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260330.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, March 30, 2026, Vol. 30, No. 89 Headlines 1544 MULTIFAMILY: U.S. Trustee Unable to Appoint Committee 307 COLLISION: Gets Interim OK to Use Cash Collateral 3326 CHESTNUT: Seeks to Tap the Law Office of Lewis Phon as Counsel 4912 WISCONSIN: U.S. Trustee Unable to Appoint Committee 547 DUNCAN: Angela Shortall of 3Cubed Named Subchapter V Trustee 547 DUNCAN: Seeks to Hire David C. Jones as Bankruptcy Counsel 560 NIAGARA: U.S. Trustee Unable to Appoint Committee 57 RGV MACHINERY: Case Summary & 30 Largest Unsecured Creditors 74 OXFORD: To Sell Condominium Unit 72 to W. Mesard & A. Borgmann 74 OXFORD: To Sell Condominium Unit 74 to Collin & Christine Rhea A.G. NEW YORK: Gets OK to Use Cash Collateral Until April 15 A.M. SCOTT: Seeks Cash Collateral Access AC DESIGN: Files Emergency Bid to Use Cash Collateral ACADEMY OF VOLLEYBALL: Case Summary & 20 Top Unsecured Creditors ADVANTAGE SALES: Moody's Withdraws Caa2 Rating on Secured Notes ADVANTAGE SCI: Seeks to Lease Office with Regus Management AFM MATTRESS: Court Converts Chapter 11 to Chapter 7 Liquidation AHR INTERMEDIATE: TPG Twin Brook Marks $7.8M 1L Loan at 90% Off AIRPRO DIAGNOSTICS: TPG Twin Brook Marks $1.8MM 1L Loan at 68% Off ALABAMA AUTO TOP: Gets Final OK to Use Cash Collateral ALCOA-MARYVILLE: Hires Tarpy Cox Fleishman & Leveille as Counsel ALCRESTA BUYER: TPG Twin Brook Virtually Writes Off $3.1MM 1L Loan ALL COUNTY: Seeks Approval to Hire James A. Cassella as Accountant ALL REAL SERVICES: Court Extends Cash Collateral Access to May 5 ALL TEX LAND: Case Summary & 12 Unsecured Creditors ALL THINGS SURPLUS: Voluntary Chapter 11 Case Summary ALLIANCE ENVIRONMENTAL: TPG Twin Marks $2.4MM 1L Loan at 63% Off ALORIA VINEYARDS: Seeks Cash Collateral Access ALTA EQUIPMENT: Moody's Cuts CFR to B3 & Alters Outlook to Stable AMERICAN FAMILY: TPG Twin Brook Marks $5.6M 1L Loan at 91% Off AMERIESTATE LEGAL: Files Emergency Bid to Use Cash Collateral AMERIESTATE LEGAL: Robert Goe Named Subchapter V Trustee ANDERSON HAY: Seeks to Sell Vehicles & Equipment at Auction ANDERSON HAY: To Sell Straw Processing Biz to Millicent Property ANDERSON PHYSICAL: Gets Final OK to Use Cash Collateral ANOINTED TOUCH: Gets Final OK to Use Cash Collateral ANSWER ACQUISITION: TPG Twin Brook Marks $759,000 Loan at 71% Off APEX PAVERS: Files Emergency Bid to Use Cash Collateral APRICA PROPERTIES: Initiates Chapter 7 Bankruptcy in New York AQUATIC SALES: TPG Twin Brook Marks $2.6M 1L Loan at 28% Off ARCHBLOCK LLC: Committee Taps McDermott Will & Schulte as Counsel ASP GLOBAL: TPG Twin Brook Marks $19M 1L Loan at 30% Off ASPIRING SOLUTIONS: Gets Interim OK to Use Cash Collateral ASSET ROOFING: Seeks Cash Collateral Access AT THE CROSS: Starts Chapter 11 Bankruptcy in California AUGUSTA QUALITY: Seeks to Hire The Cleveland Group as Accountant BANNER BUYER: TPG Twin Brook Marks $1.3M 1L Loan at 32% Off BANNER BUYER: TPG Twin Brook Marks $572K 1L Loan at 33% Off BEGHOU CONSULTING: TPG Twin Brook Marks $2.7M 1L Loan at 86% Off BESTOP INC: TPG Twin Brook Marks $6.7M 1L Loan at 81% Off BETTER MOTOR WORKS: Files Emergency Bid to Use Cash Collateral BIA HOSPITALITY: Seeks to Tap Montalto Law Firm as Special Counsel BITA FASHION: Seeks Chapter 7 Bankruptcy in California BLACKSTONE VALLEY: S&P Lowers ICR to 'B', Outlook Negative BLOOM HOTELS: Gets Interim OK to Use Cash Collateral BLUE BIOFUELS: Posts $2.87MM Loss, $60.13MM Deficit in FY 2025 BOREN INC: Seeks Continued Cash Collateral Access BRD LAND: Seeks to Hire Rayburn Cooper and Durham as Legal Counsel BRD LAND: Taps Great Neck and Iron Horse as Brokers/Auctioneers BRIGHT STAR: Seeks to Use Cash Collateral BROAD STREET: Seeks Chapter 7 Bankruptcy in Delaware BROOKFIELD OFFICE: DBRS Finalizes BB Rating on Subordinated Notes BRUNCH ROOM: Starts Chapter 11 Bankruptcy in Texas BUFFALO ACADEMY OF SCIENCE: S&P Assigns 'BB+' ICR, Outlook Stable BY HOTEL SPE-3: U.S. Trustee Unable to Appoint Committee BYRON'S KITCHEN: Janice Seyedin Named Subchapter V Trustee BYRON'S KITCHEN: Seeks Chapter 11 Bankruptcy in Illinois C & S MARKET: Seeks to Hire Michael Jay Berger as Legal Counsel C & S RESTAURANT: Gets Interim OK to Use Cash Collateral CANACOL ENERGY: Strikes Chapter 15 Agreement to Remedy DIP Defaults CANADIAN ORTHODONTIC: TPG Twin Marks CAD$307,000 1L Loan at 80% Off CANADIAN ORTHODONTIC: TPG Twin Marks CAD$372K 1L Loan at 80% Off CANNABIST COMPANY: Gains Stay Protection for US-Based Subsidiaries CANNABIST COMPANY: Initiates CCAA to Facilitate Asset Sales CANNABIST COMPANY: Seeks Chapter 15 Bankruptcy in Delaware CANO HEALTH: Moody's Withdraws 'Ca' Corporate Family Rating CAPSTONE MECHANICAL: TPG Twin Virtually Writes Off $1.4MM 1L Loan CARBON HEALTH: Hires Keen-Summit Capital as Real Estate Advisor CARPENTER HOMES: Hires Jesse Lee Ray as Special Litigation Counsel CATTLE CARTEL: U.S. Trustee Unable to Appoint Committee CEDAR ARCH: Files Emergency Bid to Use Cash Collateral CEMTREX INC: Declares 10% Semi-Annual Preferred Stock Dividend CHAINCE DIGITAL: Closes $5M Private Placement With Non-US Investors CHANGE ACADEMY: TPG Twin Brook Marks $5.8MM 1L Loan at 49% Off CHARLES & COLVARD: Seeks to Hire Ordinary Course Professionals CHEMPETITVE GROUP: TPG Twin Brook Marks $11.9M 1L Loan at 89% Off CHEMPETITVE GROUP: TPG Twin Brook Marks $3.4M 1L Loan at 91% Off CHILDREN'S HOSPITAL: Moody's Rates new $187.5MM Revenue Bonds 'Ba2' CL SERVICES: TPG Twin Brook Marks $32.2MM 1L Loan at 72% Off CL SERVICES: TPG Twin Brook Virtually Writes Off $5.4MM 1L Loan CLINICAL LABORATORY: Mark Politan Named Subchapter V Trustee CLINICAL LABORATORY: Seeks to Hire Steven D. Pertuz LLC as Counsel CLINTWOOD JOD: Seeks $3MM DIP Loan from Continental Land CMN GROUP: Jolene Wee Named Subchapter V Trustee COEUR MINING: Moody's Raises CFR to Ba2 & Alters Outlook to Stable COLLEGE PARENT: S&P Upgrades ICR to 'B-' on Improved Performance CONAIR HOLDINGS: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR CONCEPTOS RESTAURANTS: Starts Chapter 7 Bankruptcy in Puerto Rico CONSTANT CARE: Seeks Interim Cash Collateral Access CONTINENTAL TELEVISION: Seeks to Hire Yankwitt Law Firm as Counsel COPPERS PUB: Gets Final OK to Use Cash Collateral CORE SCIENTIFIC: Crypto Patent Case Stays in Texas CORNERSTONE WELLNESS: U.S. Trustee Appoints Joseph Tomaino as PCO CPS POWER: TPG Twin Brook Marks $4.4M 1L Loan at 76% Off CPV SHORE: S&P Affirms 'B+' Rating on Term Loan B and Term Loan C CROSBY ENTERPRISES: Initiates Debt Restructuring via Chapter 11 CROSBY MARINE: Case Summary & 30 Largest Unsecured Creditors CSL INTERMEDIATE: TPG Twin Brook Marks $1.6MM 1L Loan at 76% Off CTCHGC LLC: Seeks Cash Collateral Access Thru May 31 DAIRY BUILDING: Seeks Continued Cash Collateral Access DAN LEPORE & SONS: Gets Extension to Access Cash Collateral DASCO HME: TPG Twin Brook Marks $5.3MM 1L Loan at 92% Off DATAVAULT AI: FY25 Liquidity Levels Alleviate Going Concern Doubt DC CABLE: Seeks to Hire Charles E. Andersen as General Counsel DEL MONTE: Three Creditors Out as Committee Members DETROIT PIZZA: Gets OK to Use Cash Collateral DIDDI ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas DISTINCTIVELY OUTDOORS: Joseph Schwartz Named Subchapter V Trustee DIVERSIFIED WIRE: Deborah Fish Named Subchapter V Trustee DONHAM REAL: Seeks Chapter 7 Bankruptcy in Arizona DOUBLE E CO: TPG Twin Brook Marks $3.1M 1L Loan at 50% Off DR INNOVATIONS: To Sell Massage Assets to Recover Wellness Wichita DRIFTWOOD YOGA: Gets Final OK to Use Cash Collateral DTD PRECISION: Jody Corrales Named Subchapter V Trustee DYNACQ HEALTHCARE: Susan Goodman Submits Second PCO Report DYNAMIC TRANSPORT: Hires Ford & Semach PA as Bankruptcy Counsel DYNAMIC TRANSPORT: Kathleen DiSanto Named Subchapter V Trustee E&M BINDERY: Cash Collateral Hearing Set for April 1 EAGLE INTERMEDIATE: Moody's Cuts CFR to C, Alters Outlook to Stable ELITA 7 LLC: Gets Final OK to Use Cash Collateral ELMC RX: TPG Twin Brook Marks $914K 1L Loan at 90% Off EMPOWER NATUROPATHIC: Jeanne Goddard Named Subchapter V Trustee EMPOWER NATUROPATHIC: Seeks to Tap S. E. Cowen Law as Legal Counsel ENDODONTIC PRACTICE: TPG Twin Brook Marks $13.7M 1L Loan at 51% Off ENVOY MEDICAL: Liabilities Exceed Assets by US$12.2M at Dec. 31 ER OF TEXAS: Gets Interim OK to Use Cash Collateral ERG BUYER: TPG Twin Brook Marks $37.3MM 1L Loan at 21% Off ERG BUYER: TPG Twin Brook Marks $5.4MM 1L Loan at 21% Off EVOFEM BIOSCIENCES: Terminates PHEXXI Supply Deal With Windtree EXCLUSIVE CONCEPTS: TPG Twin Brook Marks $5M 1L Loan at 66% Off EXTENSIONS PLUS: Has Deal on Cash Collateral Access FAT BRANDS: Closes Fatburger Locations in Chapter 11 FINCH THERAPEUTICS: Hires Omni Agent as Claims and Noticing Agent FINCH THERAPEUTICS: Seeks Ch.11 Bankruptcy to Sell IP, Escape Lease FIRST BRANDS: To Sell Automotive Equipment to PGI Northstar FIRST BRANDS: Wants to Close Spark Plug, Brakes Businesses FIRST STEPS: TPG Twin Brook Marks $4.4MM 1L Loan at 81% Off FLOAT ALASKA: Secures Court OK for $20MM Asset Sale in Chapter 11 FLOOF LLC: Hires Lefkovitz & Lefkovitz PLLC as Substitute Counsel FRALEGE GROUP: Commences Chapter 11 Bankruptcy in Florida FREDERICK FAMILY: Andrew Kight Named Subchapter V Trustee FREDERICK FAMILY: Hires Welch and Company as Bankruptcy Counsel FS KKR CAPITAL: Moody's Assigns Ba1 CFR & Alters Outlook to Stable FTX TRADING: Court Orders SBF to Reveal Legal Aid in Pro Se Motion FUTURE FINTECH: FY25 Loss Narrows to $2.75MM, Seeks Profitability FYZICAL BUYER: TPG Twin Brook Marks $2.7MM 1L Loan at 42% Off G & R SYSTEMS: Seeks to Hire Middlebrooks Shapiro PC as Counsel GALAXY TREE: Seeks Cash Collateral Access GENESIS GLOBAL: Challenges DCG's Bid to Void $1.1B Note Obligation GENESIS HEALTHCARE: Court OKs $7.3MM Employee Bonus Plan GENIUS BIDCO: TPG Twin Brook Marks $3.5MM 1L Loan at 88% Off GLOBAL LUXURY: Seeks to Use Cash Collateral GM SERVICES: TPG Twin Brook Marks $21.5M 1L Loan at 33% Off GO FREEDOM: Hires Kutner Brinen Dickey Riley PC as Counsel GOLD MEDAL: TPG Twin Brook Marks $2.8MM 1L Loan at 66% Off GOLD RESOURCE: FY25 Net Loss Narrows; Sees Adequate Liquidity GOLIATH VENTURES: Seeks Ch.11 as Founder Faces Ponzi Scheme Charges GPSTRACKIT HOLDINGS: TPG Twin Brook Marks $4.4MM 1L Loan at 48% Off GRAPHIC PACKAGING: S&P Downgrades ICR to 'BB', Outlook Stable GREEN MEADOW: Hires Hilliard Smith & Hunt as Bankruptcy Counsel GREEN MEADOW: Hires Russo White & Keller as Bankruptcy Counsel GREEN MEADOW: Taps Prime Investment Brokers as Management Company GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until June 30 GREENIDGE GENERATION: Amends Exchange Offer, Adds Equity Incentive H&S COMMERCIAL: Seeks to Hire Rumberger Kirk Caldwell as Counsel H2 HOLDCO: TPG Twin Brook Marks $2.5MM 1L Loan at 41% Off HAN & JU: Files Emergency Bid to Use Cash Collateral HARLING INC: Court Extends Cash Collateral Access to May 8 HARRISON BY RENZZI: Hires Zeichman Law as Bankruptcy Counsel HARROW INC: Moody's Affirms 'B3' CFR, Outlook Stable HAYATS KITCHEN: Files Emergency Bid to Use Cash Collateral HAYATS KITCHEN: Seeks Chapter 11 Bankruptcy in California HCH PROPERTY: Seeks Cash Collateral Access HHSP LLC: Commences Chapter 11 Bankruptcy in Oregon HIGH IMPACT SIGN: Case Summary & 20 Largest Unsecured Creditors HOMESLEEP LLC: Case Summary & 14 Unsecured Creditors HOMETOWN LENDERS: Hires Pentegra Retirement Services as Consultant HOMETOWN LENDERS: Seeks to Hire Templeton Advisors as Auditor HOWARD'S APPLIANCES: To Sell Appliance Retail Business at Auction HTI INTERMEDIATE: TPG Twin Brook Marks $2.5MM 1L Loan at 81% Off I-HOMES LLC: Hires Elias M. Yazbeck PLLC as Bankruptcy Counsel IN HOME PROGRAM: Court Extends Cash Collateral Access to May 31 INNOVATIVE DESIGNS: Posts Q1 Profit, But Flags Going Concern Risk INSPIREMD INC: Widens FY25 Loss to $48.8MM Amid Going Concern Doubt ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral J&L INVESTMENTS: Seeks to Hire Branson Ainsworth as Legal Counsel J.L.E.T. ENTERPRISES: Gets Final OK to Use Cash Collateral JACENT STRATEGIC: TPG Twin Brook Marks $2.4MM 1L Loan at 55% Off JACKSON WALKER: Bankruptcy Settlements Evidentiary Hearing Starts JAY'S PRIME: Case Summary & 12 Unsecured Creditors JJTA1 REAL: Gets Interim OK to Use Cash Collateral JONGELLE L.L.C.: Seeks Chapter 11 Bankruptcy in Louisiana JOSHUA MASSINGILL: Seeks to Use Cash Collateral JS REALTY: Seeks Chapter 11 Bankruptcy in New York JUMPSTART COMMUNICATIONS: Case Summary & 18 Creditors JUNIPER LANDSCAPING: TPG Twin Brook Marks $3.1M 1L Loan at 75% Off KAISER ALUMINUM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable KAIZEN AUTO: TPG Twin Brook Marks $1.3M 1L Loan at 27% Off KAYA RESTAURANT: Seeks Chapter 7 Bankruptcy in California KEYSTONE PARTNERS: TPG Twin Brook Marks $2.1MM 1L Loan at 67% Off KIM ENGINEERING: Court Extends Cash Collateral Access to April 30 KITCHEN AND BATH: Files Emergency Bid to Use Cash Collateral KRCM ASTORIA: Court OKs Deal to Use Cash Collateral KSHITIJ INC: Gets Interim OK to Use Cash Collateral L&J HOLDING: TPG Twin Brook Marks $9.8M 1L Loan at 65% Off L3DFX LLC: Gets Interim OK to Use Cash Collateral Until April 24 LAKE BUENA VISTA: Court Extends Cash Collateral Access to June 10 LAKESHIRTS LLC: TPG Twin Brook Marks $11.6M 1L Loan at 73% Off LAMOUR COMMUNITY: Seeks to Hire John Desmond as Bankruptcy Counsel LANDMARK RECOVERY: No Patient Care Concern, 3rd PCO Report Says LASCHAL SURGICAL: Seeks Cash Collateral Access LAW OFFICES OF TRAVIS: Seeks Cash Collateral Access LAWN CARE: TPG Twin Brook Marks $2.6M 1L Loan at 81% Off LEGACY LOFT: U.S. Trustee Unable to Appoint Committee LIGADO NETWORKS: Inmarsat Objects to $100MM Payment Delay LIVE FREE: Aaron Cohen Named Subchapter V Trustee LIVEFRONT LLC: TPG Twin Brook Marks $2.9MM 1L Loan at 86% Off LMD HOLDINGS: Gets $1.04MM DIP Loan, Faces April Sale Deadlines LMD HOLDINGS: Seeks Addt'l $142,500 DIP Loan LOW COST TREE: Gets Extension to Access Cash Collateral LURIN REAL: Seeks to Sell Residential Properties at Auction MAD ROSE: TPG Twin Brook Marks $395,000 1L Loan at 64% Off MARC CAMPBELL: Seeks Chapter 11 Bankruptcy in Arkansas MARC CAMPBELL: Seeks to Hire Dilks Law Firm as Bankruptcy Counsel MARYLAND HEALTH: Court Extends Cash Collateral Access to June 28 MEDICAL TECHNOLOGY: TPG Twin Brook Marks $2.9MM 1L Loan at 53% Off MISTER CAR: Moody's Confirms 'B2' CFR & Alters Outlook to Negative MMA LAW: Seeks to Tap Lausten Group as Special Louisiana Counsel MODERN MEDICAL: Gets Final OK to Use Cash Collateral MOON PROPERTY: Seeks to Tap Krekeler Law SC as Bankruptcy Counsel MORE THAN A PRINTER: Charity Bird Named Subchapter V Trustee MORE THAN: Seeks to Tap McClain Law Group as Bankruptcy Counsel MOUNTAIN RIDGE: Hires Myers Brettholtz & Company as Accountant MPH RESTAURANTS: Section 341(a) Meeting of Creditors on April 23 MTF CHILDCARE: Gets Extension to Use Cash Collateral MTF HOLDINGS: Gets Extension to Use Cash Collateral MU HOLDINGS: Files Emergency Bid to Use Cash Collateral MULFORD CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors MULTI-RACE HOUSING: Leo Congeni Named Subchapter V Trustee MUTINY BBC: Commences Chapter 11 Bankruptcy in New Jersey MWEC MANAGEMENT: TPG Twin Brook Marks $1.4MM 1L Loan at 70% Off MWEC MANAGEMENT: TPG Twin Brook Marks $1.9MM 1L Loan at 35% Off N & S HOSPITALITY: Court Extends Cash Collateral Access to April 26 NATIONAL TRANSPORTATION: Files Emergency Bid to Use Cash Collateral NEO ZONE INC: Files Emergency Bid to Use Cash Collateral NETCAPITAL INC: Q3 Net Loss Narrows to $1.8MM, Warns of Cash Crunch NEWBURGH EOM: Seeks Chapter 11 Bankruptcy in New York NEXSTAR MEDIA: Fitch Assigns First-Time 'BB' IDR, Outlook Stable NEXT GEN: Gets Interim OK to Use Cash Collateral NIKOLA CORP: Former CEOs Denied Bankruptcy Stay in Investor Lawsuit NMR ENTERPRISES: Hires Penn River Capital as Investment Banker NOODLES & CO: Liabilities Exceed Assets by US$45.3M at Dec. 30 NORTH COUNTY PIZZA: David Wood Named Subchapter V Trustee NORTH COUNTY PIZZA: Domino's Pizza Franchisee Seeks Bankruptcy NRPF GROUP: Seeks Cash Collateral Access Thru May 6 NURIEL & GRACE: U.S. Trustee Appoints Fay Gordon as PCO OAK-EAGLE ACQUIRECO: Moody's Rates New $3.75BB Secured Notes 'Ba3' OFFICE PROPERTIES: FY2025 Loss Increases Amid Chapter 11 Proceeding OLIVER FORREST: To Sell Decatur Property to Wallace Capital Group OLLE FOODS: Seeks Chapter 7 Bankruptcy in California OMNI HEALTH: Gets Extension to Access Cash Collateral ORLANDO CITY PLUMBING: Gets Extension to Access Cash Collateral OUACHITA COUNTY MEDICAL: Hires Keech Law Firm PA as Attorney OWH INTERNATIONAL: Commences Chapter 7 Bankruptcy in California P1 DENTAL: TPG Twin Brook Marks $5.1MM 1L Loan at 52% Off PACRIM LINKS: Seeks Chapter 7 Bankruptcy in California PALMETTO TECHNOLOGY: TPG Twin Brook Marks $11.3M 1L Loan at 40% Off PAPPAS PIPING: Has Deal on Cash Collateral Access PARKER & SONS: Hires Moon Wright & Houston as Bankruptcy Counsel PATRIOT DSP: Seeks to Tap The Lane Law Firm as General Counsel PENINSULA MMGY: TPG Twin Brook Virtually Writes Off $3.6M 1L Loan PETER DAMON: Gets Final OK to Use Cash Collateral PHASE TO PHASE: Files Emergency Bid to Use Cash Collateral PIG FLOYD'S: Seeks Chapter 11 Bankruptcy in Florida PIGZZA LLC: Files Emergency Bid to Use Cash Collateral PIGZZA LLC: L. Todd Budgen Named Subchapter V Trustee PINK LILY: TPG Twin Brook Marks $1.4M 1L Loan at 79% Off PITTS FUNERAL HOME: Seeks Cash Collateral Access PITTS FUNERAL: Court Okays Appointment of Chapter 11 Trustee POLYCORP LTD: TPG Twin Brook Marks $14.8M 1L Loan at 45% Off PORTLAND DUCK: Court OKs Continued Cash Collateral Access POWER CLEAN: Gina Klump Named Subchapter V Trustee PRECISION POINT: TPG Twin Brook Marks $7.2MM 1L Loan at 43% Off PREHIRED LLC: Trustee Can't Be Sued Outside of Bankruptcy Court PREMIER EARLY: TPG Twin Brook Marks $1.3 1L Loan at 61% Off PRESTIGE BRANDS: Moody's Alters Outlook on 'Ba2' CFR to Negative PRINCE LAND: Gets Extension to Access Cash Collateral PROJECT PIZZA: Seeks to Tap Charyn Asset Management as Appraiser PUGET ENERGY: Fitch Rates Jr. Subordinated Notes Due 2056 'BB' PUGET ENERGY: Moody's Rates New Junior Subordinated Notes 'Ba1' QIN'S BUFFALO: TPG Twin Brook Marks $7.9MM 1L Loan at 31% Off QUALITY OFFICE: Gets Final OK to Use Cash Collateral QUEENS MEDICAL: Seeks to Tap Yitzhak Law Group as General Counsel R.E.M. US: Chris Quinn Named Subchapter V Trustee RAMANUJAN GROUP: Section 341(a) Meeting of Creditors on April 20 RAPID FIRE: TPG Twin Brook Marks $5.4M 1L Loan at 16% Off RBS HOME: Edward Burr Named Subchapter V Trustee RED RIVER: Beasley Allen Seeks NJ Supreme Court Talc Case Review RELIZ TECHNOLOGY: Seeks to Tap Verita as Claims and Noticing Agent RENDITIONS LLC: Hires Paul Reece Marr P.C. as Bankruptcy Counsel RENHURST HOLDINGS: Taps American Commercial Lending as Loan Broker RENOVA ENERGY CORP: Seeks Chapter 7 Bankruptcy in California RENPRO LLC: Seeks Cash Collateral Access RENPRO LLC: Starts Chapter 11 Bankruptcy in New York ROCKY MOUNTAIN: Hires Douglas Wilson & Company as Accountant RONIN STAFFING: Commences Chapter 11 Bankruptcy in California RTP ACQUISITION: TPG Twin Brook Marks $2.7MM 1L Loan at 25% Off RYAN SPECIALTY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable S & A INDUSTRIAL: Files Emergency Bid to Use Cash Collateral SAIG LAUNDRY: Behrooz Vida Named Subchapter V Trustee SAIG LAUNDRY: Seeks to Hire Herrin Law as Bankruptcy Counsel SAKS GLOBAL: Hires Deloitte as Tax Advisory Services Provider SAKS GLOBAL: Seeks to Hire Alvarez & Marsal as Financial Advisor SAM'S DINER: Gets Extension to Access Cash Collateral SANDY PINES: Ch. 11 Proceedings Stall Kennebunkport Campground Sale SANTA PAULA HAY: Hires Pro Business Valuations LLC as Appraiser SCHAFER FISHERIES: Court Extends Cash Collateral Access to April 30 SCP ENT: TPG Twin Brook Marks $256,000 1L Loan at 25% Off SCP OMS: TPG Twin Brook Marks $9.9M 1L Loan at 62% Off SCV GEMINI: U.S. Trustee Unable to Appoint Committee SELECTIS HEALTH: Appoints Richard Huebner to Board of Directors SERTA SIMMONS: 'Uptier' Dispute Trial Ends, Ruling Expected Summer SHERWOOD HOSPITALITY: Bidder for Oregon Property Sale OK'd SIEMPRE NUNCA: Jose Diaz Crespo Named Subchapter V Trustee SIMMONS FOODS: S&P Alters Outlook to Positive, Affirms 'B' ICR SINTX TECHNOLOGIES: Tanner LLP Raises Going Concern Doubt SKY-FRAME INC: Hires Lewitt Hackman Shapiro as Litigation Counsel SLEEP QUARTERS: Gets Final OK to Use Cash Collateral SLY MANAGEMENT: Seeks to Tap Robert S. Lewis as Bankruptcy Counsel SN TRANSPORT: Diana Torres-Cancel Named Subchapter V Trustee SPARHAWK LLC: Seeks to Tap Kerkman & Dunn as Bankruptcy Counsel SPEYSIDE HOLDINGS: Hires Speyside Holdings as Bankruptcy Counsel SPG HOLDCO: TPG Twin Brook Marks $1.7M 1L Loan at 32% Off SPG HOLDCO: TPG Twin Brook Marks $2M 1L Loan at 34% Off STOLI GROUP: Trustee Hires Ferguson Braswell as Local Counsel STOLI GROUP: Trustee Seeks to Hire NOVO Advisors as Accountant STOLI GROUP: Trustee Seeks to Tap Hughes Hubbard & Reed as Counsel SUDOXE LLC: Seeks to Tap The Weiss Law Group as Legal Counsel SUMMIT ACCESS: Cash Collateral Hearing Set for March 31 SUPERIOR INSURANCE: TPG Twin Brook Marks $15.1M 1L Loan at 28% Off SUPERPSYCHED LLC: Taps Daniel L. Freeland & Associates as Counsel SURF CLEAN: Gerard Luckman Named Subchapter V Trustee SURPLUS SOLUTIONS: TPG Twin Brook Marks $4.6MM 1L Loan at 31% Off T.C.'S GRILL: Hires Tarpy Cox Fleishman & Leveille as Counsel TBN MURRAY: Gets OK to Use Cash Collateral TCB INVESTMENTS: Hires Gambrell & Associates as General Counsel TCB INVESTMENTS: Hires Gambrell & Associates PLLC as Counsel TEAM SYSTEMS: Judge Delays Chapter 7 Dispute Until July TEDDER INDUSTRIES: To Sell Firearms Biz to Safariland for $10MM TEZ WINGZ: U.S. Trustee Unable to Appoint Committee THREE OAKS: George Oliver Named Subchapter V Trustee TONIX PHARMACEUTICALS: EisnerAmper Out, PwC In as Auditor for FY26 TPD DESIGN: Seeks Cash Collateral Access Thru May 3 TPI COMPOSITES: Court OKs Wind Blade Asset Sale to Vestas Wind TRI-STAR MEDICAL: Seeks Chapter 7 Bankruptcy in California TRI-STATE ENVIRONMENTAL: Seeks Cash Collateral Access TRIAD AERO: Seeks Cash Collateral Access TRICOLOR AUTO: Ex-CEO, Trustee Ink Beverly Hills Property Deal TRIMAS CORP: S&P Downgrades ICR to 'B+', Outlook Stable TRINSEO PLC: Secures Temporary Lender Waivers Amid Debt Talks TRUSOURCE FOODS: TPG Twin Brook Marks $1.9MM 1L Loan at 49% Off ULTINON MOTION: Case Summary & 17 Unsecured Creditors ULTRA CLEAN: Moody's Affirms B1 CFR & Ups Sr. Secured Debt to Ba1 UNCLE NEAREST: Court Dismisses Co-Founder's Bankruptcy Claim UNCLE NEAREST: Jay-Z-Backed Whiskey Company Clashes with Lender UNCLE NEAREST: Seeks Cash Collateral Access UNIQUE DENTAL: Gets OK to Use Cash CollateralUntil April 24 UNIQUE REALTY: To Sell McGhee Property to Myrika Freeman URBAN ONE: FY2025 Loss Widens to $146.9MM Despite Liquidity Access USSC HOLDING: TPG Twin Brook Marks $7.1M 1L Loan at 49% Off VANGUARD CUSTOM: Files Emergency Bid to Use Cash Collateral VARADERO SEA: Diana Torres-Cancel Named Subchapter V Trustee VELCHOFF'S CORNER: Files Emergency Bid to Use Cash Collateral VETEVOLVE HOLDINGS: TPG Twin Brook Marks $16.5M 1L Loan at 74% Off VIVAKOR INC: Secures Path Back to Nasdaq Continued Listing by April W. JACKSON TRUCKING: Stanley Bond Named Subchapter V Trustee WEATHERSTONE LLC: To Sell Dallas Property to DFH Liberty for $18.5M WELCH & WELCH: Amends Motion to Sell Tractor WOLKE CHIROPRACTIC: Hires Wenarsky and Goldstein as Legal Counsel WORKING 4: Seeks Chapter 7 Bankruptcy in Georgia WRIGHT SCAPES: Hires Palermo Landsman & Ross PA as Accountant WSONE-55 INC: Seeks to Hire Havkin & Shrago as Bankruptcy Counsel WTA 25 LLC: Seeks to Tap Sherrard Roe Voight & Harbison as Counsel XANDRIA HOLDINGS: Files Emergency Bid to Use Cash Collateral YALDA REAL: Trustee Hires Kevin Riles Commercial as Estate Broker ZEEP INC: Seeks to Hire Jones Walker LLP as Bankruptcy Counsel ZEPHYR HOSPITALITY: Gina Klump Named Subchapter V Trustee ZION OIL & GAS: Posts $7.6MM 2025 Net Loss; Going Concern Persists ZIPLINE LOGISTICS: TPG Twin Brook Marks $6.9MM 1L Loan at 29% Off [] Ashurst Adds Four Partners to New York Restructuring Team [] David Karp Joins Polsinelli's Special Situations Practice [] Simpson Thacher Adds Two New Restructuring Partners [] Southeast Michigan Business Bankruptcies Surge [] Texas Chapter 7 Bankruptcy Filings Surge 12% in Early 2026 [] Two Rubin Rudman Partners Named Top Global Bankruptcy Lawyers ********* 1544 MULTIFAMILY: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 1544 Multifamily, LLC. About 1544 Multifamily LLC 1544 Multifamily LLC is a single asset real estate company. 1544 Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00561) on December 3, 2025. In its petition, the Debtor reported $10 million to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor tapped Richard G. Hall, Esq., as legal counsel and Arthur Lander, C.P.A., P.C. as accountant. 307 COLLISION: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- 307 Collision Center, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Wyoming for authority to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget effective from the petition date. To protect secured creditors, the court granted them replacement liens on the Debtor's post-petition assets, maintaining the same nature, priority, and extent as their pre-petition liens. Additionally, if the collateral value declines, secured creditors are entitled to superpriority administrative claims under Section 507(b), giving them enhanced repayment rights. Importantly, the order does not determine the validity or priority of any creditor's liens, and all parties retain the right to challenge them later. A final hearing is scheduled for April 6. 307 Collision Center's revenue derives from auto body repair services. Without access to its cash and receivables, the Debtor will be unable to continue operating to the detriment of creditors. The Debtor identifies four creditors asserting interests in cash collateral: the U.S. Small Business Administration, which holds a first-priority lien predating other lenders, and three merchant cash advance lenders -- ODK Capital, LLC doing business as OnDeck, Samson MCA LLC, and Simply Funding LLC -- each claiming security interests in accounts receivable. About 307 Collision Center Inc. 307 Collision Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20025) on January 21, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Cathleen D. Parker oversees the case. Clark Stith is Debtor's legal counsel. 3326 CHESTNUT: Seeks to Tap the Law Office of Lewis Phon as Counsel ------------------------------------------------------------------- 3326 Chestnut LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Office of Lewis Phon as counsel. The firm's services include: (a) assist the Debtor with the preparation of its Chapter 11 petition; (b) prepare the Debtor's schedules; (c) provide the Debtor with advice and counsel as to the bankruptcy proceedings; (d) respond to court documents and pleadings; (e) prepare a Chapter 11 plan and disclosure statement; (f) attend court hearings on the Debtor's behalf; and (g) prepare a final decree. The firm will receive a retainer of $16,738, including filing fee, from the Debtor and will be paid at its hourly rate of $450 for its services. Lewis Phon, Esq., 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: Lewis Phon, Esq. Law Office of Lewis Phon 4040 Heaton Court Antioch, CA 94509 Telephone: (925) 470-8551 Facsimile: (925) 706-7600 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 the Law Office of Lewis Phon. 4912 WISCONSIN: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 4912 Wisconsin, LLC. About 4912 Wisconsin LLC 4912 Wisconsin LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00587) on December 16, 2025. In its petition, the Debtor reports unknown estimated assets and estimated liabilities in the range of $1 million to $10 million. The case is handled by Honorable Bankruptcy Judge Elizabeth L. Gunn. The Debtor is represented by William Payne, Esq., of Payne & Assoc. 547 DUNCAN: Angela Shortall of 3Cubed Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC as Subchapter V trustee for 547 Duncan, Llc. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About 547 Duncan Llc 547 Duncan Llc filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10621) on March 16, 2026, with $500,001 to $1 million in assets and liabilities. David C. Jones, Jr., Esq., at David C. Jones, Jr., P.C. represents the Debtor as legal counsel. 547 DUNCAN: Seeks to Hire David C. Jones as Bankruptcy Counsel -------------------------------------------------------------- 547 Duncan LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ David Jones, Jr., Esq., an attorney practicing in Fairfax, Va., as counsel. The attorney will provide these services: (a) advise and consult concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred, and unsecured creditors and other parties in interest. (b) assist in the preparation of such pleadings, motions, notices, and orders as are required for the orderly administration of the estate; and consult with and advise the Debtor in connection with the operation of its business; (c) prepare and file a Plan and obtain the confirmation and completion of a Plan of reorganization, and prepare a Final Report and a Final Accounting; (d) appear for, prosecute, defend, and represent the Debtor's interests in suits arising in or related to this case; and (e) investigate and prosecute preference and other actions arising under the Debtor's avoiding powers. Mr. Jones will be billed at his hourly rate of $400 plus reimbursement. The attorney 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. Jones, Jr., Esq. 10617 Jones Street, Suite 301-A Fairfax, VA 22030 Telephone: (703) 273-7350 About 547 Duncan LLC 547 Duncan LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10621) on March 16, 2026, listing up to $1 million in both assets and liabilities. David C. Jones, Jr., Esq., represents the Debtor as counsel. 560 NIAGARA: 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 560 Niagara Holdings, LLC. About 560 Niagara Holdings LLC 560 Niagara Holdings, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10193) on February 17, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Carl L Bucki presides over the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP serves as the Debtor's counsel. 57 RGV MACHINERY: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 57 RGV Machinery LLC 26-90425 3827 N 10th St., Ste. 205 McAllen, TX 78501 57 Logistics LLC 26-90426 1612 Sebastian Street Mission, TX 78572 57 Fuels LLC 26-90427 4819 Western Rd Mission, TX 78574 Business Description: Texas-based 57 RGV Machinery, LLC is an equipment holding and leasing company that maintains a large fleet of heavy machinery, including trucks and batch plants, utilized in producing and delivering ready-mix concrete. Its affiliated entities, 57 Fuels, LLC and 57 Logistics, LLC, provide operational support to 57 Concrete and RGV Machinery, with Fuels overseeing fuel operations and related assets, and Logistics managing transportation equipment and services. The Debtors operate under shared ownership and management, coordinate closely, and are functionally interdependent, while RGV Machinery earns revenue through equipment usage arrangements connected to the scale of 57 Concrete's operations. The Debtors have filed for joint administration of their Chapter 11 proceedings, designating 57 Concrete LLC (Bankr. S.D. Tex. Case No. 25-90818) as the lead case. Chapter 11 Petition Date: March 26, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' Counsel: Charles M. Rubio, Esq. PARKINS & RUBIO LLP 708 Main Street 10th Floor Houston TX 77002 Tel: (713) 715-1666 Email: crubio@parkinsrubio.com Debtors' CPA and Financial Advisor: ALEGRE & ASSOCIATES BCS LLC 57 RGV Machinery's Estimated Assets: $1 million to $10 million 57 RGV Machinery's Estimated Liabilities: $1 million to $10 million 57 Logistics LLC's Estimated Assets: $500,000 to $1 million 57 Logistics LLC's Estimated Liabilities: $1 million to $10 million 57 Fuels LLC's Estimated Assets: $100,000 to $500,000 57 Fuels LLC's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Pedro Cepeda as owner. Full-text copies of the petitions, which include lists of the Debtors' 30 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/3MQ7HUA/57_RGV_Machinery_LLC__txsbke-26-90425__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WWVBJXY/57_Logistics_LLC__txsbke-26-90426__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/YIP7RUI/57_Fuels_LLC__txsbke-26-90427__0001.0.pdf?mcid=tGE4TAMA 74 OXFORD: To Sell Condominium Unit 72 to W. Mesard & A. Borgmann ----------------------------------------------------------------- 74 Oxford Street LLC seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company formed on April 10, 2018. The Debtor conducts business in Cambridge, Massachusetts where it owns real property. The Debtor's two secured creditors with partial security interest in two parcels of real property owned by the Debtor: CCG Fund II, LLC and RDW SPV LLC. The Debtor believes both creditors will release their liens in exchange for full or partial payments. The Debtor seeks authority to sell its right, title, and interest in and to unit 72 in the Oxford & Wendell Condominium located at 72-74 Oxford Street, Cambridge, Massachusetts 02138. The Debtor enters into a Purchase and Sale Agreement for the Property dated March 19, 2026 with Wayne Mesard and Andrea Borgmann. The material terms of the Purchase Agreement include, without limitation, the following: * Purchase Price: $2,875,000.00 in cash (subject to customary adjustments at closing). * Deposits: $25,000.00 paid with the Offer to Purchase; $118,750.00 paid with the Purchase Agreement; and $2,731,250.00 payable at the Time for Performance. * Escrow Agent: Simple Title Closing & Escrow PLLC (non-interest bearing escrow account). * Time for Performance / Closing: 2:00 p.m. on May 18, 2026, (subject to any extension permitted under the Purchase Agreement). * Broker Commissions: 2.5% of the purchase price to Senne Commercial LLC (Listing Broker) and 2.5% of the purchase price to Leading Edge Real Estate (Selling Broker), payable by Seller only if and when the deed is recorded and the full purchase price is paid. The Debtor believes the Proposed Sale represents fair and reasonable value for the Property. The Proposed Sale will maximize value for the estate and is in the best interests of the Debtor, its creditors, and all parties in interest. The Debtor seeks authorization to sell the Property free and clear of all liens, claims, encumbrances and other interests, with all such interests attaching to the net proceeds of the sale in the same order of priority, validity, and extent as they exist against the Property. After the sale of the unit (and Unit 74 to be sold under a separate motion) the Debtor will still retain the 43 Wendell Street unit which has an approximate value of $2,750,000 with estimated secured debt of $1,500,000. Once this unit is sold, or a liquidating plan is approved, the balance of creditors will be paid in full and there will be a dividend to the equity interest holders. Any objections to the sale and/or higher offers must be filed in writing with the Clerk, United States Bankruptcy Court at United States Bankruptcy Court for the District of Massachusetts, U.S. Bankruptcy Court, John W. McCormack Post Office and Court House, 5 Post Office Square, Ste. 1150, Boston, MA 02109-3945. Any higher offer must be accompanied by a cash deposit of $100,000 in the form of a certified or bank check made payable to the undersigned, and include a signed Purchase and Sale Agreement, showing all changes. The Debtor shall make a word version of the Purchase and Sale Agreement available to prospective purchasers upon request. Higher offers must be on the same terms and conditions provided in the Purchase and Sale Agreement, other than the purchase price. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. 74 OXFORD: To Sell Condominium Unit 74 to Collin & Christine Rhea ----------------------------------------------------------------- 74 Oxford Street LLC seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company formed on April 10, 2018. The Debtor conducts business in Cambridge, Massachusetts where it owns real property. The Debtor's two secured creditors with partial security interest in two parcels of real property owned by the Debtor: CCG Fund II, LLC and RDW SPV LLC. The Debtor believes both creditors will release their liens in exchange for full or partial payments. The Debtor seeks authority to sell its right, title, and interest in and to unit 74 in the Oxford & Wendell Condominium located at 72-74 Oxford Street, Cambridge, Massachusetts 02138. The Debtor enters into a Purchase and Sale Agreement for the Property dated March 19, 2026 with Collin Rhea and Christine Rhea. The material terms of the Purchase Agreement include, without limitation, the following: * Purchase Price: $2,575,000.00 in cash (subject to customary adjustments at closing). * Deposits: $5,000.00 paid with the Offer to Purchase; $123,750.00 paid with the Purchas Agreement; and $2,446,250.00 payable at the Time for Performance. * Escrow Agent: Simple Title Closing & Escrow PLLC (non-interest bearing escrow account). * A Mortgage Contingency Deadline of April 14, 2026. * Time for Performance / Closing: 2:00 p.m. on April 30, 2026. * Broker Commissions: 2.5% of the purchase price to Senne Commercial LLC (Listing Broker) and 2.5% of the purchase price to ReMax Real Estate Center (Selling Broker), payable by Seller only if and when the deed is recorded and the full purchase price is paid. The Debtor believes the Proposed Sale represents fair and reasonable value for the Property. The Proposed Sale will maximize value for the estate and is in the best interests of the Debtor, its creditors, and all parties in interest. The Debtor seeks authorization to sell the Property free and clear of all liens, claims, encumbrances and other interests, with all such interests attaching to the net proceeds of the sale in the same order of priority, validity, and extent as they exist against the Property. After the sale of the unit (and Unit 72 to be sold under a separate motion) the Debtor will still retain the 43 Wendell Street unit which has an approximate value of $2,750,000 with estimated secured debt of $1,500,000. Once this unit is sold, or a liquidating plan is approved, the balance of creditors will be paid in full and there will be a dividend to the equity interest holders. Any objections to the sale and/or higher offers must be filed in writing with the Clerk, United States Bankruptcy Court at United States Bankruptcy Court for the District of Massachusetts, U.S. Bankruptcy Court, John W. McCormack Post Office and Court House, 5 Post Office Square, Ste. 1150, Boston, MA 02109-3945. Any higher offer must be accompanied by a cash deposit of $100,000 in the form of a certified or bank check made payable to the undersigned, and include a signed Purchase and Sale Agreement, showing all changes. The Debtor shall make a word version of the Purchase and Sale Agreement available to prospective purchasers upon request. Higher offers must be on the same terms and conditions provided in the Purchase and Sale Agreement, other than the purchase price. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. A.G. NEW YORK: Gets OK to Use Cash Collateral Until April 15 ------------------------------------------------------------ A.G. New York Transportation Inc. and Luxury Transportation Group Incorporated received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral to fund operations. The court issued a fourth interim order extending the Debtors' authority to use cash collateral through April 15. Permitted uses include court-approved payments, ordinary operating expenses under the Debtor's budget (with a 10% variance per line item), and additional expenditures, subject to approval by the U.S. Small Business Administration. As adequate protection, the SBA will be granted a perfected post-petition replacement lien on the cash collateral, with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtors must maintain required insurance coverage. The order is without prejudice to future requests for modified adequate protection or other creditor remedies. A continued hearing is scheduled for April 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/UNgBv from PacerMonitor.com. About A.G. New York Transportation Inc. A.G. New York Transportation, Inc. offers luxury transportation services in Orlando, Florida, including airport transfers, wedding and corporate travel, and group charters. It holds authorization for both intrastate and interstate passenger transport. A.G. New York Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06549) on October 13, 2025, listing up to $50,000 in assets and between $1 million to $10 million in liabilities. Aleksey Golovnitskiy, president of A.G. New York Transportation, signed the petition. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. A.M. SCOTT: Seeks Cash Collateral Access ---------------------------------------- A.M. Scott Distillery, LLC, asks the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division, at Dayton, for authority to use cash collateral and provide adequate protection. The Debtor filed for Chapter 11 Subchapter V bankruptcy on December 22, 2025, seeking to restructure its debts while continuing its operations and preserving employment. Anthony M. Scott, the majority member holding 60% of the membership interests, leads the company. Following the filing, James Coutinho was appointed Subchapter V Trustee. AMSD has submitted an Emergency Motion requesting court authorization to continue using cash collateral, primarily held by its secured lender, ODK Capital, LLC, and to provide adequate protection for the lender's interests. The Debtor needs to use cash collateral to fund ongoing operations, pay administrative costs, and preserve the value of the business while maintaining compliance with the Subchapter V framework. AMSD has previously obtained an interim order authorizing use of cash collateral and adequate protection payments, which it has fully complied with. The Debtor seeks approval to continue such use under a Revised Budget covering a 13-week period, maintaining the same payment and adequate protection provisions. The company asserts that without access to this cash collateral, it cannot continue operations, risking immediate and irreparable harm to its business and the bankruptcy estate. A copy of the motion is available at https://urlcurt.com/u?l=pjZvUF from PacerMonitor.com About A.M. Scott Distillery, LLC A.M. Scott Distillery, LLC, a company in Dayton, Ohio, produces handcrafted spirits including bourbon, rye, vodka, and gin, offering small-batch and single-barrel selections as well as specialty collections. It operates in the alcoholic beverages and craft distilling industry, with production and administrative operations in Dayton and a retail and tasting presence in Troy, Ohio. A.M. Scott Distillery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-32562) on December 22, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Tyson A. Crist presides over the case. Ira H. Thomsen, Esq., represents the Debtor as legal counsel. AC DESIGN: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- A.C. Design Property and Equipment Corp. asks the U.S. Bankruptcy Court for the Eastern District of New York to modify an existing cash collateral order to prevent default and foreclosure on its $4.5 million property. The urgency arises from a notice of default issued by secured creditor MMG Investments, LLC, demanding $75,000 in missed payments and threatening termination of the cash collateral agreement and relief from the automatic stay. The Debtor argues that its default was caused not by mismanagement but by its primary tenant, Wild Child Lonn, Inc., which has failed to pay rent since April 2025 despite operating a profitable business and owing approximately $350,000 in arrears. This loss of rental income, compounded by reduced contributions from an affiliated company also impacted by economic downturns, left the Debtor unable to meet the agreed $25,000 monthly payments. The Debtor is actively pursuing eviction of the nonpaying tenant and negotiating with a prospective replacement tenant, which it expects will restore stable income. In the interim, it seeks to reduce monthly payments to $10,000 starting March 2026, waive payments for January and February, and defer the shortfall to be repaid later under a reorganization plan. The Debtor further contends that because it is not currently receiving rental income—the primary source of the creditor's collateral—it should not be considered in default for failing to remit payments derived from those funds. It also argues that the creditor is adequately protected by a substantial equity cushion in the property. A copy of the motion is available at https://urlcurt.com/u?l=UuYE3I from PacerMonitor.com About AC Design Property AC Design Property & Equipment Corp. