly and again parallel with Amsterdam Avenue, 2 feet 2 inches; THENCE eastwardly and again parallel with West 164th Street, 25 feet; THENCE northwardly and again parallel with Amsterdam Avenue, 112 feet 41% inches to the Southerly side of West 164th Street; THENCE westwardly along the Southerly side of West 164th Street 39 feet to the point or place of BEGINNING (PREMISES 2"). PREMISES 3: 503 WEST 169TH STREET, NEW YORK, NY 10032, situated, lying and being in the Borough of Manhattan, County of New York, City and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of west 169th street, distant 50 feet westerly from the corner formed by the intersection of the westerly side of tenth (now Amsterdam) Avenue and the northerly side of west 169th Street; RUNNING THENCE Westerly along the Northerly side of West 169th street, 50 feet: THENCE Northerly parallel with the Westerly side of Amsterdam Avenue, 101 feet 7 inches; THENCE Easterly parallel with the Northerly side of West 169th street, 50 feet; THENCE Southerty parallel with the westerly side of Amsterdam Avenue and part of the distance through a party wall of, 101 feet 7 inches, to the point or place of BEGINNING ("PREMISES 3"). PREMISES 4: 505 WEST 135TH STREET, NEW YORK NY 10031, situated, lying and being in the Borough of Manhattan, City, County and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of 135th Street, distant 100 feet westerly from the corner formed by the intersection of said northerly side of 135th street with the westerly side of Amsterdam Avenue (formerly 10th Avenue); RUNNING THENCE northerly parallel with the said westerly side of Amsterdam Avenue, 99 feet 11 inches to the center line of the block, between 135th and 136th street; THENCE westerly parallel with the said northerly side of 135th street, 40 feet; THENCE southerly, again parallel with the said westerly side of Amsterdam Avenue and part of the distance through a certain party wall, 99 feet 11 inches to the northerly side of 135th Street; and Thence Easterly, along the said Northerly side of 135th Street, 40 feet to the point or place of BEGINNING ("PREMISES 4"). PREMISES 5: 522 WEST 148TH STREET, NEW YORK, NY 10031, situated, lying and being in the Borough of Manhattan, City and State of New York, and being bounded and described as follows: BEGINNING at a point on the southerly line of West 148th Street, distant 308 feet 4 inches (tax map) (308 feet 6 inches survey) westerly from the corner formed by the intersection of the westerly side of Amsterdam Avenue, with the southerly side of west 148th street; RUNNING THENCE southerly and parallel with Amsterdam Avenue and part of the distance through a party wall 99 feet 11 inches to the center line of, the block between west 147th and west 148th Streets; THENCE WESTERLY ALONG THE SAID CENTER LINE OF THE BLOCK 41 FEET FEET 8 INCHES (TAX MAP) (41 FEET 6 INCHES SURVEY); THENCE NORTHERLY AND PARALLEL WITH AMSTERDAM AVENUE, 99 FEET 11 INCHES TO THE SOUTHERLY SIDE OF WEST 148TH STREET; AND THENCE EASTERLY AND ALONG THE SOUTHERLY SIDE OF WEST 148TH STREET, 41 FEET 8 (TAX Map) (41 FEET 6 INCHES SURVEY) INCHES TO THE POINT OR PLACE OF BEGINNING ("PREMISES 5"). PREMISES 6: 55 WEST 148TH STREET, NEW YORK, NY 10031, situated, lying and being in the borough of Manhattan, City, County and State of New York, bounded and described as follows: BEGINNING at a point on the southerly side of west 148th street, distant 185 feet easterly from the corner formed by the intersection of the southerly side of 148th Street with the easterly side of Broadway; RUNNING THENCE southerly parallel with the easterly side of Broadway and part of the way through a party wall, 99 feet 11 inches to the center of the block; THENCE easterly, along the center line of the block, 50 feet; THENCE northerly parallel with the easterly side of Broadway, 99 feet 11 inches to the southerly side of west 148th street; THENCE westerly, along the southerly side of west 148th street, 50 feet to the point or place of BEGINNING ("PREMISES 6"). PREMISES 7: 561 EST 144TH STREET NEW YORK, NY situated, lying and being in the Borough of Manhattan, County, City and state of New York, designated on Tax Map of the City of New York for the Borough of Manhattan, as said Tax Map was on 3/30/7 1, as Section 7, Block 2076, Lot 5, bounded and described as follows: BEGINNING at a point on the northerly side of West 144th Street, distant 100 feet Easterly from the corner formed ty the Intersection of the Northerly side of West 144th Street and the East side of Broadway; RUNNING THENCE northerly parallel with the easterly side of Broadway, 99 feet 11 inches to the center of the block; THENCE easterly, along the center line of the block, 50 feet: THENCE Southerly parallel with the Easterly side of Broadway and part of the way through a party wall, 99 feet 11 inches to the northerly side of West 144th street; THENCE westerly, along the northerly side of west 144th street, 50 feet to the point or place of BEGINNING ("PREMISES 7"). PREMISES 8: 622 EAST 169TH STREET, BRONX, NY 10456, situated, lying and being in the Borough of Bronx, City and State of New York, bounded and described as follows: BEGINNING at a point on the southerly side of East 169th Street, as legally opened, now known as Mckinley Square, distant 253.68 feet northeasterly measured along said southerly side of said street as it curves to the right from its point of intersection with the easterly side of Franklin Avenue: RUNNING THENCE Southerly parallel with said easterly side of Franklin Avenue, as laid down on the map of Morrisania of a distance of 1848, a distance of 77.80 feet; THENCE easterly at right angles to said easterly side of Franklin Avenue, 1.24 feet; THENCE southerly parallel with said easterly side of Franklin Avenue, as on said map, 47 feet; THENCE easterly at right angles to said easterly side of Franklin Avenue, as on said map, 46.75 feet; THENCE northerly on a line forming at an angle on its westerly side with the last mentioned course of 89 degrees 38 minutes 59 seconds, 28.21 feet; THENCE easterly on a line forming an angel on its southerly side with the last-mentioned course of 89 degrees 24 minutes 32 seconds, 119.83 feet to the southerly side of east 169th street as legally opened, now known as Mckinley Square; THENCE southwesterly along said southerly side of east 169th street, as legally opened, now known as Mckinley Square, as it curves, 53.10 feet to the paint or place of BEGINNING ("PREMISES 8"). PREMISES 9: 712 WEST 180TH STREET, NEW YORK, NY 10033, situated, lying and being in the Borough of Manhattan, City and State of New York, as said Tax Map was on November 26, 1974 known as Section 8 Block 2176, Lot 42, being more particularly bounded and described as follows: BEGINNING at a point on the southerly side of west 180th Street, distant 227 feet 4 and 5/8 inches (deed) 229.39 feet (survey) easterly from the corner formed by the intersection of said southerly side of 180th Street with the easterly side of Fort Washington Avenue; RUNNING THENCE easterly along said southerly side of 180th Street, 58 feet 4 Inches (deed) 58.33 (survey) to a point; THENCE southerly and and right angles to said southerly side of 180th Street, 100 feet to the center line of the block; THENCE westerly along said center line of the block, 50 feet 4 inches (deed) 58.33 feet (survey) to a point; THENCE northerly and again at right angles to said southerly side of 180th Street and part of the distance through a party wall, 100 feet to said southerly side of 180th street, at the point or place of BEGINNING ("PREMISES 9"). PREMISES 10: 66 & 72 EAST 190TH STREET, BRONX, NY 10468, contains two parcels, to be sold together, Parcel I: situated, lying and being in the borough of the Bronx of the City of New York, and bounded and described as follows: BEGINNING at a point on the southerly side of 190th Street, distant 168.51 feet easterly from the southeasterly corner of Morris Avenue and 190th Street as the said Street and Avenue are now legally opened and confirmed; RUNNING THENCE southerly on a line at an angle of ninety degrees fifty one minutes on the easterly side with the southerly side of east 190th Street, one hundred six (106) feet; THENCE easterly parallel with 190th Street, forty three (43) feet; THENCE northerly on a line drawn at an angle of ninety degrees fifty one minutes on its southerly side with the southerly side of 190th Street, one hundred and six (106) feet to the southerly side of east 190th Street; and THENCE westerly along the southerly side of 190th Street, forty three (43) feet to the point or place of BEGINNING, and Parcel II: situated, lying and being in the Borough of the Bronx, City and State of New York, bounded and described as follows: BEGINNING at a point on the westerly side of Creston Avenue, distant 96.53 feet northwardly from the northwesterly corner of Fordham Road, as widened, and Creston Avenue; RUNNING THENCE northwardly along the westerly side of Creston Avenue, 22 feet to the southerly side of east 190th Street; RUNNING THENCE northwestwardly along the westerly side 190th Street, 32.76 feet; RUNNING THENCE westwardly still along the southerly side of east 190th Street, 78.78 feet RUNNING THENCE southwardly parallel or nearly so with Morris Avenue, 46.16 feet; RUNNING THENCE eastwardly and parallel with the southerly side of east 190th Street, 102.84 feet to the point or place of BEGINNING ("Premises 10"). (collectively, Premises 1, Premises 2, Premises 3, Premises 4, Premises 5, Premises 6, Premises 7, Premises 8, Premises 9, and Premises 10 being the "Property"). Bidding Procedures: All interested bidders must appear at the aforementioned location, date, and time with certified funds made payable to the Sale Referee as follows, "PETER A. AXELROD, ESQ., AS SALE REFEREE." Ten percent (10%) of the successful bid is due at the time of the auction. The Sale Referee may allow any other manner of funds in his sole and absolute discretion. The approximate amount of the Judgment, per premises, is as follows: Premises 1, $13,061,358.99; Premises 2, $3,477,400.51; Premises 3, $3,814,117.96; Premises 4, $5,999,834.64; Premises 5, $7,191,082.08; Premises 6, $8,719,620.32; Premises 7, $6,608,524.63; Premises 8, $5,015,542.14; Premises 9 $6,111,845.24; Premises 10, $3,576,618.51 plus (1) all additional funds expended, advanced, or otherwise paid by Plaintiff for the benefit of the Property and/or in connection with the foreclosure thereof from February 1, 2024, through the date of sale as may be demonstrated to the Sale Referee at the outset of the sale by way of receipts, affidavit or other similar evidence, including, but not limited to, payments of taxes, payment of insurance premiums, and any additional compensation paid by Plaintiff to the Sale Referee in connection with the foreclosure of the Property; (ii) all additional reasonable attorneys' fees and costs incurred by the Plaintiff in enforcing its mortgage securing the Property from February 1, 2024 through the date of the sale as may be demonstrated to the Sale Referee at the outset of the sale by way of receipts, affidavit or other similar evidence; and (iii) the interest accruing at the contract and default rate from February 1, 2024 through the date of the entry of this judgment; or as much as the purchase money of the mortgaged premises will cover. The Property will be sold subject to the provisions of the filed Judgment and terms of sale. Associated terms of sale will be available at the auction to all Interested bidders. Case No. 1:23-cv-09445 (DEH)(BCM) PETER A. AXELROD, ESQ, Sale Referee Attorney(s) for Plaintiff: Attn: Dean L Chapman, Jr, Esq. Akin, Gump, Strauss, Hauer, & Feld, LLP One Bryant Park, New York, NY 10036 30-85 31ST: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------- On March 5, 2026, 30-85 31st Property LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 30-85 31st Property LLC 30-85 31st Property LLC is a privately held real estate company engaged in property ownership, leasing, and asset management activities. 30-85 31st Property LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41058) on March 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Heath S. Berger, Esq., of BFSNG Law Group, LLP. 302 GRAFTON: Initiates Chapter 7 Bankruptcy in New York ------------------------------------------------------- On March 4, 2026, 302 Grafton Corp. filed for Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 302 Grafton Corp. 302 Grafton Corp., a privately held New York corporation, engages in investment, real estate management, and commercial operations. The company administers a range of financial and operational assets across multiple markets. 302 Grafton Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70888) on March 4, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities between $100,001 and $1,000,000. Honorable Judge Sheryl P. Giugliano handles the case. 3326 CHESTNUT: Starts Chapter 11 Bankruptcy in California --------------------------------------------------------- On March 4, 2026, 3326 Chestnut LLC filed for Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 3326 Chestnut LLC 3326 Chestnut LLC is a privately held limited liability company engaged in real estate investment and property management, overseeing residential and commercial property assets. 3326 Chestnut LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40445) on March 4, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The Debtor is represented by Lewis Phon, Esq. of Law Offices of Lewis Phon. 410 SOUTH MORGAN: Seeks Chapter 11 Bankruptcy in Illinois --------------------------------------------------------- On March 4, 2026, 410 South Morgan Street LLC filed for Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50-99 creditors. About 410 South Morgan Street LLC 410 South Morgan Street LLC is a real estate holding company involved in the ownership and management of commercial property assets in Illinois. 410 South Morgan Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03909) on March 4, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Thomas R. Fawkes, Esq. of Tucker Ellis, LLP. 5200 KH: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------ On March 3, 2026, 5200 KH LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About 5200 KH LLC 5200 KH LLC is a limited liability company operating in New York. 5200 KH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40998) on March 3, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Brett Silverman, Esq., of Silverman Law PLLC. 539 HURON REAL: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: 539 Huron Real Estate Company, LLC 539 South Huron St. Ypsilanti, MI 48197 Business Description: 539 Huron Real Estate Company, LLC owns and operates commercial real estate located at 539 and 569 South Huron Street in Ypsilanti, Michigan, and operates as a single-asset real estate entity focused on the ownership and management of the property. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-42229 Judge: Hon. Maria L Oxholm Debtor's Counsel: Jason P. Smalarz, Esq. GOLD, LANGE, MAJOROS & SMALARZ, PC 24901 Northwestern Hwy. Suite 444 Southfield, MI 48075 Tel: (248) 350-8220 Email: jsmalarz@glmpc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Nemeth as managing member. A copy of the Debtor's list of five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ISX6TNY/539_Huron_Real_Estate_Company__miebke-26-42229__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IKKJ6BQ/539_Huron_Real_Estate_Company__miebke-26-42229__0001.0.pdf?mcid=tGE4TAMA 599 LIBERTY: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On March 5, 2026, 599 Liberty Ave LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 599 Liberty Ave LLC 599 Liberty Ave LLC is a privately held real estate company engaged in the ownership, leasing, and management of commercial and residential properties. 599 Liberty Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41070) on March 5, 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 Jil Mazer-Marino handles the case. The Debtor is represented by H. Bruce Bronson, Esq., of Bronson Law Offices PC. 6325 SHERIDAN: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 6325 Sheridan Corporation. About 6325 Sheridan Corporation 6325 Sheridan Corporation is a single asset real estate company. On January 27, 2026, 6325 Sheridan Corporation filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 26-10101). The filing reflects assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Carl L. Bucki presides over the matter. The Debtor is represented by Frederick J. Gawronski, Esq., at Colligan Law, LLP. 652 GRANDVIEW: Hires Northgate Real as Real Estate Advisor ---------------------------------------------------------- 652 Grandview LLC seeks approval from the U.S. Bankruptcy Court for the District of New York to employ Northgate Real Estate Group as real estate advisor. The firm will market and sell the Debtor's real property located at 6-52 Grandview Avenue, Ridgewood NY 11385. The firm will be paid at these fees: (i) a 6% commission, if the Property is sold; (ii) a 3% commission if the secured creditor closes on a credit bid transaction; (iii) a 3% refinancing fee if the Property is refinanced; or (iv) in the case of an outcome other than a sale or a refinancing, a flat fee in the amount of $25,000. Mr. Corbin 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: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 396-4000 About 652 Grandview LLC 652 Grandview Ave LLC owns and leases a commercial office property in Brooklyn, New York, with an estimated value of $1.2 million. 652 Grandview Ave filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45943) on December 11, 2025. In the petition signed by Jacob Zicherman, member, the Debtor disclosed total assets of $1,200,006 and total liabilities of $2,921,596. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Law Offices of Charles Wertman PC oversees the case. 6909 BURNET: Gets Interim OK to Use Cash Collateral --------------------------------------------------- 6909 Burnet Realty, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral to fund its operations and set a further hearing for March 18. 6909 Burnet Realty owns commercial real property located at 6909 Burnet Lane in Austin, Texas, which serves as a Skilled Nursing Facility. Its liquid assets consist of approximately $412,500 in accounts receivable, a pending insurance claim for water damage, and rental income of approximately $12,000 per week beginning February 26. Rent is the Debtor's sole source of recurring revenue and without access to cash collateral, it cannot meet ongoing post-petition obligations. According to a UCC search, Business Loan Capital Inc. appears to hold a first-priority lien on the Debtor's assets and is the only creditor asserting an interest in cash collateral. The Debtor said adequate protection exists through a substantial equity cushion in the real property. The property is valued at approximately $10 million compared to total secured debt of about $6.82 million, leaving an equity cushion of roughly $3.18 million (approximately 31%). In addition, the Debtor offers to grant replacement liens on post-petition assets to the same extent and priority as pre-petition liens; maintain insurance coverage; and continue paying ordinary operating expenses, including taxes and insurance as part of adequate protection. The Debtor's bankruptcy filing was triggered by the maturity of its loan with BLC Prime Lending Fund II, LLC, which demanded full payment. When the Debtor was unable to pay the loan in full, BLC sought appointment of a receiver. About 6909 Burnet Realty LLC 6909 Burnet Realty, LLC owns and manages a real property, with an estimated value of $10 million based on previous offers. The property is located at 6909 Burnet Lane, Austin, Texas. 6909 Burnet Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-10337) on February 25, 2026. In the petition signed by Mordy Lahasky aka Efram M. Lahasky, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Daniel Zemel, Esq., at Zemel Law, LLC, represents the Debtor as legal counsel. 71 STOCK: Commences Chapter 7 Bankruptcy in New York ---------------------------------------------------- On March 5, 2026, 71 Stock LLC filed for Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 71 Stock LLC 71 Stock LLC is a privately held limited liability company engaged in real estate investment and property management activities. 71 Stock LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41047) on March 5, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 8973 GRANTLINE: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------- On March 4, 2026, 8973 Grantline, LLC, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports debts ranging from $1 million to $10 million owed to 1–49 creditors. About 8973 Grantline, LLC 8973 Grantline, LLC is a California-based limited liability company involved in real estate investment and asset management, overseeing commercial property holdings and related operations. 8973 Grantline, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-21179) on March 4, 2026. The petition lists estimated assets and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Christopher M. Klein presides over the case. The Debtor is represented by Kevin A. Hughey, Esq. 919 LOMBARD: Computershare Wants Trigild's Lagowitz as Receiver --------------------------------------------------------------- Computershare Trust Company, National Association, as Trustee for the benefit of the registered holders of BBCMS Mortgage Trust 2023-5C23, Commercial Mortgage Pass-Through Certificates, Series 2023-5C23, filed a motion with the U.S. District Court for the Eastern District of Pennsylvania, seeking the appointment of Trigild's Ian Lagowitz as receiver for 919 Lombard Street CC LLC. 919 Lombard Street CC LLC secured a mortgage repaying a commercial loan in the principal amount of $2,000,000. The mortgaged property comprises a four-story structure with six multifamily units located at 919 Lombard Street in the City of Philadelphia that the Plaintiff holds and is suing to foreclose the mortgage. The Plaintiff seeks the appointment of an independent property receiver to operate and manage the Property in view of, inter alia, the express receivership provision of the loan documents, Borrower's longstanding payment default and diversion of rents, Borrower's failure to fund the taxes and insurance premiums for the Property or provide current financial information, the risk of waste to the Property, and the recent appointment of Plaintiff's proposed receiver for two of Borrower's sponsor's other properties in the Eastern District of New York on a similar record. On October 31, 2023, LMF Commercial, LLC, issued to Borrower a commercial mortgage loan in the principal amount of $2,000,000. Following origination, the Loan was securitized and ultimately assigned to Plaintiff, who has the original Note with the allonges and is the named assignee in the recorded assignment of the Mortgage. The Mortgage provides that "Borrower absolutely and unconditionally assigns to Lender Borrower's right, title, and interest in and to all current and future Leases and rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only." The Mortgage also provides that, upon the occurrence and during the continuance of an Event of Default, "Lender may, without proof of depreciation or inadequacy of the value of the Property or other security or proof of the insolvency of Borrower, have a receiver appointed to manage the Property and collect the Rents, issues, profits and income therefrom." Borrower has failed to pay the Monthly Debt Service Payment Amounts due on the monthly Payment Dates beginning in December 2024. Plaintiff served a Notice of Default upon Borrower by letter dated February 19, 2025, and, through its counsel, provided a Continuing Notice of Default and Demand for Rents to Borrower by letter dated April 30, 2025. In addition to its payment, tax and insurance defaults, Borrower has also failed to remain compliant with its financial reporting obligations and has not provided the required financial statements or a rent roll to Plaintiff since September 2025. Defendant's sponsor/guarantor, Abe Cohen, is a New York real estate investor who directly or indirectly owns and controls numerous multifamily and/or mixed-use properties in Philadelphia and in Brooklyn, New York. On December 10, 2025, Magistrate Judge Lara K. Eshkenazi of the United States District Court for the Eastern District of New York granted the Plaintiff-lender's motion to appoint Ian Lagowitz of Trigild LLC as the receiver for two of Mr. Cohen's Brooklyn properties. On February 9, 2026, the Plaintiff in the 350 5th Street foreclosure action moved to compel defendants' compliance with the Receiver Order and for contempt. Although the appointment of a receiver has historically been considered an extraordinary remedy, the Plaintiff contends the district courts are given "broad discretion in appointing a receiver." The Plaintiff also points out that courts in the Eastern District of Pennsylvania have repeatedly recognized in appointing receivers for commercial properties that "[p]rovisions granting a right to the appointment of a receiver weigh heavily in favor of appointing one, though they do not eliminate the Court’s discretion." In appointing a receiver for two of Mr. Cohen's Brooklyn properties, Magistrate Judge Eshkenazi cited, among other factors, a danger that a mortgaged property "will suffer waste or diminish in value in the absence of a receiver." Plaintiff asserts it will suffer demonstrable harm if a receiver is not appointed for the Property. Among other things, Plaintiff will be constrained to advance funds to pay the taxes and insurance premiums for the Property while receiving none of the rental income. Plaintiff will also remain exposed to the diminution of the value of its collateral resulting from various factors, as to which Plaintiff is wholly in the dark due to Borrower’s derelict financial reporting. Finally, Borrower's continuing and uncontested failure to make its monthly debt service payments and tax and insurance deposits shows that Plaintiff is likely to succeed in this mortgage foreclosure action. About 919 Lombard Street CC LLC 919 Lombard Street CC LLC owns a mortgaged property that comprises a four-story structure with six multifamily units located at 919 Lombard Street in the City of Philadelphia. 919 is facing a receivership case captioned as Computershare Trust Company, National Association v. 919 Lombard Street CC LLC, Case No. 2:25-cv-06229 (E.D. Pa.), before the Hon. Gail A. Weilheimer. The case was filed on Nov. 3, 2025. Counsel for Plaintiff: Raymond A. Quaglia, Esq. Facundo Bouzat, Esq. BALLARD SPAHR LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 665-8500 E-mail:quaglia@ballardspahr.com bouzatf@ballardspahr.com 99A SOMERS: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On March 4, 2026, 99A Sommers LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About 99A Sommers LLC 99A Sommers LLC is a limited liability company. 99A Sommers LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41035) on March 4, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $1 million to $10 million. Honorable Jil Mazer-Marino handles the case. The Debtor is represented by Donna Este-Green, Esq. A & A BODY WORKS: Case Summary & 10 Unsecured Creditors ------------------------------------------------------- Debtor: A & A Body Works On Grand Inc. d/b/a Body Works on Grand 6134 West Grand Avenue Chicago, IL 60639 Business Description: A & A Body Works On Grand Inc. provides automotive body repair and collision repair services, including bumper repair and replacement, windshield and window replacement, dent and scratch repair, mirror replacement, frame straightening, suspension repairs, mechanical repairs, and automotive painting with paint matching. The company operates auto body repair facilities in the Chicago metropolitan area, serving vehicle owners requiring collision, structural, and cosmetic vehicle repairs. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankrutpcy Court Northern District of Illinois Case No.: 26-03824 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 Email: greg@gregstern.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Angelo Resendez Jr. as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RJN5FVQ/A__A_Body_Works_On_Grand_Inc__ilnbke-26-03824__0001.0.pdf?mcid=tGE4TAMA AGEAGLE AERIAL: Registers 2.5MM Shares for Equity Plans ------------------------------------------------------- AgEagle Aerial Systems Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register: (i) 2,000,000 additional shares of common stock of the Company that may be issued to participants pursuant to the amended 2017 Omnibus Equity Incentive Plan and (ii) 500,000 shares of the Company's common stock that may be issued to participants pursuant to the Aerial Systems Inc. Employee Stock Purchase Plan. The Company's previously filed registration statement on Form S-8 relating to the Plan (File No. 333-262225) was filed with the Securities and Exchange Commission on February 18, 2022. At a special meeting of the Company's stockholders on January 22, 2026, the Company's stockholders approved: (i) the amendment of the Plan and (ii) the ESPP. The stockholders' approval of the Amendment increased the number of shares of common stock available for issuance under the Plan by 2,000,000 shares, and the stockholders' approval of the ESPP authorized 500,000 shares of common stock that may be issued to participants pursuant to the ESPP. A full text copy the Registration Statement is available at https://tinyurl.com/2xv6ekhy About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $34,465,282 in total assets, $6,129,041 in total liabilities, and a total stockholders' equity of $28,336,241. AI ERA CORP: Names Ahmad Moradi CEO ----------------------------------- AI Era Corp. disclosed in a regulatory filing that the Board of Directors accepted the resignation of Chiyuan Deng (also known as Fred Deng) as Chief Executive Officer of the Company, effective as of the close of business on March 1, 2026. Mr. Deng's resignation was not due to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Mr. Deng will continue to serve as President and Chief Financial Officer (or in such other capacity as determined by the Board) and remains a director. Appointment of New Chief Executive Officer Effective March 1, 2026, the Board appointed Ahmad Moradi as Chief Executive Officer of the Company, to serve until his successor is appointed or until his earlier resignation or removal. There are no family relationships between Mr. Moradi and any director or executive officer of the Company, and, aside from the below Employment Agreement, there are no transactions involving Mr. Moradi that would require disclosure under Item 404(a) of Regulation S-K. Mr. Moradi has extensive experience in AI technologies, strategic partnerships, and business development, as evidenced by his background (including but not limited to information available at amoradi.com). Over more than 25 years, Mr. Moradi has held leadership roles including Chairman, President, and/or CEO in the following entities: * MAXWELL RAND (FL C Corp): Chairman, President, CEO (1996 MN – 2001 FL; Private, 100% owned by Mr. Moradi); * G4 Inc. (FL C Corp): Chairman, President, CEO (1992; Private, 90% owned by Mr. Moradi); * NETSTAIRS.COM, INC. (FL C Corp): Chairman, President, CEO (March 2005 – present; Private, 100% owned by Mr. Moradi); * VYPA Corporation (FL C Corp): Chairman, Chief Science Officer (March 2005 – present; Private, approximately 650 shareholders); * AITV Technologies INC. (Delaware C Corp): Chairman, Interim CEO, Treasurer, Secretary (February 2025 – present; Private, 5 stockholders); * INVESTROOM.AI (FL C Corp): Chairman, President, CEO (2021 – present; Private, 100% owned by Mr. Moradi); * WEBDOCTOR.AI (FL C Corp): Chairman, President, CEO (2018 – present; Private, 100% owned by Mr. Moradi); * MAXWELL RAND of Puerto Rico Inc. (Puerto Rico): Chairman, President, CEO (2018 – present; Private, 100% owned by Mr. Moradi); * NETSTAIRS INC. (Puerto Rico): Chairman, President, CEO (2018 – present; Private, 100% owned by Mr. Moradi); and * METAXCHNAGE.AI INC. (FL C Corp): Chairman, President, CEO (2018 – present; 38% control, approximately 660 shareholders) Mr. Moradi currently serves on boards and is engaged with a Nasdaq Private Market-listed company. Employment Agreement with Ahmad Moradi In connection with Mr. Moradi's appointment, the Company entered into an Employment Agreement dated March 1, 2026 with Mr. Moradi. The Employment Agreement has an initial three-year term (with automatic one-year renewals unless notice of non-renewal is given 90 days prior) and provides for the following material terms (among others): * A one-time sign-on bonus of $500,000 payable in shares of the Company's Common Stock (calculated based on a per-share price of $0.80 to $1.00, mutually agreed at execution). * An annual base salary of $144,000 (payable quarterly, at least 50% in cash), plus a $30,000 annual remote work stipend. * A grant of 2,000,000 stock options under the Company's 2026 equity incentive plan, vesting over three years (25%/35%/40%) subject to continued employment and performance milestones, with full acceleration upon a change of control or termination without cause. * Eligibility for performance-based incentives of up to 1,250,000+ additional shares tied to revenue growth, partnerships, and KPIs (to be set within 90 days). * Standard executive benefits and expense reimbursements. * Customary restrictive covenants including confidentiality (indefinite), 12-month non-competition and non-solicitation in the AI-driven media and entertainment sector (U.S.-wide), and mutual non-disparagement; excludes pre-existing activities and includes a right of first refusal/acceptance on certain AI media-related opportunities. Severance protections (150% of remaining base salary, full option vesting, benefits continuation, IP royalties, and consulting payments) upon termination without cause, for good reason, or change of control. A full text copy of the Employment Agreement is available at https://tinyurl.com/3359n727 Appointment of President and Employment Agreement with Chiyuan Deng Effective March 1, 2026, in connection with the CEO transition and to formalize his ongoing executive role, the Board appointed (or re-designated) Chiyuan Deng as President of the Company. In connection therewith, the Company entered into an Employment Agreement dated March 1, 2026 (the "Deng Employment Agreement") with Mr. Deng. The Deng Employment Agreement has an initial three-year term (with automatic one-year renewals unless notice of non-renewal is given 90 days prior) and provides for the following material terms (among others): * A one-time sign-on bonus of $300,000 payable in shares of the Company's Common Stock (calculated based on a per-share price of $0.80 to $1.00, mutually agreed at execution). * An annual base salary of $144,000 (payable quarterly, at least 50% in cash), plus a $30,000 annual remote work stipend. * A grant of 1,500,000 stock options under the Company's equity incentive plan, vesting over three years (25%/35%/40%) subject to continued employment and performance milestones, with full acceleration upon a change of control or termination without cause. * Eligibility for performance-based incentives of up to 750,000+ additional shares tied to revenue growth, partnerships, and KPIs (to be set within 90 days). * Standard executive benefits and expense reimbursements. * Customary restrictive covenants including confidentiality (indefinite), 12-month non-competition and non-solicitation in the AI-driven media and entertainment sector (U.S.-wide), and mutual non-disparagement; excludes pre-existing activities. * Severance protections (125% of remaining base salary, full option vesting, benefits continuation, and consulting payments) upon termination without cause, for good reason, or change of control. A full text copy of the Deng Employment Agreement is available at https://tinyurl.com/34t3kcm2 Adoption of 2026 Incentive Plan On March 1, 2026, the Board adopted the AI Era Corp. 2026 Incentive Plan, which provides for the grant of stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and other equity-based awards to eligible employees, officers, directors, consultants, and other service providers of the Company and its Related Companies. The 2026 Incentive Plan reserves a maximum of 10,000,000 shares of Common Stock for issuance thereunder (subject to adjustment as provided in the Plan). The adoption of the 2026 Incentive Plan is intended to support the Company's executive and employee compensation arrangements (including those referenced in the Moradi Employment Agreement and Deng Employment Agreement), future hiring, and long-term growth objectives while managing dilution consistent with best practices for micro-cap public companies. A full text copy of the 2026 Incentive Plan is available at https://tinyurl.com/y93t6asn About AI Era Corp. AI Era Corp, formerly AB International Group Corp., is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisitions and development of various intellectual property. It is engaged in the acquisition and distribution of movies and television (TV) shows. The Company's segments include Copyrights and license (IP) segment and Cinema segment. It is also engaged in providing technical services; running its physical movie theater in New York and providing marketing and consulting services in the media industry. It has the ownership and copyright of the Non-Fungible Token (NFT) MMM platform, including the APP NFT MMM, and the Website: starestnet.io. The Company is focused on artificial intelligence technologies in media production and distribution, through its wholly owned subsidiary, AI+ Hubs Corp. AI+ Hubs Corp is primarily engaged in the acquisition, distribution, and licensing of copyrights for movies, television series, and short-form drama series. As of November 30, 2025, the Company had $6.2 million in total assets, $2.7 million in total liabilities, and a total stockholders' equity of $3.5 million. As of November 30, 2025, the Company had limited cash, an accumulated deficit of approximately $10 million and a working capital deficit of approximately $2.6 million. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. ALL SOUTH AC: Seeks to Hire Honey Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- All South AC Heating & Refrigeration, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Honey Law Firm, P.A. as its attorneys. The firm can be reached through: (a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning its rights and remedies with regard to the estate's assets and claims of secured, priority and unsecured creditors and other parties in interest; (b) appear for; prosecute, defend, and represent the Debtor's interest in adversary proceedings and/or contested matters arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the debtor's avoiding powers; (d) assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate and to consult with and advise Applicant in connection with the operation of or termination of the operation of the business of debtor; (e) assist in the preparation of a plan of reorganization and to present said plan of reorganization to this Court for approval and confirmation; and (f) undertake all other necessary and appropriate legal representation of the Debtor in this proceeding. The firm will be paid at these rates: Marc Honey, Esq. $375 per hour Alexandra Honey, Esq. $250 per hour Paralegal $125 per hour The firm received a retainer in the amount of $25,000. Marc Honey, Esq., an attorney at Honey Law Firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc Honey, Esq. HONEY LAW FIRM, PA P.O. Box 1254 Hot Springs, AR 71902 Telephone: (501) 321-1007 Facsimile: (501) 321-1255 Email: mhoney@honeylawfirm.com About All South AC Heating & Refrigeration All South AC Heating & Refrigeration, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70254) on February 17, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Richard D. Taylor presides over the case. Marc Honey, Esq., at Honey Law Firm, P.A. represents the Debtor as legal counsel. AMERICAN CONTRACTORS: Hires H2R CPA as Accountant ------------------------------------------------- American Contractors Equipment Co. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ H2R CPA as accountant. The firm will assist the Debtor with financial records review, and provide general financial advice and assistance in the restructuring efforts. The firm will be paid at the rate of $360 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Webster 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: Brian F. Webster H2R CPA 875 Greentree Road Suite 1000 Pittsburgh, PA 15220 Tel: (412) 391-2920 About American Contractors Equipment Co. American Contractors Equipment Co. offers rental and maintenance services for heavy construction and industrial machinery, including cranes, forklifts, and aerial lifts, supporting contractors and industrial clients across Western Pennsylvania, Maryland, and Northern West Virginia. American Contractors Equipment Co. in Pittsburgh PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 26-20234) on Jan. 27, 2026, listing $1,546,101 in assets and $3,283,292 in liabilities. James Bulger as president, signed the petition. Judge Carlota M. Bohm oversees the case. BERNSTEIN-BURKLEY, P.C. serve as the Debtor's legal counsel. AMERICAN CONTRACTORS: Hires WH Burkley LLP as Counsel ----------------------------------------------------- American Contractors Equipment Co. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ WH Burkley, LLP as counsel. The firm's services include: a) providing the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of its business and management of its property; b) preparing on behalf of the Debtor, as debtor-in-possession, necessary motions, applications, answers, proposed orders, reports and other legal papers; and c) performing all other legal services for the Debtor as debtor-in-possession which may be necessary herein. The firm will be paid at these rates: Attorneys $210 to $645 per hour Paralegals $165 to $220 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Burkley 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: Kirk B. Burkley, Esq. WH Burkley, LLP 601 Grant Street, 9th Floor Pittsburgh, PA 15219 Telephone: (412) 456-8100 Facsimile: (412) 456-8135 Email: kburkley@bernsteinlaw.com About American Contractors Equipment Co. American Contractors Equipment Co. offers rental and maintenance services for heavy construction and industrial machinery, including cranes, forklifts, and aerial lifts, supporting contractors and industrial clients across Western Pennsylvania, Maryland, and Northern West Virginia. American Contractors Equipment Co. in Pittsburgh PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 26-20234) on Jan. 27, 2026, listing $1,546,101 in assets and $3,283,292 in liabilities. James Bulger as president, signed the petition. Judge Carlota M. Bohm oversees the case. BERNSTEIN-BURKLEY, P.C. serve as the Debtor's legal counsel. AMK PROPERTIES: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: AMK Properties, LLC 25717 Comanche Crk San Antonio, TX 78261-4411 Business Description: AMK Properties, LLC owns commercial and investment real estate across Texas, holding fee simple title to properties that consist of RV parks, gas stations, convenience stores, truck stops, and vacant land in Boerne, San Antonio, Devine, Flatonia, Batesville, Pearsall, Moore, Mason, and Gonzales. The company leases space to third-party operators at locations such as McDonald's and Shell stations, while certain properties include business assets such as furniture, fixtures, and equipment. Total estimated value of its holdings is approximately $32.23 million. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-50554 Judge: Hon. Craig A Gargotta Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio, TX 78248-1609 Tel: (210) 695-6684 Email: ron@smeberg.com Total Assets: $32,403,952 Total Liabilities: $11,541,801 The petition was signed by Vaseem Maliek as managing member. The Debtor identified Applied Economics Consulting Group, located at 1905 N. Lamar Blvd, Austin, TX 78705, as its sole unsecured creditor, with a $17,169 claim for accounting services rendered. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VAY4I6Q/AMK_Properties_LLC__txwbke-26-50554__0001.0.pdf?mcid=tGE4TAMA ARCHBLOCK LLC: Hires Chipman Brown Cicero as Co-Counsel ------------------------------------------------------- Archblock LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Chipman Brown Cicero & Cole, LLP as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; (b) negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; (c) preparing on behalf of the Debtors all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors's estates; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) assisting with any disposition of the Debtors' assets, by sale or otherwise; (f) negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; (g) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation, and other issues to the Debtors in connection with the Debtors' ongoing business operations; and (i) performing all other legal services for, and providing all other necessary legal advice to, the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: William E. Chipman, Jr. $1,050 per hour Mark D. Olivere $650 per hour Aaron J. Bach $450 per hour Renae M. Fusco $375 per hour On January 6, 2026, the firm received a retainer payment from the Debtors totaling $100,000 (the “Initial Retainer”), which Initial Retainer was returned to the Debtors on February 5, 2026. Contemporaneously, also on February 5, 2026, the Debtors provided the firm with a replacement retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Chipman, Jr. 