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). AC Design Property & Equipment Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43277) on August 7, 2024. In the petition filed by Jeffrey Arcello, an authorized representative, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Paul Hollender, Esq., at Corash & Hollender, P.C. serves as the Debtor's counsel. ACADEMY OF VOLLEYBALL: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Academy of Volleyball, Inc. f/d/b/a Academy of Volleyball, LLC 2424 El Camino Real Redwood City, CA 94063 Business Description: Academy of Volleyball provides youth and junior volleyball training and competitive programs from its headquarters in West Redwood City, California, with additional facilities in North Burlingame. The club offers girls and boys teams, summer and winter camps, clinics, private lessons, beach volleyball programs, and college recruiting resources, serving athletes typically aged 10 through 18. The club's programs help athletes build technical skills, develop mental toughness, and learn teamwork and composure in a competitive, team-driven environment. Facilities include multiple courts, a performance lab, and year-round practice spaces designed to support skill advancement and athlete performance. Chapter 11 Petition Date: March 26, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-30265 Judge: Hon. Hannah L Blumenstiel Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Total Assets: $427,076 Total Liabilities: $3,000,664 The petition was signed by Daniele Desiderio as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/55JERFA/Academy_of_Volleyball_Inc__canbke-26-30265__0001.0.pdf?mcid=tGE4TAMA ADVANTAGE SALES: Moody's Withdraws Caa2 Rating on Secured Notes --------------------------------------------------------------- Moody's Ratings has withdrawn the Caa2 rating on Advantage Sales & Marketing Inc.'s senior secured notes due 2028. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Advantage Solutions Inc.'s (Advantage or the company) B3 corporate family rating and B3-PD probability of default rating are unaffected. The B3 ratings on the senior secured term loan due 2030 and senior secured notes due 2030 at Advantage Sales & Marketing Inc. are also unaffected. The outlooks remain negative. ADVANTAGE SCI: Seeks to Lease Office with Regus Management ---------------------------------------------------------- Advantage SCI, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a California limited liability company with its corporate headquarter located in Alexandria, Virginia. The Debtor is a Service-Disabled Veteran-Owned Small Business Small Disadvantaged Business, Woman-Owned Small Business, and professional services government contractor business, formed in 2000 by Elsa Lee upon her retirement after 20 years as a United States Army counterintelligence special agent. As of the Petition Date, Ms. Lee is the sole member and officer of the Debtor. The Debtor's annual revenue plummeted from approximately $25 million to approximately $3 million. This decline is attributed to the loss of contracts, challenging market conditions, and significant financial burdens related to collective bargaining agreements, as well as costs associated with union-related fees and expenses. Additionally, the impact of COVID-19 affected the timing of government payments to the Debtor of certain closeout invoices. Compounding these issues was the recent government shutdown and certain unfounded employee lawsuits being filed during this difficult period. On October 3, 2011, the Debtor entered into a lease agreement with T-C King Street Station, LLC for the real property and improvements located at 1725 Duke Street, 5th Floor, Alexandria, Virginia 22314 where it has maintained its Top Secret Facility Clearance as required by the Debtor's current Federal and Military contracts. A physical office is required in order to maintain an active Top Secret Facility Clearance and manage employees’ clearances. As the contracts' services entail delivery of Top Secret cleared labor, the physical office and facility clearance is a requirement under the government contracts' terms and conditions. On April 12, 2019, the Debtor and T-C King entered into a First Amendment to Lease and Lease Extension Agreement regarding the Premises, extending the term of the Prior Lease Agreement to February 28, 2030. On or about February 1, 2024, the Premises was sold to CF One Duke Holdings LLC. As the Debtor's contracts and revenue substantially decreased, the size of this leased space was no longer required and no longer affordable, so the Debtor vacated the Prior Premises prior to the Petition Date anticipating that it would be able to locate minimally required physical space under a more cost affordable lease. Since vacating the Prior Premises on December 29, 2025 and notifying the landlord on January 12, 2026, the Debtor continued to use 1725 Duke Street as its official physical company address to comply with and maintain its Cage Code and Facility Clearance. The Debtor's entire corporate staff has been working remotely since the 2020 COVID outbreak, except for when work must be conducted from the office for contract related tasks, facility clearance related business, and Defense Counterintelligence and Security Agency office visits in relation to the Debtor's Cage Code, Facility Clearance, Industrial Security requirements, and personnel security clearances tied to its government contracts, and to retrieve and process inbound U.S. Postal mail received from various Federal Government agencies in relation to the contracts or the business. The Cage Code and Facility Clearance is approved and overseen by the Defense Counterintelligence and Security Agency and currently the Debtor has a Top-Secret Facility Clearance with Secret Level Safeguarding, making the Debtor a "Possessing Facility" and a higher level cleared business than most companies. The Debtor has determined that in order to be compliant with the existing Government Contracts, the Debtor must be positioned to request a "Government approved" transfer of its required Cage Code and Top Secret Facility Clearance to a small, manageable, yet secure commercial space. After canvasing the local area, the Debtor has determined that renting an office with Regus Management Group, LLC at its facility located at 401 East Sonterra Boulevard, Suite 375, San Antonio, Texas is the best option available. In order for the Debtor to maintain its Top-Secret Facility Clearance, it requires a physical office space from which to operate its business. Without Facility Clearance, the Debtor will not be in compliance with its federal government contracts, which will put the Debtor at risk of losing its contracts and revenue stream. This would, in turn, cause an immediate shutdown of the Debtor's business. The office space at Regus is a secure facility and the office that the Debtor seeks to lease is under lock and key, satisfying the Top-Secret Facility Clearance requirements of the federal government. Unfortunately, Regus only has one available office, which becomes available on April 1, 2026, and there are other parties that are interested in and competing for the same space. In order to secure the space, Ms. Lee has signed a lease in her individual capacity and paid (or will pay) $2,605.28, which equates to one month's rent, a one-time activation fee of $65.00, and a security deposit of two month’s rent. Until the Court authorizes the Debtor to enter into the New Lease Agreement, Ms. Lee will be personally responsible for the lease payments. Upon the Court's entry of an order authorizing the Debtor to enter into the New Lease Agreement, Ms. Lee will assign the New Lease Agreement from herself to the Debtor. The Debtor requests that upon the Court's entry of an order authorizing the Debtor to enter into the New Lease Agreement, that the Debtor be authorized to reimburse Ms. Lee for the $2,605.28 that she has paid to secure the New Premises. The Debtor's entry into the New Lease Agreement satisfies by the horizontal dimension and the vertical dimension tests. The Debtor believes that entering into and performing under the New Lease Agreement reflects a sound business purpose and represents a valid exercise of the Debtor's business judgment. The Debtor respectfully requests the Court to enter an Order authorizing the Debtor to enter into the New Lease Agreement, authorizing the Debtor to reimburse Ms. Lee in the amount of $2,605.28 that she paid to secure the New Premises, and granting such other relief as is just and proper. About Advantage SCI, LLC Advantage SCI, LLC provides counterintelligence, intelligence, security, linguist, logistics, and program support services to U.S. government agencies, supporting national security and defense operations domestically and overseas. Advantage SCI, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10232) on January 30, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Elsa Lee as chief executive officer. Stephen B. Gerald, Esq. at TYDINGS ROSENBERG LLP represents the Debtor as counsel. AFM MATTRESS: Court Converts Chapter 11 to Chapter 7 Liquidation ---------------------------------------------------------------- Kirk O'Neil of The Street reports that American Mattress, a long-standing family-owned retailer, has lost its effort to reorganize after a bankruptcy judge converted its Chapter 11 case to Chapter 7 liquidation. The shift signals the end of the company's attempt to remain operational, although a formal going-out-of-business sale had not yet been announced, and the number of impacted employees remains unclear. U.S. Bankruptcy Judge Mary F. Walrath approved the conversion on March 16 following a March 13, 2026 hearing, siding with motions filed by the U.S. Trustee and the Official Committee of Unsecured Creditors. The creditors’ committee argued that the company had failed to make meaningful progress toward reorganization, citing the absence of a restructuring plan, reliable financial projections, or independent oversight, the report states. The U.S. Trustee further pointed to operational shortcomings, including unpaid rent, outstanding professional fees, and approximately $1.26 million in losses since November. While the Elk Grove Village, Illinois-based chain opposed the conversion and said a potential buyer had emerged to acquire its assets and cover certain obligations, the court ultimately allowed the liquidation to proceed, according to The Street. Founded in 1988, American Mattress operates 45 stores across four states and carries major brands such as Serta, Sealy, and Tempur-Pedic. Its financial struggles reflect broader headwinds in the furniture sector, where weakening consumer demand, inflation, and a sluggish housing market have contributed to declining sales nationwide, the report relays. About AFM Mattress Company LLC AFM Mattress Company LLC, doing business as American Mattress, a retail mattress company based in Elk Grove Village, Illinois. AFM Mattress Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Maria Aprile Sawczuk, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. Judge Mary F. Walrath oversees the case. Pontiac Bank, as senior secured lender, is represented by Ronald Gellert, Esq., at Gellert Seitz Busenkell & Brown LLC, in Wilmington, Delaware. AHR INTERMEDIATE: TPG Twin Brook Marks $7.8M 1L Loan at 90% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $7,892,000 loan extended to AHR Intermediate, Inc to market at $759,000 or 10% of the outstanding amount, according to Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to AHR Intermediate, Inc. The 1L Loan accrues interest at a rate of S + 5.75% 9.42% per annum. The 1L Loan matures on July 29, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About AHR Intermediate, Inc. AHR Intermediate, Inc. provides health care technology solutions. The Company operates in the United States. AIRPRO DIAGNOSTICS: TPG Twin Brook Marks $1.8MM 1L Loan at 68% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $1,822,000 loan extended to AirPro Diagnostics, LLC to market at $587,000 or 32% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to AirPro Diagnostics, LLC. The 1L Loan accrues interest at a rate of S + 5.25 % 9.09 % per annum. The 1L Loan matures on Feb. 21, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About AirPro Diagnostics, LLC AirPro Diagnostics, LLC provides automotive diagnostics and repair support services, focused on remote scanning and calibration solutions for collision repair shops. ALABAMA AUTO TOP: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Alabama entered a final order allowing Alabama Auto Top Specialists, Inc. to use cash collateral in its Chapter 11 case. Under the final order, the Debtor is authorized to use the cash collateral to pay ordinary and necessary operating expenses, including payroll, utilities, insurance, taxes, vendor payments, U.S. Trustee fees, and professional fees. Such use must follow the budget and terms outlined in the motion and order, and is allowed until further court order or dismissal or conversion of the Chapter 11 case. The Debtor owes a secured debt to the U.S. Small Business Administration (SBA) under a disaster loan of $150,000. The loan is secured by the Debtor's inventory, accounts, general intangibles, and their proceeds. The Debtor acknowledged the validity of this debt and confirmed that it is due and payable without dispute, defense, or offset. As adequate protection, the SBA will be granted replacement liens on the Debtor's post-petition assets, including receivables, inventory, equipment, and all proceeds. Additionally, if this protection proves insufficient, the SBA is entitled to a superpriority administrative claim, giving it priority over most other claims in the case. The Debtor must also make monthly payments of $731 to the SBA. If the Debtor fails to comply or if the SBA believes its interests are not adequately protected, it may seek termination of the order. The automatic stay remains in place, and the Debtor is prohibited from using cash collateral to pay any pre-petition debts without further court approval. The final order is available at: http://bankrupt.com/misc/ALAuto_FinalCashCollOrder.pdf About Alabama Auto Top Specialists, Inc. Alabama Auto Top Specialist, Inc. is an Alabama-based automotive service company specializing in vehicle roof systems, upholstery, and related auto restoration services. Alabama Auto Top Specialist, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00436) on February 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Frederick Mott Garfield, Esq., of Spain & Gillon, LLC. ALCOA-MARYVILLE: Hires Tarpy Cox Fleishman & Leveille as Counsel ---------------------------------------------------------------- Alcoa-Maryville Restaurant, Inc., doing business as Midland Restaurant, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Tarpy, Cox, Fleishman & Leveille, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Lynn Tarpy, Attorney $425 Thomas Leveille, Attorney $425 Kelli Holmes, Attorney $335 Ed Shultz, Attorney $385 Associates $275 Paralegal or Law Clerk $75 - $95 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $11,738, including filing fee. Ms. Tarpy 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: Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore, Suite N-290 Knoxville, TN 37919 Telephone: (865) 588-1096 About Alcoa-Maryville Restaurant Inc. Alcoa-Maryville Restaurant, Inc. operates a full-service American restaurant under the Midland Restaurant brand at its location in Alcoa, Tennessee. The company provides breakfast, lunch, and dinner offerings with traditional and country-style fare, serving the local community. Alcoa-Maryville Restaurant filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30337) on Feb. 28, 2026, with $437,944 in assets and $1,005,914 in liabilities. Steven Nelson, owner, signed the petition. Judge Suzanne H. Bauknight presides over the case. Lynn Tarpy, Esq. at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as counsel. ALCRESTA BUYER: TPG Twin Brook Virtually Writes Off $3.1MM 1L Loan ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $3,155,000 loan extended to Alcresta Buyer, Inc to market at $179,000 or 6% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Alcresta Buyer, Inc. The 1L Loan accrues interest at a rate of S + 5.50% 9.24% per annum. The 1L Loan matures on March 12, 2031. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Alcresta Buyer, Inc. Alcresta Buyer, Inc. is a corporate borrower financed through a first lien senior secured revolving loan, suggesting a sponsor-backed acquisition vehicle or operating company in a sector such as healthcare or technology services. ALL COUNTY: Seeks Approval to Hire James A. Cassella as Accountant ------------------------------------------------------------------ All County Wholesale, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ James Cassella, a certified public accountant in Freehold, New Jersey. The accountant will render these services: (a) provide accounting advice to the Debtor; and (b) assist the Debtor in performing its duties, including, but not limited to, preparing monthly operating reports and projections in support of a Plan of Reorganization. The accountant will be compensated as follows: (a) $500 per month for inclusive accounting services; (b) $75 per week for ADP billed payroll services; and (c) $1,200 annual corporate income tax return preparation. Mr. Cassella 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 accountant can be reached at: James A. Cassella, CPA 222 Schanck Rd. Freehold, NJ 07728 About All County Wholesale Inc. All County Wholesale, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12151) on February 27, 2026. In its petition, the Debtor disclosed up to $50,000 in estimated assets and up to $1 million in estimated liabilities. The Debtor tapped Andrew J. Kelly, Esq., and Stephen A. Schwimmer, Esq., at The Kelly Firm, PC as counsel and James A. Cassella, CPA, as accountant. ALL REAL SERVICES: Court Extends Cash Collateral Access to May 5 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a third interim order granting All Real Services, LLC continued access to cash collateral and proceeds from an insurance claim. The insurance claim was filed by the Debtor relating to flood damage to its property -- a mixed-use building in Plainfield, New Jersey -- and based on that claim, secured creditor Silver Hill Capital, LLC holds the sum of $194,977.04. Under the third interim order, the Debtor is authorized to use the cash collateral and the insurance proceeds through May 5 in accordance with its budget. As adequate protection, Silver Hill Capital will be granted a replacement lien on post-petition rents to the same extent as its pre-bankruptcy lien and will continue to receive a monthly payment of $3,511. A final hearing is scheduled for May 5. All Real Services intends to use the cash collateral and insurance proceeds to operate the Plainfield property, collect rents, pay ordinary and necessary operating expenses, and complete required flood-related repairs. Before the third interim order, the Debtor received a 30-day extension from Feb. 24 to use cash collateral under the court's second interim order. About All Real Services LLC All Real Services, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 25-19988) on Sept. 24, 2025. In the petition signed by Jevon L. O'Neal, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Stacey L. Meisel oversees the case. The Debtor hires Gillman Capone LLC as counsel. ALL TEX LAND: Case Summary & 12 Unsecured Creditors --------------------------------------------------- Debtor: All Tex Land Management, LLC All Tex Management P.O. Box 1060 Splendora, TX 77372 Business Description: All Tex Land Management, LLC, based in Splendora, Texas, delivers land management and construction services focused on preparing and developing sites for residential, commercial, and industrial projects. Using equipment such as compact track loaders, mini excavators, dozers, and horizontal grinders, the company clears brush and trees, moves earth, and grades land to support construction, utilities, and other infrastructure work. Its machinery allows it to handle both large-scale land clearing and precise excavation projects efficiently. Chapter 11 Petition Date: March 27, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-32034 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Donald Wyatt, Esq. ATTORNEY DONALD WYATT PC PO Box 132467 Spring TX 77393-2467 Tel: (281) 419-8703 Email: don.wyatt@wyattpc.com Total Assets: $1,509,309 Total Liabilities: $3,043,525 The petition was signed by Justin Lackey as manager. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7UXYT7I/All_Tex_Land_Management_LLC__txsbke-26-32034__0001.0.pdf?mcid=tGE4TAMA ALL THINGS SURPLUS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: All Things Surplus, LLC 3201 West Harrison Street Phoenix, AZ 85009 Business Description: All Things Surplus, based in Phoenix, Arizona, is an electronics surplus reseller offering new and refurbished computer and IT components, including motherboards, hard drives, power supplies, memory, and enterprise server systems, alongside a broad inventory of books, cameras, consumer electronics, business and industrial goods, clothing, and collectibles. Founded by a team with over 30 years of combined industry experience, the company evaluates used products before listing and updates its procedures to maintain operational standards. Its customers include individuals and businesses seeking to rebuild, upgrade, or maintain computer systems, as well as buyers of assorted surplus items. Chapter 11 Petition Date: March 26, 2026 Court: United States Bankruptcy Court District or Arizona Case No.: 26-02922 Judge: Hon. Daniel P Collins Debtor's Counsel: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: 602-264-4550 Fax: 602-277-0144 E-mail: anewdelman@adnlaw.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey Moore as managing member. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XPRZ3UI/ALL_THINGS_SURPLUS_LLC__azbke-26-02922__0001.0.pdf?mcid=tGE4TAMA ALLIANCE ENVIRONMENTAL: TPG Twin Marks $2.4MM 1L Loan at 63% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,473,000 loan extended to Alliance Environmental Group, LLC to market at $921,000 or 37% of the outstanding amount, according to Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Alliance Environmental Group, LLC. The 1L Loan accrues interest at a rate of S + 7.00 % 10.93 % per annum. The 1L Loan matures on Dec. 30, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Alliance Environmental Group, LLC Alliance Environmental Group, LLC operates as an environmental contractors. The Company provides solutions in the areas of asbestos and lead abatement, mold remediation, HVAC duct and system services, demolition and site clearing, heat treatment, and insulation removal and replacement. ALORIA VINEYARDS: Seeks Cash Collateral Access ---------------------------------------------- Aloria Vineyards, LLC, asks the U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, for authority to use cash collateral and provide adequate protection. The Debtor explains that continued access to cash collateral is essential to maintaining day-to-day operations, including wine production, sales, payroll, insurance, and general business expenses. The business is owned and operated by Robert and Sheryl Hendriks and generates revenue through multiple channels such as wine sales, tasting room operations, wine club memberships, and distribution agreements. At the time of filing, the Debtor maintained several debtor-in-possession bank accounts with relatively minimal balances totaling approximately $1,745, which are used to manage incoming revenue and operational expenditures. The Debtor outlines that it has prepared a budget projecting expected income and necessary expenses, and emphasizes that without the ability to use cash collateral, it would be unable to sustain operations, which would ultimately harm the value of the estate and negatively impact creditors. The secured creditors who assert interests in the Debtor's assets through filed UCC-1 financing statements, include a significant claim by the U.S. Small Business Administration, along with other creditors such as the Calaveras County Tax Collector and Uline. To address these secured interests, the Debtor proposes to provide adequate protection in the form of replacement liens on post-petition assets to the extent that cash collateral is used. A hearing on the matter is set for April 14, 2026 at 9:30 a.m. A copy of the motion is available at https://urlcurt.com/u?l=lYALKi from PacerMonitor.com About Aloria Vineyards, LLC Aloria Vineyards, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Eastern District of California Case No. 26-10737) on February 24, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Jennifer E. Niemann oversees the case. Equal Justice Law Group is Debtor's legal counsel. ALTA EQUIPMENT: Moody's Cuts CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded the ratings of Alta Equipment Group Inc. (Alta), including its corporate family rating to B3 from B2, its probability of default rating to B3-PD from B2-PD, and its rating on the senior secured second lien notes to Caa1 from B3. The outlook was changed to stable from negative. There is no change to the SGL-3 speculative grade liquidity (SGL) rating. The downgrade reflects Moody's expectations that Alta's credit metrics will remain pressured amid continued muted regional construction and manufacturing activity. As of December 31, 2025, debt-to-EBITDA increased to 5.3x, while EBITA-to-interest expense coverage remained weak at 0.4x. Moreover, free cash flow remains negative, although availability under the company's asset based lending (ABL) facility provides support to liquidity. The stable outlook reflects Moody's expectations that Alta will demonstrate modest revenue growth in the next 12-18 months, despite continued softness in demand. RATINGS RATIONALE Alta's B3 CFR reflects its relatively small scale and lack of national reach for an equipment distributor, with annual revenue of approximately $1.8 billion. The rating also reflects exposure to supplier concentration, as a significant portion of new equipment sales, rental fleet purchases, and replacement parts is sourced from a limited number of OEM partners, including Hyster-Yale, Volvo, Kubota, Doppstadt, and JCB. In addition, operating margins remain below those of equipment rental peers, reflecting a much larger contribution from lower margin new equipment sales in its business mix. Moody's expects the EBIT margin to be approximately 2% in 2026. These constraints are partially offset by Alta's primary dealer agreements that provide the company exclusive distribution rights for new OEM equipment and replacement parts within its assigned territories. The company benefits from a diversified customer base and a growing presence as a consolidator in the construction and materials handling dealer distribution space. Alta also derives incremental diversification from its material handling system design and consulting services, which reduces reliance on cyclical equipment sales and rentals. Liquidity is expected to remain adequate over the next 12-18 months. The company had around $19 million in cash and $231 million available from its $520 million ABL facility as of December 2025. Also, there are no material debt maturities in the next two years. However, Moody's expects free cash flow to remain negative over the next 12-18 months, reflecting sizeable recurring investments in Alta's rental fleet that weigh on cash flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Alta profitably grows its size and scale, debt-to-EBITDA is sustained below 5.0x and EBITA-to-interest expense is sustained above 1x. Sustained positive free cash flow would also support a rating upgrade. The ratings could be downgraded if there is a dissolution of the partnership with any of the company's key suppliers or if debt-to-EBITDA approaches 6x. Weakening liquidity, including sustained negative free cash flow and an increasing reliance on the ABL facility, or further decline in EBITA-to-interest expense could also result in a downgrade. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Livonia, Michigan, Alta Equipment Group Inc. (Alta) distributes construction and material handling equipment and parts for more than 30 original equipment manufacturers. Sales of new and used equipment represent over half of annual revenue. The company also offers rentals, parts and services for the maintenance and repair of equipment, and material handling system design and consulting services. The company is publicly traded on the NYSE ("ALTG"). AMERICAN FAMILY: TPG Twin Brook Marks $5.6M 1L Loan at 91% Off -------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,661,000 million loan extended to American Family Care, LLC to market at $519,000 or 9% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to American Family Care, LLC. The 1L Loan accrues interest at a rate of S + 4.75% 8.42% per annum. The 1L Loan matures on Feb. 28, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About American Family Care, LLC American Family Care, LLC appears to operate in the healthcare services sector, supported by a first-lien senior secured delayed draw term loan structure. AMERIESTATE LEGAL: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Ameriestate Legal Plan, Inc., asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for emergency authority to use cash collateral and provide adequate protection. The Debtor's financial distress stems primarily from a significant legal judgment obtained by Sandra Rincon in a professional negligence lawsuit filed in 2024. In July 2025, the court granted summary judgment in Rincon's favor, resulting in an approximately $890,000 judgment entered in September 2025, which the Debtor is currently appealing. As part of post-judgment enforcement, Rincon obtained an Order for Appearance and Examination, which under California law created a lien on all of the Debtor's non-exempt personal property upon service in February 2026. This lien potentially extends to the Debtor's bank accounts and cash assets, thereby giving rise to a claim over what is now characterized as cash collateral in the bankruptcy case. Immediately prior to filing for bankruptcy on March 11, 2026, the Debtor maintained approximately $153,000 in two bank accounts: about $37,000 at First Citizens Bank and roughly $116,000 at U.S. Bank. However, the U.S. Bank funds were levied and frozen by Rincon, leaving the Debtor unable to access a substantial portion of its cash. Despite the automatic stay triggered by the bankruptcy filing, Rincon has allegedly refused to release the levied funds and has taken further actions to maintain control over them, which the Debtor asserts violates the stay and interferes with its operations. Given these circumstances, the Debtor argues that all available funds constitute cash collateral subject to Rincon's asserted lien, and therefore court authorization is required to use them. The Debtor emphasizes that immediate access to these funds is critical to pay essential operating expenses such as employee wages, rent, insurance, utilities, and technology services. To justify the requested relief, the Debtor presents a proposed budget demonstrating that it intends to use cash collateral prudently and only for necessary business expenses, while maintaining flexibility for minor variances. The projections indicate that the business will operate on a cash-flow-positive basis during the interim period, with anticipated cumulative cash growth of approximately $220,000 by the end of April 2026. These projections are based on historical performance and reasonable assumptions about continued revenue generation. The Debtor asserts that this positive cash flow will preserve or even enhance the value of the cash collateral, thereby adequately protecting Rincon's interest. As part of providing adequate protection, the Debtor proposes granting replacement liens to Rincon to the extent her lien is ultimately determined to be valid and enforceable. However, the Debtor expressly reserves all rights to challenge the validity, extent, and priority of Rincon's lien, including potential avoidance actions. A copy of the motion is available at https://urlcurt.com/u?l=eAntg5 from PacerMonitor.com About Ameriestate Legal Plan, Inc. Ameriestate Legal Plan, Inc., based in Costa Mesa, California, provides estate planning services including living trusts, wills, powers of attorney, and related asset-protection planning solutions. The company works with attorneys to prepare legal documents and assist individuals and families with estate transfer planning and probate avoidance strategies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10748) on March 11 , 2023. In the petition signed by Gregory Reese, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Scott C. Clarkson oversees the case. Michael G. Spector, Esq., at LAW OFFICES OF MICHAEL G. SPECTOR, represents the Debtor as legal counsel. AMERIESTATE LEGAL: Robert Goe Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for AmeriEstate Legal Plan, Inc. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About AmeriEstate Legal Plan Inc. AmeriEstate Legal Plan, Inc., based in Costa Mesa, California, provides estate planning services including living trusts, wills, powers of attorney, and related asset-protection planning solutions. The company works with attorneys to prepare legal documents and assist individuals and families with estate transfer planning and probate avoidance strategies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10748) on March 11, 2023, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Gregory Reese, president, signed the petition. Judge Scott C. Clarkson presides over the case. Michael G. Spector, Esq. at the Law Offices of Michael G. Spector represents the Debtor as bankruptcy counsel. ANDERSON HAY: Seeks to Sell Vehicles & Equipment at Auction ----------------------------------------------------------- Anderson Hay Enterprises Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Eastern District of Washington, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. In the ordinary course of business as a leading supplier of Pacific Northwest grown forage productions, the Debtors utilize various vehicles and equipment, including pickup trucks, chassis, balers, and various miscellaneous agriculture and farm equipment in connection with the delivery and fulfillment of customer orders. As a part of the Debtors' restructuring process, Agri has identified certain of its Equipment that is no longer essential to operations or economically inefficient to maintain, which Agri proposes to sell through an auction process. The Debtor seeks authority to sell the Auction Assets to recover value on surplus assets as well as to curtail storage, maintenance, insurance and other associated costs, thereby maximizing value of the estates. The Auction will be conducted by Chuck Yarbro Auctioneers, Inc. at a date, time, and location to be determined by Yarbro Auctioneers and Agri. The Debtor proposes to compensate Yarbro Auctioneers as follows: a. A commission equal to 10% of the gross Auction proceeds. b. Reasonable, actual, and necessary out-of-pocket costs that are chargeable under the Marketing Agreement and paid from Auction proceeds, including costs associated with set-up, hauling, repairs, lien searches, UCC searches, sales tax obligations, and costs incurred if the Debtors fail to timely satisfy their preparation obligations under the Marketing Agreement. Agri will file a report of auction detailing the sale price, the amount of net sale proceeds, and the disposition of net sale proceeds within 30 days of the completion of the Auction. Ally Financial Inc. holds a purchase money security interest in three trucks as follows: 1. 2022 Dodge 1500, VIN 1C6SRFFM4NN260057; with an outstanding balance of $5,819.75 as of the Petition Date; 2. 2022 Dodge 1500, VIN 1C6SRFFM8NN320700; with an outstanding balance of $8,181.20 as of the Petition date (See Enterprise Claim Register Claim 10); and 3. 