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: William E. Chipman, Jr., Esq. Chipman Brown Cicero & Cole, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0191 Email: chipman@chipmanbrown.com About Archblock LLC Archblock, LLC is a financial technology company operating in the blockchain and digital asset space. It develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. The Honorable Craig T. Goldblatt presides over the cases. The Debtors are represented by Chipman Brown Cicero & Cole, LLP and Wollmuth Maher & Deutsch, LLP. Stretto, Inc. as administrative advisor. ARCHBLOCK LLC: Hires Stretto Inc. as Administrative Advisor ----------------------------------------------------------- Archblock LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor. The firm's services include: (a) assist with, among other things, solicitation, balloting, and tabulation of votes; and prepare any related reports, as required in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan; and (e) provide such other solicitation, balloting and other administrative services as may be requested from time to time by the Debtor, the Bankruptcy Court or the Office of the Clerk of the Bankruptcy Court. Prior to the petition date, the Debtor provided Stretto an advance in the amount of $20,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 About Archblock LLC Archblock, LLC is a financial technology company operating in the blockchain and digital asset space. It develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. The Honorable Craig T. Goldblatt presides over the cases. The Debtors are represented by Chipman Brown Cicero & Cole, LLP and Wollmuth Maher & Deutsch, LLP. Stretto, Inc. as administrative advisor. ARCHBLOCK LLC: Hires Wollmuth Maher & Deutsch LLP as Co-Counsel --------------------------------------------------------------- Archblock LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Wollmuth Maher & Deutsch LLP as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; (b) negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; (c) preparing on behalf of the Debtors all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) assisting with any disposition of the Debtors' assets, by sale or otherwise; (f) negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; (g) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation, and other issues to the Debtors in connection with the Debtors' ongoing business operations; (i) commence and conduct litigation that is necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and (j) performing all other legal services for, and providing all other necessary legal advice to, the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: Paul R. DeFilippo $1,350 per hour James N. Lawlor $1,150 per hour Joseph F. Pacelli $895 per hour Joseph S. Saladino $895 per hour Melissa Tanji $425 per hour Stefano Volpe $280 per hour Zuri Adelekan $280 per hour Benjamin Lee $280 per hour Celeyndiana Rodriguez $280 per hour On October 21, 2025, the firm received a retainer payment from the Debtors totaling $600,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following paragraph is provided in response to Paragraph D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. WMD professionals working on this matter will bill at the Firm's standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the differences and the reasons for the differences. Response: WMD was retained by the Debtors and provided prepetition litigation, arbitration, and creditor related bankruptcy services to certain Debtor entities. Notwithstanding routine annual rate increases, WMD timekeepers billed at the same rate for services rendered related to these Chapter 11 Cases as the services rendered for the other prepetition matters discussed above. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: A preliminary prospective budget and staffing plan for the postpetition period that includes WMD as well as the Debtors' other advisors has been approved by the Debtors. In accordance with the UST Guidelines, the budget may be amended or supplemented, as necessary, to reflect changed or unanticipated developments. Mr. Lawlor 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: Paul R. DeFilippo, Esq. James N. Lawlor, Esq. Joseph F. Pacelli, Esq. Wollmuth Maher & Deutsch LLP 500 Fifth Avenue New York, NY 10110 Telephone: (212) 382-3300 Email: pdefilippo@wmd-law.com jlawlor@wmd-law.com jpacelli@wmd-law.com About Archblock LLC Archblock, LLC is a financial technology company operating in the blockchain and digital asset space. It develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. The Honorable Craig T. Goldblatt presides over the cases. The Debtors are represented by Chipman Brown Cicero & Cole, LLP and Wollmuth Maher & Deutsch, LLP. Stretto, Inc. as administrative advisor. ARKHAM REALTY: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Arkham Realty and Property Management Limited Liability Company 800 Vinial Street, Suite B302A Pittsburgh, PA 15212 Business Description: Arkham Realty and Property Management Limited Liability Company provides real estate and property management services, including leasing and investment support, operating from Pittsburgh, Pennsylvania. Chapter 11 Petition Date: March 4, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20610 Debtor's Counsel: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 555 Grant Street Suite 300 Pittsburgh, PA 15219 Tel: 412-232-0930 Fax: 412-232-3858 E-mail: dcalaiaro@c-vlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Stefan W. Nitsch as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AONJU6A/Arkham_Realty_and_Property_Management__pawbke-26-20610__0001.0.pdf?mcid=tGE4TAMA AVALON DERM: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Avalon Derm Realty LLC 55 Greene Ave, 2D Brooklyn, NY 11238 Business Description: Avalon Derm Realty LLC, based in Brooklyn, New York, is a real estate holding company that owns commercial condominium units at 55 Greene Avenue, Suites 2D and 2E, leased to Jackson Dermatology PLLC for medical office use. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41012 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Narissa A. Joseph, Esq. NARISSA JOSEPH 305 Broadway, Suite 1001 Suite 1001 New York, NY 10007 Tel: (212) 233-3060 Email: njosephlaw@aol.com Total Assets: $2,002,073 Total Liabilities: $2,533,271 The petition was signed by Michael E. Jackson as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PKJJTQI/Avalon_Derm_Realty_LLC__nyebke-26-41012__0001.0.pdf?mcid=tGE4TAMA AVALON GLOBOCARE: Raises $2.8 Million in Private Placement ---------------------------------------------------------- Avalon Globocare Corp. entered into securities purchase agreements with certain institutional investors for the issuance and sale in a private placement of: (i) 490,197 shares of the Company's common stock, par value $0.0001 per shares at a purchase price of $0.51 per Share; (ii) pre-funded warrants at a purchase price of 0.5099 per Pre-Funded Warrant to purchase up to an aggregate of 5,882,353 shares of Common Stock; (iii) Series A-1 warrants to purchase up to 6,372,550 shares of Common Stock and (iv) Series A-2 warrants to purchase up to 6,372,550 shares of Common Stock (the "Series A-2 Warrants," together with the Series A-1 Warrants, the "Warrants") and the shares issuable upon exercise thereof, the "Series A-2 Warrant Shares," together with the Series A-1 Warrant Shares, the "Warrant Shares"). The Shares, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Warrants and the Warrant Shares are collectively referred to herein as the "Securities." Each Warrant has an exercise price of $0.51 per share. The Warrants are not exercisable until the Stockholders of the Company approve the issuance of the Warrants and the Warrant Shares upon the exercise thereof (the "Stockholder Approval"). The Series A-1 Warrants will expire five years following the date of Stockholder Approval. The Series A-2 Warrants will expire 18 months following the date of Stockholder Approval. A holder may not exercise any portion of the Common Warrants to the extent the Purchaser would own more than 4.99% of the outstanding Common Stock immediately after exercise. A holder may increase or decrease this percentage with respect to either the Series A-1 Common Warrants or the Series A-2 Common Warrants to a percentage not in excess of 9.99%, except that any such increase shall require at least 61 days' prior notice to the Company. The Prefunded Warrants are immediately exercisable and may be exercised at a nominal exercise price of $0.0001 per share of Common Stock at any time until all of the Prefunded Warrants are exercised in full. A holder may not exercise any portion of the Common Warrants to the extent the Purchaser would own more than 4.99% of the outstanding Common Stock immediately after exercise. A holder may increase or decrease this percentage with respect to Prefunded Warrants to a percentage not in excess of 9.99%, except that any such increase shall require at least 61 days' prior notice to the Company. As compensation to H.C. Wainwright & Co., LLC as the exclusive placement agent in connection with the Private Placement, the Company paid the Placement Agent a cash fee of 7.0% of the aggregate gross proceeds raised in the Private Placement, plus a management fee equal to 1.0% of the gross proceeds raised in the Private Placement and reimbursement of certain expenses and legal fees. The Company also issued warrants to designees of the Placement Agent to purchase up to 5.0% of the aggregate number of shares of Common Stock placed in the Offering, equating to 318,628 shares of Common Stock. The Placement Agent Warrants have substantially the same terms as the Series A-1 Warrants, except that the Placement Agent Warrants have an exercise price equal to $0.6375 per share. The Engagement Letter and the Purchase Agreement contain customary representations and warranties, agreements and obligations, conditions to closing and termination provisions. In connection with the Private Placement, the Company entered into a registration rights agreement, dated as of February 26, 2026, with the Purchaser, pursuant to which the Company agreed to prepare and file a registration statement with the Securities and Exchange Commission registering the resale of Shares and the shares of Common Stock underlying the Pre-Funded Warrants and the Common Warrants no later than 45 days after the date of the Registration Rights Agreement, and to use best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 75 days following the date of the Registration Rights Agreement (or 90 days following the date of the Registration Rights Agreement in the event of a "full review" by the Securities and Exchange Commission). The Private Placement closed on February 27, 2026. The net proceeds to the Company from the Private Placement are expected to be approximately $2.8 million, after deducting placement agent fees and expenses and estimated offering expenses payable by the Company. The Company intends to use the net proceeds received from the Private Placement for continuing operating expenses and working capital. Roth Capital Partners acted as the Company's financial advisor for the Private Placement for which we paid them a cash fee of $75,000. The full text copies of the form of the Purchase Agreement, the form of the Pre-Funded Warrant, the form of the Series A-1 Warrant, the form the Series A-2 Warrant, the form of the Placement Agent Warrant, and the form of the Registration Rights Agreement, are available at https://tinyurl.com/48hxwvwn https://tinyurl.com/2pfcb3jr, https://tinyurl.com/nh9pr4x3, https://tinyurl.com/nh9pr4x3, https://tinyurl.com/5a2tpcxm and https://tinyurl.com/2mmnd86u, respectively. About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total deficit. BAUSCH HEALTH: Settles 2023 PSUs in Cash for Key Executives ----------------------------------------------------------- Bausch Health Companies Inc. disclosed in a regulatory filing that it took actions to provide for certain earned 2023 performance share unit awards to be paid in cash rather than stock upon vesting, including for named executive officers Thomas Appio and Seana Carson. The 2023 PSUs were originally granted in March 2023, earned over a three-year performance period and scheduled to vest on March 3, 2026. The Talent and Compensation Committee of the Board of Directors amended and restated the award agreement applicable to 1,137,862 2023 PSUs for Mr. Appio to provide that the 2023 PSUs will be settled solely in an amount of cash equal to the market price of the Company common stock earned in respect of the award, determined based on the closing price of the Company common stock on the Vesting Date. The Committee also authorized, and the Company entered into, an agreement with Ms. Carson pursuant to which, as contemplated by paragraph 7(1)(b) of the Income Tax Act (Canada), Ms. Carson agrees to irrevocably dispose of, transfer, assign and surrender to the Company all of her right, title and interest in and to her 137,922 2023 PSUs in exchange for solely an amount of cash, equal to the Market Price. The full text of copies of the Appio Agreement and Carson Agreement will be filed in the Form 10-Q for the quarter ending on March 31, 2026. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of December 31, 2025, the Company had $26.37 billion in total assets, $25.99 billion in total liabilities, and $377 million in total equity. * * * As of February 18, 2026, the credit ratings and outlook from Moody's, Standard & Poor's and Fitch for certain outstanding obligations of the Company were as follows: Moody's assigned a corporate rating of Caa2, a senior secured rating of Caa1, and a senior unsecured rating of Ca, with a Stable outlook. Standard & Poor's rated the Company B- at the corporate level and for senior secured obligations, CCC+ for senior unsecured obligations, and maintained a Negative outlook. In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. BAY SHORE DELUXE: Commences Chapter 7 Bankruptcy in New York ------------------------------------------------------------ On March 5, 2026, Bay Shore Deluxe Inc. filed for Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Bay Shore Deluxe Inc. Bay Shore Deluxe Inc. is a privately held company engaged in retail and consumer goods operations, focusing on providing a variety of merchandise and related services. Bay Shore Deluxe Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70905) on March 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. BELLA FAMILY: Hires Law Offices of Richard R. Robles as Counsel --------------------------------------------------------------- Bella Family Dental, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Law Offices of Richard R. Robles, P.A. as counsel. The firm will provide these services: a. give advice with respect to the powers and duties of the Debtor under the Bankruptcy Code; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and c. prepare legal documents; 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 Chapter 11 plan. The firm will be paid at these rates: Managing Attorney $500 per hour Senior Attorney $400 per hour Junior Attorney $350 per hour Associate Attorney $300 per hour Juris Doctor (non-lawyer) $175 per hour Law Clerk $150 per hour Paralegal $90 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The retainer fee is $20,000. Richard Robles, Esq., a partner at the Law Offices of Richard R. Robles, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard R. Robles, Esq. Law Offices of Richard R. Robles, P.A. 905 Brickell Bay Drive, Suite 228 Miami, FL 33131 Telephone: (305) 755-9200 Email: rrobles@roblespa.com About Bella Family Dental, Inc. Bella Family Dental, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11969) on February 18, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Laurel M. Isicoff presides over the case. Richard R. Robles, Esq., represents the Debtor as legal counsel. BELLA HOUSTON: Seeks to Hire O'Connor & Associates as Appraiser --------------------------------------------------------------- Bella Houston Heights seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire O'Connor & Associates as its appraiser. O'Connor will perform an appraisal of the Debtor's properties commonly known as 829 Yale Street, Houston, Texas. O'Connor will receive $5,500 to perform the appraisal and prepare an appraisal report. O'Connor, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: John R. Fisher Patrick O'Connor & Associates, L.P. dba O'Connor & Associates 2200 N. Loop W., Suite 200 Houston, TX 77018 Tel: (713) 375-4010 Email: jfisher@poconnor.com About Bella Houston Heights Bella Houston Heights is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). Bella Houston Heights filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40515) on February 16, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Adam Bell as managing member. Howard Marc Spector, Esq. at SPECTOR & COX, PLLC serves as the Debtor's counsel. BELLA HOUSTON: Seeks to Hire Spector & Cox PLLC as Counsel ---------------------------------------------------------- Bella Houston Heights seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as its counsel. Spector & Cox, PLLC will provide these services: (a) providing legal advice with respect to its powers and duties as Debtors-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will receive a retainer in the amount of $53,138. Spector & Cox, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: Howard Marc Spector, Esq. SPECTOR & COX, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (214) 310-1321 Facsimile: (214) 237-3380 E-mail: hspector@spectorcox.com About Bella Houston Heights Bella Houston Heights is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). Bella Houston Heights filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40515) on February 16, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Adam Bell as managing member. Howard Marc Spector, Esq. at SPECTOR & COX, PLLC serves as the Debtor's counsel. BLAKK SMOKE: Seeks to Tap Fealy Law Firm PC as Bankruptcy Counsel ----------------------------------------------------------------- Blakk Smoke, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Fealy Law Firm, PC as attorneys. The firm's services include: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor; (b) advising the Debtor with respect to its duties as Debtor; (c) preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; (d) representing the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; (f) preparing and filing of Chapter 11 Plan of Reorganization; and (g) assisting the Debtor in any matters relating to or arising out of the captioned case. The firm will bill these hourly rates: Vicky M. Fealy $475 Associate Attorneys $275 Paralegals $115 Law Clerks $125 The firm received a retainer in the amount of $15,000. Fealy Law Fim 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: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop W Ste 1120 Houston, TX 77008 Telephone: (713) 526-5220 Facsimile: (713) 526-5227 E-mail: vfealy@fealylawfirm.com About Blakk Smoke, Inc. Blakk Smoke operates an online retail platform that sells nicotine-free and tobacco-free hookah and vaping products, including hookah pens, fruit shisha, bundles and related accessories. Blakk Smoke, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31222) on February 25, 2026, listing $83,841 in assets and $3,299,132 in liabilities. The petition was signed by Cardell Bradley as CEO. Judge Eduardo V Rodriguez presides over the case. Vicky M. Fealy, Esq. at THE FEALY LAW FIRM, PC serves as the Debtor's counsel. BOMBARDIER INC: S&P Affirms 'BB-' Rating on Senior Unsecured Notes ------------------------------------------------------------------ S&P Global Ratings revised its recovery rating on Montreal-based Bombardier Inc.'s senior unsecured notes to '3' from '4' and affirmed the 'BB-' issue-level rating. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in a simulated default scenario. This revision follows the company's recent redemptions using cash from its balance sheet, which resulted in higher recovery prospects for the remaining unsecured claims in our hypothetical default scenario. The issuer-level ratings (BB-/Stable) are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- The '3' recovery rating on Bombardier's approximately $4.6 billion of unsecured notes and debentures indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in a simulated default scenario. -- S&P's simulated default scenario contemplates a default in 2030 and assumes Bombardier is restructured as a going concern following operational missteps, amid lower demand for aircraft and aftermarket services, that lead to higher operating cash flow deficits, weakened liquidity, and a limited ability to repay or refinance its debt maturities. -- S&P's distressed gross enterprise value for Bombardier of about $3.1 billion is derived from our emergence EBITDA estimate of about $627 million and a 5x multiple (consistent with the multiples it uses for companies in the broader aerospace and defense sector). -- S&P's emergence EBITDA estimate does not purport to reflect default-level EBITDA but rather a forward-looking view of Bombardier's going-concern value in a distressed scenario. Simulated default assumptions -- Simulated year of default: 2030 -- Multiple: 5x -- Emergence EBITDA: $627 million -- Gross enterprise value: $3.1 billion -- Less: 5% for administrative expenses -- Net enterprise value: $3.0 billion Simplified waterfall -- Net value available to secured claims: $3.0 billion -- Total first-lien debt claims: $282 million -- Net value available to unsecured claims: $2.7 billion -- Senior unsecured claims: $4.6 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. BONIFAS ENTERPRISES: Hires Kutner Brinen Dickey Riley as Counsel ---------------------------------------------------------------- Bonifas Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as counsel. The firm's services include: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a Chapter 11 plan of reorganization; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and (e) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: Jeffrey S. Brinen $600 Jenny Fujii $440 Jonathan M. Dickey $425 Keri L. Riley $410 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $25,000. Mr. Riley 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: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Bonifas Enterprises, Inc. Bonifas Enterprises, Inc., doing business as Best Western Transmission, provides automotive repair and maintenance services in Colorado Springs, Colorado, and throughout El Paso County. Bonifas Enterprises, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 26-11160) on February 27, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Joshua Bonifas as sole shareholder. Judge Kimberley H Tyson presides over the case. Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY, P.C. serves as the Debtor's counsel. BREAKTHROUGH VENTURES: Hires Offit Kurman as Bankruptcy Counsel --------------------------------------------------------------- Breakthrough Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Offit Kurman, P.A. as bankruptcy counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) prepare on behalf of the Debtor all necessary legal papers; (c) assist in analyses and representation with respect to lawsuits to which the Debtor is or may be a party; (d) negotiate, prepare, file and seek confirmation of a plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors and other proceedings; and (f) perform all other legal services for the Debtor which may be necessary to serve its best interests and its bankruptcy estate in this proceeding. The firm will be paid at these rates: Attorneys $260 to $765 per hour Paralegals $125 to $340 per hour In addition, the firm will seek reimbursement for expenses incurred. Offit Kurman received fees in the amount of $10,000. From this amount, Offit Kurman paid the Court filing fee of $1,738 for the case and was, on the Petition Date, holding a Retainer in the amount of $8,262. Mr. Curtis 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: Augustus T. Curtis, Esq. Wisconsin Avenue, Suite 1000W Bethesda, MD 20814 Tel: (240) 507-1756 Fax: (240) 507-1735 Email: Augie.curtis@offitkurman.com About Breakthrough Ventures, LLC Breakthrough Ventures, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 26-10684) on Jan. 21, 2026. The Debtor hires Offit Kurman, P.A. as bankruptcy counsel. BREAKTHROUGH VENTURES: Seeks Interim Cash Collateral Access ----------------------------------------------------------- Breakthrough Ventures, LLC asks the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division for authority to use cash collateral and provide adequate protection. Initially, the Debtor believed a cash collateral motion was unnecessary, as it thought it held no cash subject to a secured claim from its sole secured obligation -- an Economic Injury Disaster Loan owed to the U.S. Small Business Administration. After filing, the SBA asserted that court approval was required under 11 U.S.C. § 363(c)(2), and the parties agreed to an interim order allowing continued use of cash collateral. The $250,000 SBA loan, originated in June 2020 to support operations during the COVID-19 pandemic, is secured by a broad lien on substantially all tangible and intangible personal property, including accounts and deposit accounts. Due to financial distress, the Debtor fell behind on loan payments and in 2025, the debt was referred to the Treasury Offset Program. In December 2025, Medicaid payments were intercepted, which deprived the Debtor of most operating revenue and prevented payment of employees and contractors, prompting the bankruptcy filing to halt the offsets and reorganize. The Debtor now seeks authority to use any cash that may constitute cash collateral to fund payroll, taxes, insurance, utilities, and vendor payments in accordance with a proposed budget. It requests flexibility to exceed individual budget line items by up to 15%, subject to overall limits. To provide adequate protection to the SBA, the Debtor proposes granting a replacement lien on post-petition cash generated from operations, maintaining the same extent and priority as prepetition liens, excluding Chapter 5 causes of action and unencumbered assets. Breakthrough Ventures operates a home health care business in Prince George's County, Maryland, with revenues primarily derived from Maryland Medicaid reimbursements deposited into a Bank of America account. A copy of the motion is available at https://urlcurt.com/u?l=FQ8jMC from PacerMonitor.com. About Breakthrough Ventures, LLC Breakthrough Ventures, LLC operates a home health care business in Prince George's County, Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10684) on January 21, 2026. In the petition signed by Melvin Sillah, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Lori S. Simpson oversees the case. Augustus T. Curtis, Esq., at Offit Kurman, P.A., represents the Debtor as legal counsel. BROADBAND INFRASTRUCTURE: Hires GCP Inc. as Investment Banker ------------------------------------------------------------- Broadband Infrastructure, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ GCP, Inc. as investment banker. The firm will provide these services: (a) prepare a program which will include seeking parties interested in financing the Assets through a plan of reorganization or acquiring the Assets at the 363 Sale ("Bidders") and marketing the Assets through electronic communications, internet websites, letters, and telephone solicitation; (b) prepare electronic mails, website listings, advertising letters, fliers and/or similar sales materials which would include information regarding the sale of the Assets; (c) endeavor to locate parties who may have an interest in acquiring the Assets of the Debtor; (d) circulate materials to interested parties regarding the Assets, after the execution of confidentiality documents with those interested parties; (e) create, maintain, update, and monitor activity on a secured, password-protected virtual data room ("VDR"), and provide access to the VDR to all interested parties who have executed and returned to GCP a confidentiality agreement; (f) as necessary and requested, advise the Debtor as to the setup and execution of any sale of the Assets outside the ordinary course of business; and (g) communicate regularly with the Debtor and other interested parties with respect to the status of the Services GCP is providing. The firm will be paid at these fees: (a) Base Work Fee. Upon the completion of the Services as described in Section 2.1 above, and including the procurement of a Stalking Horse Bidder sourced by the Debtor, GCP shall be deemed to have earned a Base Work Fee in the amount of 2% of the Stalking Horse Bid. In the event that GCP sources the Stalking Horse Bidder, GCP shall be deemed to have earned a Base Work Fee in the amount of 6% of the Stalking Horse Bid. This Base Work Fee will also serve as the minimum guaranteed fee that GCP will receive under this Agreement. (b) Incentive Fee. In addition to the Work Fee described above, GCP shall receive an incentive fee ("Incentive Fee") calculated in accordance with a Modified Lehman Scale: i. For the first $2.5 million of Gross Value above the Stalking Horse Bid, 6%, ii. For the next $1 million of Gross Value above the Stalking Horse Bid, 6.5%, iii. For any Gross Value in excess of the (ii) above, 7%; Fee for Transactions Involving Solely Credit Bids. If the Debtor closes a Transaction, the consideration for which is solely a credit bid by a secured creditor of the Debtor, pursuant to 11 U.S.C. § 363(k) of the Bankruptcy Code, then GCP shall not receive a Transaction Fee but rather shall receive an Advisory Fee of $250,000 plus Expenses, payable as an administrative claim in the Chapter 11 case. (c) Fee for a Confirmed Plan of Reorganization. If the Debtor confirm a Plan of Reorganization, then GCP shall not receive a Transaction Fee but rather shall receive an Advisory Fee of $250,000 plus Expenses, payable as an administrative claim in the Chapter 11 case. (d) Payment of the Transaction Fee. Transaction Fee shall be paid in cash upon court approval. Any Transaction involving non-cash Gross Value shall require that the non-debtor party completing such Transaction pay GCP its Transaction Fee in cash, unless otherwise expressly agreed to by GCP. Payment of the Transaction Fee to GCP shall be in accordance with section 328(a) of the Bankruptcy Code. The Transaction Fee shall be carved out of the Gross Value directly or indirectly received by the estate, all creditors and their successors and assigns, and all other parties in interest. Any Bankruptcy Court order approving a Transaction shall provide that all of GCP's fees as set forth in this Article IV shall be paid by carve-out from any secured collateral of the Debtor. Any portion of the Transaction Fee that is based on contingent payments or installment payments will be paid upon receipt of the contingent or installment payments. Mr. Barrow 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: J. Gregory Barrow GCP, Inc. 2109 Vanderbilt Lane, Unit A Redondo Beach, CA 90278 Email: jgb@generalcapitalpartners.com About Broadband Infrastructure, Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04610) on November 21, 2025, listing up to $10 million in both assets and liabilities. Braddock Cunningham, president of Broadband Infrastructure, signed the petition. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor as legal counsel. BROADBAND INFRASTRUCTURE: Hires Pohl Bankruptcy as Counsel ---------------------------------------------------------- Broadband Infrastructure, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Carolina to employ Pohl Bankruptcy, LLC as bankruptcy counsel. The firm's services include: A. providing the Debtor-in-Possession with legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management and control of its assets, and its responsibilities regarding its liabilities to its creditors; B. providing legal advice to the Debtor-in-Possession regarding its responsibility to provide insurance and bank account information, to file monthly operating reports with this Court, to pay Trustee fees, to seek and receive through its attorney consent of this Court to incur debt or sell property, to file a Plan of Reorganization within 90 days of filing of the petition, and to file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after Confirmation of the Plan; and C. preparing the Petition, Schedules, Statement of Financial Affairs, Plan of Reorganization, Disclosure Statement, Final Report, Final Accounting, Final Decree, as well as any other necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. The firm will be paid at these rates: Attorneys $425 per hour Legal Assistants $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Pohl disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert A. Pohl, Esq. Pohl Bankruptcy, LLC P.O. Box 27290 Greenville, SC 29616 Tel: (864) 233-6294 Fax: (864) 558-5291 About Broadband Infrastructure, Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04610) on November 21, 2025, listing up to $10 million in both assets and liabilities. Braddock Cunningham, president of Broadband Infrastructure, signed the petition. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor as legal counsel. BRYAN BRIGGS: District Court Upholds Dismissal of Bankruptcy Case ----------------------------------------------------------------- Judge William H. Orrick of the U.S. District Court for the Northern District of California affirmed the order of the United States Bankruptcy Court for the Northern District of California dismissing the chapter 11 case of Bryan Briggs for failure to prosecute. Before the District Court is plaintiff Bryan Briggs's appeal. Mr. Briggs argues that the Bankruptcy Court did not have jurisdiction over his chapter 11 matter. On December 30, 2024, prior to the missed Sec. 341(a) meeting and the chapter 11 status conferences, creditor MidFirst Bank filed a Motion for Relief from Automatic Stay so that it (along with its trustee) could commence and continue all acts necessary to foreclose under the Deed of Trust secured by the Debtor's property. MidFirst Bank explained that Mr. Briggs had failed to make 69 payments over the course of more than five years. The court scheduled the hearing on the motion for January 24, 2025. Mr. Briggs responded to the order to show cause, again explaining his view that the Bankruptcy Court lacked jurisdiction. On March 14, 2025, the Bankruptcy Court held a final hearing on its Amended Order to Show Cause why the case should not be dismissed. At the hearing, at which Mr. Briggs again failed to appear, U.S. Bankruptcy Judge Charles Novack explained that it was appropriate to dismiss the case because Mr. Briggs had failed to attend the mandatory chapter 11 status conference and failed to attend all scheduled and rescheduled mandatory meetings of creditors. Judge Novack further concluded that the case was not appropriate for conversion because the matter was a two-party dispute between Mr. Briggs and MidFirst Bank and Mr. Briggs had not offered any significant assets over the course of the proceedings. The court dismissed the case. Mr. Briggs now appeals the Bankruptcy Court Order and petitions to strike all bankruptcy court proceedings for lack of jurisdiction post-removal and for return of collateral security. According to the District Court, Mr. Briggs is incorrect in his understanding of bankruptcy court jurisdiction. He failed to prosecute his case, including a failure to file an application to extend the automatic stay. The District Court concludes the Bankruptcy Court was correct to dismiss his case for failure to show cause. A copy of the Court's Order dated March 3, 2026, is available at https://urlcurt.com/u?l=SxTXAY from PacerMonitor.com. Bryan Briggs filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 24-4167) on September 23, 2024. The bankruptcy case was dismissed on March 3, 2026. BULLIVANT HOUSER: Seeks to Tap Sussman Shank LLP as Counsel ----------------------------------------------------------- Bullivant Houser Bailey, PC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Sussman Shank LLP as bankruptcy counsel. The firm's services include: a. providing the Debtor with advice on its duties and responsibilities as debtor-in-possession, b. preparing and filing schedules, defending motions for relief from stay, analysis and objections to claims, formulation and approval of a plan of reorganization, negotiations with creditors and other parties in interest, c. pursuing avoidable transfer actions, and all other matters requiring legal representation of the Debtor in this case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sussman Shank, a partner at Sussman Shank LLP, 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: Douglas R. Ricks, Esq. Sussman Shank LLP 1000 SW Broadway, Suite 1400, Portland, OR 97205-3089 Telephone: (503) 227-1111 | Facsimile: (503) 248-0130 Email: dricks@sussmanshank.com About Bullivant Houser Bailey, PC Bullivant Houser Bailey PC was a West Coast law firm founded in 1938 and headquartered in Portland, Oregon, with offices in California, Washington, and Nevada. The firm offered a broad range of legal services, including corporate law, commercial litigation, employment, real estate, insurance coverage, and products liability. Bullivant Houser Bailey PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-31017) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor tapped Kevin W. Coleman, Esq., at Nuti Hart LLP as counsel and Donlin, Recano & Company, LLC as claims and noticing agent. BULMAKS INC: Seeks to Hire Gutnicki LLP as Co-Counsel ----------------------------------------------------- Bulmaks, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Gutnicki LLP as co-counsel. The firm's services include: (a) negotiation with creditors; (b) preparation of a plan; (c) examination and resolution of claims filed against the estate; (d) preparation and prosecution of adversary proceedings, if any; (e) preparation of pleadings filed in the case; (f) interaction with the U.S. Trustee; (g) attendance at court hearings; and (h) representation of the Debtor in matters before the Court. The firm will be paid at the rate of $345 per hour to $850 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847 933-9280 Fax: (847) 933-9285 About Bulmaks, Inc. Bulmaks, Inc., established in 2012, is an independent, family-owned logistics and freight trucking company based in Huntley, Illinois, providing truckload and less-than-truckload general freight transportation services across the contiguous United States. The Company operates a fleet of dry van trailers and works with both company drivers and owner-operators, offering long-haul and short-haul routes using solo and team drivers, with a strong presence in the eastern United States. Bulmaks also employs technology-enabled logistics systems to support nationwide freight movements and around-the-clock operations. Bulmaks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. Case No. 26-00067) on January 5, 2026. In its petition, the Debtor reports total assets of $2,012,747 and total liabilities of $6,706,091. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq. of LLAW OFFICES OF DAVID FREYDIN. BURKBURNETT, TX: S&P Cuts Waterworks Revenue Bonds Rating to 'BB+' ------------------------------------------------------------------ S&P Global Ratings S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on the City of Burkburnett, Texas' waterworks and wastewater system revenue bonds to 'BB+' from 'BBB+'. The outlook is stable. The downgrade reflects S&P's view of the utility's materially weakened all-in debt service coverage (DSC), which remained below sufficiency from fiscal years 2023 to 2025. Although management has implemented sizeable rate increases to support a financial rebound, the recent wet weather and subsequent lower usage figures have continued the trend of revenue shortfalls. S&P said, "Governance factors including risk management practices are somewhat negative in our opinion given the recent delayed cost recovery, dip in financial metrics, and reliance on the city's interfund borrowing. However, we recognize that the new management team has taken remedial actions by implementing sizable water and wastewater rate increases. The utility also maintains a 90-day reserve target, which it is attempting to reach in the coming years, and a formal budget tracking and monitoring process. Given the recently updated master plan and long-range forecasting, we will continue to assess the effectiveness of said practices in realizing positive results in the near term. "Because western Texas is relatively water-scarce, we view this as the greatest environmental factor for Burkburnett, and an elevated risk when compared with national peers. The city has partially offset this risk with a redundant water connection to Wichita Falls, additional wells, and maintaining a drought contingency plan. A connection with a larger city like Wichita Falls to help peak demand and maintenance schedules also benefits the customer base regarding affordability and access to water, which in our view are important social factors. The city has experienced episodic issues with nitrate concentrations in its water supply that exceed Texas Commission on Environmental Quality levels. However, management reports that it has remediated the issue through an ion exchange process that blends its groundwater and purchased wholesale water from Wichita Falls, reducing residual nitrate to a level below previous lows. "We view the utility's social factors as neutral in our analysis, given that current water and wastewater rates are affordable, despite planned increases, providing rate-raising flexibility. In addition to affordable rates, the city offers a rate reduction on the minimum monthly water charge for senior citizens as an affordability measure, which we view as mitigating social risk." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight S&P said, "The stable outlook reflects our expectation that cost recovery will likely improve due to new management's recent formalized operational and financial management policies as well as the planned rate increases. We believe the better-defined capital improvement plan and long-range forecasting could improve financial performance. "We could take further negative rating actions over the next two years if all-in DSC does not rebound as projected due to unforeseen operating costs or other budgetary shortfalls." While unlikely over the next two years, a higher rating would be predicated on sustained improvements to coverage and liquidity metrics compared with recent levels without additional financial assistance from the city, while maintaining affordable rates and addressing capital needs. BY HOTEL: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------- Susanne Barton of Bloomberg Law reports that BY Hotel SPE-3 LLC filed for Chapter 11 bankruptcy in Delaware, seeking court protection as it works to reorganize its financial structure, according to court records. The debtor estimated that both its assets and liabilities fall between $100 million and $500 million. The filing places the company within a category of sizable Chapter 11 cases involving substantial financial obligations. Chapter 11 proceedings allow businesses to remain operational while negotiating with creditors and developing a restructuring plan. Companies often use the process to stabilize finances and explore strategic alternatives, according to report. The bankruptcy case will proceed in the U.S. Bankruptcy Court for the District of Delaware, where many corporate debtors choose to file due to the court’s experience with large restructuring cases, the report states. About By Hotel SPE-3 LLC By Hotel SPE-3 LLC is a hospitality investment company specializing in the ownership and management of hotel properties. As a special purpose entity, the company focuses on managing hotel-related assets and supporting hospitality operations. By Hotel SPE-3 LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10324) on March 8, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. CARBON HEALTH: April 2 Proofs of Claim Deadline Set --------------------------------------------------- On February 27, 2026 the United States Bankruptcy Court for the Southern District of Texas entered an order (the "Bar Date Order") establishing certain dates by which parties holding prepetition claims against Carbon Health Technologies Inc. and its affiliated debtors must file proofs of claim, including requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code ("Proofs of Claim"). THE BAR DATES The Bar Date Order establishes the following bar dates for filing Proofs of Claim in these Chapter 11 Cases (the "Bar Dates"). a. The Claims Bar Date. Pursuant to the Bar Date Order, all entities holding claims against the Debtors that arose or are deemed to have arisen prior to the commencement of these cases on the Petition Date, including requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code, are required to file Proofs of Claim no later than April 2, 2026 (the "Claims Bar Date"). The Claims Bar Date applies to all types of claims against the Debtors that arose or are deemed to have arisen prior to the Petition Date, including secured claims, unsecured priority claims, and unsecured non-priority claims. For the avoidance of doubt, any landlord counterparty of an unexpired non-residential real property lease where the lease has not yet been rejected shall not be required to file a Proof of Claim by the Claims Bar Date with respect to prepetition amounts unless and until such real property lease is rejected by the Debtor. If a landlord counterparty's lease is rejected, the bar date for such prepetition claims shall be the Rejection Damages Bar Date. b. The Governmental Bar Date. Pursuant to the Bar Date Order, all governmental units holding claims against the Debtors that arose or are deemed to have arisen prior to the commencement of these cases on the Petition Date are required to file proofs of claim by August 1, 2026 (the "Governmental Bar Date"). The Governmental Bar Date applies to all governmental units holding claims against the Debtors (whether secured, unsecured priority, or unsecured non-priority) that arose or are deemed to have arisen prior to the Petition Date, including, without limitation, governmental units with claims against the Debtors for unpaid taxes, whether such claims arise from prepetition tax years or periods or prepetition transactions to which the Debtors were a party. c. The Rejection Damages Bar Date. Pursuant to the Bar Date Order, all entities holding claims arising from the Debtors' rejection of an executory contract or unexpired lease are required to file Proofs of Claim by the Rejection Damages Bar Date, (i.e., by the date that is the later of (a) the Claims Bar Date or the Governmental Bar Date, as applicable, and (b) the date that is thirty (30) days following entry of the order approving the rejection of the applicable executory contract or unexpired lease of the Debtors). d. The Amended Schedules Bar Date. Pursuant to the Bar Date Order, all entities holding claims affected by the amendment to the Debtors' Schedules are required to file Proofs of Claim by the Amended Schedules Bar Date (i.e., by the date that is the later of (a) the Claims Bar Date or the Governmental Bar Date, as applicable, and (b) the date that is thirty (30) days from the date on which the Debtors mail notice of the amendment to the Schedules). INSTRUCTIONS FOR FILING PROOFS OF CLAIM The following requirements shall apply with respect to filing and preparing each Proof of Claim: a. Contents. Each Proof of Claim must: (i) be written in English; (ii) include a claim amount denominated in United States dollars; (iii) conform substantially with the Proof of Claim Form provided by the Debtors or Official Form 410; and (iv) be signed by the claimant or by an authorized agent or legal representative of the claimant. b. Section 503(b)(9) Claim. Any Proof of Claim asserting a claim entitled to priority under section 503(b)(9) must also: (i) include the value of the goods delivered to and received by the Debtors in the twenty days prior to the Petition Date; (ii) attach any documentation identifying the particular invoices for which the 503(b)(9) claim is being asserted; and (iii) attach documentation of any reclamation demand made to the Debtors under section 546(c) of the Bankruptcy Code (if applicable). c. Electronic Signatures Permitted. With respect to Proofs of Claim submitted electronically, only original Proofs of Claim signed electronically by the claimant or an authorized agent or legal representative of the claimant may be deemed acceptable for purposes of claims administration. Copies of Proofs of Claim or Proofs of Claim sent by facsimile or electronic mail will not be accepted. Unless otherwise ordered by the Court, any original document containing the original signature of any party other than the party that files the Proof of Claim shall be retained by the filing party for a period of not less than five (5) years after the Debtors' cases are closed, and upon request, such original document must be provided to the Court or other parties for review. d. Identification of the Debtor Entity. Each Proof of Claim must clearly identify the Debtor against which a claim is asserted, including the individual Debtor's case number. A Proof of Claim filed under the joint administration case number (No. 24-90614) or otherwise without identifying a specific Debtor, will be deemed as filed only against Carbon Health Technologies, Inc. e. Claim Against Multiple Debtor Entities. Unless otherwise ordered by the Court, each Proof of Claim must state a claim against only one Debtor and clearly indicate the Debtor against which the claim is asserted. To the extent more than one Debtor is listed on the Proof of Claim, such claim may be treated as if filed only against Carbon Health Technologies, Inc. f. Supporting Documentation. Each Proof of Claim must include supporting documentation in accordance with Bankruptcy Rules 3001(c) and (d). g. Timely Service Each Proof of Claim must be filed, including supporting documentation, by either (i) electronic submission through PACER (Public Access to Court Electronic Records at http://ecf.txsb.uscourts.gov),(ii) electronic submission using the interface available on the Claims and Noticing Agent's website at https://restructuring.ra.kroll.com/CarbonHealth/ or (iii) if submitted through non-electronic means, by U.S. Mail or other hand delivery system, so as to be actually received by the Claims and Noticing Agent on or before the Claims Bar Date or the Governmental Bar Date, or other applicable Bar Date, at the following address: If by first class mail: Carbon Health Technologies, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC Grand Central Station, PO Box 4850 New York, NY 10163-4850 If by overnight courier or hand delivery: Carbon Health Technologies, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC 850 Third Avenue, Suite 412 Brooklyn, NY 11232 ADDITIONAL INFORMATION Copies of the Debtors' Schedules, the Bar Date Order, and other information regarding these Chapter 11 Cases are available for inspection free of charge on the Debtors' Claims and Noticing Agent's website at https://restructuring.ra.kroll.com/CarbonHealth/. The Schedules and other filings in these Chapter 11 Cases also are available for a fee at the Court's website at http://ecf.txsb.uscourts.gov.A login identification and password to the Court's Public Access to Court Electronic Records ("PACER") are required to access this information and can be obtained through the PACER Service Center at http://www.pacer.psc.uscourts.gov.Copies of the Schedules and other documents filed in these cases also may be examined between the hours of 8:00 a.m. and 5:00 p.m., prevailing Central Time, Monday through Friday, at the office of the Clerk of the Bankruptcy Court, United States Bankruptcy Court for the Southern District of Texas, 515 Rusk Avenue, Houston, Texas 77002. If you require additional information regarding the filing of a proof of claim, you may contact the Debtors' Claims and Noticing Agent, at (888) 582-4146 (toll-free U.S.) or (646) 814-6429 (Non-U.S.). About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern health tech 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. CHAINCE DIGITAL: Enters Into $5.03M Securities Purchase Agreement ----------------------------------------------------------------- Chaince Digital Holdings Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with certain non-U.S. investors, pursuant to which the Company agreed to sell an aggregate of 6,500,000 ordinary shares of the Company par value $0.004 per share, at a purchanse price of $0.774 per ordinary share, for a total purchase price of $5,031,000, in reliance upon the exemption provided by Rule 903 of Regulation S promulgated under the Securities Act of 1933, as amended. The Offering is expected to occur on or before March 12, 2026. The Securities Purchase Agreement contains representations and warranties, covenants and conditions, customary for transactions of this type. A full text copy of the Securities Purchase Agreement is available at https://tinyurl.com/2xt7v5jx About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $35.6 million in total assets, $7.2 million in total liabilities, and $29.4 million in total shareholders' equity. CLEVELAND AVENUE: Seeks Approval to Hire a Management Team ---------------------------------------------------------- Cleveland Avenue Cafe, Inc., dba Sirens, seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ professionals including Lame Michael Sharrak, Francis Sharrak, Greg Flaig, Jay Nelson and Jacklynn Zbikowski as its management team. The management team consists of four basic areas. First, there is an individual who oversees the entire operation. Second, there is an individual who reviews the entire operation with a sense of risk and liability. Third, there are financial consultants who work in every area of the business to ensure financial stability, control and consistency. Fourth, the firm has a specialist that works in accounting, QuickBooks and financial tracking as well as to ensure that our MOR plan and any other or issues that need statistical analysis or backup or tracking are consistent and organized. The team will be paid at these rates: Lame Michael Sharrak $1,800 per week Francis Sharrak $2,100 per week Greg Flaig $1,200 per week Jay Nelson $1,200 per week Jacklynn Zbikowski $1,000 per week About Cleveland Avenue Cafe, Inc. dba Sirens Cleveland Avenue Cafe Inc. operates as a food-service business in Ohio, offering cafe-style meals and beverage options. Its menu features coffee, tea, pastries, light fare, and other staples aimed at serving local customers, commuters, and surrounding businesses. Cleveland Avenue Cafe Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-55028) on November 13, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by William B. Fecher, Esq. of Statman, Harris & Eyrich, LLC. CORNERSTONE WELLNESS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Cornerstone Wellness Center, P.C. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use the cash collateral of its secured lender, TD Bank. The court authorized the Debtor to use cash collateral through April 2 in accordance with its budget, subject to a 10% variance. The Debtor is allowed to use the funds only for expenses listed in the budget, which exclude professional fees. As adequate protection, TD Bank will be granted a replacement lien, with the same validity, priority and extent as its pre-bankruptcy lien. The order is available at https://is.gd/RWelqa from PacerMonitor.com. The next hearing is set for March 30. The deadline for filing objections is on March 26. Cornerstone operates a mental health practice in North Dartmouth, Massachusetts, founded in 2023 by Jonathan Botelho, a licensed mental health counselor. The practice provides individual and group therapy services as well as wellness coaching, employing approximately seven licensed independent clinical social workers and master's-level therapists, all paid through a third-party payroll service. While the Debtor is generally current on day-to-day expenses and has minimal unsecured debt, it is unable to service approximately $660,000 in secured debt owed to TD Bank. This indebtedness arises from an SBA term loan originally in the principal amount of $564,000 and a $25,000 revolving line of credit, both secured by an all-assets lien perfected by a UCC-1 financing statement filed in December 2023. The loan proceeds were primarily used to acquire the assets of a prior therapy business. The Debtor's only other liabilities consist of a modest TD Bank credit card balance of approximately $4,500 and a $30,000 unsecured note payable to the seller of the prior business. The Debtor's bankruptcy filing was precipitated by litigation initiated by TD Bank after it became unable to repay its secured obligations. The Debtor seeks to restructure by reducing the secured claim to the value of its collateral and committing projected net operating income over three to five years to fund a plan that would pay a dividend on the unsecured portion. About Cornerstone Wellness Center P.C. Cornerstone Wellness Center, P.C. operates a mental health practice in North Dartmouth, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10411) on February 27, 2026. In the petition signed by Jonathan Botelho, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Janet E. Bostwick oversees the case. David B. Madoff, Esq., at Madoff & Khoury LLP, represents the Debtor as legal counsel. CORNERSTONE WELLNESS: Taps Madoff & Khoury LLP as Legal Counsel --------------------------------------------------------------- Cornerstone Wellness Center, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Madoff & Khoury LLP to handle its Chapter 11 bankruptcy case. The firm will be paid at these rates: Partner $450 per hour Associate $350 per hour Paralegals $160 per hour The firm received a retainer from the Debtor in the amount of $26,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, Esq., a partner at Madoff & Khoury LLP, 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: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 Email: madoff@mandkllp.com About Cornerstone Wellness Center, P.C. Cornerstone Wellness Center, P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-10411) on February 27, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Janet E Bostwick handles the case. David B. Madoff, Esq. at Madoff & Khoury LLP serves as the Debtor's counsel. COURTESY SCREENING: Court OKs Vehicle Sale to Robert Povey ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division has permitted Courtesy Screening Inc. to sell Vehicle, free and clear of liens, claims, interests, and encumbrances. Rudy Wohlfarth, the Debtor's principal, owns a 2023 Ford F-150 truck, VIN: 1FTEX1CP5PKE72208. The Debtor has made payments on the Vehicle and could assert an equitable interest in the Vehicle. Wohlfarth is willing to allow the Vehicle to be sold. Povey will satisfy the lien against the Vehicle and pay the Debtor $12,568.64 over time. Interest will accrue a10%. Povey will make monthly payments of $318.77 over 48 and Povey will insure the Vehicle. The Debtor submits that the sale of the Vehicle is in the best interest of the estate as the Debtor's payments on the Vehicle and automobile insurance payments will decline. The Court authorizes the Debtor to sell the 2023 Ford F150 to Robert Povey for $20,000. About Courtesy Screening Inc. Courtesy Screening, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. CTCHGC LLC: Hires John E. Jonson CPA as Accountant -------------------------------------------------- CTCHGC, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ John E. Jonson, CPA as accountant. The firm will prepare the Debtor's 1040 Federal income tax returns, to include Schedule C. Mr. Jonson will be paid on a flat fee basis of $600 per return. If a return requires more than the flat rate, Mr. Jonson will be paid $50 per hour. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John E. Jonson CPA 8940 Fourwinds Drive Suite 103 Windcrest, TX 78239 Tel: (210) 823-1098 About CTCHGC, LLC CTCHGC, LLC is a limited liability company engaged in Texas. CTCHGC, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12029) on December 23, 2025. In its petition, the Debtor reports estimated assets in the range of $100,001 to $1 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Shad M. Robinson. The Debtor is represented by Stephen W. Sather, Esq., of Barron & Newburger, PC. D 'N A HEATING: Hires Fife M. Whiteside PC as Bankruptcy Counsel ---------------------------------------------------------------- D 'n A Heating and Air, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Fife M. Whiteside, P.C. as bankruptcy counsel. The firm will render these services: (1) provide or assist in providing the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (2) prepare or assist in preparing on behalf of the Debtor, as Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; (3) continue or assist in continuing existing litigation to which Debtor-in-Possession may be a party, and conduct examinations incidental to the administration of Debtor's estate; (4) take or assist in taking any and all necessary action for the proper preservation and administration of the estate; (5) assist the Debtor-in-Possession with the preparation and filing of a Statement of Financial Affairs and schedules and lists as are appropriate; (6) take or assist in taking whatever action is necessary with reference to the use by Debtor of its property pledged as collateral, including cash collateral, and to preserve same for the benefit of Debtor and secured creditors in accordance with the requirements of the Bankruptcy Code; (7) assert or assist in asserting, as directed by Debtor, claims (including claims under 11 U.S.C. Sec. 547 and 11 U.S.C. Sec. 548) that Debtor may have against others; (8) assist the Debtor in connection with claims for taxes made by governmental units; and (9) perform or assist with performing other legal services for the Debtor, as Debtor-in-Possession, which may be necessary. The firm will charge $350 per hour for its services. It received a retainer in the amount $10,000. Fife M Whiteside neither holds nor represents any interest materially adverse to the interests of the Debtor's estate, creditors or equity security holders, according to court papers filed by the firm. The firm can be reached through: Fife M. Whiteside, Esq. FIFE M. WHITESIDE PC 1124 Lockwood Ave Columbus, GA 31906-2416 Tel: (706) 320-1215 Fax: (706) 320-1217 Email: whitesidef@mindspring.com About D 'n A Heating and Air, Inc D 'n A Heating and Air, Inc sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 26-40151) on February 27, 2026, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Fife M. Whiteside, Esq. at Fife M. Whiteside, PC serves as the Debtor's counsel. D 'N A HEATING: Seeks to Hire Mann & Adams LLC as Accountant ------------------------------------------------------------ D 'n A Heating and Air, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Mann & Adams, LLC as accountants. The firm's services include: (a) assisting in the preparation of routine financial statements; (b) preparing year-end unaudited compilation reports; (c) preparing income tax returns; (d) responding to inquiries or disputes with taxing authorities; (e) additional services in regard to this Chapter 11 bankruptcy case will be to assist Debtor in satisfying requirements of the U.S. Trustee and those imposed by statute under Title 11 (principally, monthly reports). The accountants will charge for services based upon their regularly hourly rates. Virginia A. Mann, CPA, an accountant at Mann & Adams, LLC, assured the court that the firm is a "disinterested person" as defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Virginia A. Mann, CPA Mann & Adams, LLC 7413 Whitesville Road, Bldg. 200 Columbus, GA 31904 Tel: (706) 323-3643 Fax: (706) 323-6266 About D 'n A Heating and Air, Inc D 'n A Heating and Air, Inc sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 26-40151) on February 27, 2026, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Fife M. Whiteside, Esq. at Fife M. Whiteside, PC serves as the Debtor's counsel. DEL MONTE: Lenders Contest Approval of Chapter 11 Settlement ------------------------------------------------------------ Emily Lever of Law360 reports that the minority lenders in the bankruptcy case of Del Monte Foods have taken their fight over a creditor settlement to the appellate level. The lenders recently filed an appeal challenging a bankruptcy judge’s approval of the agreement, arguing it waives causes of action that could be worth more than $200 million. The deal was approved last February 2026 by the U.S. Bankruptcy Court for the District of New Jersey, which found the settlement to be a reasonable compromise among competing creditor groups. But dissenting lenders have consistently argued that the agreement undervalues potential claims related to the company's prior financial dealings, the report states. In their appeal, the lenders are asking the U.S. District Court for the District of New Jersey to reconsider the ruling. They contend the settlement unfairly releases valuable claims and could limit recoveries available to certain creditors in the restructuring process, according to report. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. About Fresh Del Monte Fresh Del Monte Produce Inc. is a globally recognized producer and distributor of high-quality fresh and fresh-cut fruits and vegetables, supported by a vertically integrated operating model and sales in more than 80 countries. The company is also a leading supplier of prepared foods in Europe, Africa, and the Middle East. Fresh Del Monte's global portfolio is marketed under the DEL MONTE(R) brand, a long-standing emblem of product quality, innovation, and dependability for more than 135 years. DELUXE CORP: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable ------------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of Deluxe Corporation to 'B+' from 'B'. The Rating Outlook is Stable. Additionally, Fitch has upgraded the company's senior secured notes to 'BB+' with a Recovery Rating of 'RR1' from 'BB'/'RR1'. The upgrade reflects improving EBITDA margins driven by Project North Star, declining leverage, and positive free cash flow (FCF). It also incorporates growth in Deluxe's payment and data solutions segment, which is offsetting the secular decline in its print business. The ratings are limited by revenue pressures from secular headwinds in the print segment. Key Rating Drivers Manageable Leverage: Fitch expects Deluxe's EBITDA leverage to remain below 3.5x over the forecast period, supported by management's continued efforts to reduce selling, general and administrative (SG&A) and restructuring expenses following the completion of Project North Star in Q4 2025, along with ongoing debt reduction. The company reduced net debt by approximately $76 million in FY2025. Management has reiterated its commitment to deleveraging and to maintaining a long-term net leverage target of 3.0x. Fitch expects management to persist in its strategy of allocating capital towards debt repayments and dividend distribution. Strategic Shift toward Payments and Data: Fitch believes that Deluxe's ongoing transformation into a payment solutions provider may further enhance its operating profile over time. Revenue from this segment increased from approximately 38% in FY 2021 to about 47% in FY 2025. Deluxe has recently announced the divestiture of its Safeguard business and distributor network, which provides printed and other promotional solutions. The transaction aligns with Deluxe's strategy to reduce its exposure to print and promotional revenue while accelerating growth in its payments and data segment. Fitch expects the payments and data segment to generate over 50% of total revenue by FY 2026. Secular Industry Headwinds: Deluxe's print segment accounted for 53% of FY2025 revenue and generated nearly two-thirds of the consolidated EBITDA. However, Fitch expects the company's exposure to print revenue to decline following its recent strategic announcement on a business disposition. Fitch believes the print industry will continue to face secular volume declines as digital adoption reduces demand for printed products. Fitch expects the print segment to face ongoing headwinds, with revenue declining at a mid-single-digit rate over the forecast period. Modest and Improving FCF: Despite a secular decline in the print segment, Fitch expects that Deluxe will continue to generate positive and improving FCF, as defined by Fitch, thereby enhancing its near-term credit strength. The stable cash flow from the print segment enables Deluxe to reinvest in its payments and data business. A key goal of Project North Star was to improve operational efficiency and FCF. Fitch expects the company's FCF margins to gradually expand over the forecast period. Competitive Landscape: Deluxe's end markets in the payments and data segment are highly competitive and fragmented, which could affect the company's IDR over time. Deluxe faces significant technological disruption and pricing competition from legacy fintech companies, large established technology providers, and emerging software-centric fintech companies. Fitch believes that barriers to entry are very limited while switching costs are moderate and vary depending on the company's offerings. Peer Analysis Fitch assesses Deluxe's ratings relative to peers in the printing, fintech, and services sectors. Fitch rates R.R. Donnelley & Sons Company (RRD; B/Stable), a provider of printing and supply chain solutions, which maintains a robust competitive position driven by its scale. However, RRD's EBITDA margins trail those of Deluxe, and its EBITDA leverage is higher. In the payments segment, Fitch rates MoneyGram International, Inc. (MoneyGram; B/Negative), which offers cross-border peer-to-peer payments and money transfer services. MoneyGram has lower EBITDA margins and higher EBITDA leverage than Deluxe. By comparison, Shift4 Payments (BB/Stable), which provides software and payment processing solutions, benefits from significantly larger scale and higher FCF margins than Deluxe. Fitch’s Key Rating-Case Assumptions - Revenue to grow in the low-single-digit range for FY 2026 and forecast period; - The payments and data segments are forecast to grow in the mid- to high single digits from FY 2026, offset by a mid-single-digit year-over-year decline in the print business; - EBITDA margins are expected to improve marginally over the forecast period; - Restructuring costs are estimated at about $10 million in the forecast period; - Annual dividends are projected to be in the $55 million to $60 million range; - Capex is expected to remain steady at approximately 4.7% of revenue across 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, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (b+, Moderate), Profitability (a-, Lower), Financial Structure (bb, Moderate), and Financial Flexibility (b+, 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Key Recovery Rating Assumptions: Fitch assumes that Deluxe would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach: Deluxe's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA is assumed at $280 million and reflects a secular decline in commercial printing and highly competitive and fragmented nature of the payment industry. An EV multiple of 5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: The historical bankruptcy case study exit multiples in TMT sector have ranged from 4.0x-7.0x, with a median of 5.9x. The recovery analysis assumes that the Company's revolving credit facility is fully drawn to the extent of borrowing base to provide liquidity in a distress situation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deteriorating key credit metrics including revenue growth, EBITDA margins and FCF margins; - EBITDA leverage at or above 4x; - (CFO-Capex)/Debt less than 5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material improvement in its operating profile, evidenced by sustained positive, low-single-digit revenue growth, stabilization in EBITDA margins and EBITDA leverage sustained below 3.0x; - Consistently positive FCFs, with FCF margin near mid-single digits; - (CFO-Capex)/Debt above 10%. Liquidity and Debt Structure Deluxe's liquidity is supported by $36.9 million in cash and net available for borrowing under the refinanced revolving credit facility of $380 million, as of Dec. 31, 2025. Deluxe's credit facilities include secured debt consisting of revolving credit facility of $400 million, a Term Loan A with an outstanding balance of $441 million and $450 million of secured notes maturing 2029. The company also has existing unsecured notes of $475 million maturing 2029 and securitization facility of $100 million. Fitch expects the company to fund Term Loan A amortization payments with FCF. Issuer Profile Deluxe Corporation is a payments solutions company. Its primary business is print payment solutions (checks), though it is growing its digital payments and data-driven offerings. 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 Deluxe 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 ----------- ------ -------- ----- Deluxe Corporation LT IDR B+ Upgrade B senior secured LT BB+ Upgrade RR1 BB DENTALHUB OF WYLIE: Hires Elieson Esq. as Legal Counsel ------------------------------------------------------- Dentalhub of Wylie PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Kurt S. Elieson, Esq. to handle its Chapter 11 bankruptcy case. Mr. Elieson will be paid at the rate of $350 per hour. Mr. Elieson is holding $1,750 of the Debtor's funds in trust. Mr. Elieson 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: Kurt S. Elieson, Esq. 2340 E. Trinity Mills Road, Suite 300 Carrollton, TX 75006 Tel: (940) 300-3801 Email: Kurt@EliesonLaw.com About Dentalhub of Wylie PLLC DentalHub of Wylie PLLC is a private professional limited liability company operating in the United States. DentalHub of Wylie PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43819) on December 17, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The debtor is represented by Kurt S. Elieson, Esq. DIOCESE OF BUFFALO: Court Clears HQ Auction Amid Leaseback Concerns ------------------------------------------------------------------- Ben Zigterman of Law360 reports that a bankruptcy judge in New York has authorized bidding procedures for the sale of the headquarters building of the Roman Catholic Diocese of Buffalo. The court approved the procedures alongside a $4.5 million stalking horse bid that will serve as the opening offer in the sale process. The proposed buyer would acquire the property while allowing the diocese to lease it back and continue using the headquarters. The arrangement is intended to provide financial support for the bankruptcy estate without disrupting the church's day-to-day administrative operations. The diocese filed for Chapter 11 protection to address a large number of sexual abuse claims filed under New York's Child Victims Act. With bidding procedures now in place, the debtor can solicit higher offers before returning to court for approval of a final sale. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIOCESE OF EL PASO: Seeks Ch. 11 Bankruptcy to Resolve Abuse Suits ------------------------------------------------------------------ James Nani of Bloomberg Law reports that on March 6, 2026, the Roman Catholic Diocese of El Paso, Texas voluntarily filed for Chapter 11 bankruptcy in the Western District of Texas, driven largely by financial pressure from clergy sexual abuse litigation. Court filings show the Diocese faces claims from 18 alleged victims and reports liabilities between $1 million and $10 million. The Diocese, which oversees parishes and Catholic institutions in the El Paso region, is led by Bishop Mark J. Seitz. It has been named in lawsuits filed in New Mexico courts alleging decades‑old abuse by priests in parishes that were once under its jurisdiction, the report states. Bishop Seitz characterized the decision as a necessary step to balance limited financial resources with the need to address multiple claims equitably and continue the Diocese's pastoral and community ministries, according to report. About Roman Catholic Diocese of El Paso, Texas Roman Catholic Diocese of El Paso, Texas oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. EDWARDS LOGGING: Hires Spain & Gillon LLC as Bankruptcy Counsel --------------------------------------------------------------- Edwards Logging LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Spain & Gillon, LLC as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its duties in either the continued operation of its business and management of its assets or sale thereof; (b) take the necessary action required to reject or accept the executory contracts of the Debtor; (c) prepare on behalf of the Debtor necessary legal documents; (d) perform any and all legal services on behalf of the Debtor arising out of or connected with the bankruptcy case; and (e) perform any and all other legal services for the Debtor. The firm's counsel and staff will be paid at these hourly rates: Fred Garfield, Attorney $400 per hour Paralegal $115 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $17,000. Mr. Garfield 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: Frederick M. Garfield, Esq. Spain & Gillon, LLC 505 20th Street North, Suite 1200 Birmingham, AL 35203 Telephone: (205) 328-4100 Facsimile: (205) 324-8866 Email: sleara@spain-gillon.com About Edwards Logging LLC Edwards Logging LLC is an Alabama-based timber and logging services company. Edwards Logging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-40193) on February 25, 2026. In its petition, the debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge James J. Robinson handles the case. The debtor is represented by Frederick Mott of Garfield, Spain & Gillon, LLC. ELRI.PARKER INC: Hires Jackson Thornton as Accountant ----------------------------------------------------- Elri.Parker, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Jackson Thornton, Certified Public Accountants & Consultants as accountant. The firm's services include: a. preparation and filing of any and all applicable Federal and State income tax returns, including issuance of W-2 Forms and/or 1099 Forms; b. assistance with the preparation of monthly operating reports; and c. provision of any such other further and reasonable accounting services as deemed necessary by the Debtor. The firm will be paid at the rate of $300 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Short 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: Robin Short Jackson Thornton, Certified Public Accountants & Consultants 304 Jamestown Blvd, Ste. 100 Dothan, AL 36301 Tel: (334) 793-7001 About Elri.Parker, Inc. Elri.Parker, Inc. operates a full-service restaurant in Dothan, Alabama, doing business as Golden Corral Buffet & Grill - Dothan under a franchise agreement with Golden Corral Franchising Systems, Inc. The company provides buffet-style dining services and is classified within the full-service restaurants industry, serving customers in the Dothan, Alabama area. Elri.Parker, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10182) on February 12, 2026, listing $1,612,462 in assets and $2,806,754 in liabilities. The petition was signed by Elri Parker as president. Judge Christopher L Hawkins presides over the case. J. Kaz Espy, Esq. at THE ESPY FIRM serves as the Debtor's counsel. EMPIRE FACILITY: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of New York is set to hold a hearing today to consider extending Empire Facility Management, LLC's authority to use cash collateral. The Debtor's authority to access cash collateral under the court's March 9 interim order expires today. The interim order granted replacement liens to Watertown Savings Bank and five potential secured creditors and approved the Debtor's monthly payment of $1,059.71 to the bank. Termination events under the interim order include entry of an order granting relief from the automatic stay; dismissal or conversion of the Debtor's Chapter 11 case; confirmation of a Chapter 11 plan of reorganization; or entry of an order reversing, revoking, staying, rescinding or amending the interim order without creditor consent. Formed in November 2023 and based in Watertown, New York, Empire operates a full-service commercial cleaning and facility management business providing janitorial, landscaping, snow removal, handyman, and related services. It employs nine workers and uses subcontractors, including Reali Clean, to whom it owes approximately $29,140 as of the petition date. Payroll and rent obligations are current, with monthly lease and storage costs totaling about $2,472. Creditors including Watertown and five merchant cash advance lenders have filed UCC financing statements asserting liens totaling approximately $312,205. The Debtor believes that only Watertown holds valid secured claims and disputes the MCAs' purported security interests in post-petition receivables and cash collateral. About Empire Facility Management Empire Facility Management, LLC operates a full-service commercial cleaning and facility management business providing janitorial, landscaping, snow removal, handyman, and related services. Empire sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30137) on February 27, 2026, with between $100,001 and $500,000 in both assets and liabilities. Empire President Noah Hodge signed the petition. Jeb Singer, Esq., at J. Singer Law Group, PLLC, represents the Debtor as legal counsel. ENCOMPASS 53: Seeks to Hire Colliers International as Broker ------------------------------------------------------------ Encompass 53 LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire TJ Smith of Colliers International as its broker. The firm intends to offer brokerage services to assist the Debtor with marketing the Property, handling inquiries, negotiations, and showings, and assisting in completing any anticipated leases or sales and may include testimony regarding the same, if necessary. In the event of a lease, the firm will be compensated per the Listing Agreement, which provides in pertinent part: "Leasing commissions shall be 8% for Years 1-5 and 4% for Years 6-10. In the event of a sale, the firm will be compensated per the Listing Addendum, which provides in pertinent part: "Broker will be paid 3% of the gross Purchase Price on a direct sale transaction payable in cash at Closing. If a cooperating broker is involved, the fee will be 4% with 2% paid to the cooperating broker and 2% paid to Colliers. A sale commission is only payable if a sale transaction is consummated. As disclosed in the court filings, Colliers International is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). Th firm can be reached through: TJ Smith Colliers International 4643 South Ulster Street, Suite 1000 Denver, CO 80237 About Encompass 53 LLC Encompass 53 LLC is a private healthcare services company delivering home-based medical and non-medical care. Its offerings include skilled nursing, therapy services, and daily living support, aimed at enhancing comfort, independence, and overall health for patients in residential settings. Encompass 53 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17693) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million to $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. FAT BRANDS: Hires Steptoe LLP as Bankruptcy Counsel --------------------------------------------------- Fat Brands Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Steptoe LLP as counsel to the independent members of the board of directors of Fat Brands Inc., and the independent members of the board of directors of Twin Hospitality Group Inc. The firm's services include: (i) providing regular updates, legal analysis, and strategic guidance to the Independent Directors regarding the legal implications of any proposed actions; (ii) ensuring that the Independent Directors are informed and able to discharge their fiduciary duties to the Parent Entities; (iii) assisting the Independent Directors in evaluating, considering, and responding to any proposals, demands, inquiries, or offers received in connection with the Chapter 11 Cases or any related workout process, and engaging in discussions, negotiations, and communications as appropriate in connection with the foregoing; (iv) advising the Independent Directors on compliance with applicable law, governance standards, and ethical obligations, including the duties imposed under relevant corporate law, and assisting the Independent Directors in navigating issues arising from actual or potential conflicts of interest; (v) taking all actions necessary or appropriate to protect the interests of the Independent Directors in connection with the restructuring, including, where relevant, matters involving Parent Entities, the subsidiaries, affiliates, or related entities; (vi) appearing before this Court or any appellate courts to protect the interests of the Independent Directors before those courts; and (vii) performing such other services as may be appropriate or necessary to represent the Independent Directors effectively in connection with the Chapter 11 Cases. The firm will be paid at these rates: Jeffrey Reisner, Partner $2,035 per hour Joshua Taylor, SP Counsel $1,495 per hour During the 90-day period prior to the Petition Date, Steptoe received payments and advances in the aggregate amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Reisner 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: Jeffrey M. Reisner, Esq. Steptoe LLP 633 West Fifth Street Suite 1900 Los Angeles, CA 90071 Tel: (213) 439-9400 Fax: (213) 439-9452 Email: jreisner@steptoe.com About Fat Brands Inc. 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 Café & 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. FIRST BRANDS: Ch.11 Debt Secured by Cash, Factoring Lender Claims ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that First Brands Group, an auto parts supplier facing financial difficulties, informed a Texas bankruptcy judge Monday, March 9, 2026, that a third-party factoring lender's claim is protected by segregated cash accounts, which the debtor said are not part of the Chapter 11 estate. The company emphasized that the lender’s funds are fully secured and shielded from general creditor access. According to court filings, the debtor said these segregated accounts were established under prior agreements to ensure the factoring lender's claims are satisfied. First Brands Group requested that the court uphold the lender's secured status and avoid any disruption to the cash allocation. The Chapter 11 proceedings follow financial pressures linked to supply chain issues and decreased revenue. First Brands Group said recognizing the factoring lender’s secured position is critical to maintaining liquidity and stabilizing operations during the bankruptcy process, 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. GBI SERVICES: Court OKs Golf Business Asset Sale to 20 Majors LLC ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has permitted GBI Services, LLC, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's affiliate 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. Nicklaus operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. The Court has authorized the Debtor to sell Assets to 20 Majors, LLC, having submitted the highest and best bid for the Transferred Assets. Overview of the Asset Purchase Agreement and the purchase price conditions can be found at https://urlcurt.com/u?l=TFupJJ The Court held that the Debtors have demonstrated compelling circumstances and a good, sufficient, and sound business purpose and justification for the immediate approval and consummation of the Sale Transaction as contemplated by the Asset Purchase Agreement. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for approval of and entry into the Asset Purchase Agreement, and the other agreements, documents, and instruments deliverable The Bidding Procedures provided a full, fair, and reasonable opportunity for any entity or Person to make an offer to purchase the Transferred Assets. The Buyer shall not have any liability (including, but not limited to, any successor liability) or other obligation of any of the Debtors, including any liability or obligation arising under or related to the sale and transfer of the Debtors' right, title and interest in the Transferred Assets to the Buyer or with respect to the Excluded Liabilities. The Transaction Documents and the Sale Transaction were negotiated, proposed, and entered into, and are being undertaken by the Debtors and the Buyer in good faith, without collusion, and from arm's-length bargaining positions. About GBI Services/Nicklaus Companies GBI Services, LLC's affiliate 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. Nicklaus 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. GBI Services and its affiliates including Nicklaus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12089) on November 21, 2025. In its petition, GBI Services, the lead debtor, reported estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The petitions were signed by Philip D. Cotton as chief executive officer. Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases. The Debtors are represented by the law firms of Richards, Layton & Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North America, LLC serves as financial and restructuring advisor while Cassel Salpeter & Co serves as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. GENTLEMEN'S CAVE: Case Summary & 16 Unsecured Creditors ------------------------------------------------------- Debtor: The Gentlemen's Cave Luxury Barber Lounge 21155 Shelbourne Rd. Beachwood, OH 44122 Case No.: 26-10854 Business Description: The Gentlemen's Cave Luxury Barber Lounge is a personal care services provider offering barbering, grooming, and spa-related services for men, including haircuts, beard trims, facials, massages, and nail treatments. The company operates grooming lounges that combine barber shop and spa services in a lounge-style setting. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Northern District of Ohio Judge: Hon. Jessica E Price Smith Debtor's Counsel: Charles Tyler, Esq. CHARLES TYLER, SR., ESQ ATTORNEY AND COUNSELER AT LAW 137 S. Main Street Suite 206 Akron, OH 44308 Tel: (330) 665-0910 Email: charles.tyler@tylerlawoffice.com Total Assets: $0 Total Liabilities: $1,008,707 The petition was signed by Lozzell R. Siler as manager. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X7RRROA/The_Gentlemens_Cave_Luxury_Barber__ohnbke-26-10854__0001.0.pdf?mcid=tGE4TAMA GIAPREET LLC: Hires CBRE Inc. as Real Estate Broker --------------------------------------------------- Giapreet LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ CBRE, Inc. as real estate broker. The firm will market and sell the Debtor's real property located at 1467 Route 31, Annandale, New Jersey. The firm will be paid a commission of 5 percent of the selling price of the property, or if an outside broker procures a purchaser a commission of 6 percent of the selling price, and the firm will share up to 1/2 of the commission with the outside broker. Mr. Newman 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: Jared Newman CBRE, Inc. 250 Pehle Avenue, Suite 600 Saddle Brook, NJ 076563 Tel: (201) 712-5600 About Giapreet LLC Giapreet LLC is a Long Island real estate holding company. Giapreet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74654) on December 4, 2025. In its petition, the Debtor reports assets between $10 million and $50 million and estimated liabilities of more than $35 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross, & Pergament, LLP. GOOD WILL ASSET: Initiates Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------------- On March 4, 2026, Good Will Asset, LLC, filed for Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Good Will Asset, LLC Good Will Asset, LLC is a single asset real estate company. Good Will Asset, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12441) on March 4, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $100,001 to $1,000,000. Honorable Judge Vincent F. Papalia handles the case. The Debtor is represented by Scott J. Goldstein, Esq. of Law Offices of Wenarsky and Goldstein, LLC. GRIT PRODUCTIONS: Hires Milbern Ray and Company as Accountant ------------------------------------------------------------- Grit Productions, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Milbern Ray and Company, L.L.P. as accountant. The firm's services include: a) preparation of Debtors' 2025 federal Form 1120-S-corporation and state tax returns with supporting schedules, based on information provided by management; b) preparation of necessary bookkeeping entries in connection with the preparation of income tax returns; c) preparation of amended tax return for 2024 as needed and if appropriate, based on information provided by management; and d) assistance in preparation of internal financial statements for Debtors, if needed. The firm will be paid at the rates of $75 to $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ray 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: Jason Ray Milbern Ray and Company, L.L.P. 2102 E State Hwy 114, Suite 200 Southlake, TX 76092 Tel: (817) 552-7661 Fax: (817) 5522-1391 About Grit Productions, LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filig, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. HANDLE PREFORMS: Hires Rountree Leitman Klein as Counsel -------------------------------------------------------- Handle Preforms, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor that may be necessary. The firm will be paid at these proposed hourly rates: William A. Rountree $595 Will B. Geer $595 Michael Bargar $535 Hal Leitman $425 William Matthews $425 David S. Klein $495 Elizabeth Childers $395 Ceci Christy $475 Caitlyn Powers $375 Shawn Eisenberg $300 Dorothy Sideris $225 Megan Winokur $175 Legal Assistants $150 Law Clerk $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $55,000 from the Debtor. Mr. Geer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Handle Preforms, LLC Handle Preforms, LLC, a company based in Dawsonville, Georgia, develops and commercializes PET bottle preform technology featuring an integral handle, marketed under the BottleOne brand, for the packaging industry, producing containers designed to compete with traditional HDPE jugs while improving durability and recyclability. Handle Preforms filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20125) on January 29, 2026, with between $1 million and $10 million in both assets and liabilities. Ceci Christy, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. HARTFORD CONNECTICUT: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Hartford Connecticut Properties LLC 1161 Fteley Ave Bronx, NY 10472 Business Description: Hartford Connecticut Properties LLC is a single-asset real estate company that owns and manages one income-producing property. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10443 Judge: Hon. David S Jones Debtor's Counsel: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC 114 Soundview Drive Port Washington NY 11050 Tel: 516-698-0202 Email: jbrons5@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Owen Barrett as president. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TZWK4OI/HARTFORD_CONNECTICUT_PROPERTIES__nysbke-26-10443__0001.0.pdf?mcid=tGE4TAMA HAWAII MOLD: Seeks to Hire Horita Realty LLC as Real Estate Broker ------------------------------------------------------------------ Hawaii Mold and Flood, LLC seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Horita Realty LLC as realtor. The firm will market and sell the Debtor's property located at 201 Ohua Ave, Honolulu, HI 96815. The firm is entitled to a commission equal to 2% of the sales price. As disclosed in the court filings, Horita Realty LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Joshua Horita Horita Realty LLC 98-150 Kaonohi Street #B128 Aiea, HI 96701 Tel: (808) 487-1561 Tel: (808) 254-1515 About Hawaii Mold and Flood LLC Hawaii Mold and Flood, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00144) on February 20, 2026. In the petition signed by Glen Kelsey, sole member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. HEALTH DRIP: Seeks to Hire Vartabedian Katz as Legal Counsel ------------------------------------------------------------ Health Drip, PLLC, d/b/a Slimdown RX, and affiliate seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Katz Hester & Haynes LLP as counsel. The firm's services include: (a) advising the Debtors of their rights, powers and duties as debtors and debtors- in-possession continuing to operate and manage their businesses and assets; (b) advising the Debtors concerning, and assisting in the negotiation and documentation of, agreements, debt restructurings, and related transactions; (c) reviewing the nature and validity of liens asserted against the properties of the Debtors and advising the Debtors concerning the enforceability of such liens; (d) advising the Debtors concerning the actions that they might take to collect and to recover property for the benefit of the Debtors' estates; (e) preparing on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, proposed orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this chapter 11 case; (f) advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices and other papers that may be filed and served in these chapter 11 cases; (g) counseling the Debtors in connection with the formulation, negotiation and promulgation of one or more plans of reorganization and related documents; (h) performing all other legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of these chapter 11 cases or in the conduct of the bankruptcy cases and the Debtors' businesses; and (i) providing all such other legal services as may be necessary or appropriate in connection with these bankruptcy cases. The firm will be paid at these rates: Suzanne K. ("Suki") Rosen $925 per hour Emily S. Chou $725 per hour Mary Taylor Stanberry $515 per hour Other Firm Attorneys $515 to $1,150 per hour Paralegal/Legal Assistant $250 to $395 per hour The owners of the Debtors, Dr. Peter Brokish and Dr. Jose Muniz, paid the firm a retainer in the amount of $75,000 on February 12, 2026. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Rosen 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: Suzanne K. Rosen, Esq. Emily S. Chou, Esq. Mary Taylor Stanberry, Esq. Vartabedian Katz Hester & Haynes LLP 301 Commerce Street, Ste. 2200 Fort Worth, TX 76012 Tel: (817) 214-4990 Fax: (817) 877-4998 Email: suki.rosen@vkhh.com emily.chou@vkhh.com mary.stanberry@vkhh.com About Health Drip, PLLC d/b/a Slimdown RX Health Drip PLLC, d/b/a SlimdownRx, is a telehealth company dedicated to helping individuals achieve their weight loss goals through personalized guidance and expert advice. The Company provides access to medications like Tirzepatide and offers ongoing provider support to enhance the weight loss journey. Founded by physicians who have experienced their own weight management challenges, SlimDownRx focuses on making effective weight loss solutions more accessible to its clients. Health Drip PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41012) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by M. Jermaine Watson, Esq. at CANTEY HANGER, LLP. HOMESTEAD VILLAGE: Hires Davillier Law Group LLC as Co-Counsel -------------------------------------------------------------- Homestead Village, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Davillier Law Group, LLC as co-counsel. The firm's services include: i. advising the Debtor with respect to its rights, powers and duties as a debtor and debtor-in-possession in the continued operation and management of its business and property; ii. preparing and pursuing confirmation of a plan of reorganization; iii. preparing on behalf of the Debtor all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; iv. advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties herein; v. appearing in Court to protect the interests of the Debtor before this Court; vi. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; vii. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; viii. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; ix. investigating and advising the Debtor concerning, and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the estate; x. advising and assisting the Debtor in connection with any potential property's dispositions; xi. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; xii. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; xiii. commencing and conducting litigation (not performed by other firms) necessary and appropriate to assert rights held by the Debtor, protecting assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and xiv. performing all other legal services for the Debtor which may be necessary and proper in the Chapter 11 Case. The firm will be paid at these rates: Senior Associate $300 per hour Associate $250 per hour Senior Paralegal $200 per hour Paralegal $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Cardona 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: Mauricio Cardona, Esq. Davillier Law Group, LLC 935 Gravier Street, Suite 1702 New Orleans, LA 70112 Tel: (504) 582-6998 About Homestead Village, LLC Homestead Village, LLC is a real estate development and property management company engaged in the ownership and operation of residential community properties. Homestead Village, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20047) on February 10, 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 Noah G. Hillen handles the case. The Debtor is represented by Mauricio Cardona, Esq., of Davillier Law Group. Freedom REIT, as secured creditor, is represented by: Brian M. Rothschild PARSONS BEHLE & LATIMER 800 West Main Street, Suite 1300 Boise, Idaho 83702 Telephone: (208) 562-4900 Facsimile: (208) 562-4901 Email: brothschild@parsonsbehle.com HOMESTEAD VILLAGE: Hires Lugenbuhl Wheaton as Legal Counsel ----------------------------------------------------------- Homestead Village, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel. The firm's services include: i. advising the Debtor with respect to its rights, powers and duties as a debtor and debtor-in-possession in the continued operation and management of its business and property; ii. preparing and pursuing confirmation of a plan of reorganization; iii. preparing on behalf of the Debtor all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; iv. advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties herein; v. appearing in Court to protect the interests of the Debtor before this Court; vi. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; vii. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; viii. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; ix. investigating and advising the Debtor concerning, and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the estate; x. advising and assisting the Debtor in connection with any potential property's dispositions; xi. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; xii. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; xiii. commencing and conducting litigation (not performed by other firms) necessary and appropriate to assert rights held by the Debtor, protecting assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and xiv. performing all other legal services for the Debtor which may be necessary and proper in the Chapter 11 Case. The firm will be paid at these rates: Douglas S. Draper $700 per hour Benjamin Kadden $700 per hour Greta M. Brouphy $500 per hour Michael E. Landis $450 per hour Katherine E. Clark $400 per hour Paralegals $250 per hour The Debtor paid the firm a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Kadden 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: Benjamin Kadden, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras St., Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 About Homestead Village, LLC Homestead Village, LLC is a real estate development and property management company engaged in the ownership and operation of residential community properties. Homestead Village, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20047) on February 10, 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 Noah G. Hillen handles the case. The Debtor is represented by Mauricio Cardona, Esq., of Davillier Law Group. Freedom REIT, as secured creditor, is represented by: Brian M. Rothschild PARSONS BEHLE & LATIMER 800 West Main Street, Suite 1300 Boise, Idaho 83702 Telephone: (208) 562-4900 Facsimile: (208) 562-4901 Email: brothschild@parsonsbehle.com HUGHTON LLC: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: Hughton, LLC 715 SW 9th Street Hallandale, FL 33009 Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-12621 Debtor's Counsel: Angelena M. Conant, Esq. ANGELENA M. ROOT, P.A. 1931 Cordova Road, #303 #303 Fort Lauderdale, FL 33316 Tel: (954) 986-2101 Email: amrootesq@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Knox Golding as managing member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FDO6ERA/Hughton_LLC__flsbke-26-12621__0001.0.pdf?mcid=tGE4TAMA ICAHN ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Icahn Enterprises L.P. to negative from stable, and S&P affirmed its ratings on both the company and its senior secured notes at 'BB-'. The recovery rating on the senior secured notes is unchanged at '3', indicating its expectation of meaningful recovery in the event of default. The negative outlook on the issuer credit rating reflects S&P's view that a sustained absence of dividend inflows, along with Icahn Enterprises' sizable upcoming debt maturities, is likely to further erode its liquidity cushion over the next year. Icahn Enterprises L.P.'s cash inflows weakened over the past 12 months, largely because dividends at key subsidiary CVR Energy Inc. have been suspended since the third quarter of 2024. CVR accounted for about a quarter of Icahn Enterprises' portfolio value as of year-end 2025, and it has accounted for a significant portion of its regular cash flow from holdings historically. As a result, Icahn Enterprises' liquidity position at the holding company level, while still sizable at $3.5 billion, has declined over the last two years. On the other hand, its loan to value (LTV) remains within S&P's expected range of 45%-60%, since CVR's market valuation has stabilized somewhat over the last year. But this metric remains somewhat volatile. S&P said, "We expect that Icahn Enterprises' cash flow adequacy will remain strained over the next 12-18 months in the absence of dividends from CVR. In 2025, Icahn Enterprises (IEP) received cash distributions of $200 million ($191 million of which was from its real estate segment), compared with holding company operating expense and interest expenses of $369 million. This resulted in a cash flow adequacy ratio of about 0.54x, down from 1.53x in 2024. "While operating performance at CVR Energy Inc. (B+/Stable/--) appears to have stabilized somewhat over the last year, we expect its management team to prioritize debt reduction ahead of reinstating its dividends. Distributions from other subsidiaries are generally lumpy for IEP, and in the absence of distributions from CVR--which were substantial in previous years--we anticipate that its cash flow adequacy will remain below 0.7x, while operating and interest expenses continue to deplete the company's cash balance. "There continues to be ample liquidity, but persistently weak inflows will cause further erosion. We generally view IEP's asset liquidity as strong, underpinned by sizable holding company interests in investment funds, as well as an interest in publicly listed CVR. The value of IEP's holding company cash and cash equivalents, plus its stakes in investment funds, was $3.5 billion as of year-end 2025, compared with $4.1 billion at year-end 2024 and $4.8 billion at year-end 2023." Nevertheless, despite declining liquidity due to investment fund losses and the use of cash to reduce debt, IEP maintains ample cash to cover holding company expenses (including debt service). Because of this, our expectation is that IEP will be able to refinance the upcoming $1.38 billion May 2027 maturity. However, these notes, which bear a coupon of 5.25%, are likely to be refinanced at meaningfully higher rates, resulting in higher required outflows toward interest payments. The company may also choose to repay a part of the 2027 notes closer to its call date depending on market conditions, but this will likely erode the company's existing liquidity, unless it's offset by dividend inflows (which could occur if CVR reinstates dividends) or by proceeds from divestitures. S&P thinks IEP will continue to be an opportunistic investor, limiting the predictability of divestitures (and new investments) and its impact on liquidity. The portfolio performance of the investment funds was largely flat in 2025, following declines in previous years. As of year-end 2025, IEP's investment holdings portfolio was $2.7 billion, largely flat from year-end 2024 and down from $3.2 billion at year-end 2023 The funds' portfolio yielded 0.4%, -3.5%, and -16.9% returns for fiscal year 2025, fiscal year 2024, and fiscal year 2023, respectively. The funds had a net short notional exposure of 13% as of Dec. 31, 2025, compared to net long notional exposure of 22% a year before. About two-thirds of the portfolio are listed assets that S&P believes can easily be monetized in a stress event. IEP's portfolio concentration in CVR, which accounted for about 26% of gross asset value as of year-end 2025, remains a risk. S&P continues to view the portfolio as fairly concentrated in CVR, and it has historically been a significant contributor of dividends to the holding company. S&P said, "CVR is publicly listed, and while we view the liquidity of the holding positively, changes in its value significantly affect the portfolio's net asset value, and we view the sizable concentration in the volatile energy sector negatively. "We anticipate that leverage, as measured by LTV, will remain in the 45%-60% range over the next 12 months. In our view, the portfolio valuation is susceptible to ongoing volatility, given its exposure to the historically volatile energy markets as well as its equity exposure. Further changes in the value of assets as well as the holding company cash balance could affect net LTV, although our base case sees leverage remaining within our expected range of 45%-60% for the next 12 months." As of Dec. 31, 2025, the company's gross asset value was $7.0 billion, down from $9.2 billion on Dec. 31, 2022, despite the decline in gross asset value. Its LTV was in the 45%-60% range. S&P said, "The negative outlook reflects our view that a sustained absence of dividend inflows, along with sizable upcoming debt maturities, is likely to further erode IEP's liquidity cushion over the next year. However, we also expect that IEP will maintain an LTV of 45%-60% over the next 12 months." S&P could lower the ratings on IEP if: -- Portfolio liquidity or asset quality continues to deteriorate, -- Investment fund losses increase, -- The portfolio becomes more concentrated, -- S&P expects the company to face any difficulty addressing upcoming maturities, or -- LTV stays above 60% on a sustained basis. S&P could revise the outlook back to stable if portfolio liquidity and asset quality improve (potentially through CVR reinstating its dividends) and if LTV comfortably stays below 60% on a sustained basis. ICEBERG ACQUISITIONS: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings assigned its 'B' ratings to Iceberg Acquisitions UK Ltd. and its pari passu-ranking term loan B (TLB) and revolving credit facility (RCF); the recovery rating of '3' on the debt reflects its expectations of meaningful recovery (50%-70%; rounded estimate: 65%) in a hypothetical default scenario. The stable outlook reflects S&P's forecast of a resilient operating performance over the next 12-18 months, with S&P Global Ratings-adjusted EBITDA of EUR80 million-EUR90 million, adjusted debt to EBITDA of 5.0x-5.5x, and robust cash flow generation, together with sufficient liquidity to cover the ambitious growth investment plans. Glacier has a strong position in the European non-branded ice-cream market, but S&P views the business as relatively small in scale and exposed to some seasonality and concentration risks. Glacier was formed in January 2025 from the combination of Gelato d'Italia and YSCO and generated pro forma S&P Global Ratings-adjusted EBITDA of EUR72 million in 2025. The group is considerably smaller in size than other rated manufacturers of non-branded packaged food, such as Froneri International Ltd. (BB-/Stable/--) or Sammontana Italia SpA (B/Stable/--). Glacier operates in the inherently seasonal ice-cream market, and its revenue is concentrated in Europe, with 35% generated from two pan-European customers in 2025, although the independent client contracts in each country partly mitigate this concentration. The European private-label and co-manufacturing ice cream market is fragmented and characterized by mostly national players. Glacier holds the second-largest market share in Europe, close behind Froneri. Glacier's market share is double the size of the third-largest company's, and its revenue base is relatively diverse, with France and the Netherlands--its largest markets--each accounting for 12% of sales in the 12 months to Sept. 30, 2025. Moreover, ice-cream manufacturing has relatively high barriers to entry due to high initial capital outlays and a dependence on economies of scale to operate profitably. This allows Glacier to leverage its market position and strong retailer relationships to capture market share from competitors. The private-label segment should enjoy favorable demand trends in the medium term, and the group's manufacturing capabilities and track record on product quality and innovation position it well vis-à-vis competition. About 85% of Glacier's sales come from private-label contracts, with the remaining 15% generated from co-manufacturing contracts. While having inherently lower margins than the branded segment, the private-label segment is set to enjoy favorable demand trends in medium term, following resilient performance over the past five years. S&P anticipates that trends toward discounters, private-label-driven differentiation among retailers, and premiumization will drive greater penetration of private-label ice cream within retailers' product portfolios. Glacier's consistently high product quality, extensive product development and innovation capabilities, efficient manufacturing facilities, and specialized equipment position it favorably with retailers looking to diversify from branded products. The group benefits from strong, well-established relationships with key retailers across Europe, some spanning more than 25 years and across multiple markets. It also has a solid contract renewal record and hasn't lost any major contracts in the past three years, in a market where standard practice is for suppliers to tender annually. Moreover, Glacier, with historical 12%-13% adjusted EBITDA margins, compares favorably with other rated non-branded food manufacturers and falls in the 10%-20% range we consider average for the packaged food sector. Glacier effectively navigates the ice-cream industry's input price volatility and seasonal production demands by passing on cost increases, advancing centralized procurement of the key ingredients, and adapting its workforce. Ice-cream manufacturers depend on four key ingredients: cocoa, milk, sugar, and flavorings. Cocoa and milk have historically shown significant price volatility, with price spikes that have affected manufacturers' margins in the short term. However, due to the annual nature of private-label contracts and resilient demand for ice cream, Glacier has been able to pass through those cost increases. Dairy prices surged in 2022, but Glacier was able to recover from a temporary margin decline the following year, with its adjusted EBITDA margin rising to 15% from the historical 12%-13%. Glacier enters into long-term agreements with cocoa suppliers and sources cocoa in advance at a fixed price to cover its needs for at least the following two quarters, which mitigates the risk of mispricing the contract bids. Additionally, Glacier addresses demand seasonality, with consumption peaking during summer and the resulting production concentration in the first half of the year, by balancing full-time employees with a seasonal workforce, of which 80% are recurring temporary employees. This model ensures adequate capacity and skill sets during peak production (March through July), while allowing it to adapt to lower demand in the subsequent months. S&P said, "We expect Glacier to continue expanding on the back of European ice-cream market growth and increase its market share with new and existing customers. We forecast revenue of EUR582 million in 2025, EUR623 million in 2026, and EUR657 million in 2027. We base this forecast on our expectations of continued growth in the value of the European ice-cream market, driven primarily by price increases above the consumer price index (CPI). This will support the growth of the private-label segment, which we expect will maintain a stable share of the market relative to branded products. We expect Glacier to benefit from this trend and gain further market share by expanding its product mix and volumes with existing customers and by gaining new customers in existing markets, as it has in the past. For 2026, specifically, Glacier has already contracted 96% of the group's budgeted revenue. The projected topline expansion, along with an anticipated normalization in the global supply and price of cocoa beans and efficiency measures in Glacier's plants, should translate into an adjusted EBITDA margin expansion to about 13.3% in 2026 and 13.9% in 2027, from an estimated 12.8% in 2025. "We expect Glacier to produce positive free operating cash flow (FOCF), but growth investments will weigh on cash generation. We anticipate growth capital expenditure (capex) of about EUR17 million in 2026 and EUR35 million in 2027 to support new production lines to cater for existing demand and new contracts and enhance operating efficiency, in addition to about EUR11 million in annual maintenance capex. The EBITDA expansion and improved working capital management from renegotiated terms with buyers and suppliers will contribute to healthy cash flow from operations. However, significant growth investments will moderate FOCF to about EUR3 million in 2026 and EUR6 million in 2027. Nevertheless, we acknowledge the company's prudent intention to pre-fund this planned expansionary spending by retaining part of the proceeds from the proposed refinancing transaction as cash on balance sheet. Pro forma, excluding growth capex, Glacier's FOCF is more aligned with that of other similarly rated peers. "Glacier's capital structure is highly leveraged and, as is the case with other financial sponsor-owned companies, we consider material deleveraging as unlikely. Under our base-case scenario, we forecast adjusted debt to EBITDA of about 5.5x in 2026, declining toward 5.0x in 2027, reflecting the new capital structure that includes EUR455 million debt (of which EUR400 million is the term loan). As is the case with other financial sponsor-owned companies, we do not anticipate Glacier will engage in further dividend distributions over the forecast period. However, our rating takes into consideration the risk of a possible deviation from our base-case credit metrics due to higher-than-anticipated discretionary spending on shareholder remuneration or debt-funded acquisitions. In our leverage calculation, we do not deduct cash and cash equivalents from adjusted debt, because of Glacier's ownership and control by the financial sponsors Davidson Kempner (96% stake) and Afendis (4%). Our main debt adjustments for 2026 and 2027 include lease liabilities of about EUR23 million; EUR30 million in receivables factoring that we assume is used broadly in line with 2025 (total program availability is about EUR60 million); and pension liabilities of EUR2 million. "Glacier has some headroom under its credit metrics to fund future bolt-on acquisitions. We understand that the group has ambitions to become the leading private-label ice-cream manufacturer in Europe and to act as a consolidator in its markets. This could result in some bolt-on acquisitions to acquire additional manufacturing capabilities, leveraging expected ongoing private-label penetration and the existing market fragmentation. We think the group will pursue this strategy through bolt-on acquisitions, but our current base case is based on organic growth with no contribution from acquisitions. Therefore, material debt-funded acquisitions could result in increased leverage in the medium term. The company's inorganic growth strategy entails execution risks, but we acknowledge the track record of the executive management team and the owners in consolidating platforms in the fast-moving consumer goods (FMCG) sector. "The stable outlook reflects on our view that Glacier's operating performance should remain resilient over the next 12-18 months, with adjusted debt to EBITDA below 6.0x and FOCF turning positive by 2026. "We could lower our ratings in the next 12 months if, contrary to our base-case scenario, Glacier fails to organically expand its EBITDA base, such that adjusted debt to EBITDA deteriorated to more than 7.0x, or if its FOCF failed to turn positive and became structurally negative. We could also take a negative rating action if the group pursues a more aggressive financial policy than we previously expected, with a large debt-financed acquisition or shareholder payout. "For a positive rating action, we would assess Glacier's ability to generate positive and recurring FOCF on a sustainable basis, the resilience of its earnings and profitability, and its track record of maintaining adjusted debt to EBITDA comfortably below 5.0x with a clear financial policy commitment to maintain this level over time. We would also expect a prudent approach to the funding of discretionary spending on organic projects or acquisitions and to shareholder distributions." INDITEX VENTURES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- IndiTex Ventures, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. At the recently held hearing, the court approved the Debtor's access to cash collateral and the replacement lien on the Debtor's accounts receivable, inventory and other collateral to protect its lender. A further hearing is set for March 20. IndiTex operates a Pet Supplies Plus franchise in Houston, Texas, providing retail pet products and grooming services, and employs approximately nine full-time employees, one part-time employee, and two commission-based groomers paid biweekly. The primary secured creditors asserting interests in the cash collateral are LendingClub and the U.S. Small Business Administration arising from two SBA-guaranteed loans totaling $1.429 million. The loans are secured by substantially all of the Debtor's business assets and personally guaranteed by insiders Leticia Hess and Don Hess. As of the petition date, approximately $741,127 remains outstanding, with monthly payments of $16,161 and about $22,849 in arrears. The Debtor offers protection to LendingClub and the SBA through (i) replacement liens on post-petition cash, accounts, inventory, and assets (excluding Chapter 5 avoidance actions); (ii) superpriority administrative claims subordinate only to trustee and allowed professional fees; and (iii) monthly payments of $2,500, applied to post-petition interest. LendingClub, as secured creditor, is represented by: Patrick J. Schurr, Esq. Scheef & Stone, LLP 2600 Network Boulevard Suite 400 Frisco, TX 75034 Telephone: 214.472.2100 Telecopier: 214.472.2150 Patrick.schurr@solidcounsel.com About IndiTex Ventures LLC IndiTex Ventures LLC operates a Pet Supplies Plus franchise in Houston, Texas, providing retail pet products and grooming services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31376) on March 1, 2026. In the petition signed by Leticia Hess, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Jeffrey P. Norman oversees the case. William Haddock, Esq., at Pendergraft & Simon LLP, represents the Debtor as legal counsel. INNOVATE CORP: S&P Downgrades ICR to 'CCC‑', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Innovate Corp. to 'CCC‑' from 'CCC'. The negative outlook reflects S&P's view that a default or distressed exchange appears inevitable in the next few months, absent favorable changes. Subsequently, S&P withdrew its rating on Innovate at the issuer's request. Innovate Corp. completed a series of refinancing transactions in August 2025, extending certain maturities to 2027 and adding certain milestone covenants associated with asset sales. After missing an initial assetsale milestone in late 2025, the company initiated a formal sale process for DBM Global (DBMG) -- its key operating subsidiary—as required by the covenants on its 10.50% senior secured notes, which is due to be completed in March 2026. If DBMG's sale is not completed in a timely manner, Innovate risks breaching its covenants, which could trigger a default. If the company completes the sale of DBMG, it is unclear if the proceeds would be sufficient to cover all of Innovate's outstanding debt obligations. The downgrade reflects S&P's view that the risk of a near-term default or distressed transaction remains elevated, given Innovate's highly leveraged capital structure, limited financial flexibility, and insufficient liquidity to meet its upcoming obligations. In late 2025, the company initiated the process to sell DBMG, as required under the covenant package governing its 10.50% senior secured notes. This was initiated after the company missed an initial asset sale milestone outlined in the notes' indenture, which required progress toward generating at least $150 million in asset sale proceeds and using them to repay a portion of the senior secured notes by Feb. 1, 2026. To remain in compliance with its milestones, the company had to finalize the sale of DBMG by March 2026, but details of any progress have not been publicly announced. If DBMG's sale is not completed in a timely manner, Innovate risks breaching its covenants, which could trigger a default at the parent level in the near term, unless the company secures an extension or waiver. On the other hand, if the company completes the sale of DBMG in a timely manner, it is unclear if the proceeds would be sufficient to pay for all of Innovate's outstanding debt obligations. Additionally, nearly all of Innovate's debt will mature in the next 12-24 months, with more than $140 million due in 2026 and approximately $460 million maturing in 2027. As such, S&P believes that a default or distressed exchange appears inevitable in the next few months, absent favorable developments. Following the downgrade, S&P subsequently withdrew all ratings at the issuer's request. The negative outlook reflects S&P's view that a default or distressed exchange appears inevitable in the next six months, absent unforeseen positive developments. INTREPID LLC: Hires Zimmerman Booher as Special Counsel ------------------------------------------------------- Intrepid, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Zimmerman Booher as special counsel. The firm will provide these services: A. advising the Debtors with respect to pursuing appeals stemming from the State Court Litigation, Case no. 220905801, lawsuit styled Zion Pharmaceuticals, LLC v. Seth Gomm, et al.; B. advising the Debtors with respect to the Appeal, pending in the Utah Court of Appeals as Zion Pharmaceuticals, LLC v. Seth Gomm, et al., ,No. 20250966-CA which was filed prepetition and is currently pending; and C. representing the Debtors in connection with appeals from the State Court litigation, including the Appeal. The firm will be paid at these rates: Troy L. Booher $550 per hour Caroline A. Olsen $550 per hour LaShel Shaw $500 per hour Other Attorneys $400 to $550 per hour Zimmerman Booher received initial retainer funds in the aggregate amount of $31,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Booher 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: Troy L. Booher Zimmerman Booher 341 South Main Street Salt Lake City, UT 84111 Tel: (801) 924-0200 Fax: (385) 420-5576 About Intrepid, LLC Intrepid, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 26-20852) on February 20, 2026, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Seth S. Gomm as manager. Judge Michael F Thomson presides over the case. Matthew M. Boley, Esq. at COHNE KINGHORN, P.C. serves as the Debtor's counsel. IPIC ENTERTAINMENT: Hires Stretto Inc as Claims and Noticing Agent ------------------------------------------------------------------ IPIC Entertainment Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Stretto, Inc. as claims, noticing, and solicitation agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $25,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About IPIC Entertainment Inc. IPIC Entertainment Inc. operates a chain of premium dine-in movie theaters in the United States, combining luxury seating with in-theater dining, including restaurants and beverage service. IPIC Entertainment Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. SD Fla. Case No. 26-12313) on February 25, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Patrick Quinn as chief executive officer. Christopher R. Thompson, Esq. at BURR & FORMAN LLP serves as the Debtor's counsel. IPIC THEATERS: Hires Development Specialists as Financial Advisor ----------------------------------------------------------------- IPIC Theaters, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Development Specialists, Inc. as financial advisor. The firm will render these services: a. assist the Debtor in the design and implementation of a liquidation or restructuring strategy to maximize the enterprise value of the Debtor; b. review and refine the Debtor’s short-term weekly cash receipts and disbursements forecasts/budgets; c. assist the Debtor post-bankruptcy in managing compliance and reporting consistent with Chapter 11 requirements; and d. assist the Company with such other matters as may be requested by Debtor and agreed to by DSI. The firm will be paid at these rates: Joseph J. Luzinski $750 per hour Michael S. Grant $565 per hour Salvatore C. Arena $295 per hour Senior Managing Directors $595 per hour Directors/Managing Directors $350 per hour Associates $195 to $345 per hour The firm received an initial pre-petition retainer of $25,000, which was applied to services rendered prior to the Petition Date. The firm has subsequently received an additional pre-petition retainer of $250,000. Mr. Luzinski disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph J. Luzinski Development Specialists, Inc. 500 East Broward Boulevard Suite 1700 Fort Lauderdale, FL 33394 Tel: (305) 374-2717 About IPIC Theaters, LLC IPIC Entertainment Inc. operates a chain of premium dine-in movie theaters in the United States, combining luxury seating with in-theater dining, including restaurants and beverage service. The Company runs 13 locations with 8 restaurants and approximately 100 screens nationwide, offering enhanced audiovisual and hospitality experiences. IPIC's operations encompass ticketing, food and beverage service, and membership programs across its branded theaters. IPIC Theaters, LLC in Boca Raton, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-12313) on Feb. 25, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Patrick Quinn as chief executive officer, signed the petition. BURR & FORMAN LLP serve as the Debtor's legal counsel. IPIC THEATERS: Seeks to Hire Burr & Forman LLP as Counsel --------------------------------------------------------- IPIC Theaters, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Burr & Forman LLP as counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties as Debtor in possession in the continued management and operation of the Debtor' business and property; (b) advising and consulting on the conduct of these Chapter 11 Cases; (c) attending meetings and negotiating with representatives of creditors and other parties in interest; (d) taking all necessary actions to protect and preserve the Debtor' estate; (e) preparing pleadings in connection with these Chapter 11 Cases; (f) advising the Debtor in connection with any potential sale of assets; (g) appearing before this Court and any appellate courts to represent the interests of the Debtor' estate; (h) taking any necessary actions on behalf of the Debtor to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related to the foregoing; and (i) performing all other necessary legal services for the Debtor in connection with the prosecution of these Chapter 11 Cases. The firm will be paid at these rates: Partners $420 to $968 Counsel $385 to $600 Associates $294 to $380 Paralegals $150 to $291 As of the Petition Date, Burr retained a retainer of $343,607.95. Mr. Meek 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: Derek Meek, Esq. Burr & Forman LLP 420 North 20th Street, Suite 3400 Birmingham, AL 35203 Tel. (205) 251-3000 Fax. (205) 458-5100 Email: dmeek@burr.com About IPIC Theaters, LLC IPIC Entertainment Inc. operates a chain of premium dine-in movie theaters in the United States, combining luxury seating with in-theater dining, including restaurants and beverage service. The Company runs 13 locations with 8 restaurants and approximately 100 screens nationwide, offering enhanced audiovisual and hospitality experiences. IPIC's operations encompass ticketing, food and beverage service, and membership programs across its branded theaters. IPIC Theaters, LLC in Boca Raton, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-12313) on Feb. 25, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Patrick Quinn as chief executive officer, signed the petition. BURR & FORMAN LLP serve as the Debtor's legal counsel. IRON MOUNTAIN: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Iron Mountain Holdings, LLC 5000 Bell Springs Dripping Springs, TX 78620 Business Description: Iron Mountain Holdings, LLC, classified as a single asset real estate entity under 11 U.S.C. Section 101(51B), owns in fee simple real estate located at 5000 Bell Springs in Dripping Springs, Texas 78620, which is estimated to have a value of about $1 million. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-10372 Judge: Hon. Shad M Robinson Debtor's Counsel: Paul Steven Hacker, Esq. HACKER LAW FIRM, PLLC 3355 Cherry Ridge Ste. 214 San Antonio TX 78230 Tel: (210) 595-2045 Email: steve@hackerlawfirm.com Total Assets: $1,061,015 Total Liabilities: $1,508,430 The petition was signed by Dustin Daniel Werley as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IDPJ5WI/Iron_Mountain_Holdings_LLC__txwbke-26-10372__0001.0.pdf?mcid=tGE4TAMA JENNIFER EMERSON: Hires Gary G. Lyon Esq. as Bankruptcy Counsel --------------------------------------------------------------- Jennifer Emerson, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Gary Lyon, Esq., as its legal counsel. Mr. Lyon will render these services: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a plan of reorganization and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary Mr. Lyon will charge an hourly fee of $500 for his services. Paralegals assisting him will charge $75 per hour. The Debtor paid the attorney $6,717 prior to the petition date for pre-bankruptcy services he provided in preparation for the filing of its case. In a court filing, Mr. Lyon disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. Lyon maintains an office at: Gary G. Lyon, Esq. 6401 W. Eldorado Parkway, Suite 234 McKinney, TX 75070 Tel: (214) 620-2034 Fax: (469) 521-7219 E-mail: glyon.attorney@gmail.com About Jennifer Emerson, LLC Jennifer Emerson, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40385) on February 2, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Brenda T Rhoades presides over the case. Gary G. Lyon, Esq. serves as the Debtor's counsel. JOURNEY'S HOME: Hires Kaplan Johnson Abate & Bird LLP as Counsel ---------------------------------------------------------------- Journey's Home Care & Concierge Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Kaplan Johnson Abate & Bird LLP as counsel. The firm will provide these services: a. advice with respect to the Debtor's powers and duties as debtor in possession in the continued management of its financial affairs and estate assets; b. actions to protect and preserve the estate, including the prosecution of actions on behalf of the Debtor, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, if any, and examination of proofs of claims; c. advice and preparation of all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; and d. strategic planning, negotiation, and preparation of instruments in connection with this chapter 11 case and the formulation and implementation of Debtor's chapter 11 plan. The firm will be paid $5,000 per month for deposit into an escrow account maintained for the sole purpose of satisfying claims for compensation awarded to the firm or the subchapter V trustee. Debtor's required escrow payment is subject to reduction to $1,500 per month once the escrowed balance is at least $20,000. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Yeager 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: Tyler R. Yeager, Esq., Kaplan Johnson Abate & Bird LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 E-mail: tyeager@kaplanjohnsonlaw.com About Journey's Home Care & Concierge Services, LLC Journey's Home Care & Concierge Services, LLC operates in the home healthcare sector, delivering non-medical in-home assistance and concierge services designed to support seniors and individuals with specialized care needs. Journey's Home Care & Concierge Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00683) on February 11, 2026. The filing lists estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge James M. Carr. The Debtor is represented by Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP. K&M JACKSON: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: K&M Jackson Enterprises, LLC Kids of Valor Academy Kids of Valor Montessori Attn: Mona Jackson 4602 Orem Road Santa Fe, TX 77517 Business Description: K&M Jackson Enterprises, LLC, based in Santa Fe, Texas, operates in the child care services industry and is associated with the Kids of Valor Academy brand, providing early childhood education and preschool programs across multiple Texas locations. The company manages or oversees day-to-day operations, programs, and campus-level activities, including infant, toddler, preschool, and school-age care. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-80149 Judge: Hon. Alfredo R Perez Debtor's Counsel: Alex Olmedo Acosta, Esq. ACOSTA LAW P.C. One Northwest Centre Houston TX 77040 Tel: (713) 980-9014 Email: alex@theacostalawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mona Jackson as CEO. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AQKXWJQ/KM_Jackson_Enterprises_LLC__txsbke-26-80149__0001.0.pdf?mcid=tGE4TAMA KEVIN GARCIA: Hires Rountree Leitman Klein as Counsel ----------------------------------------------------- Kevin Garcia Originals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as counsel. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. The firm will be paid at these rates: William A. Rountree $645 per hour Will B. Geer $645 per hour Michael Bargar $585 per hour Hal Leitman $475 per hour William Matthews $475 per hour David S. Klein $545 per hour Elizabeth Childers $445 per hour Ceci Christy $475 per hour Caitlyn Powers $425 per hour Shawn Eisenberg $350 per hour Dorothy Sideris $250 per hour Megan Winokur $200 per hour Legal Assistants $150 per hour Law Clerk $200 per hour The firm received a pre-petition retainer of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Geer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Kevin Garcia Originals, LLC Kevin Garcia Originals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51961) on February 13, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jonathan W. Jordan presides over the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. KIRKBRIDE LAND: Hires Allen Stovall Neuman as Counsel ----------------------------------------------------- Kirkbride Land and Snow Management LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Allen Stovall Neuman & Ashton LLP to serve as its bankruptcy counsel. ASNA will provide these services: (a) advising the Debtor of its rights, powers, and duties as a debtor in possession in the continued operation of its business; (b) advising and consulting on the conduct of the Case, including all legal and administrative requirements of a debtor in such a case; (c) attending meetings and negotiating with the United States Trustee, representatives of the Debtor's creditors, and other parties in interest; (d) taking all necessary actions to protect and preserve the bankruptcy estate; (e) preparing official forms, pleadings, and other documents in connection with the case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the bankruptcy estate; (f) appearing before the Court and any appellate courts to represent the interests of the bankruptcy estate; and (g) performing all other necessary legal services for the Debtor in connection with the prosecution of this Case. ASNA will bill at these hourly rates: - Thomas R. Allen, Partner: $400 - Richard K. Stovall, Partner: $400 - Jim Coutinho, Partner: $400 - David Whittaker, Of Counsel: $400 - Andrew D. Rebholz, Associate: $275 - Other Attorneys: Up to $275 - Lindsey Corl (Legal Assistant): $100 - Hannah Kittle (Legal Assistant): $100 The Debtor has paid a retainer of $10,000. Mr. Whittaker 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: David M. Whittaker Andrew D. Rebholz Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 Email: whittaker@asnalaw.com rebholz@asnalaw.com About Kirkbride Land and Snow Management LLC Kirkbride Land and Snow Management, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on Aug. 18, 2025, listing up to $10 million in both assets and liabilities. Angelia Kirkbride, managing member, signed the petition. Judge Mina Nami Khorrami oversees the case. David Whittaker, at Allen Stovall Neuman & Ashton, LLP, is the Debtor's legal counsel. LAKE SALISBURY: Hires Solomon Rosengarten as Bankruptcy Counsel --------------------------------------------------------------- Lake Salisbury LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Solomon Rosengarten, Esq., an attorney practicing in Brooklyn, New York, as its counsel. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued management of its property; b. negotiate with creditors in working out a plan of reorganization and take necessary legal steps in order to confirm the plan of reorganization; c. prepare necessary legal papers and operating reports; d. appear before the bankruptcy judge and protect the interests of the debtor-in-possession before the bankruptcy judge and represent the Debtor in all matters pending in the chapter 11 proceeding; and e. perform all other legal services. The attorney will be paid at his hourly rate of $500 and received a retainer of $7,500 from the Debtor. 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 Lake Salisbury LLC Lake Salisbury LLC is a single asset real estate company based in Brooklyn, New York. Lake Salisbury LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11661) on July 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Solomon Rosengarten, Esq. LARA FAMILY: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Lara Family Land Company, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Tyler Division, to use cash collateral to continue operating its full-service restaurant business. The court authorized the Debtor to use cash collateral through April 14 in accordance with its budget. The $2,000 for attorney's fees and $1,000 for Subchapter V Trustee fees listed in the budget have not been authorized by the court. These amounts will remain in the budget but may not be paid unless the court issues a separate order authorizing such payments. A search of Texas Secretary of State records revealed a filed UCC financing statement asserting blanket liens on the Debtor's assets, including accounts receivable, inventory, and equipment. As adequate protection, creditors with interest in the cash collateral will be granted replacement liens on all post-petition cash collateral and property of the Debtor, with the same priority and extent as their pre-bankruptcy liens. The next hearing is set for April 14. The deadline for filing objections is on March 13. The order is available at https://is.gd/IAPBBe from PacerMonitor.com. About Lara Family Land Company, LLC Lara Family Land Company, LLC operates a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-60113) on February 26, 2026. In the petition signed by Rigoberto Lara, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Marc Salitore, Esq., at Salitore Law PLLC, represents the Debtor as legal counsel. LEGACY WORLDWIDE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Legacy Worldwide, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget from March 3 through the final hearing on April 8. The budget shows a schedule of the Debtor's revenues and cash requirements for the six months following its Chapter 11 filing on March 1. The Debtor's cash collateral consists of operating revenue in which the U.S. Small Business Administration, Libertas Funding, LLC and Itria Ventures, LLC may claim an interest, with the SBA holding a first-priority lien. As protection, the lenders will be granted a valid and properly perfected replacement lien on all property acquired by the Debtor after the petition date similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. The order is available at https://is.gd/Omb677 from PacerMonitor.com. Legacy Worldwide operates an advertising firm providing traditional and digital marketing services, including media buying, script-to-screen production, and creative services, and is solely owned by Damon Davis. Its bankruptcy filing was precipitated primarily by financial distress caused by multiple merchant cash advance obligations, which became unsustainable and impaired its ability to meet operational expenses and debt service requirements. About Legacy Worldwide LLC Legacy Worldwide, LLC operates an advertising firm providing traditional and digital marketing services, including media buying, script-to-screen production, and creative services, and is solely owned by Damon Davis. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52753-lrc) on March 1, 2026. In the petition signed by Damon Davis, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. LIGADO NETWORKS: 3rd Cir. Vacates Stay Order in Inmarsat Dispute ---------------------------------------------------------------- Judges Abraham L. Freedman, Marjorie O. Rendell and Thomas L. Ambro of the U.S. Court of Appeals for the Third Circuit vacated the stay order issued by the United States District Court for the District of Delaware that prevented the enforcement of the Bankruptcy Court's ruling requiring Inmarsat to support the application to the Federal Communications Commission filed by Ligado Networks, LLC and supported by AST & Science, LLC. Inmarsat and Ligado are satellite service providers operating in the L-band spectrum across North America. In 2007, Inmarsat and Ligado's predecessors signed a Cooperation Agreement that resolved coordination disputes and provided Ligado access to a greater spectrum over North America. At the time, Inmarsat and Ligado deployed only geostationary ("GSO") satellites. On January 5, 2025, Ligado filed for Chapter 11 relief. It sought approval during its bankruptcy proceedings to enter into an agreement with AST, in which AST would sublease Ligado's spectrum usage rights under the Cooperation Agreement to commercialize the spectrum through a nongeostationary orbit satellite system. Inmarsat objected to the AST Transaction. After mediation, Inmarsat, Ligado, and AST executed a binding term sheet with the Bankruptcy Court's approval. In September 2025, the Bankruptcy Court confirmed Ligado's plan of reorganization (the "Plan"). In December 2025, Ligado filed its FCC application, which stated that Ligado has agreed that AST's use of the L-Band will comply with the Amended Inmarsat Cooperation Agreement, and recognizes the Proposed NGSO Systems are consistent with and coordinated under the cooperation arrangement between Ligado and Inmarsat. Shortly after Ligado filed the FCC application, Inmarsat filed a complaint in the Supreme Court of the State of New York, alleging that AST and Ligado breached their obligations in the Mediated Agreement and seeking a declaration regarding the parties' rights and obligations under that document. Inmarsat urged that coordination had not been completed and that the FCC application was to be filed only after such coordination was complete. Ligado and AST filed motions with the Bankruptcy Court to enforce the Mediated Agreement and demand Inmarsat withdraw the New York Action. The Bankruptcy Court agreed with Ligado and AST that Inmarsat's New York Action violated the automatic stay and ordered Inmarsat to dismiss the New York Action with prejudice. The Bankruptcy Court also concluded that Ligado's FCC application met both precedent conditions of Inmarsat's support and, thus, ordered that Inmarsat affirmatively support the FCC application. Inmarsat appealed the Bankruptcy Court's order to the District Court and moved for a stay pending appeal. On February 27, 2026, the District Court granted Inmarsat's motion and stayed enforcement of the Bankruptcy Court's order pending appeal. Ligado filed a notice of appeal that evening. An hour later, Inmarsat filed an opposition to Ligado's FCC application. Ligado asked the Appeals Court for an immediate administrative stay and vacatur of the District Court's stay. AST also moved to vacate the District Court's stay. The Circuit Judges find the District Court erred in concluding that Inmarsat had demonstrated a reasonable chance of prevailing in the contract dispute and granting a stay on, inter alia, that basis. They also disagree that Inmarsat will face irreparable harm if it is obligated to satisfy its contractual obligation to support the FCC application. Accordingly, the stay should have been denied. A copy of the Court's Opinion dated March 2, 2026, is available at https://urlcurt.com/u?l=uHezKq About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LOW COST TREE: Seeks to Hire Gift CPAs as Accountant ---------------------------------------------------- Low Cost Tree Service Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Gift CPAs as accountant. The firm's services include: a. preparation of State and/or Federal Tax returns; b. preparation of 1099 and/or 1096 Tax forms; c. financial representation of the Debtor in any State and/or Federal Tax Audits. The firm will be paid at these fees: -- Year-End Investment $3,950 annually -- One-Time Start Up Investment $900 annually -- One-Time Backwork Investment $30,700 annually As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Deanna Rosario Gift CPAs 201 Granite Run Drive, Suite 260 Lancaster, PA 17601 Tel: (717) 393-3876 About Low Cost Tree Service Systems, LLC Low Cost Tree Service & Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15263) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge Patricia M. Mayer presides over the case. James K. Jones, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. LSE PROPERTIES: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------- On March 4, 2026, LSE Properties, LLC, filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About LSE Properties, LLC LSE Properties, LLC is a privately held real estate company specializing in property investment, development, and management of commercial and residential assets. LSE Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10299) on March 4, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tegan Rodkey, Esq. of Resolve Law Group. MARAGAL MEDICAL: Hires Huron Consulting as Financial Advisor ------------------------------------------------------------ Maragal Medical, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Huron Consulting Services LLC as accounting and financial advisor. The firm will render these services: a. assist in identifying and documenting estate property, including the maintenance of physical and digital records; b. assist in the preparation of financial-related disclosures required by the Court, including Monthly Operating Reports; c. assist with claims resolution procedures, including but not limited to, analyses of creditors' claims by type and entity and maintenance of claims database; d. assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; e. prepare enterprise, asset, and liquidation valuations; f. assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; g. assist in the preparation of information and analysis necessary for the confirmation of a plan of reorganization; h. assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; i. provide litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as required; and j. render such other assistance as the Debtor or its counsel may deem necessary consistent with the role of an accountant and financial advisor to the extent that it would not be duplicative of services provided by other professionals in this proceeding. The firm's hourly rates are: Managing Director $1,075 to $1,400 Senior Director $985 Director $825 Manager $675 Associate $550 to $600 Analyst $475 to $550 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Stephen Darr, a partner at Huron Consulting Services LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephen Darr Huron Consulting Services LLC 350 West Cedar Street, Suite 200 Pensacola, FL 32502 Tel: (850) 439-5839 Fax: (850) 439-5768 About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MARAGAL MEDICAL: Seeks to Hire Murphy & King as Bankruptcy Counsel ------------------------------------------------------------------ Maragal Medical, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Murphy & King, professional Corporation as its bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as debtor-in-possession in the continued operation of its businesses and management of its assets; b. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in the case; c. representing the Debtor at all hearings and matters pertaining to its affairs as debtor and debtor-in-possession; d. preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and review all financial and other reports filed in this Chapter 1l case; e. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt and related transactions; f. reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g. advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of his estate; h. advising and assisting the Debtor in connection with the potential sale of the Debtor's assets; i. advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; j. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter l1 estate or otherwise further the goal of completing the Debtor's successful reorganization other than with respect to matters to which the Debtor retains special counsel; and l. performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm received a retainer in the amount of $40,000 as well as the filing fee of $1,738 for the chapter 11 petition. Andrew G. Lizotte, a shareholder of Murphy & King, assured the court that the firm is a is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Andrew G. Lizotte, Esq. Murphy & King, Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Phone: 617 226-3415 Email: alizotte@murphyking.com About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MARELLI AUTOMOTIVE: Hires Ernst & Young as Accountant ----------------------------------------------------- Marelli Automotive Lighting USA LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as accounting and tax service provider. The firm's services include: (a) Accounting and Advisory Services: -- assist in the preparation of special purpose IFRS based financial statements for FY25, based on management's policies, decisions and assumptions, in advance of full adoption in FY26, including calculations of the balances and reconciliations; -- assist in developing internal reporting packages and a consolidation model for the year ending December 31, 2025 with Company's primary financial statements and disclosures; -- draft accounting position papers of IFRS accounting policies, based on the Debtors' policies and positions; -- assist in the implementation of new and future financial statement reporting requirements (e.g., IFRS 18); -- provide currency conversion assistance from JPY to EUR for financial statement disclosure and internal reporting; -- benchmark accounting policies and financial statement disclosures of the Company's financials with publicly available information for industry practice; -- assist management in preparing an assessment of going concern operations; -- assist the Debtors with external auditor correspondence related to financial information in connection to the proposed transaction(s); and -- advise on the accounting, tax, and financial statement disclosure impacts of proposed plans of reorganization or other restructuring transactions. (b) Tax Services: -- prepare tax accounting estimates for the consolidated year end accounts of the Debtors; -- prepare a tax reporting consolidation, including consolidation adjustments provided by the Debtors; -- assist in the preparation of tax analysis of the underlying/non-underlying and continuing/discontinuing obligations; -- prepare current tax and deferred tax netting calculations for disclosure purposes; -- provide summary commentary on key rate drivers and material balances; -- prepare the financial statement tax disclosures; -- provide regular tax accounting updates to the Debtors' finance and tax team; and -- prepare Financial Accounting and Advisory Services memoranda ("FAAS Memos"), which outlines various tax consequences based on EY LLP's assessment of relevant local GAAP and IFRS obligations. (c) Valuation Services: -- assess a market participant Weighted Average Cost of Capital ("WACC") range and a company-specific risk premium ("CSRP") to support the Debtors in determining an appropriate WACC range for goodwill impairment testing for the Debtors' various business segments based on the Debtors' business plan projections, cash flow forecasts, historical financials, industry and benchmarking analyses, projected debt margins; and -- prepare a memorandum outlining prevailing market practices for the placement of the WACC function, with consideration of strategic alignment, data accessibility, technical expertise, governance, resource capability, and technology integration. The firm will be paid at these rates: (a) Accounting and Advisory Services: Partner/Managing Director $955 per hour Director $580 per hour Senior Manager $512 per hour Manager $341 per hour Senior $273 per hour Offshore Staff $205 per hour (b) Tax Services: Partner/Managing Director $1,837 per hour Executive Director $1,210 per hour Director $935 per hour Senior Manager $699 per hour Manager $415 per hour Senior $284 per hour Staff $176 per hour (c) Valuation Services: Partner/Managing Director $955 per hour Director $614 per hour Senior Manager $580 per hour Manager $430 per hour Senior $293 per hour Staff $239 per hour Offshore Staff $205 per hour The Debtors owed the firm $324,000 on account of services rendered. Mr. Nathoo 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: Vasantrai Nathoo Ernst & Young LLP 1 More London Place SE1 2AF Tel: (44) 20 7951 2000 Fax: (44) 20 7951 1345 About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11, 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MARK D. BORNSTEIN: Hires Branson Ainsworth PLLC as Legal Counsel ---------------------------------------------------------------- Mark D. Bornstein Podiatry, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Branson Ainsworth PLLC as its counsel. The firm will provide these services: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. The firm will be paid at these rates: Attorneys $655 per hour Paralegals $150 per hour The firm was paid an advance fee of $7,776 for post-petition services and expenses in connection with this case and the filing fee of $1,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Jeffrey Ainsworth, Esq., a partner at Branson Ainsworth PLLC, 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: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. Branson Ainsworth PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com cole@bransonlaw.com amanda@bransonlaw.com About Mark D. Bornstein Podiatry LLC Mark D. Bornstein Podiatry, LLC provides podiatric medical services, including diagnosis and treatment of foot and ankle conditions, and operates a medical practice in Orlando, Florida. Mark D. Bornstein Podiatry filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00685) on February 1, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. MAXIMUS SUPPLY: Hires Rubin & Levin PC as Bankruptcy Counsel ------------------------------------------------------------ Maximus Supply Chain Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ Rubin & Levin, P.C. to handle the bankruptcy proceedings. The firm's compensation is based on a contingency: (a) Presult: Rubin & Levin shall earn legal fees on a contingency fee basis of 15% of the cash value of any recoveries and the cash equivalent value of any claim waiver obtained from a potential defendant of an Avoidance Action after Rubin & Levin issues a demand letter, but prior to initiating an Avoidance Action proceeding against such defendant. (b) Postsuit: Rubin & Levin shall earn legal fees on a contingency fee basis of 25% of the cash value of any recoveries and the cash equivalent value of any claim waiver obtained in connection with the settlement of any Avoidance Action after Rubin & Levin initiates such Avoidance Action proceeding, but prior to obtaining a judgment in connection therewith. (c) Postjudgment: Rubin & Levin shall earn legal fees on a contingency fee basis of 30% of the cash value of any recoveries and the cash equivalent value of any claim waiver obtained from an Avoidance Action defendant after Rubin & Levin obtains a judgment against such defendant, but before the filing of a notice of appeal. As disclosed in the court filing, Rubin & Levin is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Meredith R. Theisen, Esq. Morgan A. Decker, Esq. RUBIN & LEVIN, P.C 135 N. Pennsylvania Street, Suite 1400 Indianapolis, IN 46204 Telephone: (317) 634-0300 Facsimile: (317) 453-8602 Email: mtheisen@rubin-levin.net mdecker@rubin-levin.net 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. at Blackwell, Burke & Ramsey, P.C. MAZAIA HB: Commences Chapter 11 Bankruptcy in California -------------------------------------------------------- On March 4, 2026, Mazaia HB LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Mazaia HB LLC Mazaia HB LLC is a privately held company engaged in business and investment activities in California, focusing on managing financial and operational assets. Mazaia HB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12045) on March 4, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Robert S. Altagen, Esq. of Law Offices of Robert S. Altagen. MELPRO LLC: Seeks Chapter 11 Bankruptcy in District of Columbia --------------------------------------------------------------- On March 4, 2026, Melpro, LLC, filed for Chapter 11 protection in the District of Columbia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Melpro, LLC Melpro, LLC is a privately held company engaged in business and investment activities, focusing on the management of financial and operational assets. Melpro, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00098) on March 4, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by William C. Johnson, Jr., Esq. of The Johnson Law Group, LLC. MII AVIATION: Hires Arbel as Restructuring and Financial Advisor ---------------------------------------------------------------- MII Aviation Services LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Arbel Capital Advisors LLC as restructuring and financial advisor, and designate Daniel Sasson as chief restructuring officer. The firm will provide these services: a. provide Daniel Sasson as Chief Restructuring Officer; b. assist, as necessary, the Debtors and their counsel in preparing and filing the necessary and required reporting in the Chapter 11 Cases; c. open and close bank accounts; d. assist the Debtors with the preparation of any schedules, statements, debtor in possession financing budgets and other documents as may be required or prudent in the Chapter 11 Cases; e. approve and authorize the filing of pleadings and other papers in the Chapter 11 Cases, as may be required; f. provide in-court testimony, attend hearings and provide information and analyses for inclusion in court filings and testimony related thereto; g. perform any other ancillary services or assume any other corporate authority or obligation(s) as may be deemed prudent to facilitate the above; and h. provide such other services to assist the Debtors regarding a-f, as may be ancillary to the foregoing services or which are additionally agreed upon in writing by Arbel and the Debtors, and approved by the Bankruptcy Court, as necessary. The firm will be paid as follows: a. A monthly nonrefundable cash fee in the amount of $6,000.00 (the "Monthly Fee"). The Monthly Fee shall begin to accrue starting on February 2, 2026 and shall continue to accrue monthly thereafter, on the first of each month, until the Engagement Agreement terminates. Each Monthly Fee shall be deemed earned on the first day of each month. For avoidance of doubt, the Monthly Fee shall only include the services as provided in Section 1 (a) through (f) in the Engagement Agreement; and b. Although Arbel does not generally bill on an hourly basis or keep time records, in taking into account its fee structure, Arbel uses an estimate of time to be spent on this matter over the course of the engagement and taking into account the following hourly fees. Notwithstanding the foregoing, the hourly rates below shall be charged and earned in connection with the services provided outside the scope of services provided for in Section 1 of the Engagement Agreement: Professional Rate Per Hour Ephraim Diamond $1,450 Daniel Sasson $950 Senior Analyst $750 Associates $550 c. It is understood and agreed that should Mr. Sasson or any other individuals from Arbel be required to physically provide in-court testimony or attend hearings, a per diem charge of $3,000/day will be due to Arbel for each day such physical attendance is needed. Such per diem charges shall be in addition to the Monthly Fee or Hourly Rates. Mr. Diamond disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Mr. Diamond can be reached at: Ephraim Diamond Arbel Capital Partners, LLC 4 Waverly Place Lawrence, NY 11559 Tel: (516) 939-8901 Email: ephraim@arbelcapital.com About MII Aviation Services LLC MII Aviation Services, LLC is an aviation services company that provides aircraft maintenance, repair, and related technical support services to commercial and private aviation clients. MII Aviation Services, LLC and Michal International Investment LLC filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 26-10123 and 26-0124) on February 1, 2026. In their petitions, MII Aviation Services reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million while Michal International Investment reported assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors are represented by Mark L. Desgrosseilliers, Esq., at Chipman Brown Cicero & Cole, LLP. Wollmuth Maher & Deutsch LLP as co-counsel. Arbel Capital Advisors LLC as restructuring and financial advisor. MII AVIATION: Hires Chipman Brown Cicero as Bankruptcy Counsel -------------------------------------------------------------- MII Aviation Services LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Chipman Brown Cicero & Cole, LLP as general bankruptcy counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; (b) negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; (c) preparing on behalf of the Debtors all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) assisting with any disposition of the Debtors' assets, by sale or otherwise; (f) negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; (g) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation, and other issues to the Debtors in connection with the Debtors' ongoing business operations; and (i) performing all other legal services for, and providing all other necessary legal advice to, the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: Mark Desgrosseilliers $925 per hour Daniel Egan $825 per hour Robert Weber $950 per hour Aaron Bach $450 per hour Alison Maser $450 per hour Renae M. Fusco $375 per hour Maria Whalen $375 per hour On January 9, 2026, the firm received a retainer payment from the Debtors totaling $50,000. That retainer was supplemented on January 29, 2026, with an additional $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Chipman, Jr. 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: William E. Chipman, Jr., Esq. Chipman Brown Cicero & Cole, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0191 Email: chipman@chipmanbrown.com About MII Aviation Services LLC MII Aviation Services, LLC is an aviation services company that provides aircraft maintenance, repair, and related technical support services to commercial and private aviation clients. MII Aviation Services, LLC and Michal International Investment LLC filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 26-10123 and 26-0124) on February 1, 2026. In their petitions, MII Aviation Services reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million while Michal International Investment reported assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors are represented by Mark L. Desgrosseilliers, Esq., at Chipman Brown Cicero & Cole, LLP. Wollmuth Maher & Deutsch LLP as co-counsel. Arbel Capital Advisors LLC as restructuring and financial advisor. MII AVIATION: Hires Silver Birch as Investment Banker ----------------------------------------------------- MII Aviation Services LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Silver Birch Group, Inc. and BA Securities, LLC as investment banker. The firm will provide these services: i. review the Debtors' assets (the "Assets"), financial condition and prospects; ii. assist the Debtors in establishing criteria for potential Qualified Bidders under §363 auction under the Code ("Bidders") by identifying, screening and ranking prospective Bidders, and evaluating proposals and alternatives; iii. prepare materials to solicit interest from potential Bidders. Marketing materials (together, "Documents") may describe the Debtors' Assets; iv. direct and coordinate the due diligence process, including, without limitation, the coordination of confidentiality agreements as the Debtors' NDA Agent, and access to a data room; v. manage the marketing process by responding to initial due diligence questions, coordinating requests for additional information and potentially scheduling meetings between management of the Debtors and potential Bidders; vi. pursuant to Bankruptcy Court procedures, solicit indications of interest and assist the Debtors in evaluating and comparing offers to acquire the Debtors' Assets; vii. coordinate and facilitate an Auction, if any, pursuant to Court approved procedures; viii. assist the Debtors and their advisors through the closing process; and ix. advise the Debtors, other professionals, and counsel on other matters that may arrive from time to time during the Engagement. The firm will be paid at these fees: i. Retainer: SBG received a retainer fee in the amount of $10,000 ("Retainer Fee"). The Retainer Fee will be held by SBG for payment of its fees and expense reimbursements subject to Bankruptcy Court review and approval. ii. Marketing Fee: Upon the consummation of a Transaction pursuant to the Court order, SBG shall earn an additional marketing fee (the "Marketing Fee") of $40,000. iii. Improvement Fee: Subject to Court review and approval, if the Debtors reach a preliminary agreement with any "stalking horse" during the sale process, then SBG shall earn an improvement fee ("Improvement Fee") in the event such stalking horse bid is topped equal to 5.0% of the improvement in total consideration earned by the Debtors. iv. Expenses: Subject to review and approval by the Court, the Debtors agree to reimburse SBG for all reasonable out-of-pocket expenses incurred in connection with the services rendered hereunder during the term of this Agreement, including third party charges for outside data and costs for the online data room. Such expenses shall not exceed $5,000 without the prior written approval by the Debtors. As disclosed in a court filing that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey R. Manning Silver Birch Group Inc. Telephone: (917) 549-0312 Email: jrmanning@silvrbirch.com - and - Peder Securities LLC BA Securities LLC Four Tower Bridge, 200 Barr Harbor Drive, Ste. 400 W. Conshohocken, PA 19428 E-mail: jchuff@basecuritiesllc.com About MII Aviation Services LLC MII Aviation Services, LLC is an aviation services company that provides aircraft maintenance, repair, and related technical support services to commercial and private aviation clients. MII Aviation Services, LLC and Michal International Investment LLC filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 26-10123 and 26-0124) on February 1, 2026. In their petitions, MII Aviation Services reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million while Michal International Investment reported assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors are represented by Mark L. Desgrosseilliers, Esq., at Chipman Brown Cicero & Cole, LLP. Wollmuth Maher & Deutsch LLP as co-counsel. Arbel Capital Advisors LLC as restructuring and financial advisor. MISS AMERICA: Court OKs $500MM Ownership Fight Sanctions -------------------------------------------------------- Carolina Bolado of Law360 Bankruptcy Authority reports that on Monday, March 9, 2026, a Florida federal judge ordered sanctions against a businessman and his attorney after determining they submitted fraudulent documents in a $500 million fight over ownership of the Miss America pageant and relied on those records during the case. The court concluded that the documents were fabricated and had been presented as genuine in filings and arguments before the court. The judge said the conduct constituted a serious breach of professional and legal obligations. In response, the court imposed sanctions aimed at addressing the misconduct and safeguarding the integrity of the proceedings. The ruling highlights the consequences litigants and attorneys can face when submitting falsified evidence in federal court, according to report. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MY SIZE: Falls Below Nasdaq Minimum Bid Requirement --------------------------------------------------- My Size, Inc. disclosed in a regulatory filing that it was notified by the Nasdaq Listing Qualifications that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) 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. Based on the closing bid price of the Company's common stock for the 30 consecutive business days prior to the date of the Notification Letter, the Company no longer meets the minimum bid price requirement. The Notification Letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market and, at this time, the common stock will continue to trade on the Nasdaq Capital Market under the symbol "MYSZ". The Notification Letter provides that the Company has 180 calendar days, or until August 31, 2026, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the bid price of the Company's common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by August 31, 2026, the Company may then be eligible for additional 180 days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second compliance period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $11.7 million in total assets, $4.4 million in total liabilities, and a total stockholders' equity of $7.3 million. NABOO ROYAL: Court Affirms Turnover Order in Partsbase Dispute -------------------------------------------------------------- In the appeal styled AIRCRAFT PARTSBASE, LLC, Appellant, v. NABOO ROYAL CRUISER LLC, Appellee, Case No. 24-cv-24873-RKA (S.D. Fla.), Judge Roy K. Altman of the U.S District Court for the Southern District of Florida affirmed the Bankruptcy Court's Order granting Naboo Royal Cruiser, LLC's motion for turnover and denying Partsbase's counter motion for turnover. Before the District Court is an appeal from the bankruptcy case, In re Profundity LLC, et al., Case No. 21-16720, a contract dispute between Appellee Naboo Royal Cruiser, LLC and Appellant Aircraft Partsbase, LLC. On August 14, 2024, the parties entered into an Aircraft Purchase and Sale Agreement for Naboo's Gulfstream Aerospace G-IV SP. On August 21, 2024, Partsbase placed a $100,000 escrow deposit with Gilchrist Aviation Law. The Bankruptcy Court approved the sale on September 5, 2024. On September 9, 2024, Partsbase began the Pre-Purchase Inspection (the "PPI"). During the September 11, 2024, inspection, Partsbase learned of potentially high Exhaust Gas Temperature anomalies detected in one of the engines. Five business days later, on September 26, 2024, Partsbase provided notification to all parties that, after thorough evaluation, it decided to reject the aircraft within the 5 business days as per the APA and asked Naboo to release back the deposit. Naboo refused, having earlier said that the deposit at issue is now non-refundable. On October 12, 2024, Naboo filed a Motion for Turnover, alleging that Partsbase breached the Agreement. On November 17, 2024, the Bankruptcy Court granted that motion. The Bankruptcy Court then ordered the escrow agent to turn over and deliver via wire transfer the Escrow Deposit in the amount of $100,000 to Naboo. The question presented by this appeal is whether the Bankruptcy Court clearly erred when it found that Naboo's course of conduct neither waived nor modified the Agreement's requirement that the PPI be completed by September 11, 2024. The Bankruptcy Court granted the Motion for Turnover after concluding that Naboo was entitled to the Escrow Deposit because it had become non-refundable on September 18, 2024. Even if it hadn't become non-refundable, the court continued, Partsbase breached the contract by not closing and taking delivery of the Aircraft as of September 25, 2024. Naboo was thus also entitled to the Escrow Deposit as liquidated damages. The District Court concludes the Bankruptcy Court's determination was not clearly erroneous. Therefore, the Bankruptcy Court's Deposit Order is affirmed. A copy of the Court's Order dated March 3, 2026, is available at https://urlcurt.com/u?l=ozu1Mv from PacerMonitor.com. Naboo Royal Cruiser, LLC is engaged in commercial and industrial machinery and equipment rental and leasing. Naboo Royal Cruiser, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Fla. Case No. 23-16725) on August 23, 2023. In its petition, the Debtor reported $3,309,228 in total assets and $7,483,300 in total liabilities. The case was jointly administered with In re Profundity LLC (Bankr. S.D. Fla. Case No. 23-16720). A plan was confirmed in the case on September 13, 2024. Brett Lieberman, Esq., at Edelboim Lieberman Revah PLLC, served as the Debtors' bankruptcy counsel. NAVIDEA BIOPHARMACEUTICALS: Advised by SGG in Asset Sale -------------------------------------------------------- SSG Capital Advisors, LLC served as the investment banker to Navidea Biopharmaceuticals, Inc. in the sale of substantially all assets to Cardinal Health, Inc.. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in February 2026. Navidea is a development-stage precision-medicine company focused on immuno-targeted diagnostic agents. The Company was the original developer of Lymphoseek(tilmanocept), a receptor-targeted radiopharmaceutical for lymphatic mapping approved by the FDA in 2013. In 2017, Navidea sold the North American commercial rights to Lymphoseekto Cardinal Health, while retaining rights outside North America and the ability to develop next-generation formulations. Navidea subsequently developed a modernized, more efficient manufacturing process for the tilmanocept API (the Improved API), along with a portfolio of preclinical therapeutic assets. After years of development, the Company's Improved API program was near completion and aimed to support diagnostic use outside of North America. Additionally, Navidea had a pathway to commercialize the Improved API as a generic version of Lymphoseekin North America beginning in 2029. However, in October 2025, a combination of governance disputes and liquidity pressure forced the Company to file for Chapter 11 Bankruptcy. SSG was retained in November 2025 to conduct a comprehensive global marketing process and advise on a credit bid from the DIP lender. SSG's marketing process to solicit competing bids produced an additional qualified bid prior to the bid deadline, and an auction was held in January 2026. Leveraging its deep expertise in virtual auction execution, SSG created a dynamic and competitive auction environment, and Cardinal Health emerged as the prevailing bidder for substantially all of the Company's assets. This acquisition preserves the significant work surrounding the Company's Improved API program. SSG's robust and efficient marketing processes, experience in complex Chapter 11 cases, and strong knowledge of the biopharmaceutical industry resulted in an outcome that delivered significant value to stakeholders. Other professionals who worked on the transaction include: * Joseph C. Barsalona II, Samantha T. Alexander, Michael J. Custer, Alexis R. Gambale, and Daniel E. Cohen of Pashman Stein Walder Hayden P.C., counsel to Navidea Biopharmaceuticals, Inc.; * Tedd Burr of Mac Restructuring Advisors, Independent Director to Navidea Biopharmaceuticals, Inc.; * Howard A. Cohen of Fox Rothschild LLP, counsel to the Secured Lender/DIP Lender; * David M. Klauder of Bielli & Klauder LLC, Subchapter V Trustee to Navidea Biopharmaceuticals, Inc.; * Aram Ordubegian, George P. Angelich, Annie Y. Stoops, James E. Britton, and Shannon Rieger of ArentFox Schiff, counsel to Cardinal Health; and * Thomas J. Francella Jr. of Raines Law, counsel to Cardinal Health About Navidea Biopharmaceuticals Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on Oct. 