2022 GMC 1500, VIN 3GTU9CED5NG186352; with an outstanding balance of $4,064.06 as of the Petition Date. AgWest Farm Credit, PCA holds a blanket lien encumbering equipment assets of the Debtors that Agri believes is subordinate to Ally's interests in the Ally vehicles. The Debtors do not believe any other lien holder has or asserts an interest in the Auction Assets. The Debtor currently possesses certain Equipment comprised of the Auction Assets that are appropriate to sell because such assets are surplus, are no longer necessary or beneficial to the Debtors' operations, and cause Agri to incur costs in holding, maintaining and insuring such equipment. The Debtor determined that the Auction of the Auction Assets will be the most efficient way to liquidate the Auction Assets as opposed to selling the Auction Assets on a piecemeal basis. The Debtor proposes selling Auction Assets in a commercially reasonable manner and expects that the value of the proceeds from such sales will fairly reflect the value of the property sold. About Anderson Hay Enterprise, Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ANDERSON HAY: To Sell Straw Processing Biz to Millicent Property ---------------------------------------------------------------- MTA Holdings and Anderson Hay Enterprise Inc. seek approval from the U.S. bankruptcy Court for the Eastern District of Washington, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a straw processing facility in Aurora, Oregon, on land that is owned and leased to it by Debtor MTA Holdings. The Aurora Facility consists of approximately 26.2 acres of real property and includes a 41,000 SF processing and production building; five hay barns varying in size from 24,000 SF to 37,000 SF; a combined hay barn and processing/production building, a breakroom building and a pumphouse. The Aurora Facility has been developed to include driveways, concrete aprons, truck loading areas and approximately 320,000 SF of hay storage area. As a result of the declining straw market, operating the Aurora Facility is not consistently providing an appropriate return. For the last few years, the Debtors have considered selling the Aurora Facility and reducing their overall investment tied directly to the straw market. The Debtors believe freeing up capital for other uses and evaluating more appropriate approaches in the grass straw market is a prudent decision given the current dynamics of the market and their position in it. The Debtors determined that it is in the best interests of their creditors and their restructuring prospects to cease their operations at the Aurora Facility, sell the Aurora Facility, and liquidate related equipment. Specifically, the property included in the Proposed Sale of the Aurora Facility includes the following: a. 23283 and 23261 Hubbard Cutoff NE, Aurora OR 97002 and taxed under Marion County Oregon Tax Parcel Nos. 510235, 330452, 510234, and 510229, owed by MTA Holdings (MTAH Property); and b. Leasehold improvements including buildings and structures, machinery and equipment, as identified on Exhibits C, D, and E to the PSA and office furniture and equipment owned by AHG. The MTAH Property is subject to a real property lease agreement comprising the entirety of the MTAH Property, effective as of January 1, 2023, by and between MTA Holdings and AHG, with a term expiring on December 29, 2026. The purchase price of the Property is $10,750,000.00, all cash at closing. The closing will occur within 15 days after the waiver of contingencies, and no later than May 15, 2026. At closing, the Purchaser and AHG will enter into the Lease-Back Agreement. The Debtors believe that the sale of the Property pursuant to the PSA is in the best interests of its bankruptcy estates and will enhance the Debtors' ability to provide the maximum recovery for creditors. The Debtors and SBP believe the Purchase Price is the highest offer that could be achieved during a time frame that is relevant to these bankruptcy cases. The Debtor wants to sell the Property to Millicent Property Co., LLC. The lienholders of the Property are PGIM Real Estate Finance, LLC and AgWest. The Proposed Sale is the highest and best offer received for the Property. The Debtors believe that the Purchase Price is fair, reasonable and appropriate under the circumstances of these Chapter 11 Cases. About Anderson Hay Enterprise, Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ANDERSON PHYSICAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania entered a final order allowing Anderson Physical Therapy ETC, PC to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved budget, allowing the Debtor to continue functioning while reorganizing under bankruptcy protection. As part of creditor protection, the Debtor must make monthly payments of $2,090.45 to Mercer County State Bank. Additionally, the bank's pre-petition liens remain in place post-petition, covering both existing and future assets, but their value cannot exceed the original secured amount (adjusted for payments and accruals). The order also requires the Debtor to maintain financial transparency and operational discipline, including providing financial records and reports to Mercer County State Bank, maintaining insurance on collateral, and avoiding new debt that cannot be repaid. As of the petition date, the outstanding cash collateral for the Debtor was $147,780.23. Anderson's cash collateral is encumbered by the liens held by Mercer County State Bank, the Commonwealth of Pennsylvania, Department of Revenue, and the Internal Revenue Service. Mercer County State Bank in first-lien position on all of the Debtor's personal property including cash collateral. The Debtor believes the bank is only partially secured on cash collateral while the two other creditors are wholly unsecured. As of December 1, 2025, the Debtor owed Mercer County State Bank $286,569.88. About Anderson Physical Therapy ETC Anderson Physical Therapy ETC, PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-10654) on November 20, 2025. In its petition, the Debtor reported up to $500,000 in both assets and liabilities. The Debtor is represented by David Z. Valencik, Esq., at Calaiaro Valencik. ANOINTED TOUCH: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Anointed Touch Residential Services, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in the ordinary course of business, subject to a strict budget. Expenses in each category cannot exceed 10% of the approved budget, and overall cash flow must remain at least 90% of projected levels. Financial institutions are directed to release funds to enable such use, ensuring continued business operations. As adequate protection, secured creditors will be granted replacement liens on all post-petition assets to the extent their interests are diminished. However, all parties retain the right to challenge the validity, priority, and extent of liens. The Debtor is also restricted from selling assets, granting new liens, or making unauthorized payments outside the approved budget. The order includes default provisions that may terminate cash collateral use upon notice and failure to cure within five business days. Events of default include conversion of the Debtor's Chapter 11 case, appointment of a trustee, or failure to comply with the order. The Debtor must maintain insurance, provide financial reports, cooperate with creditors, and comply with all reporting obligations, with the order taking immediate effect.f The final order is available at: http://bankrupt.com/misc/AnointedTouch_FinalCCOrder.pdf About Anointed Touch Residential Services Anointed Touch Residential Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-00922) on February 24, 2026. In the petition signed by Ayries Nachelle Bledsoe, sole member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. ANSWER ACQUISITION: TPG Twin Brook Marks $759,000 Loan at 71% Off ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $759,000 loan extended to Answer Acquisition, LLC to market at $220,000 or 29% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Answer Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 6.00 % 9.75 % per annum. The 1L Loan matures on June 30, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Answer Acquisition, LLC Answer Acquisition, LLC is a private equity and portfolio company that invests in, scales, and operates founder-led businesses. APEX PAVERS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Apex Pavers, Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for authority to use cash collateral and provide adequate protection. The cash collateral is funds subject to potential liens held by various creditors, including CHTD Company, Corporate Service Company, CT Corporation System, Prosperity Funding Group, Parkview Advance, Canfield Capital, Itria Ventures, JRG Funding, MCA Servicing Company, Samson MCA, and United Capital West. Each creditor is asserted to hold security interests in the Debtor's accounts, receivables, and other assets pursuant to UCC filings or Merchant Cash Advance agreements. The Debtor seeks access to this cash collateral to fund ordinary business operations and administrative expenses necessary to maintain ongoing operations, comply with the Office of the U.S. Trustee guidelines, and facilitate an effective reorganization without causing harm to the bankruptcy estate or unsecured creditors. Apex Pavers proposes granting replacement liens to the secured creditors on an interim basis, corresponding to the pre-petition liens, while reserving the right to dispute the validity, priority, or extent of these liens. The Debtor also plans to submit a monthly budget to guide the use of cash collateral, allowing a 10% variance per line item, and requests permission to use the funds immediately prior to the next interim hearing, with notice to creditors and any future unsecured creditors' committee. A copy of the motion is available at https://urlcurt.com/u?l=cPeXGC from PacerMonitor.com About Apex Pavers, Inc Apex Pavers, Inc is a Stuart, Florida-based company that installs and renovates pools and designs and installs paver driveways, patios and walkways. The company maintains a showroom and uses an in-house team for design, construction and project execution, serving residential and commercial clients across South Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13373) on March 19, 2026. In the petition signed by Ryan Paul Figman, president, the Debtor disclosed $5,182,607 in total assets and $4,665,033 in total liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at KELLEY KAPLAN DELANEY & ELLER, PLLC, represents the Debtor as legal counsel. APRICA PROPERTIES: Initiates Chapter 7 Bankruptcy in New York ------------------------------------------------------------- On March 20, 2026, Aprica Properties LLC filed for Chapter 7 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 Aprica Properties LLC Aprica Properties LLC is a single asset real estate company. Aprica Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10604) on March 20, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge John P. Mastando III handles the case. AQUATIC SALES: TPG Twin Brook Marks $2.6M 1L Loan at 28% Off ------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $2,669,000 loan extended to Aquatic Sales Solutions, LLC to market at $1,919,000 or 72% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Aquatic Sales Solutions, LLC. The 1L Loan accrues interest at a rate of S + 7.00% 10.82% per annum. The 1L Loan matures on Feb. 18, 2026. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Aquatic Sales Solutions, LLC Aquatic Sales Solutions, Inc., doing business as Bulk Reef Supply, wholesales and retails aquarium supplies. The Company offers lighting, auto top off systems, additives and filtration media, fish and coral foods, skimmers, and chemical products. ARCHBLOCK LLC: Committee Taps McDermott Will & Schulte as Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Archblock LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ McDermott Will & Schulte LLP as counsel. The firm's services include: (a) advising the Committee regarding its rights, powers, and duties in the Chapter 11 Cases; (b) assisting and advising the Committee in its consultations and negotiations with the Debtors and other parties in interest in connection with the administration of the Chapter 11 Cases; (c) soliciting information from and providing information to the Debtors' unsecured creditors as a group; (d) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and negotiating with holders of claims against and interests in the Debtors; (e) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and their insiders and of the operation of the Debtors' businesses; (f) assisting the Committee in its analysis of, and negotiations with, the Debtors and other parties in matters related to, among other things, the assumption or rejection of executory contracts and unexpired leases, the sale or other disposition of property of the Debtors' estates, the financing of other transactions, and the terms of one or more plans of reorganization or liquidation of the Debtors and accompanying disclosure statements and related plan documents; (g) assisting and advising the Committee on its communications with the Debtors' unsecured creditors as a group regarding significant matters in the Chapter 11 Cases; (h) intervening and monitoring the adversary proceedings involving the Debtors and property of the Debtors' estates; (i) representing the Committee at all hearings and other proceedings before the Court; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety and, to the extent deemed appropriate by the Committee, support, join, or object thereto; (k) advising and assisting the Committee with respect to any legislative, regulatory, or governmental activities; (l) assisting the Committee in its review and analysis of the Debtors' various agreements; (m) preparing, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, objections, or comments in connection with any matter related to the Debtors or the Chapter 11 Cases; (n) investigating and analyzing any claims belonging to the Debtors' estates; and (o) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's rights, powers, and duties, as set forth in the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and other applicable law. McDermott's hourly rates are: Partners/Counsel $1,700 to $2,795 Associates $1,125 to $1,595 Non-Lawyer Professionals $325 to $1,465 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: (a) McDermott has not agreed to a variation of its standard or customary billing arrangements for this engagement, except as disclosed; (b) none of McDermott's professionals included in this engagement have varied their rates based on the geographic location of the Chapter 11 Cases; (c) McDermott did not represent the Committee before the Petition Date; and (d) McDermott expects to develop a budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, and any orders of the Court. Recognizing that unforeseeable fees and expenses may arise in large chapter 11 cases, McDermott may need to amend the budget as necessary to reflect changed circumstances or unanticipated developments. Darren Azman, Esq., a partner at McDermott Will & Schulte 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: Darren Azman, Esq. MCDERMOTT WILL & SCHULTE LLP One Vanderbilt Avenue New York, New York 10017-3852 Telephone: (212) 547-5400 Facsimile: (212) 547-5444 Email: dazman@mcdermottlaw.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. ASP GLOBAL: TPG Twin Brook Marks $19M 1L Loan at 30% Off -------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $19,067,000 loan extended to ASP Global Holdings, LLC to market at $13,313,000 or 70% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to ASP Global Holdings, LLC. The 1L Loan accrues interest at a rate of S + 5.25% 9.09% per annum. The 1L Loan matures on July 31, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About ASP Global Holdings, LLC ASP Global Holdings, LLC operates as a holding company. The Company, through its subsidiaries, serves customers in the United States. ASPIRING SOLUTIONS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Jose Division, granted Aspiring Solutions LLC interim authority to use cash collateral in its Chapter 11 Subchapter V case. Under the interim order, the Debtor is permitted to use cash collateral through April 10, notably without making adequate protection payments to the secured creditor, Zion Bancorporation, N.A., during this interim period. The court imposed additional requirements on the Debtor, including filing a three-month pre-petition cash flow statement and submitting a revised cash collateral motion by April 7. These filings are intended to provide greater financial transparency and support for continued use of cash collateral. A continued hearing is scheduled for April 10. About Aspiring Solutions, LLC Aspiring Solutions, LLC operates under the brand name GillyGro, a founder-led U.S.-based startup lifestyle brand focused on multifunctional travel and parenting products designed to support organized mobility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50328) on March 2, 2026. In the petition signed by $500,000 in both assets and liabilities. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. ASSET ROOFING: Seeks Cash Collateral Access ------------------------------------------- Asset Roofing Company, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Washington for authority to use cash collateral and provide adequate protection to its secured lender, Commencement Bank. ARC has borrowed a total of $350,000 from Commencement under two promissory notes, with the secured lender asserting a lien on substantially all of ARC's assets, including cash collateral, with the outstanding balance as of the petition date approximately $380,379. The Debtor asserts that immediate use of cash collateral is critical to continue ordinary business operations, including payroll and other necessary expenses, and to prevent irreparable harm to its business and estate. The proposed use of cash collateral is governed by an Interim Budget and an Interim Order submitted with the motion, which outlines the terms of use and adequate protection measures. Adequate protection for Commencement and any other secured parties will be provided through a replacement lien on postpetition collateral of the same type as prepetition collateral and continued maintenance of insurance on the assets. The Debtor emphasizes that it has no other unencumbered funds and cannot obtain sufficient unsecured financing to sustain operations. A copy of the motion is available at https://urlcurt.com/u?l=s8phKM from PacerMonitor.com. About Asset Roofing Company, LLC Asset Roofing Company, LLC, doing business as Asset Roofing and Gutters, installs, repairs, replaces, and maintains roofs for residential, commercial, and multi-family properties in Snohomish, Washington, and nearby areas in Washington state. It also provides gutter installation, roof and attic inspections, roof certification services, and maintenance plans for landlords and property managers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00489) on March 19, 2026. In the petition signed by Anthony Langdon, chief executive officer, the Debtor disclosed $313,384 in total assets and $4,385,280 in total liabilities. Jason Wax, Esq., at BUSH KORNFELD LLP, represents the Debtor as legal counsel. AT THE CROSS: Starts Chapter 11 Bankruptcy in California -------------------------------------------------------- On March 20, 2026, At The Cross Oceanside Church Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. About At The Cross Oceanside Church Inc. At The Cross Oceanside Church Inc. is a California-based faith-based organization that provides religious services, community outreach programs, and spiritual guidance to its congregation. The church operates as a nonprofit institution focused on worship services, charitable initiatives, and local engagement. At The Cross Oceanside Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01076) on March 20, 2026. In its petition, the Debtor reports estimated assets between $1,000,000 and $10,000,000 and estimated liabilities between $1,000,000 and $10,000,000. A U.S. Bankruptcy Judge handles the case. The Debtor is represented by Daniel J. Winfree. AUGUSTA QUALITY: Seeks to Hire The Cleveland Group as Accountant ---------------------------------------------------------------- Augusta Quality, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to employ The Cleveland Group as accountant. The firm will prepare and file the Debtor's corporate tax return. The firm will charge a fixed fee of $1,400 for its services, plus expenses. Adam Williams, CPA, a member at The Cleveland Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam Williams, CPA The Cleveland Group 3740 Executive Center Drive Martinez, GA 30907 Telephone: (706) 288-2800 Facsimile: (706) 288-2820 About Augusta Quality LLC Augusta Quality LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-10018) on January 7, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Susan D. Barrett presides over the case. The Debtor tapped Bowen Anderson Klosinski, Esq., at Klosinski Overstreet as counsel and Adam Williams, CPA, at The Cleveland Group as accountant. BANNER BUYER: TPG Twin Brook Marks $1.3M 1L Loan at 32% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,379,000 loan extended to Banner Buyer, LLC to market at $931,000 or 68% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Banner Buyer, LLC. The 1L Loan accrues interest at a rate of S + 2.75% + 3.50% PIK 10.07% per annum. The 1L Loan matures on May 31, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Banner Buyer, LLC Banner Buyer, LLC is an acquisition vehicle or holding company. BANNER BUYER: TPG Twin Brook Marks $572K 1L Loan at 33% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $572,000 loan extended to Banner Buyer, LLC to market at $386,000 or 67% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured delayed draw term loan extended to Banner Buyer, LLC. The 1L Loan accrues interest at a rate of S + 2.75% + 3.50% PIK 10.07% per annum. The 1L Loan matures on May 31, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Banner Buyer, LLC Banner Buyer, LLC is an acquisition vehicle or holding company. BEGHOU CONSULTING: TPG Twin Brook Marks $2.7M 1L Loan at 86% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,714,000 loan extended to Beghou Consulting, LLC to market at $386,000 or 14% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Beghou Consulting, LLC. The 1L Loan accrues interest at a rate of S + 4.75% 8.42% per annum. The 1L Loan matures on May 1, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Beghou Consulting, LLC Beghou Consulting, LLC provides strategic consulting and technology services. The Company offers services to life sciences companies to address all their sales and marketing challenges, including sales force design, segmentation and targeting, incentive compensation, forecasting, analytics, and marketing research. BESTOP INC: TPG Twin Brook Marks $6.7M 1L Loan at 81% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $6,767,000 loan extended to Bestop, Inc to market at $1,265,000 or 19% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Bestop, Inc. The 1L Loan accrues interest at a rate of S + 5.50 % 9.17 % per annum. The 1L Loan matures on March 29, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Bestop, Inc. Bestop, Inc. manufactures automobile parts. The Company offers bumpers, guards, tire carriers, doors, window kits, floor mats, cargo liners, seating, bed caps, steps and running boards, and cleaning products for jeeps, trucks, bronco, and gladiator. BETTER MOTOR WORKS: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Better Motor Works, Inc., asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. The Debtor filed for Chapter 11 Subchapter V bankruptcy relief primarily to prevent the imminent closure of its Las Vegas-based auto repair business. The company is currently owned by Daniel and Shelina Dunphy, who are in the midst of a divorce and have operated the service center since 1997. The immediate catalyst for the filing was an administrative proceeding by the Nevada Department of Taxation concerning approximately $258,000 in unpaid sales and modified business taxes. The state had set a deadline of March 24, 2026, for the business to resolve these liabilities or cease operations entirely. By filing this emergency motion, the Debtor seeks court authorization to use its cash collateral—the revenue generated from its ongoing operations—to pay for essential expenses like payroll, rent, and supplies required to keep the doors open. The financial landscape of the case is complicated by a significant amount of debt owed to various lenders through eight different merchant cash advance or receivables financing agreements, totaling at least $500,000. These creditors include entities such as Genesis Funding, Wide Merchant Group, YouLend, and Five Star Advance. However, the Debtor argues that the priority of these claims is "clouded" because many of the lenders failed to properly perfect their security interests through public filings or used anonymous agents that make their legal standing difficult to verify. The Debtor maintains that the Nevada Department of Taxation holds the senior secured position because its tax liens were recorded years prior to most of the consensual liens granted to the cash advance lenders. Consequently, the Debtor proposes to treat the majority of these lenders as general unsecured creditors who are not entitled to immediate protection or payments. To satisfy the legal requirements for using cash collateral, the Debtor has proposed a specific "adequate protection" package for the Nevada Department of Taxation. This plan includes making monthly payments of $4,300 toward the tax debt and granting the department replacement liens on post-petition assets to ensure the value of their collateral does not diminish while the business continues to operate. The Debtor has also submitted a formal budget and requested that the court allow a ten percent variance for monthly expenses. The motion emphasizes that the repair shop equipment, if liquidated today, would likely fetch less than the total amount owed to the state, making the continued operation of the business the only viable way to generate enough value to repay creditors over time. A copy of the motion is available at https://urlcurt.com/u?l=mreoMq from PacerMonitor.com. About Better Motor Works, Inc Better Motor Works, Inc is a Nevada corporation operating as European Motor Cars. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-11788-nmc) on March 23, 2026. In the petition signed by Daniel W. Dunphy, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. BIA HOSPITALITY: Seeks to Tap Montalto Law Firm as Special Counsel ------------------------------------------------------------------ Bia Hospitality, LLC, doing business as Bia, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Montalto Law Firm as special counsel. The firm will render these services: (a) draft and negotiate the Asset Purchase Agreement; (b) represent the Debtor during the signing of the Contract of Sale and/or Asset Purchase Agreement; (c) represent during the due diligence period; (d) communicate with the buyer and any other relevant parties to the sale; and (e) represent at the actual closing. The firm will be paid at a flat fee of $3,160 from the Debtor. Christopher Montalto, Esq., an attorney at Montalto Law Firm, 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 Montalto, Esq. Montalto Law Firm 3 Cannon St. Poughkeepsie, NY 12601 About Bia Hospitality LLC Bia Hospitality LLC operates a fine dining restaurant. Bia Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-35165) on February 17, 2026, listing under $1 million in both assets and liabilities. Judge Kyu Young Paek oversees the case. The Debtor tapped Michelle L. Trier at Genova, Malin & Trier, LLP as bankruptcy counsel and Christopher Montalto, Esq., at Montalto Law Firm as special counsel. BITA FASHION: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On March 20, 2026, Bita Fashion Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Bita Fashion Inc. Bita Fashion Inc. is a fashion-focused company that provides apparel products to consumers, operating within the California retail landscape. The company offers clothing items aimed at meeting diverse customer preferences and style demands. Bita Fashion Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01074) on March 20, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Rick G. Melendez of the Law Offices of Rick G. Melendez. BLACKSTONE VALLEY: S&P Lowers ICR to 'B', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Rhode Island Mayoral Academy Blackstone Valley (Blackstone Valley Prep, or BVP) four notches to 'B' from 'BB+'. S&P said, "The negative rating action reflects our view of the rapid and material decline in the school's liquidity profile. BVP is being required to increasingly rely on short-term loans as a result of its significantly weaker-than-anticipated operating performance, with a sizeable operating deficit in fiscal 2025 and another expected for fiscal 2026. The deficits are a result of unanticipated management transitions and revenue funding shifts that we believe reflect the school's limited risk and financial management oversight and practices. The school is partnering with the Equitable Facilities Fund, Charter School Growth Fund, and external consultants to resolve the financial challenges. The outlook is negative. "The negative outlook reflects our view of BVP's expectations that organic recovery of liquidity and progress towards breakeven-to-surplus operations will be incremental. Should operations fail to stabilize, further affecting liquidity and resulting in covenant violations, or if financial reporting concerns persist, we could further lower the rating. "We believe BVP has elevated risk management, culture, and oversight risk due to its limited internal risk and financial management practices and oversight, which have led to rapid deterioration in fiscal 2025 financial performance, covenant violations, and significant depletion in reserves for fiscal 2026, requiring short-term borrowing to support operations. We also believe BVP has elevated transparency and reporting risks considering the delay in the fiscal 2025 audit and limited availability of internal financial records to clarify financial challenges. We view BVP's environmental and social factors as neutral in our credit rating analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Risk management, culture, and oversight -- Transparency and reporting factors, including factors linked to the quality of information disclosure S&P said, "The negative outlook reflects the one-in-three chance we could further lower the rating within the one-year outlook period if liquidity drawdowns fail to stabilize or if the school continues to rely on external sources to fund daily operations despite ongoing cost-cutting strategies. We could also consider a negative rating action if the school is unable to meet corrective action plan objectives such that going-concern assumptions are escalated or lending partners choose to accelerate debt, though this is not anticipated at this time. "We could further lower the rating, potentially by multiple notches, if the school continues to produce operating deficits beyond communicated expectations, such that pro-forma lease-adjusted MADS coverage does not improve from current levels, organic DCOH does not trend upwards, or if the school indicates difficulty in making timely payments for debt service, meeting payroll, or making sufficient progress with corrective action plans. We could also take a negative rating action if the school issues additional debt beyond what has been communicated, or if there are indications of charter pressure. "We could revise the outlook to stable if the school returns to generating stable-to-positive operating results such that its liquidity position grows without the use of lines of credit and short-term borrowing, and if it continues to make progress towards covenant compliance and corrective action plans, all while the enrollment profile remains stable." BLOOM HOTELS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Bloom Hotels 6060, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use the cash collateral of secured lender, De Paz Family Investments, LLC. Under the interim order, the Debtor is authorized to use cash collateral from Feb. 16 through the final hearing in accordance with an approved budget, with up to a 10% variance per expense category. The funds may be used for business operations, asset preservation, insurance, and payment of U.S. Trustee fees. As adequate protection, De Paz Family Investments will be granted a replacement lien on post-petition collateral, with the same priority as its pre-petition liens. The replacement lien does not apply to avoidance actions. DPFI may seek a superpriority claim if it proves any loss in value due to the Debtor's use of collateral. A final hearing is scheduled for April 16. About Bloom Hotels 6060, LLC Bloom Hotels 6060, LLC owns the real property and improvements at 6060 Indian Creek Drive in Miami Beach, Florida, a waterfront condo-hotel complex. Bloom Hotels 6060, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11867) on February 16, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Kristopher E. Pearson, Esq., at Damian Valori Culmo. BLUE BIOFUELS: Posts $2.87MM Loss, $60.13MM Deficit in FY 2025 -------------------------------------------------------------- Blue Biofuels, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2,874,601 for the fiscal year ended December 31, 2025, compared to a net loss of $1,418,981 for the fiscal year ended December 31, 2024. For the year ended December 31, 2025 and 2024, the Company recognized no revenue. Spokane, Washington-based Assure CPA, LLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 19, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has accumulated losses since inception and has negative working capital. These factors raised substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company has incurred accumulated losses of $60,130,362. The Company expects to incur significant additional losses and liabilities in connection with its start-up and commercialization activities. The Company's ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management believes that the Company's future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities, and obtain additional financing. There is no assurance that the Company will be able to generate sufficient cash from operations, or sell additional shares of stock or borrow additional funds. The Company's inability to obtain additional cash could have a material adverse effect on its financial position, results of operations, and its ability to continue in existence. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4ev7xk9d About Blue Biofuels Inc. Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin. As of December 31, 2025, the Company had $1,407,379 in total assets and $5,113,462 in total liabilities, and total stockholders' deficit of $3,706,083. BOREN INC: Seeks Continued Cash Collateral Access ------------------------------------------------- Boren, Inc. asks the U.S. Bankruptcy Court for the Middle District of Tennessee for continued or extended authority to use cash collateral to fund ongoing operations. The Debtor seeks approval to use cash collateral in accordance with the updated budget, with an aggregate variance allowance of up to 10%. The budget outlines weekly cash flow projections from March 26 through April 22, 2026, showing beginning balances, projected deposits, and anticipated expenses including services, administrative fees, costs of goods sold, royalties, advertising, taxes, insurance, payroll, rent, utilities, and other operational costs. While the budget projects some negative cash balances in certain weeks due to significant expenditures, including a $28,000 property tax payment, net cash flow remains positive in alternate weeks, demonstrating the Debtor's ability to manage operational needs. The Debtor requests that the Court set a further interim hearing before the expiration of the budget period and emphasizes that cash collateral is defined pursuant to 11 U.S.C. section 363(a). A copy of the motion is available at https://urlcurt.com/u?l=uNoiUW from PacerMonitor.com. About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Nelson Boren, Jr., regional manager, signed the petition. Judge Charles M. Walker presides over the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC represents the Debtor as bankruptcy counsel. BRD LAND: Seeks to Hire Rayburn Cooper and Durham as Legal Counsel ------------------------------------------------------------------ BRD Land & Investment and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Rayburn Cooper & Durham, PA as counsel. The firm's services include: (a) provide the Debtors legal advice with respect to their powers and duties in the continued operation of their businesses and management of their properties and assets; (b) assist in taking all necessary action to protect and preserve the Debtors' estates; (c) prepare or assist in preparing on behalf of the Debtors all necessary legal papers in connection with the administration of their estates; (d) appear before this Court and such other courts as may be appropriate to represent the interests of the Debtors in matters that require representation and represent and assist them in negotiations with other parties in interest in the cases; (e) advise and assist in formulating and preparing a plan of reorganization on behalf of the Debtors, the related disclosure statement, and any revisions, amendments relating to such documents, and all related materials; and (f) perform other legal services for the Debtors which may be necessary in the cases. The firm's attorneys and paralegals will be paid at these hourly rates: C. Richard Rayburn Jr., Attorney $795 John Miller Jr., Attorney $550 Ross Fulton, Attorney $490 G. Kirkland Hardymon, Attorney $490 W. Scott Cooper, Attorney $460 Matthew Tomsic, Attorney $410 Rachel Brinson, Attorney $340 Ashley Oldfield, Attorney $375 Lauren Schantz, Attorney $360 Austin Webber, Attorney $350 Natalie Kutcher, Attorney $340 Amanda Reader, Summer Clerks $275 Romney Harris, Summer Clerks $275 Tiffany Lindsay, Paralegal $250 Maureen Davis, Paralegal $225 Mary Elvington, Paralegal $225 Kristy Godin, Paralegal $225 Kimber Kinney, Paralegal $225 In addition, the firm will seek reimbursement for expenses incurred. Before the filing of the Debtors' petitions pursuant to Chapter 11, the firm was paid $55,830.47 for professional services rendered and expenses incurred. Mr. Tomsic disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew L. Tomsic, Esq. Rayburn Cooper & Durham, PA 227 West Trade Street, Suite 1200 Charlotte, NC 28202 Telephone: (704) 334-0891 About BRD Land & Investment BRD Land & Investment and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T. Beyer presides over the cases. Matthew L. Tomsic, Esq., at Rayburn Cooper & Durham PA serves as the Debtors' counsel. BRD LAND: Taps Great Neck and Iron Horse as Brokers/Auctioneers --------------------------------------------------------------- BRD Land & Investment and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Great Neck Realty Company of North Carolina, LLC, Iron Horse Auction Company, Inc., and Iron Horse Commercial Properties, LLC as auctioneers and real estate brokers. The firm will render these services: (a) review, advise, and make recommendations to the Debtors in connection with proposed offers, proposals, solicitations, or transactions involving the projects received prior to brokers' engagement; (b) prepare, develop and implement a marketing plan, marketing materials and strategy for the marketing and sale of the Debtors owned projects and their contractual rights to those projects that are not owned outright; and (c) assist the Debtors in connection with analysis, negotiation and consummation of any transaction involving the sale of the projects. The Debtors will pay the brokers a $7,500 fee per month for three months. Upon closing of any sales of the projects, the Debtors will pay a commission of 7 percent for transactions up to 2,999,999.99; a commission of 5 percent for transactions between $3 million and $5,999,999.99; and a 4 percent commission for transactions of $6 million and greater. The Debtors will also pay up to $5,000 for advertising for each project sale event. William Lilly Jr., president at Iron Horse Auction Company, and Robert Tramantano, president at Great Neck Realty Company of North Carolina, disclosed in court filings that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: William B. Lilly Jr. Iron Horse Auction Company, Inc. 174 Airport Rd. Rockingham, NC 28379 Telephone: (910) 997-224 - and - Robert J. Tramantano Great Neck Realty Company of North Carolina, LLC 1011 Hamilton Rd. Chapel Hill, NC 27517 Telephone: (516) 902-9568 About BRD Land & Investment BRD Land & Investment and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T. Beyer presides over the cases. Matthew L. Tomsic, Esq., at Rayburn Cooper & Durham PA serves as the Debtors' counsel. BRIGHT STAR: Seeks to Use Cash Collateral ----------------------------------------- Bright Star Early Learning, LLC, asks the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, for authority to use cash collateral and provide adequate protection. National Funding, Inc. and Forward Financing, LLC assert interests in the Debtor's cash collateral. The Debtor explains that its business, which historically experienced steady growth and relied partly on state childcare reimbursement programs, suffered significant financial strain due to the COVID-19 pandemic, rising operational costs, staffing challenges, and delays in government payments. Despite efforts to stabilize through cost reductions, restructuring, and negotiations with creditors, the company accumulated unsustainable debt, prompting the bankruptcy filing to preserve operations and reorganize its obligations. National Funding allegedly provided a $75,000 loan in July 2025, though the Debtor's principal does not recall executing the agreement. The loan required repayment of nearly $100,000 through weekly payments and was secured by a broad lien on essentially all of the Debtor's assets, including receivables and cash. National Funding later filed a UCC-1 and initiated litigation for breach of contract after the Debtor defaulted. Second, Forward Financing entered into a future receivables agreement in September 2025, advancing funds in exchange for payments tied to receivables, and later filed its own UCC-1 asserting an interest in similar collateral. The Debtor argues that Forward Financing's claim is effectively unsecured due to National Funding's prior lien and the limited value of the Debtor's assets. The Debtor emphasizes that access to cash collateral—such as receivables and operating income—is essential to pay ordinary expenses and avoid immediate shutdown. To provide adequate protection to National Funding, the debtor proposes granting replacement liens, assigning certain receivables, and making reduced monthly payments of approximately $2,435, reflecting the estimated secured portion of the claim. No payments are proposed for Forward Financing pending determination of lien validity. The Debtor seeks interim authorization to use cash collateral for about 14 days under a budget, along with a final hearing, arguing that continued operations will preserve value, support reorganization, and ultimately benefit creditors. A copy of the motion is available at https://urlcurt.com/u?l=IfnJwn from PacerMonitor.com. About Bright Star Early Learning, LLC Bright Star Early Learning, LLC is a childcare provider operating multiple locations in Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-12988) on March 20, 2026. In the petition signed by Elizabeth Rosiak, owner/director, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Jeffrey Orenstein, Esq., at Wolff & Orenstein LLC, represents the Debtor as legal counsel. BROAD STREET: Seeks Chapter 7 Bankruptcy in Delaware ---------------------------------------------------- On March 20, 2026, Broad Street Realty, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to 1–49 creditors. About Broad Street Realty, Inc. Broad Street Realty, Inc. is focused on owning and managing essential grocery-anchored and mixed-use assets located in densely populated technology employment hubs and higher education centers within the Mid-Atlantic, Southeast and Colorado markets. Broad Street Realty, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10398) on March 20, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1,000,000 and estimated liabilities between $1MM and $10MM. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Charles J. Brown, III, Esq. of Gellert Seitz Busenkell & Brown, LLC. BROOKFIELD OFFICE: DBRS Finalizes BB Rating on Subordinated Notes ----------------------------------------------------------------- DBRS Limited (Morningstar DBRS) finalized Brookfield Office Properties Inc's (BPO or the Company) Subordinated Notes credit rating of BB with a Stable trend including its $200 million 7.625% Fixed-to-Fixed Reset Rate Subordinated Notes due March 18, 2056 (the Subordinated Notes). The Subordinated Notes are fully and unconditionally guaranteed by Brookfield Property Partners L.P. (BPY; rated BBB (low) with a Stable trend), among other related entities. BPO's credit ratings, including the Subordinated Notes credit rating, are based on guarantees provided by BPY, with such guarantees being consistent with the Guarantees and Other Forms of Support section of the "Morningstar DBRS Global Corporate Criteria." Morningstar DBRS notes that, following the Company's issuance of Subordinated Notes, both BPO's Senior Unsecured Notes credit rating and BPY's Issuer Rating remain consistent with the Morningstar DBRS' press release dated April 15, 2025. The Subordinated Notes are unsecured, subordinated obligations of BPO. The payment of principal and interest are subordinated in right of payment to all present and future senior indebtedness of BPO and to all present and future guarantor senior indebtedness. Morningstar DBRS understands that the Company intends to use the net proceeds of the offering for general corporate purposes, including the redemption of its Class AAA Preference Shares, Series CC on June 30, 2026. Morningstar DBRS assigned 50% equity treatment to BPO's Subordinated Notes based on attributes related to subordination, permanence, and servicing flexibility as described in the Preferred Share and Hybrid Security Criteria for Corporate Issuers section of the "Morningstar DBRS Global Corporate Criteria." The Subordinated Notes satisfy the attributes required for 50% equity treatment as they are deeply subordinated to all forms of senior indebtedness, have a remaining term to maturity of more than 10 years with an explicit intent to replace the Subordinated Notes with securities with equal or greater equity treatment, and an ability to defer interest for up to five years. Morningstar DBRS notes that the Subordinated Notes credit rating considers the increased risk of loss due to subordination and the risk of nonpayment due to the deferral feature relative to the Senior Unsecured Notes. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis. Notes: All figures are in Canadian dollars unless otherwise noted. BRUNCH ROOM: Starts Chapter 11 Bankruptcy in Texas -------------------------------------------------- On March 20, 2026, Brunch Room Bistro LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 50–99 creditors. About Brunch Room Bistro LLC Brunch Room Bistro LLC is a Texas-based dining establishment specializing in brunch-style cuisine, offering a range of breakfast and lunch menu items in a casual setting. The company operates within the food and hospitality industry. Brunch Room Bistro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-31166) on March 20, 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. The Debtor is represented by Frances Anne Smith of Offit Kurman. BUFFALO ACADEMY OF SCIENCE: S&P Assigns 'BB+' ICR, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to Buffalo Academy of Science (BuffSci), N.Y. The outlook is stable. S&P said, "In our view, BuffSci faces elevated social capital risk compared with that of peers given that its operations are situated in Erie County, N.Y., and remain pressured as a result of a relatively small, and shrinking, total school-age population. For BuffSci, robust STEM programming has supported demand and thus somewhat mitigates this risk exposure. We view environmental and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that enrollment will increase, as projected, and that the network will maintain its overall financial profile, with an at least stable liquidity position, as measured by DCOH, and positive financial performance. "We could consider a negative rating action if the school fails to meet enrollment growth targets, resulting in weakened margins and lease-adjusted MADS coverage or a deteriorated reserve position. "We could consider a positive rating if the school successfully executes on its expansion plans while maintaining other enterprise profile characteristics and strengthening its financial profile through a consistently increased liquidity position, maintenance of healthy financial performance, and lease-adjusted MADS coverage commensurate with a higher rating." BY HOTEL SPE-3: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of BY Hotel SPE-3, LLC. 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. Judge Kate Stickles oversees the case. Rafael X. Zahralddin, Esq., at Lewis Brisbois Bisgaard & Smith, LLP, represents the Debtor as legal counsel. BYRON'S KITCHEN: Janice Seyedin Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Byron's Kitchen Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Byron's Kitchen Inc. Byron's Kitchen Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04600) on March 16, 2026, with $100,001 to $500,000 in assets and liabilities. William E. Jamison, Jr., Esq. at the Law Office William E. Jamison & Associates represents the Debtor as bankruptcy counsel. BYRON'S KITCHEN: Seeks Chapter 11 Bankruptcy in Illinois -------------------------------------------------------- On March 16, 2026, Byron's Kitchen Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Byron's Kitchen Inc. Byron's Kitchen Inc. is a food service company engaged in restaurant operations, offering prepared meals and dining services within its local market. The company operates as a small business within the hospitality and restaurant sector. Byron's Kitchen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04600) on March 16, 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 William E. Jamison, Jr., Esq. of Law Office William E. Jamison & Associates. C & S MARKET: Seeks to Hire Michael Jay Berger as Legal Counsel --------------------------------------------------------------- C & S Market Research LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ The Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules to determine if amendments are needed; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee (the "OUST"); (e) prepare status reports as required by the Court, and respond to any motions filed in the Debtor's bankruptcy proceeding; (f) in addition, the Debtor will respond to creditor inquiries; (g) review proofs of claim filed in the Debtor's bankruptcy; (h) object to inappropriate claims; (i) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pending of its bankruptcy proceedings; and (j) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these hourly rates: Michael Jay Berger, Partner $695 Sofya Davtyan, Partner $645 Robert Poteete, Associate $475 Senior Paralegals and Law Clerks $200 In addition, the firm will seek reimbursement for expenses incurred. Frequency Technologies LLC paid the firm $25,000 retainer and the filing fee of $1,738 on February 17, 2026. Mr. Berger disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About C & S Market Research LLC C & S Market Research LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-10743) on Feb. 25, 2026, listing up to $1 million in both assets and liabilities. Judge Rene Lastreto II oversees the case. The Law Offices of Michael Jay Berger serves as the Debtor's counsel. C & S RESTAURANT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florid granted C & S Restaurant Group, LLC interim approval to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to cover ordinary and necessary business expenses, including payments to the Subchapter V trustee, in accordance with an approved budget. The Debtor may exceed budgeted line items by up to 10% without further court approval but cannot pay insider or management compensation without a separate court order. All customers and entities owing money to the Debtor are directed to pay the Debtor directly, and such funds will constitute cash collateral. As adequate protection, secured creditors will be granted post-petition liens on cash collateral with the same validity, priority, and extent as their prepetition liens, without requiring additional filings. The Debtor must also maintain insurance, allow reasonable access to records and premises for inspection, and comply with all obligations under bankruptcy law. The order remains temporary and subject to modification at the continued hearing. A continued hearing is scheduled for April 8. C & S earns revenue from food, alcoholic and non-alcoholic beverage sales via cash, credit, and debit transactions. Total assets are $70,681, including $60,480 in equipment and furnishings, $10,100 in cash, and no receivables. Several merchant cash advance (MCA) lenders -- Radiance Funding Management, LLC; Fenix Capital Funding; Highland Hill Capital LLC; Ascentium Capital; and ODK Capital, LLC -- may claim secured status or ownership of the Debtor's future receivables. The Debtor disputes this, asserting that at least some are junior UCC lienholders who should be treated as unsecured because the Debtor lacked the ability to sell future receivables, the liens do not attach to post-petition receivables, and the agreements may be unenforceable under state and federal law. About C & S Restaurant Group LLC C & S Restaurant Group, LLC operates Buster's Sports Tavern, a casual full-service restaurant and sports tavern in Fort Myers, Florida, offering made-to-order meals, alcoholic beverages, and a sports-oriented dining experience. The company is registered in Florida as a limited liability company and manages its restaurant operations from its main location on McGregor Boulevard. C & S Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00517) on March 6, 2026, with $70,681 in assets and $1,528,291 in liabilities. Scott T. Iannelli, managing member, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Joseph Trunkett, Esq., at Trunkett Law FIRM, LLC represents the Debtor as bankruptcy counsel. CANACOL ENERGY: Strikes Chapter 15 Agreement to Remedy DIP Defaults ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Canacol Energy Ltd. has asked a New York bankruptcy judge to grant recognition to an updated bankruptcy loan authorized in Canada, stating that the revised financing is designed to address defaults under its existing DIP facility and ensure ongoing access to capital. The request comes במסגרת its Chapter 15 case. The natural gas company said the amended loan terms were approved by a Canadian court and are intended to stabilize its financial position while it continues restructuring efforts. Recognition in the U.S., it argued, is necessary to bind domestic creditors and protect assets located within the jurisdiction. Canacol further asserted that the updated financing arrangement promotes cooperation between courts and enhances the likelihood of a successful restructuring. The company maintains that the relief sought is consistent with Chapter 15 objectives and in the best interests of stakeholders, the report states. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on November 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CANADIAN ORTHODONTIC: TPG Twin Marks CAD$307,000 1L Loan at 80% Off ------------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its CAD$307,000 loan extended to Canadian Orthodontic Partners Corp to market at CAD$60,000 or 20% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured term loan extended to Canadian Orthodontic Partners Corp. The 1L Loan accrues interest at a rate of T + 9.00% 11.62% per annum. The 1L Loan matures on Dec. 31, 2026. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Canadian Orthodontic Partners Corp Canadian Orthodontic Partners Corp provides support services to docbraces and to national network of community-based orthodontic clinics. CANADIAN ORTHODONTIC: TPG Twin Marks CAD$372K 1L Loan at 80% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its CAD$372,000 loan extended to Canadian Orthodontic Partners Corp to market at CAD$73,000 or 20% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Canadian Orthodontic Partners Corp. The 1L Loan accrues interest at a rate of T + 9.00% PIK 11.62% per annum. The 1L Loan matures on March 19, 2026. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Canadian Orthodontic Partners Corp Canadian Orthodontic Partners Corp. operates in the dental and orthodontic sector. CANNABIST COMPANY: Gains Stay Protection for US-Based Subsidiaries ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Thursday, March 26, 2026, a Delaware bankruptcy judge granted a stay of litigation and enforcement actions against the U.S. subsidiaries of Cannabist Company Holdings, providing temporary relief as the Canadian cannabis operator advances its restructuring efforts. The ruling shields the affiliates from creditor actions while the parent company navigates insolvency proceedings. The court found that extending protections to the U.S. entities was necessary to preserve the value of the broader enterprise. Without the stay, piecemeal litigation could undermine ongoing efforts to either sell off the company's assets or conduct an orderly wind-down of operations, the report states. The company has indicated that it is exploring strategic alternatives, including asset sales and potential shutdowns, as it works to address financial pressures. The stay is expected to remain in place while the bankruptcy case proceeds and stakeholders evaluate next steps, according to Law360. About Cannabist Company Holdings Inc. Cannabist Company Holdings Inc. is a cannabis operator engaged in the cultivation, manufacturing, and retail distribution of cannabis products across North America. Cannabist Company Holdings Inc. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10426) on March 25, 2026. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. CANNABIST COMPANY: Initiates CCAA to Facilitate Asset Sales ----------------------------------------------------------- The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) announced on March 24, 2026, that it and certain of its subsidiaries have entered into two definitive agreements to sell: (i) all of the ownership interests of its subsidiaries engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the State of Ohio to Holistic Industries Inc., a Delaware corporation; and (ii) all of the business and assets of its subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the State of Delaware to Parma Holdco LLC, a Nevada limited liability company, an affiliate of a Boston-based SEC-registered investment fund with a portfolio of investment in the US cannabis industry. The Company also announced it entered into a non-binding memorandum of understanding for the sale of certain of its production, manufacturing, distribution and sale operations (through the sale of equity or assets) in the States of Illinois, New Jersey, Colorado, Massachusetts, Maryland and West Virginia. The Company and The Cannabist Company Holdings (Canada) Inc. have commenced voluntary proceedings under the Companies' Creditors Arrangement Act (Canada) in the Ontario Superior Court of Justice (Commercial List) and intend to commence proceedings under chapter 15 of the Bankruptcy Code in the United States Bankruptcy Court to recognize the CCAA Proceedings in the United States. The Company has commenced CCAA Proceedings to support the completion of the Strategic Transactions and the pursuit of the Remaining Markets Transaction, as well as to preserve liquidity and facilitate an orderly wind-down of operations in markets not subject to the Strategic Transactions or the Remaining Markets Transaction, including New York and Pennsylvania. The Company has entered into a support agreement with senior secured noteholders of the Company's: (i) nine and one quarter percent (9.25%) Senior Secured Notes due December 31, 2028, and (ii) nine percent (9.0%) Senior Secured Convertible Notes due December 31, 2028 wherein the Supporting Noteholders agree to support the Strategic Transactions and the Remaining Markets Transaction, the CCAA Proceedings, and the Chapter 15 Proceedings subject to the terms and conditions set forth therein. The Supporting Noteholders collectively hold more than sixty percent (60%) of the aggregate principal amount of Notes outstanding. The commencement of the CCAA Proceedings and entry into the Strategic Transactions represent the continuation of the previously announced strategic review process initiated by a special committee of the Company's board of directors comprised of independent directors. With support from external financial and legal advisors, the Special Committee thoroughly evaluated a range of options including potential asset sales, mergers, or other strategic and financial transactions in light of persistent operational and financial challenges facing both the Company and the broader industry. Despite the Company's significant efforts to improve its performance, it became clear during the strategic review that the Strategic Transactions, and the CCAA Proceedings necessary to implement such transactions, are the best option available for The Cannabist Company and its stakeholders. Strategic Transaction Highlights Virginia Transaction As previously announced, on December 2, 2025, the Company entered into a definitive agreement to sell all of the ownership interests of its subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the Commonwealth of Virginia to Parma. Under this agreement, Parma acquired all issued and outstanding equity interests of Green Leaf Medical of Virginia, LLC, a wholly owned indirect subsidiary of the Company, for a total consideration of $130 million. The Virginia Transaction closed on February 5, 2026, and as previously announced, the Company redeemed: (i) $84,488,000 aggregate principal amount of the nine and one quarter percent (9.25%) Senior Secured Notes due December 31, 2028 and (ii) $6,469,000 aggregate principal amount of the nine percent (9.0%) Senior Secured Convertible Notes due December 31, 2028. Ohio Transaction On March 23, 2026, the Company, Columbia Care LLC, Columbia Care OH, LLC, Corsa Verde, LLC, Cannascend Alternative, LLC, Cannascend Alternative Logan, LLC, Green Leaf Medical of Ohio II, LLC, CC OH Realty, LLC, and Green Leaf Medical of Ohio III, LLC, entered into an equity purchase agreement with Holistic, pursuant to which, subject to court approval and other customary closing conditions set out in the agreement, Holistic has agreed to acquire all of the issued and outstanding equity interests of the Company's subsidiaries engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the state of Ohio for a total consideration of $47 million, consisting of $34.5 million in cash payable at the closing of the transaction, as well as a $12.5 million promissory note issued by Holistic, all subject to adjustment as further described in the equity purchase agreement. The Ohio Transaction is expected to close in the third quarter of 2026. Delaware Transaction On March 23, 2026, the Company and its subsidiary Columbia Care Delaware, LLC, entered into an asset purchase agreement with Parma, pursuant to which, subject to court approval and other customary closing conditions set out in the agreement, Parma has agreed to acquire substantially all of the assets of Company's subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the state of Delaware for a total consideration of $16.5 million in cash, all subject to adjustment as further described in the asset purchase agreement. The Delaware Transaction is expected to close in the second quarter of 2026. Remaining Markets The Company also entered into a non-binding memorandum of understanding agreement indicating the Company's intention to finalize definitive documentation to sell certain equity interests in and assets of subsidiaries engaged in the business of producing, manufacturing, distributing and selling cannabis in the states of Colorado, Illinois, New Jersey, West Virginia, Massachusetts, and Maryland. The Company is currently working to finalize such definitive documentation. CCAA Proceedings The Cannabist Company has obtained an Initial Order from the Court under the CCAA, which provides, among other things: (i) a stay of proceedings in favor of the Company and certain subsidiaries for an initial period of ten days, with potential extensions as determined appropriate by the Court; and (ii) the appointment of FTI Consulting Canada Inc. as the Monitor to oversee the CCAA Proceedings. The Company's management will continue to direct day-to-day operations, with ongoing oversight by the board and Special Committee, under the Monitor's supervision throughout the proceedings. In addition to completing the Strategic Transactions, The Cannabist Company has ceased its operations in New York and is in the process of ceasing its operations in Pennsylvania. In connection with the CCAA Proceedings, the Company has appointed SierraConstellation Partners LLC as Chief Restructuring Officer, subject to approval by the Court. It is anticipated that trading of The Cannabist Company's shares on Cboe Canada Inc. will be halted, and the Company will be subject to a delisting review in accordance with market regulations. Further information regarding the CCAA Proceedings can be found on the Monitor's case website which may be found at: https://cfcanada.fticonsulting.com/tcc Stikeman Elliott LLP serves as Canadian counsel to The Cannabist Company, while Weil, Gotshal & Manges LLP serves as U.S. counsel to The Cannabist Company in respect of the Strategic Transactions and Chapter 15 Proceedings. Moelis & Company LLC acts as exclusive investment banker and financial advisor to the Company. Foley Hoag LLP serves as regulatory counsel to the Company. Goodmans LLP acts as Canadian counsel to the Supporting Noteholders while Feuerstein Kulick LLP provides U.S. legal representation. Ducera Partners LLC acts as financial advisor to the Supporting Noteholders. Chapter 15 Proceedings The Company also intends to commence the Chapter 15 Proceedings in the United States Bankruptcy Court in the District of Delaware to seek recognition of the CCAA Proceedings and an Initial Order in the United States. About The Cannabist Company (f/k/a Columbia Care) The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 12 U.S. jurisdictions. The Company operates 77 facilities including 61 dispensaries and 16 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the Company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The Company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including dreamt, Seed &Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information, please visit www.cannabistcompany.com. CANNABIST COMPANY: Seeks Chapter 15 Bankruptcy in Delaware ---------------------------------------------------------- Emlyn Cameron of Law360 reports that the foreign representative for Cannabist Company Holdings Inc., a cannabis products company, asked a Delaware bankruptcy judge Wednesday, March 25, 2026, to recognize the company's Canadian insolvency proceedings in the United States. The request is part of an effort to coordinate cross-border restructuring efforts. In its filing, the representative said recognition under Chapter 15 of the U.S. Bankruptcy Code would allow the company to protect its assets and streamline the administration of its case across jurisdictions. The company is currently operating under insolvency proceedings in Canada. The debtor is also seeking to sell its U.S. operations as part of a broader restructuring strategy aimed at maximizing value for creditors. Court approval in the U.S. would help facilitate those efforts and ensure an orderly sale process, the report states. About Cannabist Company Holdings Inc. Cannabist Company Holdings Inc. is a cannabis operator engaged in the cultivation, manufacturing, and retail distribution of cannabis products across North America. Cannabist Company Holdings Inc. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10426) on March 25, 2026. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. CANO HEALTH: Moody's Withdraws 'Ca' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings withdrew all of CANO HEALTH, LLC's (Cano Health) ratings at the issuer's request, including the Ca corporate family rating and Ca-PD probability of default rating. Moody's also withdrew the ratings on the backed senior secured bank credit facilities including the Caa1 ratings on the senior secured first-out delayed draw term loan, second-out PIK delayed draw term loan, and initial exchange PIK term loan, the Caa3 ratings on the backed senior secured delayed draw term loan and senior secured second-out delayed draw term loan, and the C ratings on the backed senior secured term loan and senior secured initial exchange term loan. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Cano Health, LLC provide primary care health services in Florida across its 68 medical centers and 196 physician group affiliates. Cano Health's revenue for the fiscal year ended December 31, 2025 totaled approximately $1.9 billion. CAPSTONE MECHANICAL: TPG Twin Virtually Writes Off $1.4MM 1L Loan ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,492,000 loan extended to Capstone Mechanical LLC to market at $71,000 or 5% of the outstanding amount, according to TPG Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Capstone Mechanical LLC. The 1L Loan accrues interest at a rate of S + 5.00 % 8.72 % per annum. The 1L Loan matures on Nov. 20, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About CAPSTONE MECHANICAL LLC Capstone Mechanical LLC is a mechanical services provider, offering heating, ventilation, air conditioning and related building systems solutions. CARBON HEALTH: Hires Keen-Summit Capital as Real Estate Advisor --------------------------------------------------------------- Carbon Health Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Keen-Summit Capital Partners LLC as their real estate advisor and broker. The firm will render these services: a. bear the sole and exclusive authority to represent the Debtors in the negotiation of Transactions; b. organize the lease information for each Property in a manner that clearly displays the site-level business and lease economics. Keen and Debtor will jointly establish negotiating goals and parameters, such as rent reductions, lease term modifications, and other leasehold concessions; c. contact the landlord for each Property or lessor in the case of Clinic PP leases and will seek to negotiate with the landlord for modifications in accordance with the parameters established by Debtor; d. work with the landlords, lessors and the Debtor, and the Debtor's counsel to document all lease modification proposals. Keen has agreed on these terms of compensation: a. Advisory Fee. Waived b. Transaction Fee. On the Lease Modification Agreement Date, Keen shall have earned, and Company shall pay Keen, on a per Property basis, $2,500 plus 3.5% of "Savings". If the Modification Agreement is a deferral of rent then in such situations, Keen shall have earned and Company shall pay Keen $2,000 plus 2% of the deferred amount; provided, however, if Keen negotiates a Modification Agreement with respect to a Property or a Clinic PP Lease and the underlying lease with respect to such Modification Agreement is assigned to a third party (as opposed to assumed under a plan of reorganization) then Debtor and/or FSI the Plan Sponsor shall use commercially reasonable efforts to require the entity that is receiving the benefit of Keen's work shall pay the fee for the payment of the Transactions Fees arising therefrom. c. Timing of Payment: The Transaction fees payable to Keen per section V.B hereof shall be due upon the mutual execution of a Modification Agreement but payable in full within 10 days of the Plan Effective Date. Keen is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Matthew Bordwin, Esq. Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Tel: (646) 381-9202 Email: mbordwin@keen-summit.com About Carbon Health Technologies 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. Tex. 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; Alvarez and Marsal; and Stifel, Nicolaus & Co., Inc. serve as bankruptcy counsel, financial advisor, and investment banker, 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. CARPENTER HOMES: Hires Jesse Lee Ray as Special Litigation Counsel ------------------------------------------------------------------ Carpenter Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Jesse Lee Ray, Attorney at Law, PA as special litigation counsel. The firm will assist the Debtor in collecting on a judgment against Thomco of Florida, LLC and pursuing claims in the state court action styled Carpenter Homes, LLC, v. Thomco of Florida, LLC, et al., Case No. 25-CA-011371, for the benefit of the bankruptcy estate. The firm's professionals will be paid at an hourly rate of $350 and received an initial retainer of $4,000 from the Debtor. In addition, the firm will seek reimbursement for expenses incurred. Jesse Lee Ray, Esq., an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesse Lee Ray, Esq. Jesse Lee Ray, Attorney at Law, PA 13014 N. Dale Mabry Hwy., #315 Tampa, FL 33618 Telephone: (813) 443-9701 Facsimile: (866) 523-5468 About Carpenter Homes LLC Carpenter Homes LLC, based in Tampa, Florida, develops and constructs residential homes, building Green-certified properties under Florida Green Building Coalition standards with native landscaping, energy-efficient systems, and sustainable power. The Company operates in the real estate development and homebuilding sector, providing residential housing solutions across Florida. Carpenter Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09757) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor tapped Amy Denton Mayer, Esq., at Berger Singerman LLP as bankruptcy counsel and Jesse Lee Ray, Attorney at Law, PA as special litigation counsel. CATTLE CARTEL: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Cattle Cartel, LLC and M&O, LLC. About Cattle Cartel LLC Cattle Cartel, LLC is a Kansas-based agricultural and livestock company engaged in cattle operations, including cattle ownership, trading, and related agricultural services. Cattle Cartel and affiliate M&O, LLC filed Chapter 11 petitions (Bankr. D. Kansas Lead Case No. 26-20079) on January 23, 2026. In its petition, Cattle Cartel reported assets of between $1 million and $10 million and liabilities of between $500,001 and $1 million. Honorable Chief Bankruptcy Judge Dale L. Somers handles the cases. The Debtors are represented by Robert Hammeke, Esq., at Dentons US, LLP. CEDAR ARCH: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Cedar Arch Dairies, LLC, asks the U.S. Bankruptcy Court for the District of Idaho for authority to use cash collateral and provide adequate protection. Specifically, the Debtor needs to use cash collateral -- primarily proceeds from milk production and related dairy operations -- to sustain its business operations while restructuring its debts. The Debtor operates a large dairy in Firth, Idaho, with approximately 1,390 active milking cows and an additional 1,500 maturing cattle, and relies almost entirely on ongoing milk sales and livestock transactions for revenue. Because its assets, including livestock, milk proceeds, equipment, and accounts, are encumbered by multiple secured creditors, the Debtor cannot legally use incoming cash without either creditor consent or court approval. The primary secured lender, Rabo AgriFinance LLC, holds first-priority liens on nearly all assets, with additional subordinate liens held by D&N, Inc., Intermountain Farmers Association, and FBN Finance LLC, while other creditors such as DLL Finance LLC and John Deere Financial hold liens on specific equipment. The Debtor asserts that immediate access to cash collateral is critical to cover essential expenses such as feed, veterinary care, payroll, utilities, and equipment maintenance, warning that any interruption would lead to rapid deterioration of livestock, cessation of milk production, and severe loss of estate value. The Debtor emphasizes the urgent and irreparable harm that would occur without interim relief, noting that the Debtor lacks unencumbered funds and must continue daily operations to preserve the going-concern value of the business. It proposes a structured budget for short-term and ongoing expenditures, including specific projected spending through April 2026, and requests flexibility through a 10% variance allowance. To protect secured creditors, the Debtor offers adequate protection in the form of periodic payments, replacement liens on post-petition assets of equivalent priority, and the preservation of collateral value through continued operations. Notably, Rabo—the primary secured creditor—has consented to the use of cash collateral under a stipulation, while the Debtor anticipates similar or implied consent from other lenders. A copy of the motion is available at https://urlcurt.com/u?l=ZYh1VY from PacerMonitor.com About Cedar Arch Dairies, LLC Cedar Arch Dairies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on March 23, 2026. In the petition signed by Jeremy Clayson, president, the Debtor disclosed up to $50 million in both assets and liabilities. Matthew Grimshaw, Esq., at Grimshaw Law Group, P.C., represents the Debtor as legal counsel. CEMTREX INC: Declares 10% Semi-Annual Preferred Stock Dividend -------------------------------------------------------------- Cemtrex, Inc. disclosed in a regulatory filing that the Board of Directors of Cemtrex, Inc. passed a resolution that the Company will pay its dividend on Series 1 Preferred Stock in additional shares of Series 1 Preferred Stock to be issued on April 7, 2026, to the holders of record on close of business on March 31, 2026. The holders of the Series 1 Preferred Stock are entitled to receive dividends at the rate of 10% annually, based on the $10.00 per share Preference Amount, payable semiannually. About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi industry Company. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated December 29, 2025, attached to the Company's Annual Report on form 10-K for the fiscal year ended September 30, 2025, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $60,330,549 in total assets, $31,239,960 in total liabilities, and $29,090,589 in total stockholders' equity. CHAINCE DIGITAL: Closes $5M Private Placement With Non-US Investors ------------------------------------------------------------------- Chaince Digital Holdings Inc. disclosed in a regulatory filing that the Company closed the Securities Purchase Agreement with six 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 purchase 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. 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. CHANGE ACADEMY: TPG Twin Brook Marks $5.8MM 1L Loan at 49% Off -------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,898,000 loan extended to Change Academy at Lake of the Ozarks, LLC to market at $2,980,000 or 51% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Change Academy at Lake of the Ozarks, LLC. The 1L Loan accrues interest at a rate of S + 5.25% 9.07% per annum. The 1L Loan matures on Feb. 2, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Change Academy at Lake of the Ozarks, LLC Change Academy at Lake of the Ozarks, LLC is a residential treatment center based in Missouri, often associated with Calo Programs. It specializes in treating adoption, attachment issues, and complex trauma in preteens and teens using evidence-based, therapeutic models. CHARLES & COLVARD: Seeks to Hire Ordinary Course Professionals -------------------------------------------------------------- Charles & Colvard, Ltd. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The OCPs include: Broadridge ICS -- Investor communications solutions services Deloitte Tax, LLP -- Tax advisory, compliance and consulting services Armor Holdco, Inc. -- Institutional financial services, including share registry, transfer agent services, and dividend processing Flanagan Law, PLLC --Legal counsel – corporate counsel Insightsoftware, LLC -- Financial reporting, data, budgeting and tax management software; Run investors relations Smith Anderson, LLP -- Legal counsel – SEC compliance counsel Toppan Merrill, LLC -- Financial reporting and regulatory compliance services - sec Morris Kandinov LLP -- Legal counsel About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025. On March 2, 2026, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969). At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Rebecca Redwine Grow, Esq. at Hendren Redwine & Malone, PLLC serves as the Debtor's counsel. CHEMPETITVE GROUP: TPG Twin Brook Marks $11.9M 1L Loan at 89% Off ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $11,983,000 loan extended to The Chempetitve Group, LLC to market at $1,335,000 or 11% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to The Chempetitve Group, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.22% per annum. The 1L Loan matures on March 22, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About The Chempetitve Group, LLC The Chempetitve Group, LLC is a marketing or communications services provider focused on chemical or scientific industries. CHEMPETITVE GROUP: TPG Twin Brook Marks $3.4M 1L Loan at 91% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $3,414,000 loan extended to The Chempetitve Group, LLC to market at $301,000 or 9% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to The Chempetitve Group, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.22% per annum. The 1L Loan matures on March 22, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About The Chempetitve Group, LLC The Chempetitve Group, LLC appears is a marketing or communications services provider focused on chemical or scientific industries. CHILDREN'S HOSPITAL: Moody's Rates new $187.5MM Revenue Bonds 'Ba2' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba2 rating to Children's Hospital Los Angeles' (CHLA) (CA) proposed $187.5 million Revenue Bonds (Children's Hospital Los Angeles) Series 2026A (Federally Taxable). Moody's maintains Ba2 ratings on CHLA's outstanding parity debt. The outlook is negative. Inclusive of the Series 2026A bonds and an additional financing in about a month, CHLA will have approximately $774 million of debt outstanding. RATINGS RATIONALE The Ba2 reflects CHLA'S challenged operations, and very weak liquidity, but also its unique clinical and institutional importance. A key driver of the weak performance is CHLA's heavy reliance on state funding due to its significant Medicaid exposure. With support from external consultants, CHLA has identified opportunities for performance improvement in fiscal 2026, including labor-related savings and revenue cycle enhancements. Q2 2026 results showed improvement over Q1, with year to date operating cashflow (OCF) margin improving to a still very weak -1.1%. Management believes it is on track to achieving a 2% OCF margin for the year. Days cash is particularly stressed dropping to approximately 17 days as of December 31, 2025, despite management successfully selling $33 million of provider fee receivables, and receiving a $26 million advance. The delay in CMS' approval of round 9 of California's provider fee program is a major contributing factor. Management's current estimate of liquidity as of mid March is approximately 22 days cash. Following the issuance of the Series 2026A bonds, liquidity is expected to increase to approximately 54 days. Liquidity may subsequently decline by the end of the fical year (June 30) reaching no lower than 30 days, and then rebuild in FY 2027 once provider fee funds are released. The rating is supported by several important strengths, including CHLA's vital role as a premier teaching and research institution and a leading provider of high-acuity pediatric services, ranking it among the top children's hospitals in the country. CHLA enjoys strong local market share, draws patients from all 50 states, and benefits from very significant fundraising. Further, unrestricted cash and investments is supplemented by nearly $500 million of restricted investments, which supports operations, capital, and research. RATING OUTLOOK The negative outlook reflects the risk of rapid credit deterioration if liquidity strategies are not achieved over the next two months. The negative outlook further reflects the longer term risk that margins may fail to continue to improve, additional funding may not be available as expected, or other pressures could prevent liquidity from improving. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material growth in liquidity -- Sustained and material improvement in financial performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to stabilize days cash on hand at around 30 days at a minimum -- Failure to stem operating cash flow losses PROFILE CHLA is a nationally recognized pediatric academic medical center, providing high acuity care across a range of specialties, conducting significant research, and operating numerous residency and training programs. CHLA is affiliated with the Keck School of Medicine of the University of Southern California. METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. CL SERVICES: TPG Twin Brook Marks $32.2MM 1L Loan at 72% Off ------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $32,288,000 loan extended to CL Services Acquisition, LLC to market at $9,197,000 or 28% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to CL Services Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 4.75 %, 8.57 % per annum. The 1L Loan matures on April 25, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About CL Services Acquisition, LLC CL Services Acquisition, LLC, doing business as Visterra Landscape Group, provides commercial landscaping services. CL SERVICES: TPG Twin Brook Virtually Writes Off $5.4MM 1L Loan --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,435,000 loan extended to CL Services Acquisition, LLC to market at $429,000 or 8% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to CL Services Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 4.75 %, 8.42 % per annum. The 1L Loan matures on April 25, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About CL Services Acquisition, LLC CL Services Acquisition, LLC is a transportation or logistics services operator in the U.S. CLINICAL LABORATORY: Mark Politan Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for Clinical Laboratory Of NJ, LLC. Mr. Politan will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Politan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About Clinical Laboratory Of NJ Clinical Laboratory Of NJ, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12638) on March 10, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Julius Ezomo, managing member, signed the petition. Steven D Pertuz, Esq., at The Law Offices of Steven D. Pertuz, LLC represents the Debtor as bankruptcy counsel. CLINICAL LABORATORY: Seeks to Hire Steven D. Pertuz LLC as Counsel ------------------------------------------------------------------ Clinical Laboratory Of NJ LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire The Law Offices Of Steven D. Pertuz LLC as counsel. The firm will render these services: a. advise the Debtor of its rights and obligations under the Bankruptcy Code; b. represent the Debtor before this Court and other courts on matters relating to the Bankruptcy Case; and c. assist in the Debtor's financial rehabilitation with a feasible plan. The firm will be paid at these rates: Steven D. Pertuz, Esq. $395 per hour Paralegals $90 per hour The firm received an initial retainer in the amount of $21,000. Steven D. Pertuz LLC is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Steven D. Pertuz, Esq. Law Offices Of Steven D. Pertuz LLC 111 Northfield Ave #304 West Orange, NJ 07052 Phone: (973) 669-8600 About Clinical Laboratory Of NJ LLC Clinical Laboratory Of NJ LLC operates a full-service clinical laboratory in Verona, New Jersey, providing diagnostic testing, including routine blood and urine analyses, and specialized assays, for physicians and patients statewide. The laboratory holds licensure and accreditation for moderate- to high-complexity testing. Clinical Laboratory Of NJ LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12638) on March 10, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Julius Ezomo as managing member. Steven D Pertuz, Esq. at The Law Offices Of Steven D. Pertuz LLC serves as the Debtor's counsel. CLINTWOOD JOD: Seeks $3MM DIP Loan from Continental Land -------------------------------------------------------- Come Clintwood JOD, LLC and JOD Mineral Properties, LLC ask the U.S. Bankruptcy Cort for the Eastern District of Kentucky, London Division for authority to use cash collateral and obtain postpetition financing. The Debtors, which operate significant surface and underground coal mining assets in Kentucky and Virginia with access to approximately 60 million tons of coal reserves, explain that they are facing severe liquidity constraints due to a combination of adverse events, including litigation involving their parent company's financing, disruptions with their coal marketing partner Square Resources, declining coal prices, and the resulting suspension of most mining activities and workforce layoffs. To address these challenges and pursue a going-concern sale or reorganization, the Debtors propose entering into a $3 million DIP financing facility with Continental Land Co., LLC, structured as a superpriority loan secured by first-priority liens on substantially all assets, with $2 million available immediately upon interim approval and the remaining $1 million upon final approval. The DIP lender would receive superpriority administrative expense status and priming liens, subject to certain carve-outs, while prepetition secured creditors—who include insider-affiliated Richmond Hill lenders, equipment financiers, and other lienholders—would receive adequate protection in the form of replacement liens, junior superpriority claims, and other negotiated benefits to offset any decline in the value of their collateral. The Debtors also seek authorization to use existing cash collateral, in conjunction with DIP proceeds, strictly in accordance with a court-approved budget to fund operations, administrative expenses, and restructuring costs. The Debtor emphasizes that such financing is unavailable on an unsecured basis, is necessary to prevent immediate and irreparable harm, and reflects sound business judgment under the circumstances. Additionally, the Debtors request limited modification of the automatic stay to allow enforcement of DIP lender rights upon default, subject to notice and opportunity to cure, and seek both interim relief to address urgent funding needs and a final hearing within 30 days. A copy of the motion is available at https://urlcurt.com/u?l=n3VV3H from PacerMonitor.com. About Clintwood JOD, LLC Clintwood JOD, LLC is a coal mining company based in Belcher, Kentucky, operating surface and underground mining activities focused on producing bituminous coal for industrial and metallurgical use. Founded in 2019, the company works across eastern Kentucky and nearby regions, supplying coal to domestic energy and steel-related markets. Its operations center on extracting, processing, and transporting coal, supporting demand from industrial clients in the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-60438) on March 22, 2026. In the petition signed by J. Christopher Adkins, authorized signatory, the Debtor disclosed up to $500 million in assets and up to $100 million in liabilities. Judge Gregory R. Schaafoversees the case. Dean A. Langdon, Esq., at GARTLAND THACKER DELCOTTO PLLC, represents the Debtor as legal counsel. CMN GROUP: Jolene Wee Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for CMN Group, LLC. Ms. Wee will be compensated at $660 per hour for work performed in 2026. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About CMN Group LLC CMN Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10602) on March 12, 2026, with $500,001 to $1 million in both assets and liabilities. John P. Forest, II, Esq., represents the Debtor as legal counsel. COEUR MINING: Moody's Raises CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Coeur Mining, Inc.'s (Coeur) corporate family rating to Ba2 from B2, its probability of default rating to Ba2-PD from B2-PD, and the rating on its existing senior unsecured notes to Ba3 from B3. The rating outlook has been revised to stable from ratings under review. Previously the ratings were on review for upgrade. Moody's also assigned a Ba3 rating to the new notes issued by Coeur, in exchange for New Gold Inc.'s (New Gold) senior unsecured notes. The speculative grade liquidity rating (SGL) was upgraded to SGL-1 from SGL-2. This concludes the review initiated on November 04, 2025. Simultaneously with the close of the acquisition, Coeur also launched an obligor exchange for New Gold's existing senior unsecured notes, offering new senior unsecured notes issued by Coeur, with similar terms. The new Coeur notes will be pari passu with their existing notes. The upgrade of Coeur reflects the acquisition of New Gold's two mines located in Canada that nearly doubles gold production, and further improved its credit metrics as a result of the all-equity consideration for the transaction. While the transaction does improve Coeur's scale, the newly added mines Rainy River and New Afton will represent ~30% and ~14% of Coeur's 2026 revenues respectively, representing concentration risk, although the mines are located in a low-risk mining jurisdiction. RATINGS RATIONALE Coeur's Ba2 CFR reflects: (1) significant improvement in Coeur's scale through the acquisition of New Gold, (2) improvement in diversification through the addition of two mines to its portfolio, both located in Canada which is a low-risk mining jurisdiction, (3) potential for ample organic growth within its portfolio, and (4) a capital allocation policy that targets low debt levels, while also utilizing free cash flow for growth investments. The rating is constrained by: (1) its exposure to volatile gold and silver prices, (2) concentration of revenue at the two newly acquired mines, and (3) high cost position of some of its mines and a production profile that will decline in three years without an increase in capital spending. Coeur's SGL-1 reflects strong liquidity to support operations. At December 31, 2025, Coeur had a cash balance of $554 million, and Moody's expects it to have full availability under the new $1 billion revolving credit facility (unrated) at closing. Concurrently with the closing of the New Gold transaction, Coeur entered into a new, upsized revolving credit facility which increased its capacity from $400 million to $1 billion, and extended the maturity to February 2032 from February 2027. The revolver is subject to a maximum consolidated net leverage ratio covenant of 3.5x, and a minimum consolidated interest coverage ratio of 3.0x. The stable outlook reflects Moody's expectations for Coeur to successfully integrate the New Gold acquisition, demonstrate stable operating performance at its mines, and generate strong free cash flow along with its balanced use for future growth investments and shareholder returns. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if Coeur establishes a track record of operating with a conservative financial policy, is able to offset expected production declines over the medium-term through new developments and investments, and continues to generate sustained positive free cash flow. An upgrade would also be considered if debt to EBITDA is sustained in the low 2.0xs, EBIT margins are sustained above 20%, and RCF/Debt is sustained above 30%. Moody's could consider a downgrade if leverage ratio is sustained above 3.5x, EBIT margins are approaching 15%, and RCF/Debt is sustained below 25%. Moody's could also consider a downgrade if Coeur faces any material operational challenges, consistently generates negative free cash flow, or if there is a meaningful increase in gross debt resulting from M&A or shareholder returns. Coeur is a gold, silver, and copper producer with 7 operating mines and 1 exploration project located across the United States, Mexico and Canada, including 2 operating mines in Canada that were added when Coeur acquired New Gold in March 2026. The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COLLEGE PARENT: S&P Upgrades ICR to 'B-' on Improved Performance ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on College Parent L.P. to 'B-' from 'CCC+'. At the same time, S&P also raised its issuer credit rating on AP Core Holdings II LLC to 'B-' from 'CCC+', and its issue-level rating on AP Core's senior secured debt to 'B-' from 'CCC+'. The stable outlook reflects S&P's view that the company has materially improved operational efficiency and it will return to positive FOCF generation by the end of 2026. The outlook also reflects our expectation that Yahoo will be able to refinance its existing debt. S&P Global Ratings expects College Parent L.P. will return to sustainably positive free operating cash flow (FOCF) generation by the end of 2026. S&P forecasts AP Core Holdings II LLC, the subsidiary that operates the Yahoo-branded sites and search business, will generate $30 million-$40 million of FOCF this year. S&P also believes the company will be able to refinance its upcoming maturities before they become current in September. S&P said, “We expect College Parent will return to positive FOCF generation by the end of 2026. The company has undertaken several restructuring projects, including right-sizing its employee base, investing in its direct and native sales teams, and improving the monetization structure of its core business. While the company began to recognize the benefits of these restructuring items in 2025, it will benefit from a full year of improvements in 2026. "As a result, we forecast AP Core, the subsidiary that operates the Yahoo-branded sites and search engine, will generate $30 million-$40 million of FOCF in 2026. While cash flow will remain somewhat hampered by expected technology modernization costs of about $470 million over the next three years, we still forecast robust FOCF growth over this period." College Parent's demand-side advertising platform (DSP), which sits outside the AP Core group, has been a drag on cash flow over the last few years. Operations at AOL, which it sold in January 2026, had been supporting the cash burn at the DSP business. The company has set aside funds to cover operational cash burn until the DSP becomes a cash generating business. While the DSP business has improved over the last 12 months, it is unlikely to become cash flow positive until the end of 2026, but we do not expect the company will use AP Core funds to support this business. While full-year cash flow at College Parent is likely to be negative in 2026, S&P has increased confidence that it will return to positive cash flow in 2027 given the improvements at AP Core and our belief that the DSP business will no longer be a drag on cash. S&P said, "We believe the company will be able to refinance its capital structure. Currently, it has two term loan Bs totaling about $1.6 billion due in September 2027. Given our expectation for continued performance improvement, Yahoo will likely be able to refinance its upcoming maturities before they become current in September. The term loans are both trading above 97 cents on the dollar, and even if the cost of debt goes up slightly, we still forecast the company will generate sustainable positive FOCF in 2027 and beyond. "The stable outlook reflects our view that the company has materially improved operational efficiency and will return to positive FOCF generation by the end of 2026. The outlook also reflects our expectation that Yahoo will be able to refinance its existing debt." S&P could lower the rating if it believes the capital structure is unsustainable. This could occur if: -- S&P no longer expects the company to generate sustained positive FOCF; or -- S&P does not believe it will secure refinancing well ahead of its term loan maturities in September 2027. S&P could raise the rating if: -- S&P expects the company to generate sustained FOCF to debt of at least 5%; and -- The company lowers and commits to maintaining S&P Global Ratings-adjusted gross leverage below 6.0x. CONAIR HOLDINGS: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based Conair Holdings LLC to negative from developing and affirmed the 'CCC+' issuer credit rating. The negative outlook reflects the potential that S&P will lower its rating if the company doesn't significantly improve its operating performance such that it envisions a default scenario occurring over the subsequent 12 months. Conair Holdings LLC reported a free operating cash flow (FOCF) deficit and a greater than 30% decline in its S&P Global Ratings-adjusted EBITDA in fiscal year 2025, which S&P estimates caused its S&P Global Ratings-adjusted EBITDA cash interest coverage to fall below 1.0x. S&P said, "While we expect the company will improve its operating performance, we believe demand and cost pressures will cause its credit metrics to remain weak, which could make refinancing its credit facilities at satisfactory terms difficult. "The negative outlook reflects our expectation credit metrics will remain weak despite improving sales and earnings. Conair reported a 8.6% year-over-year decline in its net sales in fiscal year 2025 (ended Dec. 31, 2025) on lower volumes in its culinary and beauty business segments in the U.S. The decline in the company's volumes stemmed from a temporary pause in its import of certain products following an abrupt increase in U.S. tariffs on imports from China in April, its strategic exits from low-margin product lines, distribution losses, and a more-promotional competitive environment. Conair also significantly raised its prices to offset higher U.S. import tariff costs, which further pressured its demand. Furthermore, the company incurred large costs related to its supply chain diversification and operating efficiency initiatives, including restructuring, severance, network optimization, and production ramp up expenses. These factors caused Conair's S&P Global Ratings-adjusted EBITDA to decline by over 30% in 2025, which we estimate led its S&P Global Ratings-adjusted EBITDA cash interest coverage (net of interest-rate hedging derivatives) to fall below 1.0x." The company is implementing various initiatives to improve its sales and profitability, including selective price reductions, product innovation, increasing its social media advertising and promotions, as well as incremental cost savings. That said, it could take longer than expected for Conair to realize the benefits from these initiatives or the benefits may not be as significant as anticipated. S&P said, "We believe the company will continue to face demand pressure over the near term, given the ongoing affordability concerns among U.S. consumers, slowing disposable income growth, and weakening labor market. Moreover, it is unclear whether Conair will be able to stabilize its beauty business, which has experienced declining demand for several years, over the near term. Nonetheless, we forecast the company will increase its sales by about 6% this year as it laps easier comparisons (import pause, supply chain disruptions) and benefits from its prior-year pricing actions, e-commerce expansion, distribution wins, and new product launches." S&P said, "We expect Conair's supply chain diversification and cost-reduction actions, as well as its low-margin product rationalization and incremental capability investments, will support an expansion in its profits over the next year. However, we believe the company's volumes could remain pressured due to weak consumer discretionary spending and a highly promotional competitive environment. Additionally, certain expenses--including ongoing restructuring costs--will continue to weigh on Conair's profitability this year. The company's interest expense will also increase because its favorable interest rate hedges expired in September. Our base-case forecast assumes demand and cost pressures cause Conair's credit metrics to remain weak, with its S&P Global Ratings-adjusted EBITDA cash interest coverage improving to about 1.3x in 2026." S&P said, "The U.S. Supreme Court ruling that struck down tariffs imposed under the International Economic Emergency Powers Act and the subsequent implementation of 10% tariffs under section 122 of the Trade Act of 1974 (which can remain in place for 150 days) have not materially altered our forecast because we expect the administration will maintain high tariffs via a mix of sectoral levies through various channels." Moreover, higher shipping and oil costs, due to ongoing regional conflicts, are a key risk to our forecast. S&P said, "Despite maintaining adequate liquidity, we believe the company faces refinancing risk. Despite lower working capital needs, Conair reported a FOCF deficit in 2025 due to its lower volumes and one-time costs. While we expect the company will have greater working capital needs to support its inventory buildup and incremental growth investments, we believe it will improve its cash flow generation this year, supported by its prior-year pricing and cost-reduction actions, a more-favorable product mix, and lower one-time costs. Conair is also implementing initiatives to improve its working capital management, including by optimizing its inventory and reducing its working capital cycle. The company imports and holds inventory in a foreign trade zone in the U.S. and does not pay tariffs until they are sold, which helps align its tariff costs with its sales. We forecast Conair will generate a FOCF surplus of about $30 million this year. "We estimate the company will maintain sufficient liquidity over the next 12 months through the availability under its asset-based lending (ABL) facility, which it heavily relies on to fund its seasonal working capital needs, and its positive FOCF. In June 2025, Conair extended the maturity of its ABL facility to February 2028, from May 2026, and implemented a reduction of the facility's commitment to $443.5 million as of May 16, 2026, from $575 million currently. However, the company may need to refinance its first-lien term loan credit facilities that become current in less than 14 months, as well as its ABL facility, which could be difficult to complete on satisfactory terms with its weak credit metrics. "The negative outlook reflects the potential that we will lower our rating on Conair if it fails to significantly improve its operating performance such that we view a default scenario as increasingly likely over the next 12 months." S&P could lower its ratings on Conair if it envisions a default scenario, such as a restructuring or liquidity shortfall, occurring in the next 12 months. This could occur if: -- The company's credit facilities become current; -- It is unable to significantly improve its sales and earnings because of lower consumer discretionary spending, market share losses, or competitive pressures; or -- Its profits are pressured by higher shipping and oil costs due to prolonged geopolitical conflicts. S&P could take a positive rating action on Conair if it sustains EBITDA cash interest coverage of about 1.5x and generates a FOCF surplus. S&P believes this could occur if: -- The company increases the organic sales in both its culinary and beauty segments on improved macroeconomic conditions; -- It gains market share by successfully creating and innovating products that appeal to consumer preferences; and -- It continues to generate cost savings from its productivity initiatives. S&P would also need to believe the company can refinance its credit facilities on satisfactory terms before taking a positive rating action. CONCEPTOS RESTAURANTS: Starts Chapter 7 Bankruptcy in Puerto Rico ----------------------------------------------------------------- On March 17, 2026, Conceptos Restaurants LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Conceptos Restaurants LLC Conceptos Restaurants LLC is a food service company engaged in restaurant operations, offering dining services and prepared meals within its local market. The company operates as part of the hospitality sector, serving a regional customer base. Conceptos Restaurants LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01143) on March 17, 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 Enrique S. Lamoutte handles the case. The Debtor is represented by Myrna L. Ruiz Olmo, Esq. of MRO Attorneys at Law, LLC. CONSTANT CARE: Seeks Interim Cash Collateral Access --------------------------------------------------- Constant Care of Colorado Springs, Inc., asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor operates three senior care homes in Colorado Springs, offering 24/7 personal and memory care in a home-like environment, emphasizing dignity, compassion, and affordability. The company suffered significant financial setbacks during the COVID-19 pandemic due to reduced occupancy, increased operating costs from infection-control measures, and staffing challenges, leading it to obtain SBA Economic Injury Disaster Loans and accrue rent arrears. The Debtor previously obtained court authorization to use cash collateral through March 31, 2026, and now seeks approval of a budget through June 30, 2026, to maintain operations during the plan confirmation process. Several creditors, including the U.S. Small Business Administration, BayFirst National Bank, Celtic Bank, and others, assert pre-petition liens on the Debtor's assets, including potential cash collateral. The Debtor emphasizes that uninterrupted access to cash collateral is critical for payroll, facility operations, care supplies, insurance, taxes, and other operating costs, and argues that continued operations will maximize returns to all creditors. The Debtor proposes adequate protection measures, including replacement liens, insurance coverage, reporting requirements, expenditure limits, and post-petition tax payments, balancing creditor protection with public policy favoring job preservation and rehabilitation. A copy of the motion is available at https://urlcurt.com/u?l=XuRObU from PacerMonitor.com. About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on Nov. 7, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Jonathan Dickey serves as Subchapter V trustee. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David J. Warner, at Wadsworth Garber Warner Conrardy, P.C. CONTINENTAL TELEVISION: Seeks to Hire Yankwitt Law Firm as Counsel ------------------------------------------------------------------ Continental Television Broadcasting Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Yankwitt Law Firm P.L.L.C. as counsel. The firm's services include: (a) advising the Debtor regarding its rights, obligations, and duties under the Bankruptcy Code; (b) preparing and filing schedules, statements, motions, responses, and monthly operating reports; (c) representing the Debtor in all hearings, contested matters, and adversary proceedings; (d) negotiating with secured and unsecured creditors; (e) addressing all issues arising with respect to the mortgage lender, homeowners' associations, and other parties in interest; (f) preparing a Chapter 11 plan and related documents; and (g) performing all other legal services necessary for the administration of this case and the preservation of the estate. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $7,000. Mr. Yankwitt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric D. Yankwitt, Esq. Yankwitt Law Firm, P.L.L.C. 2800 West State Road 84, Suite 118 Fort Lauderdale, FL 33312 Tel: (954) 449-4368 Email: yankwittlawfirm@gmail.com About Continental Television Broadcasting Inc. Continental Television Broadcasting Inc. is a U.S.-based broadcaster specializing in television programming and media content production. The company distributes content across multiple channels and platforms to serve regional and national markets. Continental Television Broadcasting Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12681) on March 3, 2026, with estimated assets and liabilities each ranging from $100,001 to $1,000,000. The debtor is represented by Eric D. Yankwitt, Esq. COPPERS PUB: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio granted Coppers Pub, LLC final approval to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral only for ordinary and necessary expenses and must operate in accordance with a 13-week budget. Any spending outside the approved budget requires the U.S. Small Business Administration's consent or further court approval. Funds set aside for attorney fees must be held in trust and remain property of the estate until approved by the court. The SBA claims security interests and liens in substantially all of the Debtor's assets, including accounts, inventory, equipment, deposit accounts, and proceeds thereof. As adequate protection for any decline in collateral value, the SBA will be granted replacement liens on post-petition assets, maintaining the same priority and extent as its pre-petition liens. The Debtor must also maintain insurance, provide financial reports, and comply with U.S. Trustee requirements. The order preserves all parties' rights and does not finalize the value or validity of liens. If the Debtor defaults such as misusing funds, failing to maintain insurance, or stopping operations, the SBA may seek expedited relief, including termination of cash use, dismissal, or conversion of the Debtor's Chapter 11 case. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/4FqiN from PacerMonitor.com. Coppers Pub continues to operate its restaurant business in the ordinary course and relies on uninterrupted access to operating cash to meet essential obligations such as payroll, taxes, rent, inventory purchases, insurance, and utilities. The Debtor maintains its operating accounts at PNC Ban. About Coppers Pub LLC Coppers Pub, LLC operates a bar and pub concept in central Ohio. Coppers Pub filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-50093) on January 9, 2026, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Mina Nami Khorrami presides over the case. The Debtor is represented by Sean Stone, Esq. at Tax Workout Group, P.A. CORE SCIENTIFIC: Crypto Patent Case Stays in Texas -------------------------------------------------- Elliot Weld of Law360 Bankruptcy Authority reports that a federal judge in the Eastern District of Texas has refused to move a patent infringement case against Core Scientific Inc. to the Western District of Texas, rejecting the cryptocurrency miner's attempt to change venues. The dispute centers on allegations that the company violated patents covering cryptographic technologies. The court determined that the defendant failed to demonstrate that transferring the case would significantly improve convenience or efficiency. After reviewing the relevant factors, the judge concluded that the existing venue remains appropriate for resolving the dispute, according to report. As a result, the case will continue in the Eastern District of Texas, where patent litigation is frequently concentrated. The ruling ensures that proceedings will move forward without a change in venue, the report relays. About Core Scientific Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S. publicly-traded Bitcoin mining company in computing power. Core Scientific, which was formed following a business combination in July 2021 with blank check company XPDI, is a large-scale operator of dedicated, purpose-built facilities for digital asset mining colocation services and a provider of blockchain infrastructure, software solutions and services. Core mines Bitcoin, Ethereum and other digital assets for third-party hosting customers and for its own account at its six fully operational data centers in North Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core was formed following a business combination in July 2021 with XPDI, a blank check company. In July 2022, one of the Company's largest customers, Celsius Mining LLC, filed for Chapter 11 bankruptcy in New York. With low Bitcoin prices depressing mining revenue to a record low, Core Scientific first warned in October 2022 that it may have to file for bankruptcy if the company can't find more funding to repay its debt that amounts to over $1 billion. Core Scientific did not make payments that came due in late October and early November 2022 with respect to several of its equipment and other financings, including its two bridge promissory notes. Core Scientific and its affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific had total assets of US$1.4 billion and total liabilities of US$1.3 billion. Judge Christopher M. Lopez oversees the cases. The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT Partners, LP as investment banker; and AlixPartners, LLP as financial advisor. Stretto is the claims agent. A group of Core Scientific convertible bondholders is working with restructuring lawyers at Paul Hastings. Meanwhile, B. Riley Commercial Capital, LLC, as administrative agent under the Replacement DIP facility, is represented by Choate, Hall & Stewart, LLP. On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 7 appointed an official committee of equity security holders. The equity committee is represented by Vinson & Elkins, LLP. CORNERSTONE WELLNESS: U.S. Trustee Appoints Joseph Tomaino as PCO ----------------------------------------------------------------- William Harrington, the U.S. Trustee for Region 1, appointed Joseph Tomaino at Grassi Healthcare Advisors, LLC patient care ombudsman for Cornerstone Wellness Center, P.C. To the best of the U.S. Trustee's knowledge and based on the PCO's verified statement, Mr. Tomaino has no connections with Cornerstone Wellness, creditors and other parties-in-interest in the bankruptcy case. The ombudsman may be reached at: Joseph Tomaino Chief Executive Officer Grassi Healthcare Advisors, LLC Phone: 212-223-5020 Fax: 212-755-6748 Email: jtomaino@grassihealthcareadvisors.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. CPS POWER: TPG Twin Brook Marks $4.4M 1L Loan at 76% Off -------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $4,406,000 loan extended to CPS Power Buyer, LLC to market at $1,046,000 or 24% of the outstanding amount, according to Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to CPS Power Buyer, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.25% per annum. The 1L Loan matures on Sept. 26, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About CPS Power Buyer, LLC CPS Power Buyer, LLC operates in the power or energy procurement space. CPV SHORE: S&P Affirms 'B+' Rating on Term Loan B and Term Loan C ----------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from stable and affirmed its 'B+' rating on CPV Shore Holdings LLC's (CPV Shore) term loan B (TLB) and term loan C (TLC). At the same time, S&P Global Ratings revised the recovery rating on the debt to '1+' from '2'. The '1+' recovery rating indicates our expectation for full (100%+) recovery in a default scenario. The outlook revision reflects the project's financial performance, which is on track and potentially improving, as well as significant tailwinds in the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, and a likely continuation of historically high capacity prices in upcoming auctions. The Woodbridge Energy Center (Woodbridge or CPV Shore) is a 725-megawatt combined-cycle, gas-fired power plant in Middlesex County, N.J., in the Eastern Mid-Atlantic Area Council (EMAAC) zone of PJM. Woodbridge is owned by CPV Shore, which itself is owned by affiliates of Competitive Power Ventures (CPV). S&P said, "CPV Shore's 2025 performance met our expectations. In 2025, the project demonstrated operational resilience and captured favorable market conditions. CPV Shore realized a clean spark spread of $14 per megawatt-hour, which is higher compared with historical levels. The capacity factor was approximately 60%. Benefiting from higher capacity prices in the second half of the year, CPV Shore generated a gross margin of $95 million and EBITDA of $52 million. Since CPV Shore's refinancing in early 2025, the project has swept $30 million against debt paydown, bringing the TLB balance to $295 million at the end of 2025, which was in line with our expectations." Strengthening capacity prices support improved debt service coverage ratios (DSCRs). S&P expects improved financial performance will be spurred primarily by higher PJM capacity revenues. The 2026-2027 base residual auction (BRA) cleared at $329.17 per megawatt-day (/MW-day), an increase from $269.92/MW-day in the 2025-2026 BRA, and reflecting tightening supply-demand conditions across PJM as load growth accelerates, particularly from data center demand. Capacity prices have continued to strengthen in forward auctions, with the 2027-2028 BRA clearing at $333.44/MW-day, indicating sustained tight reserve margins and elevated reliability requirements in PJM. S&P Global Ratings views the PJM market as capacity short due to explosive load growth. By moving its forecast to the price cap in effect for the 2026-2027 and 2027-2028 BRAs through the 2029-2030 delivery year ending May 2030, S&P Global Ratings acknowledged that the current one-year forward auction construct provides insufficient visibility for the four-year construction cycles required for new gas-fired assets, resulting in a limited supply response despite record-high prices. Furthermore, the contemplated incorporation of the proposed Reliability Backstop Auction and proposed extension of price caps for the 2028-2029 and 2029-2030 delivery years reinforces the reality of a severely tightened supply-demand balance that necessitates higher sustained clearing prices to maintain grid reliability. Consistent with these developments, our updated base-case assumptions incorporate higher forward capacity prices compared with our previous forecast, which supports stronger projected cash flows. As a result, S&P expects the project's DSCRs will improve to above 2.0x during the TLB period maturing February 2032 and to about 1.36x (minimum) and 1.42x (median) in the refinancing period, compared with 1.27x and 1.33x, respectively, in its previous forecast. However, RGGI costs remain elevated, and affect the project's energy margins. Given its location in New Jersey--an RGGI-participating state--CPV Shore faces a cost disadvantage relative to nearby generators in neighboring Pennsylvania, which operate outside the RGGI framework while remaining within the same PJM wholesale market. This geographic dynamic can compress the project's clean spark spreads relative to non-RGGI units located across the state boundary. However, S&P also thinks that the increase in regional power demand from digitalization will likely expand spark spreads, preserving the project's net energy margin. Conservative leverage and lender-friendly structure support credit quality. CPV Shore has relatively low TLB leverage compared with that of similar projects, supported by a track record of prudent financial management and a robust cash sweep mechanism. The project's TLB leverage is approximately $410/kW. The sponsor's commitment to a conservative capital structure was demonstrated during the 2025 refinancing when they injected $80 million in cash equity to reduce senior debt and prefund an operating reserve for RGGI allowances. Furthermore, the project's structural features remain supportive for lenders. Unlike many recent transactions that have lowered the sweep thresholds to 25% or 50% of excess cash flow, CPV Shore has a relatively strong sweep mechanism that ensures at least 75% of excess cash flow is swept. S&P views this as supportive of credit quality. The positive outlook reflects the possibility of an upgrade in the next 12 months if the project continues to repay debt in line with our expectation and maintains a credit-supportive financial policy and stable operating performance. S&P said, "We believe that CPV Shore's cash flow sweep structure and track record of prudent risk management, coupled with cleared capacity prices, provide visibility on debt paydown through the TLB period. We expect the project will achieve DSCRs above 2.0x during the TLB period. In the post-TLB period, which assumes a hypothetical structure with sculpted amortization, we project a minimum DSCR of 1.36x." S&P could revise the outlook to stable if it expected the minimum DSCR to be below 1.40x through our forecast period. This could result if: -- Unplanned outages reduce dispatchability while increasing operating costs; -- Spark spreads weaken, or capacity prices are lower than expected for uncleared periods; -- Economic factors cause the power plants to dispatch less than its base-case expectation; or -- Debt paydown is lower than S&P expects, leading to higher-than-expected debt balance at maturity. S&P could raise the rating in the next 12 months if: -- S&P expects the project will maintain a minimum base-case DSCR above 1.40x in all years, including the post-refinancing period, and refinancing risk does not increase; and -- CPV Shore maintains robust operational performance and S&P expects the market dynamic will remain strong. CROSBY ENTERPRISES: Initiates Debt Restructuring via Chapter 11 --------------------------------------------------------------- Crosby Enterprises, LLC announced on March 25, 2026, that the Company filed Chapter 11 cases for several of its subsidiary/affiliate units, Crosby Tugs, L.L.C., Crosby Dredging, L.L.C. and Crosby Marine Transportation, L.L.C., in the U.S. Bankruptcy Court for the Eastern District of Louisiana on March 23, 2026. The focus of the filings is to restructure the Company's secured debt to improve the Company's financial position, all while maintaining the Company's position as a regional leader in vessel services. The Company will continue to serve new and existing customers with its tug and dredge operations. As part of the chapter 11 cases, the Company filed "first day" motions that, when granted, will enable day-to-day operations to continue as usual. For example, the Company has requested authority to pay its employee wages and benefits without change or interruption. The Company expects it will pay all suppliers and vendors under normal terms for goods and services provided during the chapter 11 cases. The Company has obtained additional financing to ensure that the Company has adequate cash available to maintain operations and meet payroll obligations while the Company finds the right long-term partners and achieves a sustainable debt level. The Company has engaged Lugenbuhl, Wheaton, Peck, Rankin and Hubbard as legal counsel, SierraConstellation Partners as restructuring advisor, and Raymond James as financial advisor and investment banker. Additional information about the Company's Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at https://cases.stretto.com/crosby or by calling the case information line at (833) 307-4262 (toll-free) or (916) 405-7847 (International). You may also submit an inquiry via email to teamcrosby@stretto.com. CROSBY MARINE: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Crosby Marine Transportation, LLC 17771 Highway 3235 Galliano, LA 70354 Business Description: Crosby Marine Transportation, LLC, through its affiliates, provides marine transportation, dredging and marine construction services along the Gulf Coast, operating a fleet of about 200 vessels and marine equipment, including tugs, barges and dredging assets, from Golden Meadow and Houma, Louisiana. Founded in 1977 by Vinton and Kurt Crosby, the company serves commercial, government and energy customers, employs about 850 full-time workers and holds a 49.9% interest in Luhr Crosby, which provides rock and marine construction services. Chapter 11 Petition Date: March 23, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Four affiliates that concurrently filed filed voluntary petitions for relief under Chapter 11 Bankruptcy Code: Debtor Case No. ------ -------- Crosby Marine Transportation, LLC (Lead) 26-10678 Crosby Tugs, L.L.C. 26-10679 Crosby Dredging, LLC 26-10680 Bertucci Contracting Company, L.L.C 26-10681 Judge: Hon. Meredith S Grabill Debtors' Counsel: Benjamin W. Kadden, Esq. LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Email: bkadden@lawla.com Debtors' Investment Banker: RAYMOND JAMES & ASSOCIATES, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Lawrence Perkins as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H4Q7QUQ/Crosby_Marine_Transportation_LLC__laebke-26-10678__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AFS/Ibex Financial Service Inc $192,330 Po Box 650786 Dallas, TX 75265-0786 2. BNA Marine Serv $168,878 Po Box 150 Morgan City, LA 70381 3. C-Port/Stone LLC $571,812 P.O. Box 674554 Dallas, TX 75267-4554 4. Canal Barge Co., Inc. $206,600 Lockbox P. O. Box 919290 Dallas, TX 75391-9290 5. Catherine Marine Service $204,116 P.O. Box 2052 Houma, LA 70361 6. CGBM 100 $419,108 P.O. Box 2283 Kenner, LA 70063 7. Delata360 $131,040 P.O. Box 737514 Dallas, TX 75373-7514 8. Diesel Source, Inc. $212,657 P.O. Box 8014 Houma, LA 70361 9. Diesel Source, Inc. $119,829 P.O. Box 8014 Houma, LA 70361 10. Elite Diesel Performance $224,991 221 North Hollywood Rd. Houma, LA 70364 11. Extreme Welding Service, LLC $279,804 18367 Hwy 3235 Galliano, LA 70354 12. Field Service Hydraulics 40364 $152,452 Abby James Road Prairieville, LA 70769 13. Gray & Company, Inc. $285,296 P.O. Box 6202 Metairie, LA 70009-6202 14. Green Country Rooftops & Restoration $282,818 1420 Helios Ave Metairie, LA 70005 15. Hercules Wire Rope & Sling Co. $122,186 3404 Trotter Court Houma, LA 70363-5480 16. Hydroterra Technologies, LLC $421,216 1129 Huval Lane Breaux Bridge, LA 70517 17. Kentwood Springs $123,382 Po Box 660579 Dallas, LA 75266-0579 18. Kirby Inland Marine, Inc $1,699,042 55 Waugh Drive Attn: Maria Tavares-Accounting 8th Floor Houston, TX 77007 19. Marshland Equipment Rentals $1,028,213 9545 Ward Line Road Bell City, LA 70630 20. Masse Contracting Inc. $316,394 P.O. Box 1256 Raceland, LA 70394 21. Masse Contracting Inc. $269,800 P.O. Box 1256 Raceland, LA 70394 22. Nucor Skyline Steel, Inc. $259,849 24771 Network Place Chicago, IL 60673-1247 23. Rebstock Supply Company $171,787 18708 West Main Galliano, LA 70354 24. Retif Oil & Fuel Llc $1,118,666 1840 Jutland Drive Harvey, LA 70058 25. Sea Ropes LLC $157,717 Po Box 384 Belle Chase, LA 70037 26. Southern Crane & Hydraulics, Inc. $165,682 P.O. Box 39 Bourg, LA 70769 27. Southwest Shipyard L.P. $116,035 Dept 116 P.O. Box 4458 Houston, TX 77210-4458 28. SPI/Mobile Pulley Works Inc. $278,359 P. O. Box 50010 Mobile, AL 36605 29. Thoma Sea Marine $130,763 Constructors P.O. Box 399 Bourg, LA 70343 30. Vacco Marine, Inc. $386,271 P.O. Box 8032 Houma, LA 70361 CSL INTERMEDIATE: TPG Twin Brook Marks $1.6MM 1L Loan at 76% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,673,000 loan extended to CSL Intermediate Acquisition LLC to market at $398,000 or 24% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to CSL Intermediate Acquisition LLC. The 1L Loan accrues interest at a rate of S + 5.25% / 8.97% per annum. The 1L Loan matures on Nov. 8, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About CSL Intermediate Acquisition LLC CSL Intermediate Acquisition LLC is an acquisition holding company formed to own or consolidate operating businesses in a leveraged buyout or private equity-backed transaction. CTCHGC LLC: Seeks Cash Collateral Access Thru May 31 ----------------------------------------------------- CTCHGC, LLC, and Michael D. Cargill ask the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to continue using cash collateral and provide adequate protection. The Court had previously entered a Final Order on February 3, 2026, allowing use of cash collateral through the week beginning April 13, 2026. The Debtors now request approval to extend this authorization through May 31, 2026, supported by a revised budget reflecting anticipated cash flow needs. The budget accounts for seasonal business fluctuations, including a reduction in cash on hand due to summer inventory purchases and historically slower sales months. The projected expenditures include payroll, rent, leases, inventory purchases, business and vehicle insurance, utilities, contractor payments, and other operating expenses, with the budget showing ending cash balances of $32,295 for April and $30,075 for May. The Debtors argue that continued access to cash collateral is essential to maintain business operations during the bankruptcy process and to support reorganization efforts. A copy of the motion is available at https://urlcurt.com/u?l=Hx28q6 from PacerMonitor.com 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. DAIRY BUILDING: Seeks Continued Cash Collateral Access ------------------------------------------------------ Dairy Building LLC asks the U.S. Bankruptcy Court for the District of Oregon for authority to continue using cash collateral and provide adequate protection. The Debtor seeks to modify an existing order governing its use of cash collateral. The Debtor originally filed for bankruptcy on December 15, 2025, and continues to operate as a debtor-in-possession, with its business classified as a single asset real estate case. Specifically, the Debtor asks the court to extend the “outside date” (i.e., the deadline for authorized use of cash