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor tapped Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, PC as counsel and SSG Advisors as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims & noticing agent. David Klauder is appointed as trustee in this Chapter 11 case. The trustee tapped Bielli & Klauder, LLC as counsel. NEBRASKA PEACE: Hires Turner Legal Group LLC as Counsel ------------------------------------------------------- Nebraska Peace of Mind Behavioral Health, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Turner Legal Group, LLC as counsel. The firm will provide these services: a. performing all necessary services as Debtor's bankruptcy counsel, including, without limitation, providing Debtor with advice, representing Debtor, and preparing necessary documents on behalf of Debtor in the areas of restructuring and bankruptcy; b. advising Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its businesses and properties; c. attending meetings and negotiating with creditors and other parties in interest; d. taking all necessary action to protect and preserve Debtor's assets; e. preparing, or coordinating preparation of motions, applications, answers, orders, reports, papers and other pleadings necessary to administer Debtor's estate; f. taking any necessary action on behalf of Debtor to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of Debtor; g. representing Debtor in connection with any potential post-petition financing; h. appearing before this Court, appellate courts and any other courts to protect the interests of Debtor and its estate; and i. performing any and all other necessary legal services in connection with Debtor's case and reorganization as requested by Debtor. The firm will be paid at the rate of $175 to $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $10,000. Patrick R. Turner, Esq., a partner of Turner Legal Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Patrick R. Turner, Esq. Turner Legal Group, LLC 9375 Burt Street, #100 Omaha, NE 68114 Tel: (402) 690-3675 Email: pturner@turnerlegalomaha.com About Nebraska Peace of Mind Behavioral Health, LLC Nebraska Peace of Mind Behavioral Health, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Neb. Case No. 6-40156-BSK) on Feb. 13, 2026. The Debtor hires Turner Legal Group, LLC as counsel. NEW GREATER GENERATION: Hires Valridge Property as Appraiser ------------------------------------------------------------ New Greater Generation Family Funeral Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Valridge Property Advisors as appraiser. The Debtor owns and conducts its business at two separate locations: 1400 N. Hampton Road, Dallas, and 400 Loggins Street, Ennis, Texas. The firm will render these services: (a) appraise and provide a written appraisal report establishing the current fair market values of each Property; and (b) provide expert testimony regarding the market value appraisals prepared for each property. The appraiser will receive a flat fee of $5,000 for written appraisal reports. Valridge Property Advisors is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Michael G. Divin, MAI Valridge Property Advisors 10210 North Central Expressway Suite 115 Dallas, TX 75231 Phone: (214) 446-1611 Email: mdivin@valbridge.com About New Greater Generation Family Funeral Group New Greater Generation Family Funeral Group LLC operates funeral and cremation services under the name Eternal Rest Funeral Chapel in DeSoto, Texas. The Company is part of a broader network with locations in Dallas, Plano, and Ennis. New Greater Generation Family Funeral Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-32027) on May 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marilyn D. Garner, Esq., at the Law Office of Marilyn D. Garner. NEXSTAR MEDIA: S&P Affirms 'BB+' ICR, Outlook Negative ------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' issuer credit rating and removed all its ratings on Nexstar Media Group Inc. from CreditWatch, where they were placed with negative implications on Aug. 19, 2025. S&P said, "At the same time, we affirmed the 'BBB-' issue-level rating on the company's existing secured debt and revised the recovery rating to '2' from '1'. We also assigned a 'BBB-' issue-level rating and a '2' recovery rating to the company's proposed $2.75 billion term loan B. "In addition, we lowered our issue-level rating on the company's senior unsecured debt to 'BB-' from 'BB+' and revised our recovery ratings to '6' from '4'. "The negative outlook reflects our expectations that while leverage will decline to under 4.0x within two years, deleveraging could get delayed by economic instability hurting advertising." Nexstar Media Group Inc. is issuing a new $2.75 billion term loan B, which it will use to partially finance its acquisition of U.S. local TV broadcaster TEGNA Inc. and to refinance existing debt. S&P said, "We estimate pro forma S&P Global Ratings-adjusted net debt to EBITDA (calculated on an average trailing-eight-quarters basis) will rise to about 4.6x at closing. We see a clear path for the company to reduce leverage to under 4x, our downgrade threshold for the 'BB+' ratings, within two years. "Nexstar has a long track record of paying down debt after a transaction. Pro forma for the proposed acquisition, we estimate the company will generate more than $7.5 billion in revenues, EBITDA over $2.5 billion, and $1.2 billion in free cash flow in 2027, the first full year after the transaction closes. We forecast roughly $300 million in synergies achieved in the first year, including an increase in net retransmission revenues as Tegna's stations are moved onto Nexstar's more favorable distribution agreements. We expect S&P Global Ratings adjusted leverage at the time of close to be about 4.6x on an last-eight-quarter (L8Q) basis. Our calculation includes adjustments for operating leases and includes operating losses at the CW and is net of cash. Still, given the company's history of prioritizing debt paydown following a transaction, we expect that over the next few years, the company will allocate free cash flow to paying down debt to getting leverage back below our 4.0x adjusted target. "The merger will position Nexstar as a scaled national media company. We believe the proposed merger of Nexstar and Tegna would create a scaled national competitor, unique among its local TV broadcaster peers. If approved by U.S. regulators, the combined company would cover 80% of U.S. TV households (including its partner stations and excluding the FCC UHF discount), giving it a nearly national scale. This would afford the company a greater ability to compete against national TV networks for national advertising. This nearly national scale would also reduce the company's exposure to any one region of the U.S. and smooth out increasingly volatile political advertising spending. In addition, the company would have a greater ability to negotiate both more favorable retransmission agreements with the pay-TV distributors and reverse-retransmission agreements with the broadcast networks. "Regulatory approval is likely. We believe regulatory approval is nearing and could happen before the end of the second quarter of 2026. President Trump and FCC Chairman Carr have publicly expressed support for the transaction. Both the FCC and the U.S. Department of Justice (DoJ) need to approve the transaction. We expect the DoJ review, which will likely focus on advertising market share, is unlikely to face significant headwinds. The FCC review is more complicated given the changes in TV station ownership rules that the FCC is currently contemplating. We expect the FCC will propose changes to the national ownership cap (currently 39%, which includes the 50% UHF discount). It isn't clear if the FCC has the power to change that rule or if it would require Congressional legislation. Regardless, any changes are likely to be litigated, which could delay the implementation of new ownership rules. However, we believe the FCC could approve broadcaster transactions ahead of any formal legal rulings by invoking the best-interests waiver. "While we expect the FCC to approve the proposed merger, the form of that approval could depend on the state of the FCC rulemaking process and any potential litigation to the rule changes, and Nexstar will likely be required to divest stations in a few markets. "We revised the recovery ratings on the company's secured and unsecured debt. This reflects the higher secured and total debt for the combined entity following the proposed deal. The '2' recovery rating on the secured debt reflects our expectation for substantial (70%-90%; rounded estimate 80%) recovery for lenders in the event of a payment default compared to our previous recovery rating of '1', with a rounded recovery estimate of 95%. The '6' recovery rating on the unsecured debt indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a payment default compared to our previous recovery rating of '4', with a rounded recovery estimate of 40%. The lower recovery rating on the unsecured debt also resulted in us lowering the issue-level rating to 'BB-' from 'BB+'. "The negative outlook reflects our expectation that Nexstar's S&P Global Ratings-adjusted net debt to LQ8 EBITDA could remain above our 4.0x downgrade threshold for about two years. However, we see a clear path for leverage to return to under 4x within this timeframe." S&P could lower the rating if it believes that Nexstar's leverage will remain above 4x into 2028. This could occur if: -- It pursues additional debt-funded acquisitions or undertakes aggressive shareholder returns that increase leverage or dramatically slow the pace of deleveraging; -- A severe or prolonged economic slowdown or secular pressures causes its core advertising revenue to decline; or -- Net retransmission revenue declines due to either lower-than-expected price increases with pay-TV distributors during upcoming contract renewals or growth in reverse retransmission fees don't moderate as we currently expect. S&P could revise its outlook on Nexstar to stable if: -- It's clear that the company will return S&P Global Ratings-adjusted net leverage to below 4x and S&P expects it to remain there on a sustained basis; and -- S&P believes its EBITDA and free operating cash flow will remain stable despite ongoing pay-TV subscriber declines. NICKLAUS COMPANIES: Gets Court OK for Ch. 11 Sale to Jack's Family ------------------------------------------------------------------ Vince Sullivan of Law360 reports that on Monday, March 9, 2026, a Delaware bankruptcy court authorized a $35.7 million sale of assets in the Chapter 11 case of Nicklaus Cos. LLC, the sports gear and golf design company associated with Jack Nicklaus. The court approved the deal allowing affiliates linked to the retired golfer to acquire the company. The approved sale is expected to end prolonged litigation among the company’s founders, which has centered on control of the business and its valuable branding and intellectual property rights. The bankruptcy court concluded the proposed transaction offered a path forward for the company while settling key disputes, according to report. Nicklaus Cos., which is known for designing golf courses worldwide and licensing products under the Nicklaus brand, sought Chapter 11 protection as it worked to address financial pressures and ongoing legal battles. The sale approval represents a significant milestone in resolving the restructuring case, the report states. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NORTH STAR: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of North Star Health Alliance, Inc. and affiliates. The committee members are: 1. New York State Nurses Association 2. AMN Healthcare, Inc. 3. Medline Industries, LP 4. PeriGen, Inc. 5. Ovation Healthcare, Inc. Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About North Star Health Alliance The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. O'CONNOR CONSTRUCTION: To Sell Wise County Property to David Punnet ------------------------------------------------------------------- Shawn K. Brown, Chapter 7 Trustee of O'Connor Construction Group LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor, O'Connor Construction Group, LLC, owned certain real property identified as 212.451 Acres CR 3850 and FM 920, Poolville, Wise County, TX 76487. The Poolville Property is not exempt and is property of the Estate. The Trustee, in consultation with his real estate agent, Everett Newland of Newland Real Estate, determined that to get the best overall price for the Poolville Property, it should be marketed in several different parcels. The entire Poolville Property was encumbered by a mortgage held by AgTexas LCA, which secures a debt originally in the principal amount of $1,952,416.95. The Trustee received an offer to purchase the Improved Property from David Punnett, or assigns for a purchase price of $900,000, as set forth in the Farm and Ranch Contract. While the Sale Contract contains a Financing Addendum, there is also a pre-qualification letter included from AgTexas confirming financing in place. The $900,000 purchase price in the Sale Contract is insufficient to pay AgTexas in full. Accordingly, AgTexas has consented to a short sale of the Improved Property. AgTexas has agreed to subordinate its liens to a sum of $215,360.00 to be retained by the bankruptcy estate free of the AgTexas liens. AgTexas shall receive the net proceeds of sale after payment of closing normal closing costs, ad valorem taxes due and pro-rated for 2026, the broker commission, the $9,000 settlement payment to ASCS for release of its materialmen's lien, and the Carveout funds in the sum of $215,360. The Trustee believes the sale price from the Sale Contract is at market, fair and reasonable, and that the sale is in the best interest of the Estate and creditors of the Estate. Should the Trustee receive a higher and better offer for the Improved Property prior to Court approval of this Motion, the Trustee reserves the right to seek this Court's approval of such offer. In the event the Court grants the Motion, and in the unlikely event that the Proposed Purchaser does not close the sale, the Trustee further requests that the Order granting this Motion include authorization for the Trustee to sell the Improved Property to any other subsequent buyer (other than an insider), provided that the terms of sale are no less favorable to the Estate and that the Carveout is preserved. About O'Connor Construction Group Based in Poolville, Texas, O'Connor Construction Group, LLC has over 30 years of experience as a commercial/industrial contractor specializing in food storage and processing facilities and provides turnkey design, construction and construction management services for projects nationwide, but focusing primarily in the South/Southwest. O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-40187-11) on January 28, 2022. In the petition signed by Paul O'Connor, member and manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Union Funding Source, Inc., as secured creditor, is represented by Shanna M. Kaminski, Esq., at Kaminski Law, PLLC. OBJECT & SUBJECT: Seeks Cash Collateral Access Until July 31 ------------------------------------------------------------ Object & Subject, LLC asks the U.S. Bankruptcy Court for the District of Utah for authority to use cash collateral and provide adequate protection to secured creditors. The cash collateral would be used to fund ordinary operating expenses in accordance with a detailed budget, which runs through July 31, and allows up to 10% variance by line item, with additional flexibility if creditors consent. Secured creditors Cache Valley Bank and Decathlon Alpha V, L.P. hold interests in the cash collateral that were created before the merger of the Debtor's former subsidiaries: Alvin Drafting LLC, Choose Friendship LLP, Daverly Way LLC, Fizz LLC, Promptly LLC, and VaporEze LLC. Cache Valley Bank holds a first-priority lien while Decathlon holds a second-priority lien on collateral previously owned by Alvin and Choose Friendship. Decathlon holds a first-priority lien on collateral previously owned by the other subsidiaries. To adequately protect Cache Valley Bank and Decathlon, the Debtor will continue segregating the assets, liabilities, and costs of the former subsidiaries between their respective collateral packages. The Debtor's budget accounts for the expenses of each former subsidiary, allowing the Debtor to further protect the secured creditors' interests in the cash collateral by projecting increases in collateral value. To the extent the value does not increase, the Debtor proposes that the secured creditors receive replacement liens to offset any decline. The Debtor projects that Cache Valley Bank's collateral will increase in value from $1,134,375 at the petition date to $1,214,282 by July 31 while Decathlon's collateral will decrease slightly from $560,979 to $548,332 over the same period. Object & Subject argues that these measures will adequately protect the secured creditors while allowing it to continue operating as a going concern, supporting the eventual plan to reorganize and repay creditors more favorably than in a Chapter 7 liquidation. A court hearing is set for April 2. The deadline for filing objections is on March 19. A copy of the motion is available at https://urlcurt.com/u?l=kY9jXr from PacerMonitor.com. Decathlon, as secured creditor, is represented by: Brian M. Rothschild, Esq. Parsons Behle & Latimer 201 South Main Street, Suite 1800 Salt Lake City, UT 84111 Telephone: 801.532.1234 Facsimile: 801.536.6111 BRothschild@parsonsbehle.com ecf@parsonsbehle.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. OLD WORLD: Hires LMB Partners as Special Counsel ------------------------------------------------ Old World Homes, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ LMB Partners as special litigation counsel. The Debtor needs the firm's legal assistance to institute a quite title action against WJ Gavin for decree releasing the deed of trust. The firm will be paid at these rates: Attorneys $350 and $500 per hour Staffs $200 and $225 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Aldrich 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: Adam F. Aldrich, Esq. LMB Partners 270 Lawrence Street, Suite 101 Denver, CO 80205 Tel: (720) 439-2530 About Old World Homes, LLC Old World Homes, LLC is a single asset real estate company. The company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10213) on January 14, 2026. Its petition reflects assets estimated between $1 million and $10 million and liabilities in the same range. The case is overseen by Judge Michael E. Romero. Legal counsel for the Debtor is Aaron A. Garber, Esq. OLDCASTLE BUILDING: Hires Advisers After 2025 Slump Results ----------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Oldcastle BuildingEnvelope and a group of its lenders have hired advisers as the company's debt has fallen deeper into distressed territory in recent weeks amid weakening operating results, according to people familiar with the matter. The company, an architectural glass distributor backed by KPS Capital Partners, has retained Evercore and the law firm Paul Weiss Rifkind Wharton & Garrison for advice, some of the people said. A consortium of lenders is working with law firm Milbank as they evaluate potential responses to the company's financial challenges, according to report. Oldcastle generated about $1.68 billion in revenue in 2025, roughly $200 million lower than the prior year, according to people familiar with the company's results, the report relays. Meanwhile, EBITDA dropped sharply to around $169 million from approximately $364 million the year before, highlighting the company's deteriorating financial position and prompting closer scrutiny from creditors, according to Bloomberg. About Oldcastle Building Envelope Inc. Oldcastle Building Envelope, Inc. designs, manufactures, and supplies building envelope solutions in the United States. Its products include custom-engineered curtain walls and window walls, architectural windows, entrances, storefront systems, doors, skylights, and architectural and structural glass products. OLIVER FORREST: To Sell Decatur Property to Wallace Capital ----------------------------------------------------------- Oliver Forrest Apartments LLC seeks approval 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 a 99-unit apartment complex located at 2566 Whites Mill Road, Decatur, GA 30034. The following creditors assert liens on the Property: a. Churchill MRA Funding I LLC asserts a first priority lien in the approximate amount of $12,962,978 as as of the Petition Date; and b. The Dekalb County Tax Commissioner asserts a lien in the amount of $212,531.06 for 2025 property taxes. The Debtor is not aware of any other creditors asserting liens on the Property. The Property has just 11 tenants and needs further capital investment into improvements in order to be stabilized. The Debtor has been shopping the Property for sale to its contacts in the industry and has secured a buyer for the Property for $6,000,000. 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 $6,000,000 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 Forrest Apartments Oliver Forrest Apartments, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-64024) on December 1, 2025, listing up to $50,000 in assets and between $1 million and $10 million 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. ORION PORTFOLIO: Hires DeSantis Property Management as Broker ------------------------------------------------------------- Orion Portfolio Management, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire DeSantis Property Management, LLC as broker/agent. The firm will market and sell the Debtor's property located at 714 Armandale Street, Pittsburgh, PA 15212. The broker will receive a commission equal to 6% of the purchase price. Benjamin Clark, a real estate agent at DeSantis Property Management, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Clark DeSantis Property Management, LLC 200 Commerce Drive, Suite #202 Moon Township, PA 15108 About Orion Portfolio Management, LLC Orion Portfolio Management, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Carlota M Bohm presides over the case. Brian C. Thompson, Esq. at Thompson Law Group, PC serves as the Debtor's counsel. OUT THE GATE: Seeks to Hire Ordinary Course Professionals --------------------------------------------------------- Out The Gate, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to ordinary course professionals. The Debtor hires these OCPs: Name of Professional Service RubinBrown External audit of Debtor's 7676 Forsyth Blvd Suite 2100 financial statements Saint Louis, MO, 63105 US Turner, Warren, Hwang & Conrad AC External audit of Debtor's 100 North First Street, Suite 202 Bank Secrecy Act Compliance Burbank, CA 91502 About Out The Gate, Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. On November 24, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Cole Schotz PC as counsel and Dundon Advisers LLC as financial advisor. PATHFINDER AUTO: Seeks to Hire Zemanian Law Group as Counsel ------------------------------------------------------------ Pathfinder Auto Recovery, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Zemanian Law Group as counsel. The firm will provide these services: a. prepare the petition, lists, schedules and statements required by 11 U.S.C. Sec. 521; the pleadings, motions, notices and orders required for the orderly administration of the estate; and to ensure the progress of its case; and to consult with and advise the Debtor on the reorganization of its financial affairs and, as necessary, the orderly sale of part or all of its assets outside of the ordinary course of business; b. prepare for, prosecute, defend, and represent the Debtor's interests in all contested matters, adversary proceedings, and other motions and applications arising under, arising in, or related to its case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies with regard to the Debtor's assets; concerning the claims of administrative, secured, priority, and unsecured creditors and other parties in interest; d. investigate the existence of other assets of the estate; and, if any exist, to take appropriate action to have such assets turned over to the estate; e. analyze, review, and advise on the impact of pending litigation brought against, or brought on behalf of the debtor pending in jurisdictions outside the Eastern District of Virginia; f. interact with other professionals engaged by the Debtor to provide services incident to the administration of the estate, preparation of a plan of reorganization, and prosecution of causes of actions; g. prepare and file applications for approval by the Court of engagement of other professionals to be employed by the Debtor; and h. prepare a Plan of Reorganization for the Debtor, and negotiate with all creditors and parties in interest who may be affected thereby; to obtain confirmation of a Plan, and perform all acts reasonably calculated to permit the Debtor to perform such acts and consummate a Plan. The firm will be paid at these rates: Attorneys $425 per hour Paralegals $110 per hour The firm received a total of $11,738, as a retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Driscoll 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: Paul A. Driscoll, Esq. Zemanian Law Group 223 East City Hall Avenue, Suite 201 Norfolk, VA 23510 Telephone: (757) 622-0090 E-mail: paul@zemanianlaw.com About Pathfinder Auto Recovery, LLC Pathfinder Auto Recovery, LLC, a Purple Heart Veteran-Owned business based in Portsmouth, Virginia, provides vehicle repossession and asset recovery services, including skip tracing, involuntary repossession, and asset location. It serves lenders nationwide and operates 24 hours a day, focusing on locating and recovering collateral. Pathfinder Auto Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70131) on January 19, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Paul A. Driscoll, Esq., at Zemanian Law Group. PENINSULA PACIFIC: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Peninsula Pacific Entertainment Development LLC (dba P2E), 'B+' issue-level rating on the super-priority revolving credit facility, and 'B-' issue-level rating on the term loan B. S&P said, "The stable outlook reflects our expectation that the company will maintain adequate liquidity through the development and expansion construction period of its two ongoing projects. In addition, it incorporates our base-case assumption that P2E's Cedar Crossing development will open by the end of this year, which will begin to generate cash flow and support its higher fixed charges in 2027 and 2028 through the planned opening of its Manchester expansion in July 2028." P2E plans to issue a $120 million incremental senior secured term loan B. The company plans to use the proceeds, along with cash from its balance sheet, and operating cash flow to fund the $120 million redevelopment of its Manchester, N.H. Casino, a $50 million distribution to its parent company, and pay fees and expenses. S&P said, "P2E plans to use incremental debt proceeds and cash to fund the redevelopment of an existing casino in Manchester, N.H. At the same time, the company will repay $50 million of accrued interest and principal of preferred equity. We expect around $100 million in additional capex to fund construction of an expanded Manchester casino (P2E purchased the additional land for the redevelopment October 2025). The existing casino will remain operational throughout the construction process and the expanded casino is expected to open in July 2028. "We believe P2E will maintain adequate liquidity during the redevelopment and expansion construction period of its two ongoing projects. This assessment is underpinned by a guaranteed maximum pricing contract for the Cedar Crossing project, funded contingencies of 15% for the Cedar Crossing project and 10% for the Manchester project, and our expectation of a guaranteed maximum pricing contract for the Manchester project. Moreover, the Cedar Crossing project includes a small interest reserve account. It is our understanding that construction of Cedar Crossing is ahead of schedule and is below its original budget. As a result, the company will likely not use its 15% funded contingency for Cedar Crossing, creating additional reserves to cushion higher additional interest expense over the next two years from incremental debt balances. Therefore, despite the lower 10% funded contingency for the Manchester project, and the lack of an interest reserve for the Manchester project, we expect the company will have sufficient liquidity to complete both projects. "While we view this level of liquidity as adequate for both projects as currently planned, we believe unanticipated delays opening either properties or higher-than-budgeted marketing and promotions associated with opening a new casino could pressure P2E's liquidity. These risks are somewhat offset by management's experience in developing and managing casino openings and the structure detailed above. "We expect deleveraging will take an additional year compared with our prior base-case assumption. The financing for the redevelopment of the Manchester property and the $50 million distribution to the holding company adds $120 million of debt. Further, our adjusted debt calculation includes the remaining outstanding balance of $38 million preferred equity instrument at its holding company, which will continue to accrue pay-in-kind interest at 13%. We expect EBITDA growth will be limited in 2026 because of preopening expenses for the Cedar Crossing property. However, debt leverage will begin to improve in 2027 as Cedar Crossing ramps up and generates cash flow. Still, we expect adjusted debt leverage to remain above 6x through 2028. "We expect the company will continue to expand operations and cash flow generation at its existing properties. We forecast continued revenue growth in the mid- to high-single-digit percentage area in 2026 at its existing casinos. Supporting this are the recent regulatory changes in New Hampshire that permit video lottery terminals, in addition to existing historic horse racing terminals, and the elimination of table betting limits, which we assume in our base case will drive higher win-per-unit and table drop. In addition, we forecast revenue and EBITDA at the company's Kansas casino will grow in line with consumer spending. "We anticipate the market will be able to absorb the incremental capacity resulting from the expanded Manchester Casino. The redeveloped Manchester Casino is strategically positioned to better serve an underpenetrated market. The casino's gaming floor will expand to 550 slots and 18 tables from the current configuration of 267 slots and 14 tables. The casino benefits from a favorable location in New Hampshire's largest metropolitan area and increased gaming opportunities resulting from recent New Hampshire gaming legislative changes. Therefore, we expect the casino to be well-positioned to capture incremental demand. "The stable outlook reflects our expectation that the company will maintain adequate liquidity through the development and expansion construction period of its two current projects. In addition, it incorporates our base-case assumption that P2E's Cedar Crossing development will open by the end of this year, which will begin to generate cash flow and support its higher fixed charges in 2027 and 2028 through the planned opening of its Manchester development in July 2028. "We could lower our rating on P2E if construction delays or other unexpected events lead to a deterioration in its liquidity. We could also lower the rating if the company's operating performance during the construction period or post opening is weaker than expected such that cash flow is insufficient to cover its fixed charges including interest expense, loan amortization, and capital expenditures (capex). "We are unlikely to raise our rating on P2E over the next two years given our forecast for elevated leverage through 2028. We could raise the rating if the company sustains leverage of under 5x and EBITDA interest coverage of greater than 2x." PHOENIX FUND: Hires Alexis Fuentes-Hernandez as Legal Counsel ------------------------------------------------------------- The Phoenix Fund LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Alexis Fuentes-Hernandez, Esq., an attorney practicing in San Juan, Puerto Rico, to handle its Chapter 11 case. The attorney will be billed at an hourly rate of $450 plus out-of-pocket expenses. The attorney received a retainer of $150,000 from the Debtor. Mr. Fuentes-Hernandez 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: Alexis Fuentes-Hernandez, Esq. 366 Calle Fortaleza, Fl. 2 San Juan, PR 00901 About The Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. PHOENIX FUND: Hires Luis R. Carrasquillo as Financial Consultant ---------------------------------------------------------------- The Phoenix Fund LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Luis R. Carrasquillo & Co., P.S.C. to serve as financial consultant in its Chapter 11 case. The firm will provide these services: (a) strategic counseling and advice; (b) pro forma modeling preparation; (c) financial and business assistance; (d) preparation of documentation as requested for and during Debtor's Chapter 11; and (e) recommendations and financial/business assessments regarding issues specifically related to the Debtor. The Debtor has retained Carrasquillo on the basis of a $100,000 retainer, against which Carrasquillo bills and will bill according to the hourly billing rates specified in the application, subject to the Court's approval. Carrasquillo and its members are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. They are not creditors or insiders of the Debtor, have no material adverse interest, and have no connections with the Debtor, its creditors, or the U.S. Trustee that would affect their independence. The firm can be reached at: CPA Luis R. Carrasquillo & Co., P.S.C. 28th Street, TI 26 Turabo Gardens Caguas, PR 00725 Telephone: (787) 746-4555 (787) 746-4556 E-mail: luis@cpacarrasquillo.com About The Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. PLURI INC: Regains Nasdaq Capital Market Good Standing ------------------------------------------------------ Pluri Inc. previously reported, that it received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC on January 20, 2026, notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(b)(2), which requires the Company to maintain a minimum of $35 million in market value of listed securities for continued listing on The Nasdaq Capital Market, nor was it in compliance with either of the alternative listing standards, including having stockholders' equity of at least $2.5 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years. On February 27, 2026, the Company received a letter from Nasdaq, determining that the Company has regained compliance with Listing Rule 5550(b)(2), due to the fact that for the 10 consecutive business days from February 13 to February 26, 2026, the market value of the Company's listed securities was $35 million or greater, satisfying the requirement under Rule 5550(b)(2). As a result, this matter is now closed, and the Company remains in good standing on The Nasdaq Capital Market. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $30,596,000 in total assets, $32,346,000 in total current liabilities, $7,463,000 in total long-term liabilities, and $9,213,000 in total deficit. PRETIUM PACKAGING: Hires Evercore Group as Investment Banker ------------------------------------------------------------ Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Evercore Group L.L.C. as investment banker. The firm's services include: (a) reviewing and analyzing the Debtors' business, operations, and financial projections; (b) advising and assisting the Debtors in a Restructuring and/or Financing transaction, if the Debtors determine to undertake such a transaction; (c) providing financial advice in developing and implementing a Restructuring, which may include: i. assisting the Debtors in developing and consummating a restructuring plan or plan of reorganization, including a plan of reorganization pursuant to the Bankruptcy Code (any such plans are referred to generically herein as the "Plan"); ii. advising the Debtors on tactics and strategies for negotiating with various stakeholders regarding the Restructuring and participating in such negotiation on behalf of the Debtors; iii. providing testimony, as necessary, with respect to matters on which Evercore has been engaged to advise the Debtors in these chapter 11 cases; and iv. providing the Debtors with other financial restructuring advice as Evercore and the Debtors may deem appropriate, subject to further court order. (d) If the Debtors pursue a Financing, assisting the Debtors in: i. structuring and effecting a Financing; ii. identifying potential Investors (as defined below) and, at the Debtors' request, contacting such Investors; and iii. preparing materials for discussion with potential Investors and working with the Debtors' in negotiating with potential Investors. The firm will be paid at these fees: (a) Monthly Fee. The Debtors shall pay Evercore a monthly fee in the amount of $200,000 (a "Monthly Fee"), payable on the 15th day of each month commencing January 15, 2026 until the earlier of the consummation of the Restructuring transaction or the termination of Evercore's engagement. For any Monthly Fee that is actually earned and paid for months 1 and 2 (it being understood and agreed that month 1 is January 2026), $200,000 per month of the Monthly Fee shall be credited (without duplication) against any Restructuring Fee payable; provided that any such credit of fees contemplated by this sentence shall only apply to the extent that all such Monthly Fees, the Restructuring Fee and Financing Fee are approved in their entirety by the Bankruptcy Court pursuant to a final order not subject to appeal and which order is acceptable to Evercore. (b) Restructuring Fee. The Debtors shall pay Evercore a fee of $11,000,000 (a "Restructuring Fee"), payable upon the earlier of (i) confirmation of a Plan or (ii) consummation of any Restructuring. (c) Financing Fee. The Debtors shall pay Evercore a fee that is payable upon consummation of any Financing and incremental to any Restructuring Fee (the "Financing Fee"). For purposes of calculating each Financing Fee, gross proceeds shall equal the aggregate amount of capital committed, whether or not drawn or funded (the "Financing Gross Proceeds"). The Financing Fee shall be equal to the following: 1.0% of the Financing Gross Proceeds from any Indebtedness Secured by a First Lien (including any debtor-in-possession financing); 2.5% of the Financing Gross Proceeds from any Indebtedness Secured by a Junior Lien, Unsecured and/or a Subordinated Financing; and 4.0% of the Financing Gross Proceeds from any equity or equity-linked securities or obligations. i. No Financing Fee shall be payable on any financing provided by (i) the Company's existing equity holders or (ii) any affiliated entities that hold equity investments in the Company. ii. Any Financing Fee earned in connection with any DIP Financing or DIPto-Exit Financing, shall be earned in full upon the earlier of (a) the execution of a commitment letter or other similar document with respect to such DIP Financing or DIP-to-Exit Financing or (b) the closing of such DIP Financing or DIP-to-Exit Financing (regardless of draw or funding schedule). iii. A Financing Fee shall be payable in connection with any Financing that is provided by the Company's existing creditors. iv. 75% of any Financing Fee shall be credited (without duplication) against any Restructuring Fee that becomes payable after giving effect to any credit for Monthly Fees as described in paragraph 18(a) above; provided that any such credit shall only apply to the extent that all such Financing Fees, Monthly Fees, and Restructuring Fee are approved in their entirety by the Bankruptcy Court pursuant to a final order not subject to appeal which order is acceptable to Evercore. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lakhdhir 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: Daniel Lakhdhir Evercore Group LLC 55 E. 52nd St. New York, NY 10055 Telephone: (212) 857-3100 About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRETIUM PACKAGING: Hires FTI Consulting as Financial Advisor ------------------------------------------------------------ Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ FTI Consulting, Inc. as financial advisor. The firm will provide these services: -- assist in managing, tracking, and reporting on the various requirements under the underlying DIP financing agreements and "first day" orders during the Chapter 11 Cases; -- assist in the implementation of court ordered cash management procedures and any other requirements applicable under first day orders ordered by the Court; -- assist in the preparation of information and analysis necessary to support confirmation of the plan in the Chapter 11 Cases; -- assist Kirkland & Ellis LLP ("Kirkland") and Cole Schotz, P.C. (together "Counsel"), on behalf of the Company, to address all information requests of the bankruptcy court and U.S. Trustee's office; -- assist the Company and Counsel in the preparation of any required financial disclosures including, but not limited to, monthly operating reports or any other similar period reports, debtor interviews, and any necessary or required financial disclosures in connection with operating during the case and confirming the chapter 11 plan; -- assist the Company management in responding to requests from, and negotiation with, lenders, other creditors, investors and the U.S. Trustee's office, as requested; -- assist with other filings and analysis as requested by the Debtors or Counsel throughout the course of the Chapter 11 Cases; -- provide testimony and other support as the circumstances warrant during the cases and chapter 11 plan confirmation process; -- attend meetings, presentations and negotiations as may be requested by the Company and Counsel; and -- provide other services as may be reasonably requested by the Company and Counsel and are customary in this type of engagement. The firm will be paid at these hourly rates: Senior Managing Director $1,270 - $1,580 Director/Senior Director/ Managing Director $940 - $1,195 Consultant/Senior Consultant $535 - $850 Administrative/Paraprofessional $195 - $395 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition to the hourly fees, and as additional consideration for all of the services, upon successful confirmation of a chapter 11 plan of reorganization, the Debtors have agreed to pay FTI an additional fee of $500,000. Mr. Agam 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: Amir Agam FTI Consulting, Inc. 555 12th Street NW, Suite 700 Washington, D.C., 20004 Tel: (202) 312-9100 About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRETIUM PACKAGING: Hires Kirkland & Ellis as Counsel ---------------------------------------------------- Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $1,395 to $2,975 per hour Of Counsel $875 to $2,495 per hour Associates $825 to $1,775 per hour Paraprofessionals $385 to $775 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On November 4, 2025, the Debtors paid $250,000 to Kirkland as retainer. Subsequently, the Debtors paid to Kirkland additional retainer totaling $4,000,000 in the aggregate. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: a. Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland’s standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland’s standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. b. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors’ chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. c. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland’s billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland’s billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kirkland’s current hourly rates for services rendered on behalf of the Debtors range as follows: Billing Category U.S. Range Partners $1,395-$2,975 Of Counsel $875-$2,495 Associates $825-$1,775 Paraprofessionals $385-$775 Kirkland represented the Debtors from October 6, 2025 to December 31, 2025 using the hourly rates listed below: Billing Category U.S. Range Partners $1,295-$2,675 Of Counsel $875-$2,245 Associates $785-$1,625 Paraprofessionals $355-$705 d. Question: Have the Debtors approved Kirkland’s budget and staffing plan, and, if so, for what budget period? Answer: Yes, for the period beginning on or around January 28, 2026 and ending on or around February 27, 2026. Mr. Serajeddini 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: Steven N. Serajeddini, Esq. Steven N. Serajeddini, P.C. Kirkland & Ellis LLP Kirkland & Ellis International LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: steven.serajeddini@kirkland.com jordan.elkin@kirkland.com About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRETIUM PACKAGING: Hires KPMG LLP as Tax Service Provider --------------------------------------------------------- Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ KPMG LLP as tax service provider. The firm will provide these services: Tax Compliance and Provision Services I. Tax Compliance and Provision Services A. provide these year-end tax compliance and tax provision services to the Debtors. a) U.S. Federal, State and Local Income and Franchise Tax Returns b) Requests for Extension of Time to File c) Quarterly Estimated Tax Payments d) Succeeding Year Estimated Tax Payments, Extensions e) Succeeding Year Engagement Planning Activities f) Foreign Bank Account Report(s) g) U.S. Federal Corporate Alternative Minimum Tax B. Pursuant to the Tax Compliance Engagement Letter, KPMG will also provide the following tax provision services for the tax year ended Sept. 30, 2025: i. Assist in the identification and computation of temporary and permanent differences between financial income and taxable income; ii. Compute a preliminary income tax provision; iii. Compute preliminary income tax related balance sheet account adjustments; iv. Assist in the preparation of draft footnote disclosures; v. Assist in the preparation of draft income tax provision workpapers; vi. Assist in preparation of the valuation allowance and uncertain tax positions documentation; and vii. Assist the Debtors in drafting income tax provision work papers. Tax Consulting Services I. Liability Management Transaction Services A. analyze U.S. federal, state, local, and international tax implications of the Debtors potential liability management transaction of its debt and/or capital structure (the “Potential Liability Management Transaction”). II. Research Credit and Interest Capitalization Services A. provide certain research credit and expense identification and capitalization services (Phase I) which were completed and paid for prior to the Petition Date. B. The Research Credit Engagement Letter contemplates a second phase of services (Phase II) that will be determined after the completion of Phase I and will be the subject to a separate engagement letter or addendum. C. Subject to an agreement with Debtors and approved by the Court, Phase II services may include: i. Identify and document qualified research activities and related expenditures; ii. Calculate and document the base amount, including required adjustments for acquisitions, dispositions and the consistency rule; iii. Calculate federal and state credits; iv. Convert IRC Sec. 41 cost elements to IRC Sec. 174 quantities; v. Identify and quantify activities and relevant cost elements excluded under other definitions of R&D that meet criteria under IRC Sec. 174; vi. Identify and analyze activities and relevant costs related to intercompany agreements; vii. Evaluate book to tax differences and allocation methods of each such difference; and viii. Assist with the analysis of the impacts of mandatory capitalization on Debtors’ federal income tax profile. D. Pursuant to the Research Credit Engagement Letter, interest capitalization services to be performed by KPMG will include developing an analytical process and framework tailored to Debtors’ facts when determining the amount of interest capitalization for the tax year ended September 30, 2025. Services will also include preliminary engagement planning activities related to the scope of services specified below for the tax year. III. General Tax Consulting Services A. provide routine general tax consulting on matters that may arise for which the Debtors seek advice, written and oral, and that are not the subject of a separate agreement; B. tax consulting services may also include: (1) routine tax advice federal, state, local, and foreign tax returns; (2) routine tax advice concerning the federal, state, local, and years; and (3) routine dealings with a federal, state, local, or foreign tax authority (e.g., responding to concession or settlement of an issue with the relevant tax authority); and (4) tax consulting services, as necessary, for the preparation and review of any Federal Forms 3115 - Application for Change in Accounting Method, or comparable State Form, which KPMG may identify as appropriate, or the Debtors decide on its own to file with KPMG’s assistance, for one or more items reported on a return KPMG prepares, or assists the Debtors in preparing; and C. provide general employment tax consulting, as requested by the Debtors. Valuation Services A. provide, among other services, the following: i. KPMG may estimate the fair market value of the Debtors as of December 31, 2024; and ii. KPMG may provide the services below at the rates set forth under the additional related services fees section in the Valuation Engagement Letter: a) More than two draft iterations of valuation schedules; and b) More than two sets of projections. Audit Assistance Services to Canadian Subsidiary A. provide audit assistance services and routine general tax consulting related to the Debtors’ Canadian subsidiary, Vanga Products Inc., which has been selected for audit by the Canadian tax authorities, including: i. Audit assistance relating to the Voluntary Disclosure Program (VDP) filed on December 29, 2022; ii. Assisting with the preparation of information and documentation requested by the Canadian tax authorities; iii. Providing support in responding to audit inquires and information requests and in discussions and correspondence with the Canadian tax authorities; iv. Assisting with technical analysis related to matters raised during the audit process; and v. Providing general consulting support related to the VDP and audit process. The firm will be paid a fixed fee of $452,000 for tax compliance services. An additional non-recurring fee of $70,000 relative to the special events that occurred during the tax year and the related adjustments that come with the debt refinance. A fixed fee of $75,000 for tax provision services. The firm will be paid the following hourly rates: Tax Consulting Services: Partners $1,068 - $1,696 Managing Directors $1,040 - $1,509 Directors/Senior Managers $970 - $1,296 Managers $753 - $1,177 Senior Associates $546 - $893 Associates $410 - $893 Valuation Services Partners $882 - $980 Managing Directors $837 - $935 Directors/Senior Managers $756 - $845 Managers $659 - $737 Senior Associates $540 - $605 Associates $329 - $371 Audit Assistance Services to Canadian subsidiary Partners $920 - $1,068 Managing Directors $1,040 Directors/Senior Managers $630 - $970 Managers $420 - $753 Senior Associates $300 - $546 Associates $410 Christopher W. Woll, CPA, a partner of KPMG LLP, 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: Christopher W. Woll, CPA KPMG LLP 200 E. Randolph Street, Suite 5500 Aon Center Chicago, IL 60601-6436 Phone: (312) 665-1372 About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRETIUM PACKAGING: Hires Stretto Inc as Administrative Advisor -------------------------------------------------------------- Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Stretto Inc. as administrative advisor. The firm's services include: (a) assist with, among other things, solicitation, balloting, and tabulation of votes; and prepare any related reports, as required in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan; and (e) provide such other solicitation, balloting and other administrative services as may be requested from time to time by the Debtor, the Bankruptcy Court or the Office of the Clerk of the Bankruptcy Court. Prior to the petition date, the Debtor provided Stretto an advance in the amount of $25,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRETIUM PACKAGING: Seeks to Hire Cole Schotz PC as Co-Counsel ------------------------------------------------------------- Pretium Packaging, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Cole Schotz P.C. as co-counsel. The firm's services include: (a) advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; (b) advising and consulting on the conduct of these Chapter 11 cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of creditors and other parties-in-interest; (d) taking all necessary actions to protect and preserve the Debtors' estates; (e) preparing pleadings in connection with these Chapter 11 cases; (f) representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; (g) advising the Debtors in connection with any potential sale of assets; (h) appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) advising the Debtors regarding tax matters; (j) taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; (k) performing all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The firm will be paid at these rates: Members $670 to $1,800 per hour Special Counsel $700 to $950 per hour Associates $400 to $765 per hour Paralegals $330 to $485 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. During the 90 days prior to the Petition Date, the Debtors paid Cole Schotz $53,295.50 representing Cole Schotz’s fees for services rendered and expenses incurred. As of the Petition Date, Cole Schotz was holding on behalf of the Debtors, a retainer in the amount of $171,704.50. In that regard, the following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Cole Schotz began providing restructuring services to the Debtors less than a month prior to the Petition Date. During that time, Cole Schotz did not raise its billing rates. The material financial terms for the pre-petition engagement remain the same as those disclosed in the Application, as that engagement was undertaken on an hourly-fee basis. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes. Pursuant to the Interim DIP Order, the Debtors must furnish regular budget and variance reports, which include detail regarding the fees and expenses incurred by the proposed professionals of the Debtors in these Chapter 11 Cases. Mr. Sirota 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: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Cole Schotz P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com About Pretium Packaging, LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtor hires Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. FTI Consulting, Inc. as financial advisor. KPMG LLP as tax service provider. Stretto Inc. as administrative advisor. Evercore Group L.L.C. as investment banker. PRO TEMECULA: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Pro Temecula Town Center, LLC 520 Newport Center Drive Newport Beach, CA 92660 Business Description: Pro Temecula Town Center, LLC is a single- asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10694 Judge: Hon. Scott C Clarkson Debtor's Counsel: William J Wall, Esq. WALL LAW OFFICE 26895 Aliso Creek Rd # B-110 Aliso Viejo CA 92656-5301 Tel: (949) 387-4300 x105 Email: wwall@wall-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Miller as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7CLROKQ/Pro_Temecula_Town_Center_LLC__cacbke-26-10694__0001.0.pdf?mcid=tGE4TAMA PSI SERVICES: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: PSI Services III, Inc. DBA PSI Family Services, Inc. DBA PSI Family of Services 5820 Dix Street, NE Washington, DC 20019 Business Description: PSI Services III, Inc., also known as PSI Family Services, provides behavioral health and social services including outpatient mental health treatment, rehabilitation programs, and counseling for individuals and families. The organization also offers foster care, adoption, and family support services delivered under programs funded by federal and state agencies. PSI Services III, Inc. operates community-based health and social service programs primarily in Washington, D.C. and the surrounding Maryland region. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00097 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 Email: jfasano@mhlawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shawn Rubbin as chief advancement officer. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MLYJWKI/PSI_Services_III_Inc__dcbke-26-00097__0001.0.pdf?mcid=tGE4TAMA PZ168 CORP: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------- On March 3, 2026, PZ168 Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About PZ168 Corp. PZ168 Corp. is a single asset real estate company. PZ168 Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10455) on March 3, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Martin Glenn handles the case. RAINMAKER CIDER: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Rainmaker Cider LLC DBA Locust Cider 4404 76th Ave Ct NW Gig Harbor, WA 98335 Case No.: 26-40555 Business Description: Rainmaker Cider, LLC is a beverage manufacturer headquartered in Gig Harbor, Washington, specializing in alcoholic beverages made from real ingredients. Founded in 2015, the company's portfolio includes hard ciders and fruit-forward drinks marketed under brands such as Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The company previously owned 17 taprooms across Washington, Texas, and Colorado, most opened between 2019 and 2020, though rising post-pandemic costs affected operations. Chapter 11 Petition Date: March 2, 2026 Court: United States Bankruptcy Court Western District of Washington Judge: Hon. Mary Jo Heston Debtor's Counsel: Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue Suite 500 Seattle, WA 98104 Tel: 206-587-0700 Fax: 206-587-2308 Email: rcole@cairncross.com Total Assets: $1,371,663 Total Liabilities: $3,450,312 The petition was signed by Jason Spears as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NJTHE3I/Rainmaker_Cider_LLC__wawbke-26-40555__0001.0.pdf?mcid=tGE4TAMA RHODIUM ENCORE: Ex-Directors, Attys Challenge Ch. 11 Sanctions Bid ------------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that law firm Barnes & Thornburg LLP and former board members of cryptocurrency miner Rhodium Encore LLC have rebuffed a motion for sanctions filed by Lehotsky Keller Cohn LLP in the company's Chapter 11 case, saying they had complied with their legal obligations and acted in good faith. They characterized the sanctions bid as unfounded. In their response, the attorneys and ex-directors told the bankruptcy court that the claims raised in the motion rely on inaccurate interpretations of their conduct during the case. They maintained that their actions were appropriate under the circumstances and supported by the record. The clash reflects continuing tensions among parties involved in Rhodium Encore's bankruptcy proceedings. The respondents asked the court to deny the sanctions request and allow the restructuring process to proceed without further disputes, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RHP HOTEL: Fitch Assigns 'BB' Rating on Senior Unsecured Notes -------------------------------------------------------------- Fitch Ratings has assigned RHP Hotel Properties, LP's new proposed senior unsecured bonds a long-term rating of 'BB' with a Recovery Rating of 'RR4'. The transaction is leverage-neutral as the proceeds are expected to be used to prepay Ryman's 4.750% notes due 2027. Ryman's 'BB' rating reflects Fitch's high confidence that the company will sustain REIT leverage below 4.5x, supported by continued strong operational performance and EBITDA growth following the JW Desert Ridge acquisition. The Stable Outlook is underpinned by Ryman's disciplined financial policy and improved capital structure, while acknowledging the inherent cyclicality of group-focused lodging demand. Key Rating Drivers Enhanced Leverage Profile: Fitch expects RHP's REIT leverage to decline to 4.3x in 2026 as EBITDA grows. REIT leverage was 4.0x in 2024, the low end of RHP's policy range. Fitch continues to expect RHP to manage leverage within its 4.0x-4.5x target. Leverage may periodically rise above Fitch's negative sensitivities because of accretive opportunities. Fitch views the partial equity financing of the JWDR acquisition positively. Fitch also views it as evidence of adherence to the company's financial policy. Fitch's rating approach considers both the REIT and lodging components because of the company's business model. Group Focus a Differentiator: Fitch views RHP's forward booking window positively relative to other lodging companies as it provides visibility into future cash flows. The average booking window of 2.9 years differentiates it from hotel REIT peers. As of Dec. 31, 2024, approximately 74% of RHP's room nights were derived from the group business, which insulates the company from the more volatile and less-predictable leisure trends. This acts as a buffer during a downturn, particularly against cancellation and attrition fees. While this mitigates risk, it does not eliminate it, as the hotel industry is highly cyclical. Expanding Unencumbered Asset Pool: Since 2019, RHP has accessed the unsecured market six times, highlighting underlying balance sheet changes and through-the-cycle access at competitive rates on an unsecured basis. The transition to an unsecured financial structure is in line with hotel REIT peers and indicates RHP's strengthened capital access. The unencumbered pool consists of five of the company's largest seven properties, excluding the Gaylord Opryland and Gaylord Texan, which have equity pledges. These two properties represent the largest share of RHP's operations. Further action to unencumber them would significantly increase the unencumbered asset pool. Well-Positioned Quality Portfolio: RHP owns a high-quality, concentrated portfolio consisting primarily of seven specialized hotels competitively positioned within the large group destination resort market. Five of its seven largest hotels rank among the six largest non-gaming U.S. hotels by exhibit and meeting space square footage. The low existing and incoming supply of large group hotels allows RHP to capture growing group demand. RHP has announced various renovation projects to be completed over the next couple of years, which will further enhance its property offerings. Acquisition a Strategic Fit: The recently acquired JWDR fits RHP's property portfolio due to its group focus, premium amenities, attractive market, and Marriott relationship. JWDR has 243,000 sf of meeting space at 256 sf of meeting space per room, in line with RHP's consolidated figure. Phoenix is a top group destination and adds to RHP's suite of offerings for recurring group customers. The property is classified in the luxury/upper upscale chain scale and its 950 rooms attract high ADRs. RHP's extensive relationship with Marriott and prior experience integrating a JW Marriott branded property (JW Marriott Hill Country, acquired in 2023) should limit execution risk. Cyclical Cash Flow Profile: The cyclical nature of the hotel industry is a primary credit issue. Hotels reprice inventory daily and, therefore, have the shortest lease terms and less stable cash flows in commercial real estate. Economic cycles and exogenous events have historically caused material declines in revenue and profitability. For RHP, a 2.9-year forward booking window and related cancellation/attrition fees provide buffer and visibility, but concentration in group/convention demand still exposes the company to duration risk and industry cyclicality. Peer Analysis Ryman's closest rated peers are Host Hotels & Resorts, L.P. (BBB/Stable), a larger, gateway market lodging REIT, and TRQ Sales LLC (BB-/Stable), a smaller, leisure-focused operator. Ryman operates a more concentrated portfolio by geography, price/amenities, brand and property manager than most hotel REITs, targeting group and convention demand with longer booking windows. Longer booking windows and attrition/rebooking provisions enhance cash flow visibility and buffer cyclicality, which Fitch views as a credit positive. TRQ's all-inclusive, upscale leisure model supports higher margins and more predictable economics than traditional transient hotels. TRQ's tighter 'BB-' leverage band reflects smaller scale and higher market concentration, notably across the Yucatán Peninsula and the Dominican Republic. Ryman's top three assets contribute a higher share of EBITDA, indicating greater asset-level concentration at Ryman. Host's portfolio spans Hyatt, Hilton, Marriott, Four Seasons, and Accor. Ryman is exclusively Marriott, while TRQ is primarily Hyatt. This brand concentration has supported recurring group business, traffic, and procurement efficiencies. Host is larger, concentrated in gateway markets, and approximately 99% unencumbered, providing strong capacity to raise secured debt quickly. Ryman's recent issuances have meaningfully increased unencumbered assets, progressing toward investment-grade REIT balance sheet characteristics, a credit positive in Fitch's view. Since 2019, Ryman has issued six unsecured bonds and refinanced its facility multiple times, demonstrating consistent market access via equity, unsecured and secured debt, and joint ventures. Fitch’s Key Rating-Case Assumptions - Overall revenue growth of about 8.5% in 2026 and low to mid single digits thereafter; - Non-Comparable RevPar and Total RevPAR growth between 5.0%-5.5% inclusive of JWDR in 2026. Low single digits thereafter; - Opry Entertainment Group (OEG) business sees mid-single-digit growth throughout the forecast period; - EBITDA margins flat at 30% in 2026, increasing to 32% by 2028. - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR rates; - Capital expenditures of $400 million in 2026 and $300 million thereafter. - REIT leverage increases from 4.0x in 2024 to 4.7x in 2025 but declines to 4.3x in 2026 and below 4.0x by 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, per its "Corporates Recovery Ratings and Instrument Ratings Criteria," as issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and would likely generate recovery ratings that are too high across all instruments. Where a recovery rating is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise valuation of 'BB' ratings in a generic sense for the most senior instruments. Fitch classifies RHP's revolving credit facility and its senior secured term loan as Category 1. Considering the IDR of 'BB', the Category 1 first lien senior secured debt is notched two levels to 'BBB-'/'RR1' and the unsecured notes are notched zero levels to 'BB'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation for REIT leverage to sustain above 4.5x; - A spinoff of OEG that results in higher leverage; - Prolonged capital investment, with minimal return and elevated leverage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Unencumbered remaining assets, including equity pledges on subsidiaries; - Continued strength in booking window amid heightened economic uncertainty, leading to increased confidence in issuer's REIT leverage remaining below 4.0x; - Sustained positive free cash flows. Liquidity and Debt Structure As of Dec. 31, 2025, RHP had $471 million in unrestricted cash and an aggregate amount of $780 million available on its company and OEG's revolving credit facilities. RHP's ability to demonstrate consistent access to capital markets at sustainable rates from multitude of sources supports its solid balance sheet position. Fitch views RHP's continued shift toward unsecured financing positively, as it enhances the company's unencumbered asset pool and demonstrates through-the-cycle market access at competitive rates. The current pool includes five of RHP's seven largest hotels, excluding Gaylord Opryland and Gaylord Texan, which remain subject to equity pledges and are the two largest contributors to EBITDA. Any future actions to unencumber these assets would materially expand the unencumbered pool and further strengthen RHP's unsecured credit profile. Issuer Profile RHP is a lodging and hospitality REIT specializing in upscale convention center resorts and country music entertainment. It owns six non-gaming convention center hotels (excluding JWDR), all managed by Marriott International, with five under the Gaylord Hotels brand. RIZO-LOPEZ FOODS: Asset Sale Proposal Helps Avert Liquidation ------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Rizo-Lopez Foods Inc., a cheese manufacturer, informed a California bankruptcy judge Monday that it has secured a deal to sell its assets, prompting the court to delay consideration of a request to convert the company's Chapter 11 proceedings into a Chapter 7 liquidation. Attorneys for the debtor said the agreement could help maximize the value of the company's assets and provide a more favorable outcome for creditors than an immediate liquidation. The company is now seeking time to finalize the details of the transaction and bring the proposed sale before the court, the report cites. The Chapter 11 case follows financial strain tied to a widespread product recall and related litigation. Rizo-Lopez said the potential sale offers a viable restructuring path that could stabilize operations while the bankruptcy process continues, according to report. About Rizo-Lopez Foods Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. RSKT HOLDING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- RSKT Holding, 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 up to $103,000 in cash collateral to fund operations in accordance with its budget. As protection for the Debtor's use of its cash collateral, M&T Bank will be granted a replacement lien on post-petition assets and their proceeds, with the same priority and extent as its pre-bankruptcy lien. M&T Bank, the Debtor's primary secured lender, extended a $685,000 loan in December 2015 and holds a current balance of approximately $418,000. The lender recorded a UCC-1 financing statement granting it a security interest in substantially all of the Debtor's assets including the real property located in Syracuse, New York. The Debtor believes that M&T Bank's interest in cash collateral is adequately protected by a substantial equity cushion in the Syracuse property, valued at about $1.5 million -- over $1 million above the bank's roughly $418,000 secured claim -- ensuring protection against any decline in value during the Chapter 11 case. Aside from the M&T Bank loan, the Debtor also incurred a separate loan in June 2019 from Ironfund Loan Holder I, LLC in the original principal amount of approximately $1.16 million, with a significantly higher alleged balance due. The order is available at https://is.gd/yJWyljd from PacerMonitor.com. The next hearing is set for March 31. The deadline for filing objections is on March 24. Financial distress beginning in 2019, including the Debtor's inability to sell its real property in Jersey City, New Jersey, due in part to COVID-19-related market disruptions, high-interest financing obligations, and failed refinancing efforts, ultimately led to foreclosure proceedings and a sheriff's sale of the Jersey City property, prompting the bankruptcy filing before expiration of the redemption period. About RSKT Holding LLC RSKT Holding LLC is a Syracuse, New York-based real estate property management company operating under NAICS code 531312, managing nonresidential real estate assets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11661) on February 13, 2026. In the petition signed by Saurabh Tripathi, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Donald F. Campbell, Jr., Esq., at Giordano, Halleran & Ciesla, P.C. represents the Debtor as legal counsel. S & H SYSTEMS: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 case of S & H Systems, Inc. The committee members are: 1. Ace Companies, Inc. c/o Christopher Andrisani 14455 Myerlake Circle Clearwater, FL 33760 Telephone: 901-509-7661 chris@acecompaniesinc.com 2. Axiom Distribution & Fullfillment Corp. c/o Joe Sferruzza 55 Savage Drive, Cambridge Ontario, Canada N1T 1S5 Telephone: 519-502-4687 joe@axiomtrades.com 3. Brock Solutions US Systems, LLC c/o Emir Crowne 8080 Tristar Drive, Ste. 126 Irving, TX 75063 Telephone: 226-499-8884 ecrowne@brocksolutions.com 4. Daifuku Intralogistics America Corp. c/o Michael F. Derksen 30100 Cabot Drive Novi, MI 48377 Telephone: 248-419-7423 mderksen@daifukuna.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About S & H Systems Inc. S & H Systems, Inc is a closely held Arkansas S-corporation specializing in customized material handling solutions for warehouse operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-bk-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed between $10 million and $50 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq., at Keech Law Firm, PA, represents the Debtor as legal counsel. SERNA'S TRUCKING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Serna's Trucking, LLC 3030 Harris Hill Road San Marcos, TX 78666 Business Description: Serna's Trucking, LLC provides freight transportation and logistics services from its headquarters in San Marcos, Texas, operating primarily within the state. The company manages a fleet of trucks to deliver general freight for commercial clients and functions as an authorized carrier under federal and state transportation regulations. It is classified in the trucking and transportation industry, focusing on local and regional freight movement. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-10392 Judge: Hon. Christopher G Bradley Debtor's Counsel: Frank B Lyon, Esq. FRANK B LYON PO Box 50210 Austin TX 78763-0210 Tel: (512) 345-8964 Email: frank@franklyon.com Total Assets: $544,595 Total Liabilities: $4,921,750 The petition was signed by Claudia E. Serna as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/32O6X3I/Sernas_Trucking_LLC__txwbke-26-10392__0001.0.pdf?mcid=tGE4TAMA SHANNON WIND: Hires Nomura Securities as Investment Banker ---------------------------------------------------------- Shannon Wind, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Nomura Securities International, Inc. as investment banker. The firm's services include: (a) identifying and evaluating a list of potential Acquirors; (b) contacting potential Acquirors; (c) assisting the Debtor in the preparation of a memorandum describing the Debtor, its assets and its business operations for distribution to potential Acquirors, it being expressly agreed that (i) such memorandum shall be based entirely upon information supplied to Nomura and (ii) Nomura shall have no responsibility for the accuracy and completeness of such information; (d) advising the Debtor with respect to the financial aspects of a Sale Transaction (as defined in the Engagement Letter) with potential Acquirors; and (e) rendering such other financial advisory and investment banking services as may from time to time be mutually agreed upon by Nomura and the Debtor. The firm will be paid at these fees: Transaction Fee The Company shall pay Nomura, in cash, a transaction fee (the "Transaction Fee"), payable promptly at the closing of such Sale Transaction (subject to the third paragraph of the "Transaction Value" subsection of this Section 2), equal to an amount to be determined according to the following schedule: -- a $2,850,000 flat fee upon closing of the Sale Transaction (regardless of the amount of Transaction Value (as defined below) or the timing of the Company's receipt of Transaction Value); and -- 5.5% of cumulative Transaction Value in excess of $110,000,000 upon the closing of the Sale Transaction. Only one Transaction Fee shall be payable pursuant to this Agreement, and such Transaction Fee shall be payable in connection with the consummation of the Sale Transaction. Default Resolution Fee The Company shall pay Nomura, in cash, a default resolution fee (a "Default Resolution Fee") payable in the event that, prior to the closing of a Sale Transaction, Citigroup Energy Inc. (the "Hedge Provider") is paid, awarded or otherwise receives (i) cash payment for all or a portion of the amounts owned to Hedge Provider pursuant to that certain ISDA 2002 Master Agreement between the Company and the Hedge Provider, the Schedule thereto, the Power Confirmation, the REC Confirmation, and the Annexes, all dated as of June 29, 2015, including all schedules, confirmations, annexes, and exhibits thereto and as each may have been amended or modified from time to time (collectively, the "Energy Hedge Agreement"), in full discharge of the Company's obligations thereunder, and/or (ii) cash, assets, securities or other consideration in connection with a consensual settlement and compromise of the Company's default under the Energy Hedge Agreement (clauses (i) and/or (ii), the "Default Resolution"), equal to an amount to be determined according to the following schedule: In the event the Default Resolution occurs prior to Nomura contacting any potential Acquiror, $1,000,000. In the event the Default Resolution occurs on or after the date on which Nomura contacts any potential Acquiror but prior to the mutually-agreed deadline set by Nomura and the Company for potential Acquirors to submit first round non-binding offers for a Sale Transaction (the "First Round Deadline"), $1,500,000. Nomura must have written approval from the Company prior to initiating contact with potential Acquirors, where an email from the Chief Restructuring Officer of the Company will be adequate evidence of such approval. In the event the Default Resolution occurs after the First Round Deadline but prior to the mutually-agreed deadline set by Nomura and the Company for potential Acquirors to submit second round offers for a Sale Transaction (the "Second Round Deadline"), $2,000,000. In the event the Default Resolution occurs on or after the Second Round Deadline: $2,850,000. Only one Default Resolution Fee shall be payable pursuant to this Agreement, and such Default Resolution Fee shall be payable when the Company receives payment under the Default Resolution. Notwithstanding anything to the contrary herein, the intent of the parties is for Nomura to be paid either a Transaction Fee in the event of a Sale Transaction or a Default Resolution Fee in the event of a Default Resolution, and under no circumstances will Nomura be entitled to both a Transaction Fee and a Default Resolution Fee. Tail If, at any time (i) prior to the expiration of twelve (12) months following the Term, the Company enters into an agreement that subsequently results in a Sale Transaction, or a Sale Transaction is consummated, in each case with one or more parties identified or contacted by the Company or Nomura or with respect to which Nomura held discussions or otherwise advised the Company during the Term concerning a possible Sale Transaction, then the Company will pay Nomura the Transaction Fee specified above in cash promptly upon the closing of such Sale Transaction (any such fee, a "12-Month Tail Transaction Fee") or (ii) prior to the expiration of six (6) months following the Term, the Company enters into an agreement that subsequently results in a Sale Transaction, or a Sale Transaction is consummated, then the Company will pay Nomura the Transaction Fee specified above in cash promptly upon the closing of such Sale Transaction (any such fee, a "6-Month Tail Transaction Fee"; as used in this Agreement, "Tail Transaction Fee" means a 6-Month Tail Transaction Fee or a 12-Month Tail Transaction Fee). Mr. Kumar 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: Komu Kumar Nomura Securities International, Inc. 309 West 49th Street New York, NY 10019-7316 Tel: (212) 667-9000 About Shannon Wind, LLC Shannon Wind LLC develops and owns the Shannon Wind project, a utility-scale wind farm in Clay County, Texas, generating approximately 204 megawatts of electricity from wind turbines. The Company manages construction, commercial operations, and overall project oversight for the renewable energy facility. Shannon Wind, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90124) on January 25, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jarrod B. Martin, Esq. of BRADLEY ARANT BOULT CUMMINGS LLP. The Debtor's financial advisor is ACCORDION PARTNERS, LLC, its investment banker is NOMURA SECURITIES INTERNATIONAL, INC., its valuator is KPMG LLP. The Debtor's notices, claims, solicitation and balloting agent and administrative advisor is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. SHARON VITALE: Hires Kelley Kaplan & Eller as Bankruptcy Counsel ---------------------------------------------------------------- Sharon Vitale, P.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kelley Kaplan & Eller, PLLC as general counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (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 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. The firm will be paid at these hourly rates: Attorneys $575 Paralegals $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $27,500, which includes the filing fee of $1,738 from the Debtor. Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, 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: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Sharon Vitale, P.A. Sharon Vitale PA, doing business as Mobile Wound and Skin Practitioners, is a Florida-based healthcare practice that provides mobile wound and skin care services. The company specializes in the assessment and treatment of chronic and complex wounds, including adult wound management, and delivers services outside traditional clinical settings. Sharon Vitale, P.A. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12265) on February 24, 2026, listing $30,551 in assets and $1,645,692 in liabilities. The petition was signed by Sharon Vitale as president. Craig I. Kelley, Esq. at KELLEY KAPLAN DELANEY & ELLER, PLLC serves as the Debtor's counsel. SILICON VALLEY: Judge Slams Ex-Venture Capitalist While Axing Suit ------------------------------------------------------------------ Lauren Berg of Law360 reports that convicted venture capitalist Michael Rothenberg has lost his lawsuit against the Federal Deposit Insurance Corp., acting on behalf of the failed Silicon Valley Bank, after a California federal judge dismissed the case due to Rothenberg's litigation conduct. The judge said Rothenberg's actions in the case largely involved ignoring or frustrating his responsibilities as a party. The court's order detailed repeated failures by Rothenberg to meet deadlines and follow court rules. The judge said the pattern of noncompliance disrupted the litigation process and justified dismissal of the claims, the report states. With the case dismissed, Rothenberg’s legal challenge against the FDIC in connection with Silicon Valley Bank will not proceed further. The ruling emphasizes the consequences parties may face for failing to cooperate with the court and adhere to procedural requirements, Law360 reports. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. STARLIGHT PARENT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Starlight Parent, LLC's Long-Term Issuer Default Rating (IDR) at 'B' and assigned a first-time 'B' Long-Time IDR to the financial filer, Starlight Holdco, LLC (collectively, SolarWinds). The Rating Outlook is Stable. Fitch has also affirmed the 'BB' rating with a Recovery Rating of 'RR1' for SolarWinds' first lien secured indebtedness and the 'CCC+'/ 'RR6' rating for the second lien secured term loan. The primary limitation on the IDR is the financial structure, reflecting the significantly higher debt balance from the 2025 take-private transaction. This is evident in high EBITDA leverage and a low (CFO-Capex)/debt ratio. Despite these challenges, Fitch anticipates the company will continue to grow its revenue and EBITDA, improving leverage metrics over time. SolarWinds' mission-critical products, diversified customer base, high recurring revenue, and strong retention rates, coupled with favorable industry trends, support the rating. Key Rating Drivers Weak but Improving Financial Structure: Fitch expects EBITDA leverage of 6.7x at the end of fiscal 2025, and forecasts yoy decline as revenue and EBITDA keep growing, with no incremental debt issuance or prepayments assumed for the forecast period. The company is expected to see ongoing pressure on cash flow from operations (CFO) from large interest expenses, leading to (CFO-Capex)/debt ratio sustained below 7% before fiscal 2028. In addition, after being taken private, SolarWinds could prioritize ROE and grow the company with more leveraged buyouts (LBOs), weakening the financial structure. High Revenue Visibility: SolarWinds has high revenue visibility due to its recurring revenue model and consistently high customer retention. As of September 2025, the company had over 95% of total revenue from recurring maintenance and subscription services and is accelerating the transition to a subscription-only revenue model. Perpetual license sales are declining yoy, and expected to diminish in the forecast period, leading to 100% recurring revenue. The company has been working on converting more customers on annual contracts to multi-year contracts to further increase the retention rate, contributing to stronger revenue visibility. Stable Demand with a Diversified Customer Base: SolarWinds' customer demand has remained stable due to its mission-critical product offerings. Fitch expects the annual revenue growth rate to sustain at around the mid-to-high single digits as the company transitions to a subscription-only revenue model. The company serves mid-market companies globally in all sectors, with minimal revenue concentration from one sector or a single customer. The diversified customer base further enhances the company's demand stability and resilience to economic cycles. Secular Tailwinds Supporting Growth: SolarWinds' products are geared towards ITSM (IT Services Management). The market for ITSM software and services has experienced strong demand due to higher workload volumes and enterprise computing complexity resulting from increasing mobile workforces, evolving endpoint protection requirements, greater use of cloud environments and need for high availability of enterprise applications. Execution Risk: Fitch believes the execution risk after the acquisition by Turn/River could slow deleveraging. The company will focus on the growth of its total revenue. However, if revenue growth is not as strong as expected, EBITDA, CFO and FCF could all be negatively affected, and key credit metrics remain pressured for a longer period. Peer Analysis The closest peer in the Fitch rated universe is ConnectWise (B+/Stable), which also provides ITSM software solutions. ConnectWise's and SolarWinds' revenues are similar in size. SolarWinds has a higher EBITDA margin but also a higher debt balance. Fitch expects SolarWinds to have a consistently higher EBITDA leverage and lower (CFO-Capex)/debt ratio than ConnectWise, resulting in an IDR one notch down from ConnectWise. Both companies derive most of their revenues from recurring sources like subscriptions and maintenance contracts. They both have high retention rates and a strong growth outlook. Other comparable software peers include Rocket Software (B/Stable) and Qlik (B/Stable). Rocket Software's and Qlik's revenues are larger, and both have high retention and revenue visibility. Qlik has a similar EBITDA margin, while Rocket Software profitability is stronger than SolarWinds'. However, both Qlik and Rocket have higher debt balances, resulting in weaker EBITDA leverages and (CFO-Capex)/debt metrics than SolarWinds at the 'B' level. Fitch’s Key Rating-Case Assumptions - Total revenue continues growing at mid-to-high-single digit per year through the forecast period. - No acquisitions are assumed for the forecast period. - Fitch assumes capex to remain at about 0.8% of total revenue per year, excluding capitalized software development costs. - Annual SOFRs are assumed to be 4.4%, 3.6%, 3.3% and 3.5% for fiscal years 2025 to 2028, respectively. - No debt prepayment or incremental issuance is assumed through 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): - The SCP is 'b'. Recovery Analysis Key Recovery Assumptions - The recovery scenario assumes the enterprise value of SolarWinds is maximized in a going concern scenario versus liquidation. - A full drawn of the $200 million revolver is assumed. - Fitch also assumes a 10% administrative claim. Going-Concern (GC) Approach Fitch contemplates a scenario in which the company fails to convert as many customers as planned from maintenance contracts to subscriptions, and default is the result of sustained customer churn because of significant competitive advantage from its competitors and other reasons, leading to an annual revenue of ~$800 million in a default scenario. Fitch estimates GC EBITDA of ~$375 million (~47% margin) as the company invests more in S&M to try to attract more customers. Fitch assumes SolarWinds will receive a GC recovery EV/EBITDA multiple of 7.0x under this scenario, which is supported by the following: - Comparable Reorganizations: In Fitch's 2025 "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is ~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). - Comparable Issuers: B-rated SaaS companies rated by Fitch are generally assigned recovery multiples between 5.5-7.0x. Fitch believes that a recovery multiple of 7.0x is appropriate. The closest competitor in the Fitch rated universe is ConnectWise, and it has a 7.0x EV multiple for recovery as well. - Business Characteristics: SolarWinds offers mission-critical products for customers, and it has low customer churn, high revenue visibility and strong profitability and FCF generation. Secular tailwinds and other industry dynamics also support the 7.0x multiple. Fitch's GC EBITDA of $375 million and recovery multiple of 7.0x result in a post-reorganization enterprise value of $2,363 billion after the deduction of 10% administrative claims. 1L debt, assuming a fully drawn revolver, shall be rated at 'BB' with 'RR1' recovery rating, and the 2L will be rated at 'CCC+' with 'RR6' recovery. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 7.0x; - (CFO - Capex)/debt below 3.0% on a sustained basis; - Operation deteriorations such as decreased customer renewals, revenue decline and margin compression. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - (CFO-Capex)/Debt above 7.0% on a sustained basis; - EBITDA Leverage sustained below 5.5x. Liquidity and Debt Structure Fitch expects negative FCF and a decrease in the ending cash balance in fiscal 2025, mainly due to the significant one-time expense for the acquisition by Turn/River. SolarWinds should start seeing positive FCF in fiscal 2026. The company also has full access to the $200 million revolver as additional liquidity source. The new debt structure after being taken private includes a $2.225 billion 1L term loan (TL) and a $525 million 2L TL, as well as a $200 million revolver. The 1L TL has 1% annual amortization and the 2L TL will not be amortized before maturity. All maturity dates are in or after 2030. Issuer Profile SolarWinds sells a comprehensive portfolio of IT management products that are designed for IT Ops, DevOps, SecOps, and IT security professionals. The company has products to effectively manage on-premises, hybrid cloud, and public cloud environments. 