collateral) from March 31, 2026, to June 30, 2026, while keeping all other terms of the original order unchanged. The basis for this request is an agreement between the debtor and its secured lender, Northwest Bank, which holds a lien on the Debtor's cash collateral. Both parties have stipulated to allow continued use of the cash collateral for an additional 90 days under the same terms and conditions already approved by the court. The Debtor argues that this modification is efficient, permissible under Bankruptcy Rule 9024, and consistent with the Bankruptcy Code, which allows use of cash collateral with the consent of secured creditors. The proposed stipulated order reflects the parties' agreement and, if approved, will formally extend the authorization period while leaving all other protections and requirements for the secured creditor intact. A copy of the motion is available at https://urlcurt.com/u?l=rSwdAF from PacerMonitor.com. About Dairy Building, LLC Dairy Building, LLC owns a commercial building in Portland, Oregon, and holds a leasehold interest in the property under a ground lease. The property has been valued at approximately $2 million based on a June 11, 2025 proposal letter of intent reflecting the applicable interest rate. Dairy Building, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34175) on December 15, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Douglas R. Ricks, Esq. of Sussman Shank LLP. DAN LEPORE & SONS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania approved a stipulation between Dan Lepore & Sons Company and Wells Fargo Bank, National Association to extend the Debtor's use of cash collateral in its Chapter 11 case. Under the stipulation, the original termination date of March 1 is extended to April 26. This extension is necessary because the Debtor's revised budget shows that continued access to cash collateral is essential to maintain business operations, and the Debtor lacks sufficient funds. The Debtor is permitted to continue using cash collateral strictly in accordance with its budget. Aside from the extension and updated budget, all prior terms, conditions, and protections for the lender remain unchanged and fully enforceable. A further hearing is scheduled for April 22 to determine whether the use of cash collateral should be extended beyond April 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/W2sf3 from PacerMonitor.com. Wells Fargo Bank, as secured creditor, is represented by: Christine L. Barba, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 barbac@ballardspahr.com About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DASCO HME: TPG Twin Brook Marks $5.3MM 1L Loan at 92% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,344,000 loan extended to DASCO HME, LLC to market at $422,000 or 8% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to DASCO HME, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.17% per annum. The 1L Loan matures on June 6, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About DASCO HME, LLC DASCO HME, LLC manufactures medical equipment. The Company provides respiratory equipment such as home oxygen, non-invasive ventilation, and CPAP equipment for sleep apnea. Dasco HME serves customers in the United States. DATAVAULT AI: FY25 Liquidity Levels Alleviate Going Concern Doubt ----------------------------------------------------------------- Datavault AI Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $79 million for the fiscal year ended December 31, 2025, compared to a net loss of $51.4 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025, the Company recorded a total net revenue of $39.1 million, compared to $2.7 million for the fiscal year ended December 31, 2024. As of December 31, 2025, the Company had $274.7 million in total assets and $36.7 million in total liabilities, and total stockholders' equity of $238 million. Going Concern The Company has incurred NOLs in prior periods and may continue to incur operating losses in the foreseeable future as it invests in research and development activities, expands its product portfolio, and grows its market presence. As of December 31, 2025, the Company had approximately $129.1 million of liquid assets, consisting of $2 million in cash, $92.2 million of unrestricted crypto assets, and $32.6 million of accounts receivable (including related party receivables) expected to be collected in the normal course of business. The Company has no debt maturities within the next 12 months and no covenant compliance requirements or contractual commitments expected to materially impact liquidity during the evaluation period. Management prepared internal operating forecasts covering the 12-month period from March 18, 2026, the issuance date of the financial statements and considered potential adverse scenarios, including reductions in projected revenues and declines in digital asset values. Based on current liquidity levels and projected operating results, management believes the Company has sufficient liquidity to meet its obligations as they become due for at least the next 12 months. Accordingly, management has concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated. However, the Company's future capital requirements will depend on many factors, including the rate of revenue growth, gross margin performance, digital asset market conditions, and the timing and extent of expenditures for product development and market expansion. While the Company may seek additional capital in the future to support strategic initiatives, there can be no assurance that the Company's projections of capital requirements or future revenues will prove to be accurate. Management Comments "2025 marked a pivotal year of transformation for Datavault AI, driven by strategic acquisitions and the issuance of foundational global intellectual property assets covering the multi trillion-dollar data monetization, RWA, real estate, and NIL markets that position us at the forefront of the emerging tokenomics,'" said Nathaniel Bradley, Chief Executive Officer of Datavault AI. "We are witnessing a global race toward unified, blockchain-based infrastructure where all asset classes--data, digital assets, and traditional securities--can be verified, securitized, and transacted seamlessly. These growing alliances reflect a broader shift toward shared infrastructure that enables trusted exchange at scale. Datavault AI's ecosystem is designed to power this evolution--enabling organizations to participate in a transparent, compliant, and monetizable data economy built on next-generation exchange architecture." Milestones and 2026 Outlook During 2025, the Company announced a full year 2026 revenue target of $200 million, which it is re-iterating. The Company is well-positioned for a successful future and reported its strongest year-end balance sheet ever, with approximately $116 million in working capital including $142.9 million in current assets, only $26.9 million in current liabilities, and no long-term debt. In May 2025, the Company closed the acquisition of CompuSystems, Inc. and recently closed the acquisition of API Media Innovations Inc. "2025 was about laying the foundation with industry leading strategic partners and ensuring a strong balance sheet. As we look ahead, we believe our growing intellectual property portfolio and infrastructure position Datavault AI to unlock significant value across industries," added Bradley. A full text copy of the Company's Annual Report is available at https://tinyurl.com/mryscsrh About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. * * * This concludes the Troubled Company Reporter's coverage of Datavault AI Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. DC CABLE: Seeks to Hire Charles E. Andersen as General Counsel -------------------------------------------------------------- DC Cable & Telecommunications seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Charles Andersen, Esq., an attorney practicing in Emira, New York, to handle its Chapter 11 case. Mr. Andersen will be paid at an estimated fee of $11,000. The attorney 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: Charles E. Andersen, Esq. 100 N. Main St., Suite 310 Elmira, NY 14901 Telephone: (617) 339-8669 Email: charanders4@aol.com About DC Cable & Telecommunications DC Cable & Telecommunications sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-20130) on Feb. 27, 2026. In its petition signed by Donald G. Crouch, CEO, the Debtor disclosed $1,197,217 in total assets and $1,993,374 in liabilities. The Debtor tapped Charles E. Andersen, Esq., as counsel. DEL MONTE: Three Creditors Out as Committee Members --------------------------------------------------- The U.S. Trustee for Regions 3 and 9 disclosed in a notice filed with the U.S. Bankruptcy Court for the District of New Jersey that these creditors are the remaining members of the official committee of unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates: 1. Circana, LLC 203 La Salle Street, Suite 1500 Chicago, IL 60601 Attn: Jeyson Rivera jeyson.rivera@circana.com 2. Reser's Fine Foods, Inc. 15570 SW Jenkins Road Beaverton, OR 97006 Attn: Paul Leavy paul@resers.com 3. Hintz AP, Inc. 29 Road 7 NE Ephrata, WA 98823 Attn: Gilbert Hintz gilberthintz@gmail.com 4. Pension Benefit Guaranty Corporation 445 12th Street SW Washington, DC 20024-2101 Attn: Emily Lesniewski lesniewski.emily@pbgc.gov Crites Seed, Inc., Nations Roof, LLC and Purcell International were previously identified as members of the creditors committee. Their names no longer appear in the new notice. About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C. and Herbert Smith Freehills Kramer (US), LLP as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster, LLP and Kelley Drye & Warren, LLP as legal counsel; Province, LLC as financial advisor; and Stifel, Nicolaus & Co., Inc. as investment banker. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019-6022 Telephone: (212) 484-3900 Jeffrey.Gleit@afslaw.com Brett.Goodman@afslaw.com -- and -- Matthew R. Bentley, Esq. 233 South Wacker Drive, Suite 7100 Chicago, IL 60606 Telephone: (312) 258-5500 Matthew.Bentley@afslaw.com JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by: Alan J. Brody, Esq. GREENBERG TRAURIG, LLP 500 Campus Drive Florham Park, NJ 07932 Telephone: (973) 360-7900 Email: brodya@gtlaw.com -- and -- Sandeep Qusba, Esq. Nicholas E. Baker, Esq. Dov Gottlieb, Esq. Zachary J. Weiner, Esq. SIMPSON THACHER & BARTLETT LLP 425 Lexington Avenue New York, NY 10017 SQusba@stblaw.com NBaker@stblaw.com Dov.Gottlieb@stblaw.com Zachary.Weiner@stblaw.com DETROIT PIZZA: Gets OK to Use Cash Collateral --------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan entered a stipulated order allowing The Detroit Pizza Bar to use cash collateral in its Chapter 11 case. The court authorized the Debtor to use cash collateral in accordance with an approved budget, with flexibility of up to a 10% variance. This use is essential for maintaining operations, including paying employees, continuing production, and servicing customers. The court found that without access to these funds, the business would suffer immediate and irreparable harm. As adequate protection, the Debtor's secured creditor will be granted replacement liens on post-petition assets, maintaining the same priority and validity as pre-petition liens. Additionally, the Debtor must make monthly payments of $1,500 to compensate for any potential decline in the value of the collateral. If the Debtor misses a payment, even by one day, it constitutes a default, allowing the creditor to accelerate the debt and lift the automatic stay to pursue remedies. However, the Debtor retains the right to challenge the validity or extent of the creditor's liens. The court also allows future budget modifications unless objections are raised and retains jurisdiction to enforce the order. As of the petition date, the Debtor's cash collateral consisted of $145.26 in its bank accounts. The Debtor has no accounts receivable and some pre-petition inventory could be considered cash collateral. Before the petition date, Invest Detroit Fund filed a UCC-1 financing statement against certain of the Debtor's assets, including its cash collateral. The Debtor anticipates Invest Detroit Fund will assert a security interest in its cash collateral and that such security interest and liens have first priority over all other security interests and liens asserted against it. About The Detroit Pizza Bar The Detroit Pizza Bar is dedicated to crafting high-quality, handcrafted pizzas with a signature thick, square crust and generous toppings. Since its founding, the restaurant has become known for its distinctive flavor, friendly service, and commitment to local culinary traditions. The Detroit Pizza Bar filed a petition under Subchapter V of Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-53182) on December 31, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Paul R. Hage presides over the case. Akunna Olumba, Esq., at Mischief Managed PLC represents the Debtor as counsel. DIDDI ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------ On March 13, 2026, Diddi Enterprises, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Diddi Enterprises, Inc. Diddi Enterprises, Inc. operates in the restaurant industry. Diddi Enterprises, Inc. is a Texas-based business entity engaged in commercial operations, providing goods and/or services within its local market. Diddi Enterprises, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-31681) on March 13, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The debtor is represented by Timothy L. Wentworth, Esq. of Okin Adams, LLP. DISTINCTIVELY OUTDOORS: Joseph Schwartz Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for Distinctively Outdoors, Inc. Mr. Schwartz will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About Distinctively Outdoors Inc. Distinctively Outdoors is an outdoor living design and retail showroom based in Parsippany, New Jersey. The company offers products and solutions for residential outdoor spaces, including hot tubs, pergolas, outdoor kitchens, grills and appliances, fire features, patio furniture, and decking materials. It operates a showroom where customers can view and select outdoor living products and works with homeowners on the planning and design of customized backyard environments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12693) on March 11, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. John Belzel, sole shareholder, signed the petition. Douglas J. McGill, Esq., at Webber McGill, LLC represents the Debtor as legal counsel. DIVERSIFIED WIRE: Deborah Fish Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Deborah Fish, Esq., managing partner at Allard & Fish, P.C., as Subchapter V trustee for Diversified Wire & Cable, Inc. Ms. Fish will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fish declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Deborah L. Fish, Esq. Allard & Fish, P.C. 1001 Woodward Ave., Ste. 850 Detroit, MI 48226 Phone: (313) 961-6141 Email: dfish@allardfishpc.com About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. DONHAM REAL: Seeks Chapter 7 Bankruptcy in Arizona -------------------------------------------------- On March 20, 2026, Donham Real Estate, Inc. filed for Chapter 7 protection in the District of Arizona Bankruptcy Court. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Donham Real Estate, Inc. Donham Real Estate, Inc. is an Arizona-based real estate company. Donham Real Estate, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02675) on March 20, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by M. Preston Gardner, Esq., of Davis Miles, PLLC. DOUBLE E CO: TPG Twin Brook Marks $3.1M 1L Loan at 50% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $3,110,000 loan extended to Double E Company, LLC to market at $1,565,000 or 50% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Double E Company, LLC. The 1L Loan accrues interest at a rate of S + 6.25% 10.07% per annum. The 1L Loan matures on June 21, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Double E Company, LLC Double E Company, LLC operates as a web converting and material handling products manufacturing company. The Company offers web handling components for core chucks, shafts, roll stands, rollers, brakes, trim winder, reel spools, and accessories for the paper, film, foil web converting, and packaging industries. DR INNOVATIONS: To Sell Massage Assets to Recover Wellness Wichita ------------------------------------------------------------------ DR Innovations, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Kansas, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets are comprised of one Arctic Whole Body cryo machine, two hyberbaric chambers, one infrared sauna, one red light system, one normatec leg compression machine, two local cryo machines, one cryskin machine, one hyrdafacial machine, one inbody/body composition machine, three massage chairs, and all other furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones, and other tangible personal property of the Business. The Debtor proposes to sell the Assets for a price of $55,000 to Recover Wellness Wichita LLC. The Debtor seeks this by motion to sell, effectively, the entirety of its assets to Buyer through a private sale directly to Buyer from Debtor. Buyer does not hold any interest adverse to the Debtor or the estate, nor any connections with the Debtor, the estate, any creditors of the estate, or the U.S. Trustee's office. Proceeds from the sale will be distributed as follows: a. To pay attorney's fees b. To pay United States Trustee fees c. To creditor Emprise Bank The proposed sale is in the best interest of the estate, and all parties have acted in good faith. Neither Debtor nor Buyer believes there is any equity available in the sale price for distribution to general unsecured creditors. The proposed sale will maximize the value of Debtor's assets, curtail ongoing losses to the estate, and allow the case to be promptly concluded. The Debtor proposes that the proposed sale to Buyer will constitute legal, valid and effective transfers of the Property and will vest Buyer with all right, title and interest of Debtor in and to the Policy free and clear of all liens and claims. The Debtor proposes that Buyer shall not be liable in any way (as successor entity or otherwise) for any claims that any of the Claimants or any other third party may have against Debtor or the business of Debtor prior to the proposed sale. The proposed consideration for the sale constitutes reasonably equivalent value and fair consideration under the Bankruptcy Code and the laws of the State of Kansas. About Dr Innovations LLC Dr Innovations, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Kan. Case No. 25-10864) on August 18, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Mitchell L. Herren oversees the case. The Debtor tapped Prelle Eron & Bailey, P.A., as legal counsel. DRIFTWOOD YOGA: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina entered a final order authorizing Driftwood Yoga, Spa & Boutique, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay only those expenses set forth in the approved budget, subject to a 10% variance per line item on a cumulative basis. The Debtor has two primary secured creditors: Pawnee Leasing Corporation, which holds a lien on certain equipment but not on cash collateral and Forward Financing, LLC, which claims an interest arising from a pre-petition future receipts sales agreement. Forward Financing filed a UCC-1 shortly before the Debtor's bankruptcy filing. To the extent cash collateral is expended, Forward will be granted a replacement lien on post-petition assets, with the same extent and priority ultimately determined to have existed pre-petition. The order is without prejudice to later challenges regarding lien validity, priority, or extent. A carveout is also approved for professional fees, subject to court approval requirements. The order preserves all parties' rights to challenge liens or seek further relief, including termination or modification of cash collateral use. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5kgHf from PacerMonitor.com. About Driftwood Yoga, Spa & Boutique Inc. Driftwood Yoga, Spa & Boutique, Inc. operates a wellness studio in Denver, North Carolina, providing spa treatments, yoga classes, and related boutique products. Driftwood Yoga, Spa & Boutique, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-40021) on January 29, 2026, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Jacqueline Regalado as president. Judge Ashley Austin Edwards presides over the case. Matthew A. Winer, Esq., at Hamilton Stephens Steele + Martin, PLLC serves as the Debtor's counsel. DTD PRECISION: Jody Corrales Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for DTD Precision Gear & Machine, LLC. Ms. Corrales will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Corrales declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jody A. Corrales Deconcini McDonald Yetwin & Lacy P.C. 252 E. Broadway Blvd., Suite 200 Tucson, AZ 85716 Telephone: 520-322-5000 Fax: 520-322-5585 Email: jcorrales@dmyl.com About DTD Precision Gear & Machine LLC DTD Precision Gear & Machine, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. 26-02301) on March 12, 2026. Patrick F. Keery, Esq., at Keery McCue, PLLC is the Debtor's legal counsel. DYNACQ HEALTHCARE: Susan Goodman Submits Second PCO Report ---------------------------------------------------------- Susan N. Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her second report regarding the quality of patient care provided by Dynacq Healthcare, Inc. and affiliates. During the interim period, the Debtors completed an auction leading to an approved sale. The PCO was retained to conduct a second site visit with the Debtors' representatives to address outstanding patient-related matters, particularly patient records and Protected Health Information remaining at the facility. During the PCO's second site visit, power was restored to the hospital, and most contents were consolidated into two main hallways and seven locked portable shipping containers. The PCO, Debtors' counsel, and financial advisor were escorted by an on-site team, which reported ongoing mold remediation; some areas had strong mold odors, and N-95 or KN-95 masks were worn during the visit. During the second site visit, the PCO focused on the radiology, lab, and OR areas where most equipment and paper PHI had been found. The On-Site Team said all PHI materials were being moved to a hallway without negative-airflow tunnels. The PCO spoke with the pharmacist, who said the pharmacy and DEA licenses remain active, was not consulted before mold remediation, and had secured remaining locked medication cabinets in the pharmacy beforehand. The PCO observed that, although she could not inventory stored items, a limited review suggested PHI materials and pharmacy items were not properly segregated before remediation; some remained in affected clinical areas, and hazardous waste removal appeared incomplete. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=GoYRMo from Donlin Recano, claims agent. The ombudsman may be reached at: Susan N. Goodman Pivot Health Law, LLC P.O. Box 69734 | Oro Valley, AZ 85737 Ph: 520.744.7061|Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Dynacq Healthcare Inc. Dynacq Healthcare, Inc. and its affiliates own and operate a general acute care hospital in Pasadena, Texas, that focuses on specialized surgical services and maintains eight operating rooms along with 37 hospital beds. Dynacq Healthcare, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90798) on December 8, 2025, listing $10 million to $50 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Eric Chan as authorized signatory. Dominique Ashley Douglas, Esq. at Dykema Gossett serves as the Debtor's counsel. Susan N. Goodman is the patient care ombudsman appointed in the Debtor's case. DYNAMIC TRANSPORT: Hires Ford & Semach PA as Bankruptcy Counsel --------------------------------------------------------------- Dynamic Transport Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as counsel. The firm's services include: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor with regards to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file legal documents required by the Court; (d) represent the Debtor at the Section 341 Creditors' meeting; (e) provide legal advice to the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare necessary legal papers and appear at hearings thereon; (h) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: Buddy Ford, Attorney $450 Jonathan Semach, Attorney $400 Heather Reel, Attorney $350 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of its case the Debtor paid an advance fee of $3,000. Mr. Ford 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: Buddy D. Ford, Esq. Ford & Semach, PA 9301 West Hillsborough Avenue Tampa, FL 33615 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Dynamic Transport Service, Inc. Dynamic Transport Service, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01977) on March 13, 2026, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Caryl E Delano handles the case. Buddy D Ford at Ford & Semach, P.A. serves as the Debtor's counsel. DYNAMIC TRANSPORT: Kathleen DiSanto Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Dynamic Transport Service, Inc. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Dynamic Transport Service Inc. Dynamic Transport Service, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01977) on March 13, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Caryl E. Delano presides over the case. By Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. E&M BINDERY: Cash Collateral Hearing Set for April 1 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey is set to hold a hearing on April 1 to consider extending E&M Bindery, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's sixth amended order expires on April 1. The sixth amended order approved the payment of the Debtor's expenses from the cash collateral of Milberg Factors, Inc. in accordance with its budget and authorized the Debtor to continue to remit to Milberg 90% of the net proceeds from court-approved private equipment sales. The sixth amended order modified payment mechanics to Milberg beginning this month. The Debtor was ordered to remit 70% of funds exceeding $35,000 in its bank accounts weekly, with the remaining 30% directed to counsel's trust account for professional fees. After completion of scheduled rent payments to the landlord, the threshold drops to $20,000, with the same 70/30 split. These payments reduce Milberg's pre-bankruptcy obligations until paid in full. The order granted the Internal Revenue Service a replacement lien to the extent of any diminution in its collateral, and required additional payments, including a $35,000 retainer to the Subchapter V trustee. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/rmae8x2r from PacerMonitor.com. Milberg Factors, as secured creditor, is represented by: John Bougiamas, Esq. Jonathan N. Helfat, Esq. Michael Wenger, Esq. Matthew J. Stockl, Esq. 230 Park Avenue New York, NY 10169 Telephone: (212) 661-9100 jbougiamas@otterbourg.com jhelfat@otterbourg.com mwenger@otterbourg.com mstockl@otterbourg.com About E&M Bindery Inc. E&M Bindery, Inc., a company in Clifton, N.J., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22444) on November 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey L. Meisel oversees the case. David Edelberg, Esq., at Scarinci Hollenbeck, represents the Debtor as legal counsel. EAGLE INTERMEDIATE: Moody's Cuts CFR to C, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has downgraded Eagle Intermediate Global Holding B.V.'s (dba The LYCRA Company) corporate family rating to C from Caa3, the probability of default rating to D-PD from Caa3-PD/LD, and removed the limited default designation. Moody's have also downgraded the rating of its USD backed senior secured notes to C from Ca. The SGL-4 Speculative Grade Liquidity Rating (SGL) remains unchanged. The rating outlook is changed to stable from negative. The downgrade follows the company's commencement of a bankruptcy process pursuant to a restructuring support agreement with the majority of its creditors. Governance considerations are material to the rating action because of The LYCRA Company's leveraged capital structure, negative free cash flow generation, and constrained liquidity sources. The downgrade also reflects Moody's views of low recovery rate on its existing debts. RATINGS RATIONALE On March 17, 2026, The LYCRA Company announced its filing for chapter 11 in order to implement a prepackaged reorganization plan that would eliminate approximately $1.2 billion or about 80% of its total debts. According to the company, the restructuring process is expected to be completed on an expedited basis, with its targeting emergence from Chapter 11 within approximately 45 days, subject to court approval. Certain non US entities of The LYCRA Company are not included in the Chapter 11 filing. The filing follows a period of challenging operating performance with an unsustainable capital structure, which the company is seeking to address through the restructuring. According to its announcement, The LYCRA Company intends to continue operating in the ordinary course of business and has obtained financing commitments to support ongoing operations during the restructuring process and to provide liquidity post emergence. Subsequent to the action, Moody's will withdraw The LYCRA Company's ratings. Eagle Intermediate Global Holding B.V. (dba The LYCRA Company) is a leading producer of man-made fibers, including spandex, polyester and nylon, which are used by many apparel brands. It owns well-known brands such as LYCRA(R) fiber, ELASPAN(R) fiber, COOLMAX(R) and THERMOLITE(R), each of which provides garments with desired functional performance. The company operates eight wholly owned manufacturing and processing facilities in North America, Europe, Asia and South America. Subsequent to the restructuring The LYCRA Company will be primarily owned by its existing debt holders. It generated revenue of close to $741 million for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Chemicals published in February 2026. The LYCRA Company's CFR is more than two notches below the scorecard-indicated outcome of Caa2 based on its financials for the last twelve months ended September 30, 2025. The difference reflects its leveraged capital structure, inadequate liquidity, and the resultant restructuring. ELITA 7 LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a memorandum and order allowing Elita 7, LLC and Victoria Light LLC to use cash collateral on a final basis. The Debtor is authorized to use cash collateral on a final basis through the closing of the sale. The lenders' cash collateral consists of cash accounts, receivables and inventory. The value of the cash collateral is estimated at $168,000, according to court documents filed in December last year. The Debtors are liable to DMT SPE I, the primary secured lender, on a loan made last year in the original principal amount of $6.1 million. Meanwhile, the Debtors have given security interest in receivables or sales of future receivables to other creditors including Capybara Capital LLC, Dependence Platinum, Forward Financing, EN OD Capital, Stage Advance LLC, and Unique Funding Solutions, LLC. About Elita 7 and Victoria Light Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. John O. Desmond, Esq., is the Debtors' legal counsel. Secured lender DMT SPE I, LLC is represented by: Douglas K. Clarke, Esq. Riemer & Braunstein, LLP 100 Cambridge Street, 22nd Floor Boston, MA 02114-2527 Phone: (617) 880-3485 Fax: (617) 692-3485 Email: dclarke@riemerlaw.com ELMC RX: TPG Twin Brook Marks $914K 1L Loan at 90% Off ------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $914,000 loan extended to ELMC RX Solutions, LLC to market at $93,000 or 10% of the outstanding amount, according to Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to ELMC RX Solutions, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.36% per annum. The 1L Loan matures on Oct. 1, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About ELMC RX Solutions, LLC ELMC RX Solutions, LLC owns, manages, and acquires pharmacy. The Company provides clinical management, pharmacy benefit arrangement, and payment integrity solutions. EMPOWER NATUROPATHIC: Jeanne Goddard Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for Empower Naturopathic Medicine, Inc. Ms. Goddard will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Empower Naturopathic Medicine Inc. Empower Naturopathic Medicine, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00969) on March 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge J Barrett Marum presides over the case. Steven E. Cowen, Esq. at S.E. Cowen Law represents the Debtor as legal counsel. EMPOWER NATUROPATHIC: Seeks to Tap S. E. Cowen Law as Legal Counsel ------------------------------------------------------------------- Empower Naturopathic Medicine, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ S. E. Cowen Law as counsel. The firm will represent the Debtor through all stages of the Chapter 11 Subchapter V process with an anticipated confirmation of a Plan of Reorganization within 6 months. The firm will be paid at these hourly rates: Steven Cowen, Attorney $400 Christian Cowen, Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $30,000, including filing fee, on December 2, 2025. Mr. Cowen 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: Steven E. Cowen, Esq. S. E. Cowen Law 333 "H" Street, 5th Floor Chula Vista, CA 91910 Telephone: (619) 202-7511 Facsimile: (619) 233-3327 Email: Cowen.steve@secowenlaw.com About Empower Naturopathic Medicine Empower Naturopathic Medicine, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-00969) on March 11, 2026. In its petition, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge J. Barrett Marum oversees the case. The Debtor is represented by Steven E. Cowen, Esq., at S. E. Cowen Law. ENDODONTIC PRACTICE: TPG Twin Brook Marks $13.7M 1L Loan at 51% Off ------------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $13,725,000 loan extended to Endodontic Practice Partners, LLC to market at $6,786,000 or 49% of the outstanding amount, according to TPG Twin Brook Capital Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Endodontic Practice Partners, LLC. The 1L Loan accrues interest at a rate of S + 5.50 % 9.17 % per annum. The 1L Loan matures on Nov. 2, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Endodontic Practice Partners, LLC Endodontic Practice Partners, LLC is a dental services platform focused on endodontic practices. ENVOY MEDICAL: Liabilities Exceed Assets by US$12.2M at Dec. 31 --------------------------------------------------------------- Envoy Medical, Inc. (NASDAQ: COCH)'s stockholder's deficit was US$12.2 million at Dec. 31, 2025. The stockholder's deficit was US$18.8 million at Dec. 31, 2024. At Dec. 31, 2025, the company had total assets of US$8.6 million and total liabilities of US$20.3 million. At Dec. 31, 2024, the company had total assets of US$11.5 million and total liabilities of US$30.4 million. The Company said it has incurred cumulative losses from operations, has an accumulated deficit of $313.4 million as of Dec. 31, 2025, and relies on external sources of liquidity to sustain operations. "These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern." According to Envoy, "Currently, we derive substantially all our revenue from the sale of the Esteem FI-AMEI implants and replacement components to Esteem FI-AMEI implants. We enter arrangements with patients to provide them with the Esteem FI-AMEI device, personal programmer devices, sound processor / battery assembly ("Battery") replacements, and/or an optional Care Plan, each of which are outputs of our ordinary activities in exchange for consideration. Revenue from product sales is recognized upon transfer of control of the product to a customer, which occurs at a point in time, when we are notified the product has been implanted or used by the customer in a surgical procedure. New implantations of the Esteem FI-AMEI are not expected to be more than a few per year and may be as low as zero. Although we believe it to be unlikely, Esteem FI-AMEI implantations could potentially increase with favorable reimbursement policy and coverage changes. We will continue our efforts to pursue positive reimbursement changes for fully implanted active middle ear implants. There will be continued nominal revenue from replacement of sound processors for patients who need a new Battery." On March 10, 2026, Envoy completed enrollment of its clinical trial for the Acclaim CI. "With the successful implantation of the 56th and final patient, we are the first cochlear implant company to achieve full enrollment of a U.S. clinical trial to evaluate a fully implanted cochlear implant seeking FDA approval." Envoy anticipates that upon commercialization of its Acclaim CI product, Acclaim CI revenues will more than exceed Esteem FI-AMEI revenue. "We are targeting FDA approval on our PMA application for the Acclaim CI in the second half of 2027 or first half of 2028, depending on the FDA’s review process and timeline." On Feb. 25, 2025, Envoy received a deficiency notification letter from The Nasdaq Stock Market stating it was not in compliance with Nasdaq Listing Rule 5550(b)(2) because the market value of the Company's listed securities did not meet the minimum of $35,000 -- MVLS Requirement -- for the period for 31 consecutive business days between Jan. 7, 2025 and Feb. 24, 2025. On Feb. 23, 2026, Envoy received a letter confirming that the Company has evidenced compliance with Nasdaq Listing Rule 5550(b)(2) in compliance with the Panel's letter dated Oct. 23, 2025. In addition, pursuant to Nasdaq Listing Rule 5815(d)(4)(B), Envoy is subject to a monitoring period of one year from Feb. 12, 2026. February 2026 Offering The Company disclosed that on Feb. 12, 2026, it completed a public offering of an aggregate of (i) 47,946,150 shares of its Class A common stock, par value $0.0001 per share; (ii) 27,053,850 pre-funded warrants to purchase 27,053,850 shares of Class A Common Stock; (iii) 45,000,000 Series A-1 Warrants to purchase 45,000,000 shares of Class A Common Stock and/or pre-funded warrants; and (iv) 75,000,000 Series A-2 Warrants to purchase 75,000,000 shares of Class A Common Stock and/or Issued Pre-Funded Warrants. For each share of Class A Common Stock (or Issued Pre-Funded Warrant in lieu thereof) purchased, the investors received accompanying Series A Warrants in the amount of six-tenths (0.6) of a Series A-1 Warrant and one Series A-2 Warrant. The purchase price for the February 2026 Offering was $0.40 per Share (or $0.3999 per Pre-Funded Warrant in lieu thereof) and accompanying Series A Warrants. The Series A-1 Warrants have an exercise price of $0.40 per share, become exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the February 2026 Offering and will expire on the earlier of (i) the 24-month anniversary of the Stockholder Approval Date or (ii) 30 days following the date we publicly announce that we have submitted a PMA to the FDA for the Acclaim CI. The Series A-2 Warrants have an exercise price of $0.40 per share, will become exercisable beginning on the Stockholder Approval Date and will expire on the earlier of (i) the 60-month anniversary of the Stockholder Approval Date or (ii) 30 days following the date we publicly announce that it has received FDA approval for the Acclaim CI. The aggregate gross proceeds to the Company from the February 2026 Offering were approximately $30,000. After deducting the placement agent's fees and other offering expenses we received approximately $27,730 of net proceeds. The potential additional gross proceeds to the Company from the Series A-1 Warrants and Series A-2 Warrants, if fully-exercised on a cash basis following the Stockholder Approval Date, will be approximately $18,000 and $30,000, respectively, or $48,000 in total. "We intend to use the net proceeds of the February 2026 Offering for working capital and other general corporate purposes to fund its operations during the clinical trial for the Acclaim CI," the Company said. Going Concern Doubt "Since inception, we have incurred significant operating losses," according to Envoy. "We expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance the clinical development of our products and fund the process of clinical FDA trials. We have funded our operations to date primarily with proceeds from issuing equity securities, term loans, convertible notes and proceeds from the Business Combination. As of December 31, 2025 and December 31, 2024, we had $3,739 and $5,483 of cash, respectively." "We proactively manage our access to capital to support liquidity and continued growth. Our sources of capital include issuances of our Class A Common Stock, Series A preferred stock, warrants, convertible debt, term debt and other financing agreements such as the forward purchase agreement, and proceeds from the sales of the Esteem FI-AMEI implants and replacement components. "We may seek to raise any necessary additional capital through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing and distribution arrangements. There can be no assurance that we will be successful in acquiring additional funding at levels sufficient to fund our operations or on terms favorable to us. Based on our cash position as of December 31, 2025, the approximately $27,730 of net cash proceeds from the February 2026 Offering…and assuming there is no additional funding through the exercise of any outstanding warrants, we expect to have sufficient funds for our operations into the second quarter of 2027. "Proceeds from the exercise of any outstanding warrants or other sources, which we expect, will provide us with funding beyond this timeframe. We have based our estimates as to how long we expect we will be able to fund our operations on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect, in which case we would be required to obtain additional financing sooner than currently projected, which may not be available to us on acceptable terms, or at all. If we are unable to raise sufficient financing when needed or events or circumstances occur such that we do not meet our strategic plans, we may be required to reduce certain discretionary spending, be unable to develop new or enhanced production methods, or be unable to fund capital expenditures, which could have a material adverse effect on our financial position, results of operations, cash flows, and ability to achieve our intended business objectives. These matters raise substantial doubt about our ability to continue as a going concern. "To the extent that we raise additional capital through additional collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our Acclaim CI, future revenue streams, research programs or to grant licenses on terms that may not be favorable to us. If we do raise additional capital through public or private equity or convertible debt offerings, the ownership interest of our existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders' rights. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends." A full-text copy of the Form 10-K is available at https://tinyurl.com/296zjfbn About Envoy Medical, Inc. Envoy Medical, Inc. is a medical technology company focused on developing and commercializing implantable hearing devices and related innovations intended to improve hearing outcomes for patients with hearing loss. The company typically operates within the hearing health and medical device industry, working with physicians, audiologists and surgical centers to provide advanced hearing solutions. ER OF TEXAS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- ER of Texas, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court entered a second interim order authorizing the Debtors to use cash collateral in accordance with their budget (subject to a 10% variance) through the earlier of (i) entry of a final order, (ii) the termination of the interim order, or (c) the occurrence of so-called termination event. Termination events include the Debtors' failure to comply with any material term of the interim order; actual disbursements exceeding the budget beyond the permitted variance; dismissal or conversion of any Chapter 11 case to Chapter 7; appointment of a trustee or examiner with expanded powers; and modification of the interim order without lender consent. As protection, the pre-bankruptcy secured creditors will be granted replacement liens on all of the Debtors' assets excluding Chapter 5 causes of action. In case of any diminution in the value of their collateral, the secured creditors will receive an allowed superpriority administrative expense claim against the Debtors' estates. Additionally, the Debtors must make monthly payments to Newtek (about $178,493.61 starting May) and cover certain professional fees. The secured creditors are Encore Bank (senior secured lender), Newtek Business Services Holdco 6, Inc. (junior secured lender), and various merchant cash advance lenders, all of which hold liens on most of the Debtors' assets. Encore holds a first-priority lien, Newtek is subordinate to Encore, and the MCA Lenders hold junior or subordinated interests. A final hearing is set for April 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/8nBva from PacerMonitor.com. About ER of Texas LLC ER of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40606) on February 10, 2026. In the petition signed by Ron Walraven, manager, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Richard Grant, Esq., at CM Law LLP, represents the Debtor as legal counsel. ERG BUYER: TPG Twin Brook Marks $37.3MM 1L Loan at 21% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $37,252,000 loan extended to ERG Buyer, LLC to market at $29,375,000 or 79% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to ERG Buyer, LLC. The 1L Loan accrues interest at a rate of S + 6.25% 10.07% per annum. The 1L Loan matures on Aug. 31, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About ERG Buyer, LLC ERG Buyer, LLC is a leveraged-buyout style borrower backed by a first lien senior secured term loan, reflecting a capital structure tailored to finance a large-scale corporate acquisition. ERG BUYER: TPG Twin Brook Marks $5.4MM 1L Loan at 21% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,406,000 loan extended to ERG Buyer, LLC to market at $4,263,000 or 79% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to ERG Buyer, LLC. The 1L Loan accrues interest at a rate of S + 6.25% 10.07% per annum. The 1L Loan matures on Aug. 31, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About ERG BUYER ERG Buyer, LLC is a corporate acquisition-focused entity that uses a first lien senior secured revolving loan facility to finance ongoing transaction activity and working capital needs. EVOFEM BIOSCIENCES: Terminates PHEXXI Supply Deal With Windtree --------------------------------------------------------------- Evofem Biosciences, Inc. disclosed in a regulatory filing that the Company and Windtree Therapeutics, Inc. entered into a Termination Agreement for the License and Supply Agreement pursuant to which Windtree agreed to become a manufacturer and supplier of PHEXXI(R) (lactic acid, citric acid, and potassium bitartrate). Pursuant to the Termination Agreement the parties mutually consented to the termination of the Agreement, effective as of March 13, 2026. There is no termination or any other fees payable in connection with the termination of the Agreement. Certain customary provisions of the Agreement that by their terms survive termination remain in effect. A full text copy of the Termination Agreement is available at https://tinyurl.com/3n4v9ayc About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. As of December 31, 2025, the Company had $20.3 million in total assets and $89.7 million in total liabilities, and total stockholders' deficit of $74.3 million. EXCLUSIVE CONCEPTS: TPG Twin Brook Marks $5M 1L Loan at 66% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,099,000 loan extended to Exclusive Concepts, LLC to market at $1,722,000 or 34% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Exclusive Concepts, LLC. The 1L Loan accrues interest at a rate of S + 6.50% 10.43% per annum. The 1L Loan matures on Dec. 9, 2026. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Exclusive Concepts, LLC Exclusive Concepts, LLC operates as a promotional product distributor. The Company offers jackets, bags, writing instruments, tech items, and drinkware. Exclusive Concepts serves customers in the United States. EXTENSIONS PLUS: Has Deal on Cash Collateral Access ---------------------------------------------------- Extensions Plus, Inc., asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with J.P. Morgan Chase Bank. The court has previously approved three successive stipulations allowing such use, covering periods from June 23, 2025 through March 23, 2026, and the Debtor now requests an extension from March 24 through June 23, 2026. The Debtor, a California-based company operating for approximately 30 years in the hairpiece and hair extension industry, employs 13 full-time workers and relies on access to cash collateral to maintain operations during reorganization. Its bankruptcy filing was prompted largely by a $2.6 million judgment obtained by Ra Hair International Pvt. Ltd., which threatened immediate collections that would have crippled the business. Under the proposed stipulation, the Debtor will continue making monthly payments of $13,000 to Chase, which holds secured claims exceeding $378,000 across two loans, in exchange for the use of cash collateral and the granting of replacement liens as adequate protection. The Debtor asserts that continued access to these funds, consistent with a submitted 90-day budget, is essential to sustaining operations and pursuing a successful restructuring. A copy of the motion is available at https://urlcurt.com/u?l=U2QKra from PacerMonitor.com About Extensions Plus Inc. Extensions Plus, Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. It serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Peter T. Steinberg, Esq. at Steinberg Nutter And Brent. JP Morgan Chase Bank, NA, as lender, is represented by Lukas Sosnicki, Esq., at Thomas Coburn LLP, in Los Angeles, California, and Brian W. Hockeet, Esq., at Thomas Coburn LLP, in St. Louis, Missouri. FAT BRANDS: Closes Fatburger Locations in Chapter 11 ---------------------------------------------------- Amber Serio of San Antonio Business Journal reports that several Fatburger locations have closed as parent company FAT Brands Inc. moves to sell certain assets through bankruptcy proceedings. The closures come as part of broader efforts to stabilize operations and address financial pressures facing parts of the company's portfolio. The company is seeking court approval to market and sell assets tied to underperforming or distressed locations. These efforts are intended to streamline operations and generate liquidity, allowing the business to focus on more profitable segments of its franchise network, the report states. FAT Brands, which oversees multiple restaurant concepts, has been navigating legal and financial challenges that have weighed on its performance. The decision to pursue asset sales through bankruptcy reflects an effort to restructure obligations while maintaining core operations, according to San Antonio Business Journal. As the process unfolds, additional closures or ownership changes may follow. The outcome of the asset sale will be key in determining the future footprint of Fatburger and the broader strategy of FAT Brands Inc., the report states. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FINCH THERAPEUTICS: Hires Omni Agent as Claims and Noticing Agent ----------------------------------------------------------------- Finch Therapeutics Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Omni Agent Solutions, Inc. as claims and noticing agent. Omni 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 a retainer to Omni in the amount of $50,000. Paul Deutch, an executive vice president at Omni Agent Solutions, 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: Paul H. Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 Email: paul.web@omniagnt.com About Finch Therapeutics Group Finch Therapeutics Group Inc. is a microbiome therapeutics company founded in 2014 that focused on technologies designed to restore the human microbiome and address diseases linked to microbial imbalances. The company built an intellectual property portfolio of more than 160 U.S. and international patents and applications covering donor-derived and donor-independent therapies for conditions such as ulcerative colitis, Crohn's disease and autism spectrum disorder. After discontinuing its Phase III CP101 trial for recurrent Clostridioides difficile infection in January 2023, Finch ceased development activities and shifted its focus to monetizing its intellectual property through licensing and enforcement, and as of March 22, 2026, is non-operating with no consistent revenue or positive cash flow, with its primary assets consisting of its intellectual property and related research portfolio. Finch Therapeutics Group and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. D. Dela. Lead Case No. 26-10409) on Mar. 22, 2026. In the petitions signed by Matthew P. Blischak, chief executive officer, Finch Therapeutics Group disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP and Ropes & Gray LLP as counsel and Rock Creek Advisors as investment banker and financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. FINCH THERAPEUTICS: Seeks Ch.11 Bankruptcy to Sell IP, Escape Lease ------------------------------------------------------------------- Emlyn Cameron of Law360 that Finch Therapeutics, a microbiome-focused therapeutics developer, has entered Chapter 11, saying persistent financial losses forced it to seek bankruptcy protection. The company acknowledged it has never achieved positive cash flow during its operations. Court filings indicate that unresolved litigation and an expensive lease further strained the company's finances, leaving it unable to meet obligations as they came due. The combination of legal and operational burdens ultimately pushed the business into bankruptcy. The Chapter 11 filing is intended to provide breathing room as the company works to reorganize its finances, manage liabilities, and potentially reposition its business. The situation underscores the risks faced by biotech companies that rely on long development timelines and uncertain revenue streams, the report states. About Finch Therapeutics Inc. Finch Therapeutics Inc. is a company developing microbiome-based health treatments. Finch Therapeutics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr D. Del. 26-10410) on March 22, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Aaron Bach, Esq. and Robert Alan Weber, Esq. of Chipman Brown Cicero & Cole, LLP. FIRST BRANDS: To Sell Automotive Equipment to PGI Northstar ----------------------------------------------------------- First Brands Group, LLC and its affiliates, seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors want to sell certain intellectual property and related assets pertaining to the Debtors' Filters and Plugs, wipers, and Strongarm business lines. The Debtor wants to sell the Assets to PGI Northstar LLC, guaranteed by Premium Guard Incorporated, which provides for an aggregate purchase price of $25 million in cash plus additional payments over time, plus certain assumed liabilities. The Debtors believe that the Asset Purchase Agreement represents the highest or otherwise best bid for the Transferred Assets. None of the Debtors' Filters and Plugs, Strongarm, or Wipers business lines are operating. These business lines have either been nonoperational or running at a reduced capacity for several weeks and have now ceased further operations. Unfortunately, the high cost and associated funding requirements for resuming operations of these business lines have catalyzed key customer departures. With each week that these business lines do not produce product for end customers, the value of the Transferred Assets— including intellectual property related to brand names—degrades and the ability to successfully monetize them is at risk. The Sale Transaction is the product of a multi-month-long marketing and sale process conducted by the Debtors, which began on January 5, 2026, with the Debtors' outreach to over 350 potential bidders. The Debtors believe the Sale Transaction is in the best interests of the Debtors, their estates, and all stakeholders and should be approved on the expedited timeline. The Debtors employs Nathan Mooney, Managing Director in the Restructuring & Liability Management Group at Lazard Frères & Co. LL, as investment banker. The Debtors and their advisors reached out to potential bidders and key stakeholders to apprise them of the Debtors' liquidity situation and request that any party interested in the Debtors' assets submit an indication of interest as soon as possible. Simultaneously, the Debtors engaged with the OEMs to determine whether they would be willing to provide funding to the Debtors to allow them to avoid an entire shutdown of their North American businesses and continue their efforts to pursue sales of their remaining business lines. The Buyer and the Debtors reengaged regarding an alternative sale structure pursuant to which the Buyer would purchase the intellectual property assets of these business lines. Following weeks of good-faith, arm's length negotiations throughout February and early March 2026, the Debtors determined that the Sale Transaction proposed by the Buyer offered the highest or otherwise best bid for the Transferred Assets and would be more beneficial to the Debtors' estates than a future liquidation of the Transferred Assets. The proposed terms of the sale transaction are also provided. The Debtors believe the Sale Transaction represents the highest or otherwise best bid for the Transferred Assets. The Debtors request approval to sell the Transferred Assets free and clear of any and all liens, claims, encumbrances and other interests, except for liabilities expressly assumed by the Buyer or included as permitted encumbrances in the APA. The Debtors request a finding that the Buyer is a good faith purchaser entitled to the protections of Bankruptcy Code section 363(m). The Debtors further submit that the methods of notice of this Motion, combined with the Initial Notice, constitute good and adequate notice of the proposed sale of the Transferred Assets and the proceedings with respect thereto, and that cause exists to shorten notice pursuant to Bankruptcy Rule 2002(a). About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Wants to Close Spark Plug, Brakes Businesses ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that First Brands has petitioned a Texas bankruptcy court for authorization to discontinue select businesses, including multiple brake component brands and its Autolite spark plug line. The company argued that the wind-down is part of its Chapter 11 strategy to concentrate on more profitable areas and protect creditor interests. The filings noted that some product lines no longer fit within First Brands' strategic objectives and that orderly discontinuation would allow the company to reallocate resources more effectively. The company emphasized that employee impacts and customer commitments would be managed responsibly. The bankruptcy court will review the request, weighing the company's plan to streamline operations against the potential impact on employees, customers, and creditors. First Brands stressed that the steps are necessary to maximize the value of its remaining assets and support its overall restructuring, the report relays. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST STEPS: TPG Twin Brook Marks $4.4MM 1L Loan at 81% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $4,476,000 loan extended to First Steps Recovery Acquisition, LLC to market at $840,000 or 19% of the outstanding amount, according to TPG Twin Brook Capital Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to First Steps Recovery Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 4.75 % 8.62 % per annum. The 1L Loan matures on Nov. 18, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About FIRST STEPS RECOVERY ACQUISITION, LLC First Steps Recovery Acquisition, LLC is a behavioral health and addiction treatment platform supported by a first-lien senior secured revolving credit facility. FLOAT ALASKA: Secures Court OK for $20MM Asset Sale in Chapter 11 ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Wednesday, March 25, 2026, said he would authorize Alaska‑based Float Alaska to proceed with a major asset sale as part of its Chapter 11 restructuring plan. The judge’s remarks indicated he will sign off on the company's motion to sell airplanes, surplus parts inventories, and a subsidiary interest, with total consideration of more than $20 million under the proposed sale order. The sale is a linchpin of Float Alaska's strategy to generate liquidity and streamline operations amid bankruptcy. Legal counsel for the airline argued that monetizing these assets will bolster the estate's financial position, offering immediate cash that can be used to satisfy administrative costs and creditor claims. Opposing parties did not successfully block the motion, according to report. Float Alaska's Chapter 11 filing earlier this year put the airline on a path toward financial reorganization after facing operational and market pressures. The judge's willingness to approve the sale motion reflects his assessment that the transactions are in the best interests of the estate and likely to attract fair value in the current market, Law360 reports. About FLOAT Alaska LLC FLOAT Alaska LLC is the parent company of New Pacific Airlines and Ravn Alaska. The entity was formed in July 2020 and is engaged in aviation industry ventures that historically included scheduled air service, charter operations and regional connectivity in Alaska and beyond. FLOAT Alaska LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10075) on January 26, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Paige Noelle Topper, Esq. of Saul Ewing LLP. FLOOF LLC: Hires Lefkovitz & Lefkovitz PLLC as Substitute Counsel ----------------------------------------------------------------- Floof, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz, PLLC as substitute counsel for Keith L. Edmiston & Edmiston Law Firm, PLLC. The firm's services include: a. advising the Debtor(s) as to her rights, duties, and powers as Debtor(s)-in Possession; b. preparing and filing amended statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor(s) in this proceeding; c. representing the Debtor(s) at all bankruptcy hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and d. performing such other legal services as may be necessary in connection with this case before the United States Bankruptcy Court for the Middle District of Tennessee. The firm will be paid at these rates: Attorneys $550 per hour Paralegals $200 per hour Lefkovitz & Lefkovitz, PLLC is a "disinterested person" as defined in Bankruptcy Code Secs. 101(14) and 327, according to court filings. The firm can be reached through: Jay R. Lefkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, Tennessee 37221 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Floof LLC Floof, LLC operates a pet grooming business. Floof, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05356) on December 19, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Glen Watson, Esq., at Watson Law Group, PLLC serves as Subchapter V trustee. Judge Randal S. Mashburn presides over the case. Keith L. Edmiston, Esq. at Edmiston Law Firm, PLLC represents the Debtor as bankruptcy counsel. FRALEGE GROUP: Commences Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On March 20, 2026, Fralege Group Inc. filed for Chapter 11 protection in the Middle District of Florida Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on April 20, 2026 at 03:00 PM. U.S. Trustee (Van Baalen) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 7886851#. About Fralege Group Inc. Fralege Group Inc. is a Florida-based single asset real estate company. Fralege Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02201) on March 20, 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 handles the case. The Debtor is represented by Pierce J. Guard, Jr., Esq., of The Guard Law Group, PLLC. FREDERICK FAMILY: Andrew Kight Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Frederick Family Chiropractic, LLC. Mr. Kight will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kight declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Frederick Family Chiropractic LLC Frederick Family Chiropractic, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01325) on March 11, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge James M. Carr presides over the case. Eric C. Welch, Esq. at Welch, Gregg & Company, Llc represents the Debtor as legal counsel. FREDERICK FAMILY: Hires Welch and Company as Bankruptcy Counsel --------------------------------------------------------------- Frederick Family Chiropractic, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Welch and Company, LLC as its counsel. The firm's services include: (a) prepare petition, schedules and statements and any amendments; (b) prepare client for duties while in a Chapter 11 bankruptcy; (c) attend at Initial Debtor Interview ("IDI") scheduled by the Office of the United States Trustee and facilitate the Debtor's requirements for the IDI meeting, attend at any initial status conference as directed by the court, and the Sec. 341 meeting of creditors; (d) draft and prepare first day motions, employment applications, and other related pleadings; (e) manage the receipt, review, and filing of Monthly Operating Reports and any other documents, reports, or filings that the Debtor is required to submit; (f) prepare applications for compensation of the firm and any other professionals that may be employed by the estate; (g) prepare pleadings related to sale applications or valuation motions, if any; (h) attend at hearings and meetings not otherwise designated above; (i) negotiate with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (j) consult with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (k) consult with professionals who the estate may need to hire; (l) prepare the Combined Plan and Disclosure Statement and ballots and service upon creditors; and (m) file and represent during any adversary proceedings that may arise; (n) all other responsibilities and duties of counsel not specified here will also be undertaken by the firm. The firm's counsel and staff will be paid at these hourly rates: Eric Welch, Attorney $300 Feliz Rippy, Attorney $300 Tracy Vanskyock, Paralegal $125 Ethan Dewitt, Clerk $125 Lisa Hancock, Legal Assistant $70 In addition, the firm will seek reimbursement for expenses incurred. The firm received a payment of $5,762 from the Debtor. Mr. Welch 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: Eric C. Welch, Esq. Welch & Company, LLC 117 E. Charles Street, Suite 201 Muncie, IN 47305 Telephone: (765) 282-9501 About Frederick Family Chiropractic, LLC Frederick Family Chiropractic, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-013255) on May 11, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge James M Carr presides over the case. Eric C. Welch, Esq. at Welch, Gregg & Company, LLC serves as the Debtor's counsel. FS KKR CAPITAL: Moody's Assigns Ba1 CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has downgraded FS KKR Capital Corp's (FSK) long-term issuer and senior unsecured ratings to Ba1 from Baa3, and its senior unsecured shelf rating to (P)Ba1 from (P)Baa3. Moody's have also assigned FSK a corporate family rating of Ba1 and changed the company's outlook to stable from negative. RATINGS RATIONALE The downgrade reflects FSK's continued asset quality challenges, which have resulted in weaker profitability and greater net asset value erosion over time relative to business development company (BDC) peers. The downgrade also reflects other credit-negative characteristics of FSK's credit profile, including leverage at the high end of the peer group and less senior-oriented asset composition. Further, FSK's secured debt reliance has increased to a level above its peers, which Moody's expects to be sustained. That said, FSK is well positioned from a liquidity perspective, with sufficient available revolver capacity and well-laddered unsecured debt maturities. FSK's non-accrual loans rose to 5.5% of total investments at amortized cost as of December 31, 2025 from 5.0% as of 30 September 2025, one of the highest percentages among rated BDCs. Further, the company has other large investments not classified as non-accrual that are marked down significantly, such as Medallia, Inc. (fair value of $185 million vs. cost of $233 million as of December 31, 2025). FSK's investment portfolio is also less senior than most rated BDCs; direct first-lien loans composed only 58% of the portfolio as of December 31, 2025, a credit weakness that could lead to greater asset volatility in a credit downturn. Poor asset performance has weakened the company's profitability, including a net loss of $114 million in the fourth quarter and net income of only $11 million for all of 2025. FSK also continues to have a higher percentage of payment-in-kind (PIK) income compared to peers, signaling weaker earnings quality. PIK income was 14.7% of FSK's total investment income in 2025, significantly higher than the peer median of 6.3%. FSK's debt-to-equity leverage increased to 1.30x (1.22x net debt) as of December 31, 2025 compared to 1.11x (1.04x net debt) as of December 31, 2024, driven by an increase in debt levels and deterioration in net asset value. As a result, the company's asset coverage ratio (ACR) cushion shrank to 18.0% from 26.7% during 2025. In addition, FSK's reduced share price hampers its ability to increase capitalization via share issuance. FSK has a sufficient liquidity runway of about $2.5 billion pro forma following its $1.0 billion unsecured note repayment in January 2026, including approximately $200 million of cash and $2.3 billion of availability under committed bank revolving facilities, the majority of which do not mature until 2030. Unfunded investment commitments totaled about $1.5 billion as of December 31, 2025. Favorably, FSK's debt maturity profile is evenly distributed, with the company's next unsecured debt maturity of $400 million in January 2027. However, after accounting for the January 2026 note maturity, FSK's secured debt-to-assets ratio rose to about 28%, which is higher than the peer median of 23%. The stable outlook reflects FSK's sufficient liquidity position, well-laddered debt maturities and low absolute leverage on a debt-to-equity basis. Moody's expects its asset quality to remain challenged, driving more volatile profitability than peers. The alignment of the Ba1 CFR and senior unsecured ratings reflects FSK's low absolute leverage, which results in a greater equity cushion and lower losses in the event of a default. FSK's rating incorporates Moody's assessments of environmental, social and governance risks under Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology. Governance risks, reflected in Moody's governance issuer profile score (IPS) of G-3, arise mainly from the company's limited operating history under KKR's management, its status as a regulated investment company (RIC), which limits the company's retention of earnings, and its declining net asset value driven by recent volatile credit performance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade FSK's ratings if the company: 1) improves its asset quality by substantially reducing non-accrual loans and realized and unrealized losses; 2) sustains lower debt-to-equity leverage such that it improves its ACR cushion; 3) increases the seniority of its investments; 4) generates profitability closer to the peer median on a sustained basis; and 5) reduces its secured debt reliance while maintaining a sound liquidity profile. Moody's could downgrade FSK's ratings if the company's: 1) ACR cushion is sustained below 16%; 2) asset quality and profitability deteriorate further; 3) liquidity position deteriorates such that it has less available secured sources or it exhibits poor access to the unsecured debt markets; or 4) investment composition weakens, highlighted by increasing concentrations or lower levels of seniority. The principal methodology used in these ratings was Finance Companies published in July 2024. FS KKR Capital Corp's "Assigned Standalone Assessment" adjusted score of ba1 is set 2 notches above the "Financial Profile" initial score of Ba3 to reflect Moody's expectations of the company's long-term capitalization and core profitability, as well as its sufficient liquidity coverage and laddering of debt maturities. FTX TRADING: Court Orders SBF to Reveal Legal Aid in Pro Se Motion ------------------------------------------------------------------ Lauren Berg of Law360 Bankruptcy Authority reports that on Monday, March 23, 2026, a federal judge in Manhattan ordered Sam Bankman-Fried to reveal whether he had assistance from legal counsel in preparing his motion for a new trial, as the former FTX executive remains incarcerated. The court is seeking to determine whether the filing was independently prepared. The judge explained that any involvement by attorneys must be disclosed, as it could impact how the motion is classified and reviewed. Pro se filings are subject to different considerations, and undisclosed legal support may raise procedural concerns. As the court evaluates the merits of the new trial request, the judge emphasized the need for full transparency. The required disclosure will help ensure that the motion is assessed under the correct legal standards, the report relays. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURE FINTECH: FY25 Loss Narrows to $2.75MM, Seeks Profitability ----------------------------------------------------------------- Future FinTech Group Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2.75 million for the fiscal year ended December 31, 2025, compared to a net loss of $33.18 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025, the Company recorded a total revenue of $3.82 million, compared to $2.11 million for the fiscal year ended December 31, 2024. Garden Grove, California-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The Company incurred operating losses and had negative operating cash flows and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company's operating losses from continuing operations amounted to $30.95 million, and it had negative operating cash flows from continuing operations of $31.77 million for the year ended December 31, 2025. The Company has raised funds through issuance of convertible notes and common stock. The Company's current cash primarily consists of cash on hand and cash in bank. As of December 31, 2025, it had cash and restricted cash of $5.08 million, representing an increase of $0.31 million from $4.77 million as of December 31, 2024. The Company's working capital has historically been generated from its operating cash flows, advances from its customers and convertible notes. Working capital was $42.55 million as of December 31, 2025, an increase of $34.95 million from working capital of $7.60 million as of December 31, 2024, mainly due to the increase in investment funds and the decrease in accrued expenses and other payables. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/wafptjje About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. As of December 31, 2025, the Company had $53.29 million in total assets and $9.33 million in total liabilities, and total stockholders' equity of $43.96 million. FYZICAL BUYER: TPG Twin Brook Marks $2.7MM 1L Loan at 42% Off ------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,710,000 loan extended to FYZICAL Buyer, LLC to market at $1,578,000 or 58% of the outstanding amount, according to TPG Twin Brook Capital Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to FYZICAL Buyer, LLC. The 1L Loan accrues interest at a rate of S + 5.50 % 9.22 % per annum. The 1L Loan matures on June 26, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About FYZICAL Buyer, LLC FYZICAL Buyer, LLC is a physical therapy and rehabilitation clinic platform. G & R SYSTEMS: Seeks to Hire Middlebrooks Shapiro PC as Counsel --------------------------------------------------------------- G & R Systems, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as counsel. The firm will render these services: (a) prepare and file the Debtor's Chapter 11 petition, schedules, and statement of financial affairs; (b) represent the Debtor at the Initial Debtor Interview and the section 341(a) meeting of creditors; and (c) represent the Debtor in all aspects of the Chapter 11 case, including contested matters and adversary proceedings. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,000 from the Debtor plus a filing fee of $1,738. Ms. Middlebrooks 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: Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: middlebrooks@middlebrooksshapiro.com About G & R Systems, LLC G & R Systems, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12779) on March 13, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Melinda D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. serves as the Debtor's counsel. GALAXY TREE: Seeks Cash Collateral Access ----------------------------------------- Galaxy Tree Service, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michiga, Southern Division, Detroit, for authority to use cash collateral and provide adequate protection. The Debtor, founded in 2017 as Tree Service of Troy, LLC and renamed later, provides tree removal, trimming, and landscaping services in the greater Detroit area, including contracts with public entities and utilities. The company cites financial difficulties caused by competition from unlicensed workers offering lower prices, coupled with pandemic-era loans with aggressive repayment terms, as reasons for filing. At the time of filing, the Debtor had cash on hand of $12,184, increasing to approximately $64,430 with pending deposits, and accounts receivable of $40,384. Secured creditors include Altec Capital Services, LLC, Newtek Small Business Finance LLC, Leaf Capital Funding, LLC, and Bluevine, all of whom have filed UCC-1 financing statements claiming interests in the Debtor's cash collateral, though the debtor does not concede the validity, priority, or enforceability of these claims. The Debtor projects that approximately $567,984 will be needed over the first three months to maintain operations, including payroll, utilities, fuel, insurance, and fulfillment of a new contract with the City of Detroit. The proposed budget anticipates revenue of $685,500, with costs of goods sold and other expenses totaling $567,984, yielding a net income of $117,516. Galaxy Tree Service emphasizes that without access to cash collateral, it would be forced to shut down immediately, causing irreparable harm to its employees, customers, and ongoing operations, which represent the majority of the company's value. To protect the interests of secured creditors, the Debtor proposes granting replacement liens on its post-petition assets equal in priority and validity to pre-petition liens to cover any diminution in the value of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=HPnDDF from PacerMonitor.com. About Galaxy Tree Service, LLC Galaxy Tree Service, LLC, based in Troy, Michigan, provides professional tree care and removal services for residential and commercial clients across Southeastern Michigan. The company's operations include tree trimming and pruning, tree and stump removal, land and lot clearing, debris cleanup, storm damage response, and crane-assisted services. It operates as a licensed and insured arboriculture service provider with a team of certified professionals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42371) on March 6, 2026. In the petition signed by Robert Pachana, CEO, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Maria L. Oxholm oversees the case. Edward J. Gudeman, Esq., at GUDEMAN & ASSOCIATES, PC, represents the Debtor as legal counsel. GENESIS GLOBAL: Challenges DCG's Bid to Void $1.1B Note Obligation ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports Genesis Global has taken aim at its parent company, Digital Currency Group Inc., accusing DCG in bankruptcy filings of improperly seeking a declaration that it owes nothing more on a $1.1 billion promissory note. In court papers, Genesis argued that the note remains a valid debt and that DCG should not escape liability through what Genesis calls a "dismissive" legal maneuver. The dispute has become one of the key contested issues in the Chapter 11 case. The crypto lender highlighted that the promissory note was intended as a meaningful support instrument and that DCG's efforts to extricate itself now would harm creditor interests. Genesis's legal team told the judge that permitting DCG to walk away from the obligation would effectively rewrite the partie' financial commitments to the detriment of those owed money in the bankruptcy, the report relays. DCG, for its part, has argued that shifts in the restructuring framework and plan-related language justify a finding that it no longer has any payment responsibilities under the note. The court's decision on whether to grant DCG that relief could affect creditor recoveries across the board. crypto lender Genesis Global told a New York bankruptcy judge that its parent company, crypto conglomerate Digital Currency Group Inc., should not be able to argue that it has no further obligations. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GENESIS HEALTHCARE: Court OKs $7.3MM Employee Bonus Plan -------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a bankruptcy judge in Texas has authorized Genesis Healthcare Inc. to distribute up to $7.3 million in bonuses, backing the company's position that the payments are critical to keeping employees in place during its Chapter 11 proceedings. The court concluded the incentive program meets the standards required for approval. According to Genesis, the bonuses are aimed at retaining executives and staff who play a vital role in overseeing patient care and day-to-day operations. The company emphasized that disruption in staffing could negatively impact residents and hinder its ability to successfully restructure. The judge agreed that the program is tied to performance and designed to benefit the estate, distinguishing it from improper retention payments. With approval secured, Genesis can implement the plan as it continues working through its bankruptcy process, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GENIUS BIDCO: TPG Twin Brook Marks $3.5MM 1L Loan at 88% Off ------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $3,571,000 loan extended to Genius Bidco LLC to market at $429,000 or 12% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Genius Bidco LLC. The 1L Loan accrues interest at a rate of S + 5.25% 8.92% per annum. The 1L Loan matures on May 1, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Genius Bidco LLC Genius Bidco LLC is a financing vehicle that has raised first-lien senior secured revolving debt, indicating a leveraged ownership structure requiring ongoing liquidity support. GLOBAL LUXURY: Seeks to Use Cash Collateral ------------------------------------------- Global Luxury Bath, LLC, asks the U.S. Bankruptcy Court for the Northern District of New York for authority to use cash collateral and provide adequate protection. Founded in 2024 by Bathed In Flame Holding Corp., Global Luxury Bath acquired several luxury bath brands, including Valsan USA, Faucet Strommen distribution rights, and the CambridgePlumbing brand with its associated e-commerce platform, The Tub Connection. Despite initial promise, operational setbacks—including delays in acquisitions, overseas supply-chain disruptions, tariffs, technology challenges, and missed sales opportunities—strained the Debtor's cash flow, necessitating Chapter 11 protection. The Debtor identifies four secured creditors—M&T Bank, DMKA LLC d/b/a The Smarter Merchant, Essential Funding Group, Inc., and Mount Valor Capital, Inc.—that may assert interests in cash collateral, though the Debtor does not concede the validity or priority of any claims. The motion requests authorization to pay pre-petition wages due for the weeks of March 9–13 and March 16–19, 2026, along with authority to use cash collateral in accordance with a weekly budget, with a rollover lien preserving creditor interests. The Debtor emphasizes that without immediate access to cash collateral, it would be unable to maintain operations, pay employees, preserve vendor and customer relationships, and protect the going-concern value of the business. A copy of the motion is available at https://urlcurt.com/u?l=3x8nbz from PacerMonitor.com About Global Luxury Bath, LLC Global Luxury Bath, LLC operates a luxury bath products distribution and e-commerce business in Endicott, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-60231-6) on March 19, 2026. In the petition signed by Brian Keenan, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Peter A. Orville, Esq., at Orville & McDonald Law, P.C., represents the Debtor as legal counsel. GM SERVICES: TPG Twin Brook Marks $21.5M 1L Loan at 33% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $21,538,000 loan extended to GM Services Buyer, LLC to market at $14,505,000 or 67% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to GM Services Buyer, LLC. The 1L Loan accrues interest at a rate of S + 4.75% 8.59% per annum. The 1L Loan matures on Aug. 26, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About GM Services Buyer, LLC GM Services Buyer, LLC is a corporate borrower financed through a first lien senior secured delayed draw term loan, suggesting leveraged exposure to a business services platform. GO FREEDOM: Hires Kutner Brinen Dickey Riley PC as Counsel ---------------------------------------------------------- Go Freedom Nation Investment Group LTD, LLC 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 Jonathan M. Dickey $425 Keri L. Riley $410 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. 