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 Starlight Holdco, LLC or Starlight Parent, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Starlight Parent, LLC LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB sr secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ Starlight Holdco, LLC LT IDR B New Rating SYNERGY 768: Hires David C. Johnston as Bankruptcy Counsel ---------------------------------------------------------- Synergy 768 Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ David C. Johnston as its attorney. The firm's services include: (a) giving the Debtor legal advice about various bankruptcy options, including relief under Chapters 7, 11, 12, and 13, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) giving the Debtor in Possession legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) taking necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) taking necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor in Possession's strong-arm powers; (e) appearing with the Debtor's chief executive officer at the meeting of creditors, status conference, and other hearings held before the Court; (f) reviewing and if necessary, objecting to proofs of claim; (g) taking steps to obtain Court authority for the sale or refinancing of assets if necessary; (h) preparing a plan of reorganization and taking all steps necessary to bring the plan to confirmation, if possible; (i) representing the Debtor in Possession in all adversary proceedings in this court. The attorney will be billed at his hourly rate of $500. Prior to the filing of the Chapter 11 petition, the Debtor paid $15,000 to Mr. Johnston, which included $2,500 for pre-petition services, a retainer of $10,762 for post-petition services to be rendered, and the Court’s filing fee of $1,738. The sum of $10,762 remains in trust. Mr. Johnston 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: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Synergy 768 Inc. Synergy 768 Inc. specializes in providing software and technology-driven business solutions. The company offers services in cloud computing, process automation, and IT consulting to commercial clients throughout the United States, helping organizations enhance performance and productivity. Synergy 768 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-42384) on December 19, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by David C. Johnston, Esq. of the Law Offices of David C. Johnston. THAI EXPRESS: Hires Conroy Baran LLC as Legal Counsel ----------------------------------------------------- Thai Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Conroy Baran, LLC to serve as legal counsel in its Chapter 11 case. The firm will be paid at these rates: Robert Baran $325 per hour Paralegals $95 to $168 per hour The firm received an advanced retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert S. Baran, Esq., a partner at Conroy Baran, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Baran, Esq. Ryan E. Shaw, Esq. Conroy Baran, LLC 1316 Saint Louis Ave., 2nd FL Kansas City, MO 64101 Tel: (816) 616-5009 Email: rbaran@conroybaran.com rshaw@conroybaran.com About Thai Express, Inc. Thai Express, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Mo. Case No. 26-60130) on Feb. 25, 2026. The Debtor hires Conroy Baran, LLC as counsel. TPI COMPOSITES: To Sell Wind Blade Assets to Vestas Wind System --------------------------------------------------------------- TPI Composites, Inc. and certain of its subsidiaries, seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property to the successful bidder, free and clear of liens, claims, interests, and encumbrances. The Debtors are wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. The Debtors have been engaged in negotiations with their primary customers, GE Vernova, Inc. and Vestas Wind System A/S, regarding, among other things, the go-forward terms of their respective supply agreements with the Company. The Debtors have determined, in consultation with the Consultation Parties, that the highest or best offer for the purchase of substantially all of the assets of non-Debtor TPI Composites India Private Limited (TPI India), certain assets of non-Debtor TPI Global SSC India Private Limited (Global SSC), and certain Assets of the Debtors, including TPI Composites, Inc., that are exclusively related to the business operations of TPI India for an aggregate purchase price of $10 million (subject to certain purchase price adjustments) plus certain assumed liabilities and all of the equity in TPI Mexico V, LLC and TPI Mexico VI, LLC, as reorganized through the confirmation and implementation of a chapter 11 plan, as well as certain Assets that are primarily related to the manufacturing of wind turbine blades in Matamoros, Mexico, for an aggregate purchase price of $14 million plus certain assumed liabilities, was submitted by Vestas (Successful Bidder). A full and complete copy of the final Asset Purchase Agreement among TPIC, TPI India, and Global SSC, as Sellers, Vestas Wind Technology India Private Limited, as Buyer, and Vestas, as Buyer Parent, containing the terms of India Sale Transaction (together with all ancillary documents attached thereto or referenced therein, including the Termination and Release Agreement can be found at https://urlcurt.com/u?l=DKx7B7. Objections to the consummation of the India Sale Transaction pursuant to the terms of the Vestas APA, other than objections to the Debtors' proposed Cure Amounts must be filed with the Bankruptcy Court not later than 12:00 p.m. (prevailing Central Time) on March 9, 2026. The Sale Hearing to approve the proposed India Sale Transaction will be held before the Honorable Christopher M. Lopez, United States Bankruptcy Judge, at the Bankruptcy Court, located at 515 Rusk Avenue, 4th Floor (Courtroom 402), Houston, TX 77002 on March 10, 2026 at 2:30 p.m. (Central Time). The Sale Hearing for the India Sale Transaction may be adjourned or continued to a later date by the Debtors, after consultation with the Consultation Parties, as the Debtors deem appropriate by sending notice prior to or making an announcement at the Sale Hearing. No further notice of any such adjournment or continuance will be required to be provided to any party. Following entry of the Vestas Sale Order, if the Vestas APA is validly terminated following Vestas Wind Technology India Private Limited's material breach of such agreement, the Good Faith Deposit of the Successful Bidder will be forfeited to the Debtors in accordance with the Bid Procedures and the Vestas APA and without limiting any other right or remedy available to the Debtors under contract, equity, or applicable law. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRANSCONTINENTAL INC: S&P Downgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Transcontinental Inc. to 'BB' from 'BBB-'. We also lowered our issue-level rating on the company's senior unsecured notes to 'BB' from 'BBB-' and assigned a '3' recovery rating to the notes. S&P said, "The outlook is stable, reflecting our expectation that Transcontinental's S&P Global Ratings-adjusted debt to EBITDA will remain at or below 2x supported by EBITDA margins of 18%-20% through 2027." Transcontinental Inc. completed the sale of its packaging business to ProAmpac Holdings Inc. for C$2.1 billion, and S&P expects it to use net proceeds for debt reduction and shareholder returns such that pro forma S&P Global Ratings-adjusted debt to EBITDA is about 2x. The packaging business comprised about half of Transcontinental's EBITDA generation, and S&P considered it an important source of earnings diversity and growth to offset relatively weaker growth prospects from its retail services and printing operations in Canada. S&P said, "The downgrade mainly reflects our view that Transcontinental faces increased credit risk stemming from a more concentrated earnings profile and heightened exposure to secular declines in the print industry following the sale of its packaging business. In our view, the sale of Transcontinental's packaging business meaningfully reduced the company's scale and earnings diversity. We expect the remaining operations, primarily comprising retail services and printing and education publishing, to generate C$220 million-C$225 million of annual EBITDA, which is roughly half of what we expected previously. "We project its remaining operations will face modest annual revenue declines of 0%-2% over the next few years. This stems from a secular decline in demand for printing services as consumers continue to shift from print to digital, offset in part by growth in Transcontinental's in-store marketing services (that comprise about 23% of revenue compared with less than 10% a decade ago). "We expect Transcontinental's remaining business to generate solid profitability and free operating cash flow (FOCF) when compared with its North American printing peers. Despite the secular decline in demand for printing services in North America, the use of flyers in Canada has remained an important strategy for grocery chains, discount retailers, and drug stores. We believe this, combined with growth from in-store marketing services, should slow the pace of consolidating revenue declines for Transcontinental over the next few years." Transcontinental is the largest printer in Canada, providing it with scale advantages, including its ability to serve customers from its 17 operating sites across Canada. It played an active role in consolidating the Canadian printing sector in the past, which contributed to more favorable pricing and profit margins for the company when compared with its U.S. printing peers, including Quad Graphics and R.R. Donnelley, that operate in a more fragmented and competitive market. S&P said, "We estimate Transcontinental's remaining business will generate annual revenue of about C$1.2 billion and S&P Global Ratings-adjusted EBITDA margin of 18%-20%. This level of profitability is meaningfully higher than its peers (double in some cases) and reflects the company's favorable market position in Canada and good track record of controlling operating costs within the printing segment as demand declines. This includes shutting higher-cost facilities, redirecting volumes to maintain high asset utilization, and right-sizing corporate costs when appropriate. These higher margins, combined with Transcontinental's relatively modest capital expenditure requirement and low debt levels, contribute to strong FOCF conversion and our forecast for annual FOCF generation of at least C$100 million. "Our assessment of Transcontinental's financial risk profile is unchanged following the sale, reflecting our expectation for leverage at or below 2x. We do not expect leverage to change from the divestiture of Transcontinental's packaging business because we believe the company's debt will decline roughly in line with its EBITDA base. We estimate the company's S&P Global Ratings-adjusted debt will be about C$420 million by the end of its fiscal 2026 (fiscal year ending Oct. 26, 2026), down from about C$850 million as of Oct. 25, 2025. This assumes Transcontinental will use a portion of the net proceeds from the sale to repay about C$320 million of outstanding debt and the reduction of leases and pension obligations related to the packaging segment. Our financial risk profile assessment of the company also considers its relatively small scale and earnings concentration to printing that could contribute to periods of weaker S&P Global Ratings-adjusted credit measures compared with our estimates. "The outlook is stable, reflecting our expectation that Transcontinental's S&P Global Ratings-adjusted debt to EBITDA will remain at or below 2x, supported by EBITDA margins of 18%-20% through 2027. "We could lower our rating on Transcontinental within the next 12 months if we expect S&P Global Ratings-adjusted debt to EBITDA to approach 3x. In our view, this could result from weaker-than-expected earnings and cash flow or an acceleration in the demand for its printing services. Although we do not anticipate any significant acquisitions in the near term, a larger-than-anticipated acquisition or distribution to shareholders could also lead to a downgrade. "We view an upgrade as unlikely within the next 12 months. However, we could raise the rating on Transcontinental if we expect the company to sustain S&P Global Ratings-adjusted debt to EBITDA below 1.5x. In this scenario, it would likely have demonstrated a financial policy more conservative than we currently view and a relatively steady earnings profile in the face of declining demand. Alternatively, we could raise the rating if Transcontinental expands into new end markets that meaningfully strengthen the company's scale, diversity, and growth prospects." TRUE BELIEVERS: Seeks to Hire Krekeler Law S.C. as Counsel ---------------------------------------------------------- True Believers, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Krekeler Law, S.C. as counsel. The firm will render these services: (a) prepare bankruptcy schedules and statements; (b) consult with the Debtor's professionals or representatives concerning the administration case; (c) prepare and review all appropriate pleadings, motions and correspondence regarding the case; (d) represent and appear at and being involved in proceedings before this court; (e) provide legal counsel to the Debtor in its investigation of the acts, conduct, assets, liabilities, and financial condition, the operation of its business, and any other matters relevant to the case; (f) analyze the Debtor's proposed use of cash collateral and financing; (g) advise the Debtor its rights, powers and duties; (h) advise the Debtor concerning, and assist in the negotiation and documentation, as applicable, of financing agreements, debt restructuring, cash collateral arrangements, its financing and related transactions; (i) review the nature and validity of liens asserted against the property of the Debtor and advise it concerning the enforceability of such liens; (j) advise and assist the Debtor concerning the actions that it might take to collect and recover property for the benefit of its estate; (k) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in this case; (l) advise the Debtor concerning and prepare responses to, legal papers that may filed and served in this case; (m) counsel the Debtor in connection with any proposed sales, leases or use of any assets of the Debtor's bankruptcy estates; (n) assist in preparation of the disclosure statement and plan of reorganization and attend negotiations and hearings; (o) attend meetings and negotiate with representatives of creditors and other parties in interest; and (p) perform all other legal services for and behalf of the Debtor that may be necessary or appropriate in the administration of this case and the reorganization of its business. The firm will be paid at these rates: J. David Krekeler, Shareholder $498 per hour Kristin Sederholm, Shareholder $390 per hour Associate Attorneys $225 to $300 per hour Paralegals $100 to $135 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor an advance fee of $23,000. Kristin Sederholm, Esq., an attorney of Krekeler Law, 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: Kristin Sederholm, Esq. Krekeler Law, S.C. 26 Schroeder Ct. Suite 300 Madison, WI 53711 Tel: (608) 258-8555 Email: ksederho@ks-lawfirm.com About True Believers, LLC True Believers LLC, a Department of Health and Human Services-certified outpatient clinic, provides mental health and substance abuse services in Wisconsin. The agency offers psychotherapy, psychoeducation, coping skills, meditation, medication management, and limited case management, with specialized support for gender dysphoria and transgender care. Its staff includes licensed substance abuse professionals, licensed professional counselors, and master's-level mental health providers with over 20 years of experience. True Believers, LLC in Madison, WI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wis. Case No. 26-10365) on Feb. 24, 2026, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Angela Reed as managing member, signed the petition. KREKELER LAW, S.C. serve as the Debtor's legal counsel. TZADIK SIOUX FALLS: Seeks Continued Cash Collateral Access ---------------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates ask the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to continue using cash collateral through the plan confirmation hearing scheduled for April 28. The Debtors' cash collateral consists primarily of rental income, deposit accounts, accounts receivable, and related proceeds, including tenant security deposits. They need to continue using this cash collateral in accordance with court-approved budgets to fund operating expenses, administrative costs, and "adequate protection" payments. Prior cash collateral orders have permitted such use, most recently through February 28 but the confirmation hearing was continued to April 28, necessitating an extension. The Debtors claim that there is no evidence of a material decline in rental income and that even if modest declines exist, adequate protection payments already made have more than compensated the lenders. They also assert that payment of professional fees from cash collateral is permissible because the lenders are adequately protected and the continued administration of their Chapter 11 cases benefits all stakeholders. The Debtors own and lease multi-unit residential rental properties in South Dakota and outsource daily operations to Tzadik Properties, LLC, an independent property management company responsible for leasing, tenant relations, rent collection, maintenance, budgeting, and compliance. Pre-petition secured debt is held primarily by Merchants Bank of Indiana and Fannie Mae, each of which holds mortgage loans secured by various rental properties owned by the Debtors. Over the course of the Chapter 11 cases, the court has entered multiple orders approving use of cash collateral and payments to lenders, including replacement liens and other protections. The Debtors assert these replacement liens on post-petition receivables and proceeds, together with ongoing adequate protection payments, sufficiently safeguard the lenders' interests against diminution in value. A copy of the motion is available at https://urlcurt.com/u?l=wyti05 from PacerMonitor.com. About Tzadik Sioux Falls Portfolio I LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com V&H HOLDINGS: Hires Scheef & Stone LLP as Bankruptcy Counsel ------------------------------------------------------------ V&H Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Scheef & Stone, LLP to handle the bankruptcy proceedings. Scheef & Stone will be paid at these hourly rates: Patrick Schurr, Partner $495 Peter Lewis, Partner $590 Richard Wallace, Partner $695 Steven Coffin, Associate $400 In the 90-period preceding Debtors' bankruptcy filing, Scheef & Stone received $25,000 in professional fees. Patrick Schurr, Esq., a partner at Scheef & Stone, disclosed in court filings that the firm does not hold any interest adverse to Debtors and their bankruptcy estates with respect to the matter on which it is being retained. The firm can be reached through: Patrick Schurr, Esq. Scheef & Stone, LLP 2600 Network Blvd., Suite 400 Frisco, TX 75034 Telephone: (214) 472-2100 Facsimile: (214) 472-2150 Email: Patrick.schurr@solidcounsel.com About V&H Holdings, LLC V&H Holdings, LLC's primary assets consist of commercial properties at 2906 and 2908 McKinney Avenue in Dallas, Texas 75204. V&H Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30730) on February 23, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Lawrence Dupler as manager. Patrick J. Schurr, Esq. at SCHEEF & STONE, LLP represents the Debtor as counsel. VANDERBILT MINERALS: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Vanderbilt Minerals, LLC. The committee members are: 1. Kathleen Dole 2. Charles Kamprad 3. Frank Richard Kurzynske 4. Heather Colding, Estate of Rebecca Sherman 5. Donna Franklin, Special Administrator for the Estate of Phillip Franklin 6. Lisa Miller, Administrator of the Estate of Joseph E. Okolish 7. Linda Weaver, Executor of the Estate of Anna Bishop Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC, a company in Norwalk, Conn., supplies mineral and chemical products. Vanderbilt Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-60110) on February 16, 2026, listing between $100 million and $500 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. The Debtor tapped Charles J. Sullivan, Esq., at Bond, Schoeneck & King, PLLC as legal counsel and Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VIRIDIS CHEMICAL: Seeks Ch. 11 Protection Amid Relocation Issues ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Viridis, a developer of bio-based chemical technology, has sought Chapter 11 protection in Texas, reporting more than $17 million in debt and attributing its financial distress to cost overruns associated with moving its manufacturing facility from Nebraska to Illinois. In court documents, the company said the relocation project was intended to enhance operational efficiency and expand production capacity. Instead, escalating costs and delays created financial pressure that ultimately led the company to seek bankruptcy protection. Through the Chapter 11 process, Viridis plans to reorganize its finances while continuing to operate its business. The company told the court it hopes to use the restructuring to address its liabilities and pursue a path toward long-term stability, the report relays. About Viridis Chemical LLC Viridis Chemical LLC is a bio-based chemical technology company. Viridis Chemical LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90393) on March 8, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Paul E. Heath, Esq. and Matthew David Struble, Esq. of Vinson & Elkins. VOICES OF FAITH: Seeks to Hire NAI Brannen as Real Estate Broker ---------------------------------------------------------------- Voices of Faith Ministries, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ NAI Brannen/Goddard, LLC as real estate broker. The firm will market and sell the Debtor's real properties located at 1240 Sigman Road NW, Conyers, GA 3225, 2424 Rockbridge Road, Stone Mountain, GA. The firm will be paid a commission of 3 percent of the gross sales price. If cooperating broker is involved, 4 percent for the Shopping Center and 5 percent for the nonshopping center property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: W. Brock Wilson 6 Concourse Parkway, Suite 1900 Atlanta, GA 30328 Tel: (404) 812-4000 Fax: (706) 870-0621 About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. WELLPATH HOLDINGS: Loses Bid to Dismiss Heath Lawsuit ----------------------------------------------------- Judge Karoline Mehalchick of the U.S. District Court for the Middle District of Pennsylvania denied the motion to dismiss filed by Wellpath a/k/a Wellpath LLC f/k/a Correct Care Solutions in the case captioned as MELISSA HEATH, Plaintiff, v. CHAD WAKEFIELD, et al., Defendants, Case No. 24-cv-01189-KM (M.D. Pa.). Presently before the Court are Defendant Wellpath a/k/a Wellpath LLC f/k/a Correct Care Solutions's motion to dismiss, Defendant Morgan Goldizen, CRNP's motion to dismiss, and Defendants Chad Wakefield, Matthew Pyo, Kenneth Shea, and Kendra Hess's -- collectively, "Commonwealth Defendants" -- motion for judgment on the pleadings. Plaintiff Melissa Heath initiated this action by filing a complaint individually and as Administrator of the Estate of Joshua Heath. Heath is the mother of Joshua Heath, a former inmate who committed suicide in July 2022, while incarcerated at State Correctional Institution Smithfield. Defendants are employees of and healthcare providers for SCI Smithfield. Wakefield was the Superintendent and Facility Manager while Pyo and Shea were Deputy Superintendents at SCI Smithfield at the time of Joshua's death. Goldizen and Hess were both nurses at SCI Smithfield at the time. On June 27, 2025, Heath filed the operative second amended complaint against the Commonwealth Defendants, John Shultz, Goldizen, Wellpath, 10 unknown correctional officers, and 10 unknown medical providers alleging seven counts under federal and state law: -- In Count I, Heath alleges Wakefield, Pyo, and Shea are liable under Section 1983 for deliberate indifference in violation of the Eighth and Fourteenth Amendments. -- In Count II, Heath alleges Goldizen, Hess, Shultz, Correctional John Does, and Medical John Does are liable under Section 1983 for deliberate indifference in violation of the Eighth and Fourteenth Amendments. -- In Count III, Heath alleges Wellpath is liable under Section 1983 for deliberate indifference in violation of the Eighth and Fourteenth Amendments. -- In Count IV, Heath alleges Wellpath is liable for negligence in the alternative to her Section 1983 claim against Wellpath. -- In Count V, Heath alleges Goldizen and Medical John Does are liable for negligence in the alternative to her Section 1983 claims against Goldizen and Medical John Does. -- In Count VI, Heath alleges that she is entitled to collect damages from all Defendants under the Pennsylvania Wrongful Death Act. -- In Count VII, Heath alleges that she is entitled to collect damages from all Defendants under the Pennsylvania Survival Act. Wellpath avers that the claims against it are subject to dismissal under a joint Chapter 11 plan of reorganization entered by the United States Bankruptcy Court for the Southern District of Texas. However, due to recent developments in Wellpath's bankruptcy case, the parties have met and conferred regarding Wellpath's status as a party in the action and have agreed that Wellpath's motion should be dismissed as moot because the parties "are working together amicably to create a stipulation for substitution" in compliance with recent bankruptcy court rulings. Accordingly, the Court denies Wellpath's motion as moot. Turning to the remaining motions, Goldizen argues the Court should dismiss Count II against her because Heath fails to allege Goldizen's conduct rises to the level of deliberate indifference in violation of the Eighth Amendment. Similarly, Commonwealth Defendants posit that they are entitled to judgment on the pleadings on Counts I and II because Heath fails to allege that any of the Commonwealth Defendants had sufficient personal involvement in Joshua's death to be liable under Section 1983 or engaged in conduct that rises to the level of deliberate indifference in violation of the Eighth Amendment. Finally, Goldizen and Commonwealth Defendants aver that Heath's state tort claims fail because her claims are either moot or barred the doctrine of sovereign immunity. The Court ruled that Wellpath's motion to dismiss and Commonwealth Defendants' motion for judgment on the pleadings are denied. Goldizen's motion to dismiss is granted in part and denied in part. Goldizen's motion is granted regarding Count V but denied regarding all other counts. Count V is dismissed with prejudice regarding Goldizen. A copy of the Court's Memorandum dated March 2, 2026, is available at https://urlcurt.com/u?l=FLzouA from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. YNEZ SHOPS: Case Summary & 16 Unsecured Creditors ------------------------------------------------- Debtor: Ynez Shops LLC 520 Newport Center Drive Newport Beach, CA 92660 Business Description: Ynez Shops LLC, classified as a single-asset real estate company, owns property located at 29640 Rancho California Road in Temecula, California, and its operations are focused on managing this real estate asset. Chapter 11 Petition Date: March 3, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10693 Judge: Hon. Scott C Clarkson Debtor's Counsel: William J Wall, Esq. WALL LAW OFFICE 26895 Aliso Creek Rd # B-110 Aliso Viejo CA 92656-5301 Tel: (949) 387-4300 x105 Email: wwall@wall-law.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jason Miller as authorized agent. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7GMYPLQ/Ynez_Shops_LLC__cacbke-26-10693__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 16 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Joses Nuevo Landscaping LLC $64,409 3857 Birch Street 209 Newport Beach, CA 92660 2. Vierergruppe Management Inc. $42,884 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 3. Rancho California Water District $18,801 PO Box 512687 Los Angeles, CA 90051-0687 4. C.S.I. Patrol Service, Inc. $8,451 3605 Long Beach Blvd #205 Long Beach, CA 90807-4024 5. City of Temecula- Finance Department $8,451 41000 Main Street Temecula, CA 92590 6. CR&R, Inc. $2,601 PO Box 7096 Pasadena, CA 91109-9952 7. Sain Builders $2,425 147 Hart Bench Rd Darby, MT 59829 8. Kuri Services LLC $2,205 14817 Janine Dr. Whittier, CA 90605 9. Southern California Edison $1,223 P.O. Box 300 Rosemead, CA 91772-0001 10. Smart Key Locksmith $1,035 25211 Sunnymead Blvd Ste C-4 Moreno Valley, CA 92553-4100 11. American Jetting Services $717 P.O Box 1699 Ontario, CA 91762 12. Moises Camacho $451 5590 W. Mission Blvd. Ontario, CA 91762 13. Pestgon, Inc. $390 3612 Ocean Ranch Rd Oceanside, CA 92056 14. Ontario Refrigeration Services, Inc. $386 635 South Mountain Avenue Ontario, CA 91762 15. ABM Electrical & Lighting $306 Solutions, Inc P.O. Box 52609 Los Angeles, CA 90074-2609 16. Ramsey Backflow & Plumbing $196 11626 Sterling Ave Suite D Riverside, CA 92503 ZIVIEA INC: Seeks Chapter 11 Bankruptcy with $5MM Debt ------------------------------------------------------ Clara Geoghegan of Law360 reports that Ziviea, a Florida-based seller of compression socks through online platforms, filed for Chapter 11 protection Friday after reporting more than $6 million in debt and declining revenue during 2025. The company said the downturn in sales contributed to mounting financial pressure. Court filings show the retailer plans to continue operating as it reorganizes under Chapter 11. Ziviea offers compression socks marketed for circulation support and comfort and primarily reaches customers through digital sales channels. The bankruptcy case is expected to provide the company with an opportunity to restructure its liabilities while maintaining operations. Ziviea said the process will allow it to address creditor claims and evaluate potential strategies to strengthen the business, the report states. About Ziviea Inc. Ziviea Inc. is a Florida-based online retailer specializing in compression socks. Ziviea Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00938) on March 6, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. [] Fitch Affirms Ratings on 10 US & Canada Freight Transpo Cos. --------------------------------------------------------------- Fitch Ratings has affirmed 10 U.S. and Canada freight transportation and logistics companies' ratings and maintained one company on Rating Watch Positive: 1. Union Pacific Corporation 2. CSX Corporation 3. GXO Logistics, Inc. 4. Stonepeak Nile Parent LLC (d/b/a ATSG) 5. XPO, Inc. 6. Rand Parent, LLC (d/b/a Atlas Air) 7. Garda World Security Corporation 8. NA Transportation Hold Co. LLC (d/b/a ATSG) 9. Forward Air Corporation 10. Watco Companies, LLC 11. Neovia Acquisition, 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 criteria update did not result in changes to any of the ratings, Rating Outlooks, or the Rating Watch. Corporate Rating Tool Inputs and Scores Union Pacific 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 (aa-, Higher), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a, Moderate), Profitability (aa, Lower), 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 2027, 40% for the forecast year 2028 and 40% 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 'a-'. CSX Corporation Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (aa-, Higher), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a, Moderate), Profitability (aa, Lower), 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 historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'a-. GXO Logistics, Inc. Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bb, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. Stonepeak Nile Parent LLC (d/b/a ATSG) Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb+, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the 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+'. XPO, Inc. Fitch Scored the issuer as follows, using its CRT to produce the 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+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb+, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's "Parent-Subsidiary Linkage Rating Criteria" results in a consolidated approach. Rand Parent, LLC (d/b/a Atlas Air) Fitch Scored the issuer as follows, using its CRT to produce the 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 (bbb-, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on Standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. Garda World Security Corporation Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Lower), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast fiscal year 2027, 33% for the forecast fiscal year 2028 and 33% for the forecast fiscal year 2029. - '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+'. NA Transportation Hold Co. LLC (d/b/a Patriot Rail) Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (b+, Lower), 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+'. Forward Air Corporation Fitch Scored the issuer as follows, using its CRT to produce the 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 (bb, Higher), Profitability (bb-, Lower), 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. - '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'. Watco Companies, LLC Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb, Lower), Financial Structure (ccc+, 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'. Neovia Acquisition, LLC Fitch Scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Lower), 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. - Assessments of the quantitative financial subfactors also include bespoke calculations. - '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 'a+' results in no adjustment. - The SCP is 'b-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- PRC Holdings LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB NA Transportation Hold Co. LLC LT IDR B+ Affirmed B+ Forward Air Corporation LT IDR B Affirmed B Rand Parent, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR3 BB+ Stonepeak Nile Parent LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Watco Companies, LLC LT IDR B Affirmed B senior unsecured LT BB- Affirmed RR2 BB- Union Pacific Corporation LT IDR A- Rating Watch Maintained A- ST IDR F1 Rating Watch Maintained F1 senior unsecured LT A- Rating Watch Maintained A- senior unsecured ST F1 Rating Watch Maintained F1 Neovia Acquisition, LLC LT IDR B- Affirmed B- Garda World Security Corporation LT IDR B+ Affirmed B+ senior unsecured LT B- Affirmed RR6 B- USD 500 mln 6% bond/note 01-Jun-2029 36485MAL3 LT B- Affirmed RR6 B- USD 550 mln 8.25% bond/ Note 01-Aug-2032 36485MAN9 LT B- Affirmed RR6 B- USD 1 bln 8.375% bond/note 15-Nov-2032 36485MAP4 LT B- Affirmed RR6 B- senior secured LT BB Affirmed RR2 BB USD 529.9 mln Floating revolving credit facility 30-Jan-2028 XAC4000KAB08 LT BB Affirmed RR2 BB USD 2.35 bln Floating SOFR 2.75% Term Loan B 01-Feb -2029 C4000KAE4 LT BB Affirmed RR2 BB USD 400 mln 7.75% bond/note 15-Feb-2028 36485MAM1 LT BB Affirmed RR2 BB USD 650 mln 6.5% bond/note 15-Jan-2031 36485MAQ2 LT BB Affirmed RR2 BB NA Rail Hold Co. LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB XPO, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR2 BBB- GXO Logistics, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- GXO Logistics Capital B.V. senior unsecured LT BBB- Affirmed BBB- CSX Corporation LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Neovia Logistics, LP LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- senior secured LT B- Affirmed RR4 B- XPO CNW, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Clue Opco LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ [] Fitch Affirms Ratings on 8 NA Electric Generation Companies -------------------------------------------------------------- Fitch Ratings has affirmed eight North American Electric Generation Companies and their related subsidiaries' ratings: 1. BPC Generation Infrastructure Trust 2. Bruce Power L.P. 3. Capital Power Corporation (related subsidiary Capital Power (US Holdings) Inc.) 4. NRG Energy, Inc. (related subsidiary Alexander Funding Trust II) 5. Ohio Valley Electric Corporation 6. Southern Power Company 7. VG Enterprise Holdings LLC (related subsidiary VoltaGrid LLC) 8. Calpine Corporation (related subsidiary Calpine Construction Finance Company, L.P.) These actions follow the update of Fitch's "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores BPC Generation Infrastructure Trust 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), Portfolio Credit Characteristics (bbb+, Moderate), Portfolio Diversification (b, Higher), Risk Appetite and Investment Track Record (bbb, Moderate), Transparency and Execution of Investment Strategy (bbb, Moderate), Access to Capital (Financial) (bb, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Higher). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. Bruce Power L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (a-, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. Capital Power Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Moderate), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. NRG Energy, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BB+'. Ohio Valley Electric 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, Higher), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Lower), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 100% weight for the forecast year 2028 - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. Southern Power Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (bbb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2024, 20% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a bottom up +1 approach. VG Enterprise Holdings LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (a-, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb-, Higher), Profitability (bb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% 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-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a(n) same credit profile for both parent and subsidiary approach. Calpine Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Lower), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a top-down approach. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ohio Valley Electric Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- VG Enterprise Holdings LLC LT IDR BB- Affirmed BB- Bruce Power L.P. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Calpine Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB senior secured LT BBB+ Affirmed BBB+ Capital Power (US Holdings) Inc. senior unsecured LT BBB- Affirmed BBB- Alexander Funding Trust II senior secured LT BBB- Affirmed RR1 BBB- BPC Generation Infrastructure Trust LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- NRG Energy, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- preferred LT BB- Affirmed RR6 BB- Capital Power Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- jr. subordinated LT BB Affirmed BB VoltaGrid LLC LT IDR BB- Affirmed BB- sr. secured 2nd lien LT BB- Affirmed RR4 BB- Southern Power Company LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Calpine Construction Finance Company, L.P. LT IDR BBB Affirmed BBB senior secured LT BBB+ Affirmed BBB+ [] Fitch Affirms Ratings on Six Office REITs -------------------------------------------- Fitch Ratings has affirmed six office REITs' ratings using Fitch's REIT Corporate Rating Tool: 1. Vornado Realty Trust 2. SL Green Realty Corp. 3. Hudson Pacific Properties 4. Kilroy Realty Corp. 5. Piedmont Realty Trust 6. COPT Defense Properties These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Vornado Realty Trust Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bb+, Moderate), Profitability (a, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are assessed based on custom financial period parameters of 40% weight for the historical fiscal year 2024, 30% for the forecast year 2025 and 30% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No further adjustments made to the SCP, resulting in an IDR of 'BB+'. SL Green Realty 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), Access to Capital (bbb, Moderate), Liability Profile (bb, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No further adjustments made to the SCP, resulting in an IDR of 'BB+'. Hudson Pacific Properties 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), Access to Capital (bb-, Higher), Liability Profile (bbb-, Moderate), Property Portfolio (bb+, Moderate), Rental Income Risk Profile (b+, Higher), Profitability (a-, Lower), Financial Structure (b-, Moderate), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No further adjustments made to the SCP, resulting in an IDR of 'B+'. Kilroy Realty 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), Access to Capital (bbb, Higher), Liability Profile (bbb+, Moderate), Property Portfolio (bbb-, Moderate), Rental Income Risk Profile (bb-, Higher), Profitability (a, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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. - No further adjustments made to the SCP, resulting in an IDR of 'BBB-'. Piedmont Realty Trust Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (a-, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance 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. - No further adjustments made to the SCP, resulting in an IDR of 'BBB-'. COPT Defense Properties Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bb+, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (a-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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 - No further adjustments made to the SCP, resulting in an IDR of 'BBB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SL Green Operating Partnership, L.P. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ junior subordinated LT BB Affirmed RR5 BB SL Green Realty Corp. LT IDR BB+ Affirmed BB+ preferred LT BB- Affirmed RR6 BB- Piedmont Operating Partnership, L.P. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Piedmont Realty Trust, Inc. LT IDR BBB- Affirmed BBB- Hudson Pacific Properties, Inc. LT IDR B+ Affirmed B+ preferred LT B- Affirmed RR6 B- COPT Defense Properties LT IDR BBB- Affirmed BBB- Hudson Pacific Properties, L.P. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- Kilroy Realty Corporation LT IDR BBB- Affirmed BBB- Vornado Realty Trust LT IDR BB+ Affirmed BB+ preferred LT BB- Affirmed RR6 BB- Vornado Realty, LP LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ COPT Defense Properties, L.P. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Kilroy Realty, L.P. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- [] Fitch Affirms Ratings on Three Building Material Companies ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of three building material companies and their related subsidiaries and affiliates: 1. Vulcan Materials Company 2. Martin Marietta Materials, Inc. 3. Smyrna Ready Mix Concrete, LLC (Smyrna) and Hollingshead Holding Company, 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 Vulcan Materials Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. - To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. Martin Marietta Materials, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the historical year 2024 and 50% for the historical year 2025. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. - To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Smyrna Ready Mix Concrete, LLC (Smyrna) and Hollingshead Holding Company, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, 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 SCP is 'bb-'. - To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Smyrna Ready Mix Concrete, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ senior secured LT BB+ Affirmed RR1 BB+ Hollingshead Holding Company, LLC LT IDR BB- Affirmed BB- Vulcan Materials Company LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Martin Marietta Materials, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 [] Fitch Affirms Ratings on Three Building Product Companies ------------------------------------------------------------ Fitch Ratings has affirmed the ratings of three building product and distributor companies and their related subsidiaries and affiliates: 1. Park River Holdings, Inc. 2. Doman Building Materials Group Ltd. 3. LBM Acquisition, LLC and BCPE Ulysses Intermediate, 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 Park River 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+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb+, Moderate), Financial Structure (ccc+, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. - To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Doman Building Materials Group 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 (bbb-, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b, Higher), Financial Structure (bb, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. - To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. LBM Acquisition, LLC and BCPE Ulysses Intermediate, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb, Higher), Profitability (b+, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach, resulting in an IDR of 'B'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Park River Holdings, Inc. LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- senior secured LT B Affirmed RR3 B sr secured 2nd Lien LT CCC Affirmed RR6 CCC LBM Acquisition, LLC LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB Affirmed RR1 BB senior secured LT B Affirmed RR4 B BCPE Ulysses Intermediate, Inc. LT IDR B Affirmed B Doman Building Materials Group Ltd. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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