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 Go Freedom Nation Investment Group LTD Go Freedom Nation Investment Group LTD, LLC is a real estate investment company based in Colorado Springs, Colorado. It owns and manages a portfolio of properties in the 80904 ZIP code zoned for residential development, including parcels along Race Street, S. 25th Street, Ehrich Street, Hayes Street, and S. 26th Street, with a combined estimated value of roughly $380,884. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-11442) on March 10, 2026, with $380,884 in assets and $1,300,105 in liabilities. Bridger Kucinski, managing member, signed the petition. Judge Kimberley H. Tyson presides over the case. Keri L. Riley, Esq. represents the Debtor as legal counsel. GOLD MEDAL: TPG Twin Brook Marks $2.8MM 1L Loan at 66% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,827,000 loan extended to Gold Medal Holdings, Inc to market at $968,000 or 34% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Gold Medal Holdings, Inc. The 1L Loan accrues interest at a rate of S + 5.75 % 9.42 % per annum. The 1L Loan matures on March 17, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Gold Medal Holdings, Inc Gold Medal Holdings, Inc. is a holding company, operating businesses in the waste management, recycling or environmental services sector. GOLD RESOURCE: FY25 Net Loss Narrows; Sees Adequate Liquidity ------------------------------------------------------------- Gold Resource Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $6.5 million for the fiscal year ended December 31, 2025, compared to a net loss of $56.6 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025, the Company recorded a total net sales of $99.8 million, compared to $65.7 million for the fiscal year ended December 31, 2024. As of December 31, 2025, the Company had $184.1 million in total assets and $140 million in total liabilities, and total stockholders' equity of $44 million. Liquidity The Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date on which these financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Based on the Company's current business plan, expectations, and assumptions considering current macroeconomic conditions, as well as based on the Company's current forecasts, the Company believes that its existing cash and cash equivalents and cash flows from operations will be sufficient to meet its anticipated operating cash needs for at least the next 12 months from March 18, 2026, the issuance date of the financial statements. To improve its cash position, during the year ended December 31, 2025, the Company raised $2.5 million through a registered direct offering in January 2025. In February 2025, the Company sold its interest in Green Light Metals for $0.9 million in proceeds. On May 7, 2025, the Company received a tax refund of 79.6 million pesos (approximately $4.0 million) related to DDGM taxes paid in 2023. In September 2025, the Company closed on a second registered direct offering of $11.4 million for the sale of 25,315,954 shares of the Company's common stock at a price of $0.45 per share. The Company issued 14,204,846 of these shares, for the fair value of approximately $6.4 million, to fully pay off the term loan received in June 2025 as a non-cash equity settlement. During 2025, the Company raised approximately $8.6 million through its ATM Program, after deducting the agent's commissions and other expenses. In connection with the loan agreement, the Company has issued a common stock purchase warrant to an affiliate of one of the private investors for the purchase of up to 1,500,000 shares of the Company's common stock at an exercise price per share of $0.65, the aggregate exercise proceeds of which may provide additional funds for the Company. "We are pleased to report a successful operational turnaround during 2025 that culminated in a strong fourth quarter finish and over $25 million in cash and equivalents on the balance sheet," said Allen Palmiere, President and CEO. "Obviously, favorable metal prices were a meaningful contribution which realized an average of $55 per ounce for silver and $4,234 per ounce for gold metal sales. Production from our Three Sisters zone made a significant contribution, as expected, and as a result we anticipate that silver will represent approximately 40% of our output from this zone in 2026 and enhance our leverage to the silver market. Our operations team in Mexico has executed exceptionally well on our 2025 objectives, delivering solid year end results, positioning us for continued momentum in the year ahead." A full text copy of the Company's Annual Report is available at https://tinyurl.com/4hea5pje About Gold Resource Corporation Gold Resource Corporation -- http://www.goldresourcecorp.com-- is a mining company focused on the development of precious and base metal projects that have the potential for high returns and limited development capital requirements. DDGM is the Company's cornerstone operating asset, comprised of six contiguous land parcels. The Company's focus is unlocking the significant upside potential of DDGM through optimization of the current operations, growing the existing mineral resource by investing in exploration drilling, and identifying new opportunities near existing infrastructure. The primary mineral production comes from the Arista and Switchback underground mining areas, along with the recently added Three Sisters vein system. The mine and its processing facilities can produce gold and silver dore, as well as concentrates of copper, lead, and zinc. * * * This concludes the Troubled Company Reporter's coverage of Gold Resource Corporation until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. GOLIATH VENTURES: Seeks Ch.11 as Founder Faces Ponzi Scheme Charges ------------------------------------------------------------------- Ryan Lynch of Orlando Business Journal reports that Goliath Ventures has filed for bankruptcy as its founder faces criminal charges tied to an alleged Ponzi scheme. The filing comes amid intensifying legal pressure stemming from a federal investigation into a purported multimillion-dollar fraud, raising concerns about the company's financial stability. Authorities are continuing to investigate the scope of the alleged misconduct, examining transactions and business practices associated with the firm. The founder's arrest has drawn heightened scrutiny and marked a pivotal moment for the company's operations. Adding to its difficulties, Goliath Ventures recently invested millions into a new headquarters in Orlando. The downtown location was intended to anchor its operations and reflect its expansion ambitions, the report relays. With bankruptcy proceedings now underway, uncertainty surrounds the future of the headquarters and the company itself. Creditors and stakeholders are expected to closely follow both the legal case and the restructuring process, according to Orlando Business Journal. About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13174) on March 16, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Solomon B. Genet, Esq. of MELAND BUDWICK, P.A. GPSTRACKIT HOLDINGS: TPG Twin Brook Marks $4.4MM 1L Loan at 48% Off ------------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $4,429,000 loan extended to GPSTrackit Holdings, LLC to market at $2,289,000 or 52% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to GPSTrackit Holdings, LLC. The 1L Loan accrues interest at a rate of S + 6.00% 9.73% per annum. The 1L Loan matures on March 29, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About GPSTrackit Holdings, LLC GPSTrackit Holdings, LLC is engaged in cloud-based fleet and asset management, monitoring and video telematics solutions. GRAPHIC PACKAGING: S&P Downgrades ICR to 'BB', Outlook Stable ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Graphic Packaging International LLC (GPK) to 'BB' from 'BB+'. S&P also lowered the issue-level ratings on the company's senior unsecured debt to 'BB-' from 'BB'; the recovery rating remains '5'. At the same time S&P affirmed its 'BBB-' issue-level rating and '1' recovery rating on the company's senior secured debt. The stable outlook reflects S&P's expectation that GPK will generate significant cash flows starting in 2026, which it will use for debt reduction, allowing the company to maintain leverage under 5x. GPK's revenues and EBITDA declined in 2025 due to weakening consumer demand and lower product pricing from an oversupply of paperboard, resulting in S&P Global Ratings-adjusted debt to EBITDA increasing above the 4x downgrade threshold. S&P expects debt leverage to remain elevated in 2026 as the industry balances supply and demand. S&P said, "We expect GPK's S&P Global adjusted debt to EBITDA to remain elevated, remaining above 4x through 2026 after closing 2025 at approximately 4.6x. This stems from a confluence of factors, including declining paperboard demand and the simultaneous addition of new industry capacity from prior investments. This includes GPK's completion of its Waco facility, which added 500,000 tons of recycled paperboard capacity, though the net increase was only 75,000 tons due to the closure of its Middletown, Ohio and East Angus, Quebec facilities. This coincided with overcapacity in the solid bleached sulfate (SBS) grade as well, leading to price erosion and producers offering SBS as a substitute for coated recycled board (CRB), further impacting demand for GPK's products. Though we expect this dynamic to be temporary, it will likely add to the volatility in the CRB market so long as pricing between the two grades remain close to parity. Consequently, GPK's 2025 revenues decreased by roughly 2.2%, and S&P Global Ratings-adjusted EBITDA margins contracted to 16.6% from 20.1% in the prior year. "We project U.S. consumer spending growth of approximately 2.2% in 2026 and 1.8% in 2027. However, inflationary pressures stemming from tariffs and the ongoing conflict in the Middle East pose risks to consumer spending, potentially limiting growth rates. We anticipate further revenue declines of 1%-2% in 2026 and a continued contraction of S&P Global Ratings-adjusted EBITDA margins to the high-14% area. This margin compression includes a one-time charge of about $130 million related to inventory reduction following the Waco facility completion as the company aims to improve working-capital efficiency. We expect further industrywide capacity closures in 2026 to align supply with demand and rebalance of the industry, which should position the company for stronger performance in 2027. "Despite near-term headwinds, we expect GPK to return to growth in 2027. Our base case forecasts low-single-digit percent revenue growth and a recovery in EBITDA margins towards 16%. This improvement will be supported by cost-reduction initiatives and the full operational benefits of the Waco facility, and will not be burdened by any further inventory-related charges. A more balanced industry landscape--coupled with GPK's innovation initiatives with plastic and foam replacement solutions--should support demand. We project a significant improvement in debt leverage in 2027, potentially falling toward, or even below, 4x. The 'BB' rating reflects the current balance-sheet risks, with leverage sustained above 4x through at least mid-2027, and ongoing market uncertainty heading into 2027. We note that our debt metric includes an approximately $814 million adjustment reflecting the company's receivables securitization programs. "Cash-flow generation is expected to improve substantially in 2026, enabling management to execute its post-capital investment financial policy. Capital expenditures are projected to decline significantly to $450 million in 2026 compared to over $900 million in 2025 and $1.2 billion in 2024, following the completion of the Waco facility. With no major investments planned, we anticipate capital spending will remain limited to approximately 5% of revenue in future years. Furthermore, a substantial working-capital inflow of around $280 million, driven by inventory reduction, will contribute to our projected free operating cash flow of $675 million-$700 million this year. We expect GPK to prioritize deleveraging its balance sheet over share repurchases, a strategy reinforced by a recent covenant amendment limiting annual share repurchases to $65 million through late 2027. The company's publicly stated goal of achieving an investment-grade rating by 2030 and its commitment to a more conservative financial policy are positive indicators. A return to leverage below 4x could lead to an upgrade back to 'BB+'. "The stable outlook reflects our expectation that GPK's ongoing productivity and internalization initiatives, innovation sales growth, and contributions from the Waco facility will help offset volume weakness and result in its S&P Global Ratings-adjusted debt to EBITDA under 5x over the next 12 months." S&P could lower its ratings on GPK again if it expects its S&P Global Ratings-adjusted debt to EBITDA will exceed 5x on a sustained basis with no clear prospects for recovery. This could occur if: -- Consumer spending declines by more than we anticipate and industry overcapacity remains an issue, leading to increased volume and pricing deterioration beyond our base case. -- S&P could raise its ratings on GPK if it expects its S&P Global Ratings-adjusted debt to EBITDA to improve below 4x on a sustained basis. This could occur if: -- The company has better-than-expected sales volume growth and margin expansion; -- There is significant debt reduction from cash flows; and -- S&P continues to expect management to commit to its stated financial policies to reduce leverage. GREEN MEADOW: Hires Hilliard Smith & Hunt as Bankruptcy Counsel --------------------------------------------------------------- Green Meadow Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Hilliard, Smith & Hunt, LLC as attorneys. The firm will render these services: a. provide legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is and may become necessary; c. review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolutions regarding the chapter 11 case; and d. perform any and all other legal services. The firm will receive 15 percent of any monies recovered. The firm received a total retainer in the amount of $22,500. The firm seeks to reimburse all actual and necessary expenses. Earl Hillard, Esq., a partner of Hilliard, Smith & Hunt, LLC, assured the court 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: Earl F. Hilliard, Esq. Hilliard, Smith & Hunt, LLC 1129 Forestdale Drive Birmingham, AL 35214 Phone: (205) 326-8845 About Green Meadow Apartments, LLC Green Meadow Apartments, LLC is a real estate entity that owns and operates multifamily residential properties, generating revenue through apartment leasing and property management activities. Green Meadow Apartments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00953) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. GREEN MEADOW: Hires Russo White & Keller as Bankruptcy Counsel -------------------------------------------------------------- Green Meadow Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Russo, White & Keller, P.C. as attorneys. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management of its financial affairs and property; (b) prepare on behalf of the Debtor necessary legal papers as is or may become necessary; (c) review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 case; and (d) perform any and all other legal services for the Debtor as may be necessary to achieve confirmation of a Chapter 11 plan. Robert Keller, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350, plus reimbursement. The firm requested a total retainer of $11,000 from the Debtor. Mr. Keller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Keller, Esq. Russo, White & Keller, PC 315 Gadsden Highway, Suite D Birmingham, AL 35235 Telephone: (205) 833-2589 Email: rjlawoff@bellsouth.net About Green Meadow Apartments, LLC Green Meadow Apartments, LLC is a real estate entity that owns and operates multifamily residential properties, generating revenue through apartment leasing and property management activities. Green Meadow Apartments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00953) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. GREEN MEADOW: Taps Prime Investment Brokers as Management Company ----------------------------------------------------------------- Green Meadow Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Prime Investment Brokers as management company. The Debtor needs a management company to handle the day-to-day operations of its apartment complex. Ronnie Underwood, a managing member at Prime Investment Brokers, 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: Ronnie Underwood Prime Investment Brokers 1025 Montgomery Highway, Suite 103 Vestavia, AL 35216 About Green Meadow Apartments LLC Green Meadow Apartments, LLC is a real estate entity that owns and operates multifamily residential properties, generating revenue through apartment leasing and property management activities. Green Meadow Apartments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00953) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq., at Russo, White & Keller. GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until June 30 ------------------------------------------------------------------- Daniel Stermer, the Chapter 11 trustee for Green Terrace Condominium Association, Inc., received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court's sixth interim order authorized the trustee to use cash collateral through June 30, in accordance with its budget. The trustee may use the cash on hand to pay operating expenses as set forth in the budget, subject to a 10% variance. The next hearing is scheduled for June 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/iut0V from PacerMonitor.com. About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. GREENIDGE GENERATION: Amends Exchange Offer, Adds Equity Incentive ------------------------------------------------------------------ Greenidge Generation Holdings Inc., a vertically integrated power generation company focused on datacenters and infrastructure development, announced that it has amended the terms of its previously announced offer to exchange its outstanding 8.50% Senior Notes due 2026, which trade on the Nasdaq Global Select Market under the symbol "GREEL". The Company is hereby amending the Offer to Exchange, dated March 11, 2026 and related documents, to: (i) revise the consideration so that all holders that validly tender their Old Notes for exchange in the Exchange Offer will receive $25.00 principal amount of New Notes and two (2) shares of the Company's Class A Common Stock, $0.0001 par value per share for each $25.00 principal amount of Old Notes exchanged, (ii) remove the concepts of Early Tender Premium and Early Tender Date, and (iii) waive the closing condition that at least $11.0 million in principal amount of Old Notes be validly tendered for exchange in the Exchange Offer. Holders of Old Notes that validly tendered and did not withdraw their Old Notes as of 5:00 p.m., New York City time, on March 25, 2026 do not need to take any further action to receive the consideration in the Exchange Offer. According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Exchange Offer, the following aggregate principal amount of the Old Notes set forth in the table below was validly tendered and not properly withdrawn as of the Withdrawal Date: Title of Security: 8.50% Senior Notes Due 2026 CUSIP Number: 39531G209 Aggregate Principal Amount Outstanding: $36,663,875 Principal Amount Validly Tendered and Not Properly Withdrawn as of the Withdrawal Date: $1,334,025 Information Relating to the Exchange Offer The complete terms and conditions of the Exchange Offer, as amended by this press release, are set forth in the Offer to Exchange, which sets forth a detailed description of the Exchange Offer. Greenidge refers investors to the Offer to Exchange, as amended by this press release, for the complete terms and conditions of the Exchange Offer. Investors with questions regarding the terms and conditions of the Exchange Offer may contact our information agent as follows: D.F. KING & CO., INC. Banks and Brokers call: (212) 596-7578 Toll free: (800) 347-4826 Email: GREE@dfking.com About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. H&S COMMERCIAL: Seeks to Hire Rumberger Kirk Caldwell as Counsel ---------------------------------------------------------------- H&S Commercial & Industrial Suuplies and Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Rumberger Kirk Caldwell, PC as counsel. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management of its financial affairs and property; (b) prepare on behalf of the Debtor necessary legal paperwork as is or may become necessary; (c) review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 case; and (d) perform any and all other legal services for the Debtor as may be necessary to achieve confirmation of a Chapter 11 plan. The firm's counsel and paralegal discounted hourly rates are: R. Scott Wiiliams, Senior Partner $495 Frederick Clarke, Partner $350 Rebecca Chandler, Paralegal $140 In addition, the firm will seek reimbursement for expenses incurred. The firm requested a retainer of $20,000 from the Debtor. Mr. Williams 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: R. Scott Williams, Esq. Rumberger Kirk Caldwell, PC 2001 Park Place Suite 1300 Birmingham, AL 35203 Telephone: (205) 572-4926 Facsimile: (205) 326-6786 Email: swilliams@rumberger.com About H&S Commercial & Industrial Supplies and Services H&S Commercial & Industrial Supplies and Services is an Alabama-based supplier of commercial and industrial products, providing equipment, materials, and support services to businesses across multiple sectors. H&S Commercial & Industrial Supplies and Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10564) on February 27, 2026. 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 Jerry C. Oldshue handles the case. The Debtor is represented by R. Scott Williams, Esq., at Rumberger, Kirk & Caldwell, PC. H2 HOLDCO: TPG Twin Brook Marks $2.5MM 1L Loan at 41% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,544,000 loan extended to H2 Holdco, Inc to market at $1,498,000 or 59% of the outstanding amount, according to TPG Twin Brook Capital Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured revolving loan extended to H2 Holdco, Inc. The 1L Loan accrues interest at a rate of S + 6.00 % 10.26 % per annum. The 1L Loan matures on May 5, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About H2 Holdco, Inc. H2 Holdco, Inc. provides physical rehabilitation, occupational therapy, speech therapy, and athletic training services. HAN & JU: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------- Han & Ju, Inc., doing business as Kaizen Fusion Roll & Sushi, asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral on an interim basis to continue operating its restaurant while restructuring its debts. The Debtor, owned by Kyusik Han and located in Henderson, Nevada, initiated bankruptcy proceedings primarily due to significant financial obligations, including approximately $1.46 million owed on two Small Business Administration Economic Injury Disaster Loans obtained during the COVID-19 pandemic, along with additional liabilities such as roughly $240,000 in tax debts, $165,000 in secured but unperfected merchant cash advance loans, and about $76,000 in general unsecured claims. The SBA holds a properly perfected, first-priority security interest in substantially all of the Debtor's assets, including inventory, equipment, and receivables, while other creditors—such as Parafin and FundBox—hold unperfected security interests that may be avoidable in bankruptcy and therefore lack priority. Although a state tax lien exists, it is junior to the SBA's position and effectively unsecured due to insufficient collateral value. The Debtor emphasizes that no creditor has a perfected security interest in the Debtor's cash or bank accounts, however, out of caution and to ensure compliance, the Debtor still seeks court approval to use funds in accordance with a proposed operating budget. The Debtor argues that continued access to cash is essential to maintain business operations, preserve value, and enable a successful reorganization, warning that denial of such access would cause immediate and irreparable harm, potentially forcing closure. As adequate protection for the SBA's secured interest, the debtor proposes to make monthly payments totaling $7,586 (based on the contractual loan obligations), grant replacement liens and a superpriority administrative claim to the SBA, and limit cash usage to ordinary business expenses within a defined budget. A copy of the motion is available at https://urlcurt.com/u?l=9smbU9 from PacerMonitor.com. About Han & Ju, Inc. Han & Ju, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-11720-nmc) on March 19, 2026. In the petition signed by Kyusik Han, president/director, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. HARLING INC: Court Extends Cash Collateral Access to May 8 ---------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through May 8. As protection from any diminution in the value of its collateral, Byline Bank will be granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for May 5. The interim order is available at https://shorturl.at/eAb0A from PacerMonitor.com. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HARRISON BY RENZZI: Hires Zeichman Law as Bankruptcy Counsel ------------------------------------------------------------ Harrison by Renzzi on the Beach Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Zeichman Law as attorneys. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors in the preparation of a plan. The firm's hourly rates are: Thomas G. Zeichman, Esq. $500 Associates $400 Paralegals $195 The firm was paid a fees retainer in the amount of $15,762 and $1,738 cost retainer. Zeichman Law 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: Thomas G. Zeichman, Esq. ZEICHMAN LAW 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Telephone: (561) 467-6291 E-mail: Tom@ZeichmanLaw.com About Harrison by Renzzi on the Beach Inc. Harrison by Renzzi on the Beach Inc. provides real estate and hospitality services for South Florida beachfront properties. The company specializes in property rentals, development, and maintenance, catering to both residential and commercial clients. Harrison by Renzzi on the Beach Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-11205) on January 30, 2026. The bankruptcy petition reflects estimated assets of $100,001 to $1 million, with estimated liabilities in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Robert A. Mark presides over the case. The Debtor is represented by Thomas G. Zeichman, Esq. HARROW INC: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed Harrow, Inc.'s ("Harrow") ratings including the B3 Corporate Family Rating, and B3-PD Probability of Default Rating. Concurrently, Moody's affirmed the B3 rating of the upsized unsecured notes due 2030. There is no change to Harrow's SGL-2 Speculative Grade Liquidity Rating. The outlook is stable. The rating action follows Harrow's announcement that it plans to raise $50 million of incremental unsecured notes due 2030. The proceeds will be used to add cash to the company's balance sheet. The ratings affirmation reflects Harrow's strong operating performance over recent quarters, despite the anticipated increase in leverage resulting from the proposed transaction. Pro forma adjusted debt-to-EBITDA financial leverage will rise to 5.9x from 4.9x, for the last twelve months ended December 31, 2025. However, Moody's expects the company to deleverage below 5.0x, over the next 12-18 months. RATINGS RATIONALE Harrow's B3 Corporate Family Rating reflects its small absolute size compared with rated pharmaceutical peers, with revenue of less than $300 million for the fiscal year 2025. Further, all of Harrow's revenues are concentrated in a single therapeutic area of ophthalmology, and all of the sales are generated in the US. Harrow's pro forma adjusted debt/EBITDA is high at approximately 5.9x as of December 31, 2025. However, Moody's expects meaningful improvement in financial leverage driven by strong uptake of its key franchises of Vevye and IHEEZO. Further, Moody's expects Harrow to benefit from launches of two biosimilars, BYOOVIZ and OPUVIZ, as well as it ocular steroid franchises TRIESENCE and BYQLOVI. If successful in its commercialization, these launches have the potential to add meaningful growth over the next few years. Harrow's SGL-2 Speculative Grade Liquidity Rating reflects Moody's expectations for good liquidity over the next 12-15 months. Pro forma for the transaction Harrow's reported cash at December 31, 2025, will be approximately $123 million. Moody's forecasts modest positive free cash flow, over the next 12 months, as the company continues to invest in expansion of IHEEZO and rollout of BYOOVIZ. External liquidity is supported by a revolving credit facility due 2030, that provides for borrowings of up to $40 million. Moody's expects the company to make minimal draws on this facility over the next 12 months. Alternative sources of liquidity are limited as substantially all assets are pledged. Harrow's stable outlook reflects Moody's views that the company will be able to sustainably grow revenue and earnings, while maintaining good liquidity and financial leverage will improve below 5.0x, over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Harrow's ratings include an increase in scale and product diversification, along with demonstration of sustained growth in earnings. Additionally, the company would need to maintain conservative financial policies, such that debt/EBITDA is sustained below 3.75x, and at least good liquidity underpinned by positive free cash flow, for an upgrade to be considered. Factors that could lead to a downgrade include significant contraction in growth due to pricing pressure or competition. Specifically, ratings could be downgraded due to weak sales trends in Vevye or IHEEZO, failure of Harrow's acquired pipeline to materialize, or large debt-funded acquisitions. Quantitatively, debt/EBITDA sustained above 4.75x could lead to a downgrade. Additionally, weakening in the company's liquidity, including sustained negative free cash flow, could result in downgrade. Headquartered in Nashville, Tennessee, Harrow, Inc., is a pharmaceutical company that focuses on the discovery, development, and commercialization of ophthalmic products through Pharmaceutical Compounding and Pharmaceutical Drug Development segments. Reported revenue for the fiscal year ended December 31, 2025, approximated $272 million. The principal methodology used in these ratings was Pharmaceuticals published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HAYATS KITCHEN: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Hayats Kitchen, Inc., asks the U.S. Bankruptcy Court for the Central District of California, Woodland Hill Division, for authority to use cash collateral and provide adequate protection. The Debtor's restaurant employs approximately 24 people, including three insiders, and its assets—including cash in the pre-petition bank account and restaurant inventory—are encumbered by two secured loans with the U.S. Small Business Administration and Colony Bank, each evidenced by UCC-1 financing statements. The filing follows state court litigation resulting in a judgment against the Debtor and its principal, which could have forced a shutdown of operations and caused immediate harm to the estate. Through the emergency motion, the Debtor requests authority to use cash collateral to pay essential post-petition expenses such as payroll, payroll taxes, rent, utilities, vendor obligations, insurance, vehicle-related costs, and other ordinary operating expenses, while ensuring adequate protection of secured creditors' interests. The Debtor provides a detailed operating budget, asset schedule, bank account statements, UCC filings, payroll records, and utility summaries to demonstrate that the proposed use of cash collateral preserves the going-concern value of the business and maximizes estate value. Adequate protection is proposed through replacement liens, maintenance of insurance, and continuation of business operations, which the Debtor argues safeguards secured creditors' collateral. The Debtor requests that the court grant interim authority to use cash collateral, approve the proposed operating budget with a 15% cumulative variance allowance, set a final hearing, and provide any other relief deemed appropriate. A copy of the motion is available at https://urlcurt.com/u?l=cUmH5D from PacerMonitor.com. About Hayats Kitchen, Inc. Hayats Kitchen, Inc. is a Middle Eastern restaurant in North Hollywood/Burbank. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:26-bk-10498-VK) on March 11, 2026. In the petition signed by Hassan Saad Shatila, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Victoria S. Kaufman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as legal counsel. HAYATS KITCHEN: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On March 11, 2026, Hayats Kitchen, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Hayats Kitchen, Inc. Hayats Kitchen, Inc. operates as a small-scale restaurant business in California, providing food and dining services within its local market. Hayats Kitchen, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10498) on March 11, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The debtor is represented by Eric Bensamochan, Esq. of The Bensamochan Law Firm, Inc. HCH PROPERTY: Seeks Cash Collateral Access ------------------------------------------ HCH Property Investments LLC asks the U.S. Bankruptcy Court for the Eastern District of Louisiana for authority to use cash collateral and provide adequate protection. The Debtor, which owns residential rental properties in Orleans Parish, Louisiana, filed its voluntary petition on February 27, 2026, and continues to operate its rental business while managing its bankruptcy estate. Two of its properties, located at 2031 Saint Maurice Avenue and 2634-36 Flood Street in New Orleans, are subject to mortgages held by A&D Mortgage LLC, which include assignments of rents and profits, making rental income from these properties cash collateral under 11 U.S.C. section 363(a). The Debtor requests authority to use this income to maintain and preserve the Mortgaged Properties, pay ongoing mortgage obligations, cover necessary operating expenses, and fund the administration of the Chapter 11 case. The Debtor emphasizes that without access to cash collateral, its business operations could cease, irreparably harming the value of its assets and jeopardizing the reorganization. Adequate protection for the secured creditor is proposed through continued application of rental income toward mortgage obligations, maintenance of the properties, and insurance coverage, ensuring preservation of the collateral's value. The Debtor also seeks an interim order to allow immediate use of cash collateral pending a final hearing, along with scheduling a final hearing on the motion, to prevent immediate and irreparable harm to the estate. A copy of the motion is available at https://urlcurt.com/u?l=ubbsWt from PacerMonitor.com About HCH Property Investments LLC HCH Property Investments LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10433) on February 27, 2026. In the petition signed by Harry Handy, director, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Derek Russ, Esq., at Bankruptcy Center of Louisiana, represents the Debtor as legal counsel. HHSP LLC: Commences Chapter 11 Bankruptcy in Oregon --------------------------------------------------- On March 16, 2026, HHSP LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on 4/14/2026 at 11:00 AM via 341 Meeting via Telephone (UST). Dial 888-330-1716, passcode 5189986. About HHSP LLC HHSP LLC, doing business as Neon Cowboy Roadhouse + Hot Springs, in Lakeview, Oregon. The establishment caters to both travelers and locals with hearty American fare served daily, a fully stocked bar, and on-site geothermal pools. Located on US Route 395 just north of downtown Lakeview, the property also hosts events and offers casual entertainment amid its vintage roadhouse atmosphere. HHSP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60639) on March 16, 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 handles the case. The Debtor is represented by Gabriel Aaron Watson, Esq. of Watson Law Office PC. HIGH IMPACT SIGN: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: High Impact Sign and Design, L.L.C. 820 Wigwam, Suite 100 Henderson, NV 89014 Business Description: High Impact Sign and Design, L.L.C. manufactures electric signs and provides lighting service and maintenance, installation and digital display services. The company also produces banners, billboards, channel letters, custom signs and freestanding signs. Chapter 11 Petition Date: March 26, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-11872 Debtor's Counsel: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES, LTD 7881 W. Charleston Blvd., Suite 220 Las Vegas, NV 89117 Tel: 702-363-0317 Fax: 702-363-1630 E-mail: autumn@davidwinterton.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Todd Leany, Trustee of the Todd Leany Irrevocable Trust. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4R3BXGY/HIGH_IMPACT_SIGN_AND_DESIGN_LLC__nvbke-26-11872__0001.0.pdf?mcid=tGE4TAMA HOMESLEEP LLC: Case Summary & 14 Unsecured Creditors ---------------------------------------------------- Debtor: HomeSleep, Limited Liability Company a/k/a HomeSleep LLC 7 Loretta Lane Oak Ridge, NJ 07438 Business Description: HomeSleep, LLC delivers at-home sleep diagnostic services across the U.S., helping detect obstructive sleep apnea and other sleep-related disorders. Founded around 2012 and based in New Jersey, the company is Joint Commission certified and accredited by the American Academy of Sleep Medicine. Patients complete tests at home, and board-certified sleep specialists analyze results, providing diagnostic reports. Its services support patients, physicians, hospitals, dentists, and employers seeking convenient, reliable sleep assessments. Chapter 11 Petition Date: March 27, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-13360 Debtor's Counsel: Kenneth L. Baum, Esq. LAW OFFICES OF KENNETH L. BAUM, LLC 201 W. Passaic Street, Suite 104 Rochelle Park, NJ 07662 Tel: (201) 853-3030 E-mail: kbaum@kenbaumdebtsolutions.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jonathan Perrone as managing member and chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MTZDZSQ/HomeSleep_Limited_Liability_Company__njbke-26-13360__0001.0.pdf?mcid=tGE4TAMA HOMETOWN LENDERS: Hires Pentegra Retirement Services as Consultant ------------------------------------------------------------------ Hometown Lenders, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Pentegra Retirement Services as professional. The firm will render these services: (a) prepare Form 5500 for plan years 2019–2026 (with plan years 2019, 2020, and 2022–2024 filed under the Delinquent Filer Voluntary Compliance Program); (b) calculate earnings contributions related to 2022–2023 Safe Harbor Non-Elective Contribution True-ups; and (c) perform forfeiture allocation and lost earnings calculations, as well as to provide the Debtor advice related to the termination of the Plan. Steve Mauger, a representative at Pentegra Retirement Services, will be compensated a total estimated engagement fee of $12,400. Mr. Mauger 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: Steve Mauger Pentegra Retirement Services 701 Westchester Ave, Suite 320E White Plains, NY 10604 Telephone: (800) 872-3473 About Hometown Lenders Inc. Hometown Lenders, Inc. is a corporation organized and existing under the laws of the State of Alabama. Hometown Lenders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81038) on June 3, 2024, listing up to $50 million in both assets and liabilities. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC is the Debtor's counsel. HOMETOWN LENDERS: Seeks to Hire Templeton Advisors as Auditor ------------------------------------------------------------- Hometown Lenders, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Templeton Advisors as auditor. The firm will audit the Hometown Lenders, Inc. Retirement Plan 401 for plan years 2019 through 2026, as required by Department of Labor regulations in connection with the termination of the Plan. The firm will receive a fee of $8,500 for each audit year, for a total estimated engagement fee of $68,000 for all eight plan years (2019 through 2026). John Templeton, CPA at Templeton Advisors, 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: John Templeton, CPA Templeton Advisors 222 Lakeview Ave., Ste. 1200 West Palm Beach, FL 33401 Telephone: (561) 798-9988 Facsimile: (561) 798-4053 About Hometown Lenders Inc. Hometown Lenders, Inc. is a corporation organized and existing under the laws of the State of Alabama. Hometown Lenders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81038) on June 3, 2024, listing up to $50 million in both assets and liabilities. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC is the Debtor's counsel. HOWARD'S APPLIANCES: To Sell Appliance Retail Business at Auction ----------------------------------------------------------------- Howard's Appliances, Inc., seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Howard's has been an independent leader in retail appliance sales in Southern California for 79 years. During its long service to the Southern California community, Howard's has offered high-quality appliances, electronics and mattresses to the public at exceptional prices. In addition to serving as Southern California's leader in low-priced appliances, electronics and mattress, Howard's numerous contributions to the local community has made it Southern California's largest and most trusted independent appliance retailer. Howard's began moving its remaining inventory and assets from its retail stores to its warehouse in the City of Industry, California. The Debtor has vacated all of its retail space and rejected all of its commercial leases, except for its lease for the warehouse. The Debtor laid off nearly all of its employees and paid all accrued wages, benefits and other compensation due to its employees. The lienholders of the Property are Northpoint Commercial Finance, Wells Fargo Vendor Financial, Fisher and Paykel Appliances, Whirlpool Corporation, BSH Home Appliances, De Lage Landen Financial Services, Haier US Appliance, and Murrietta Town Center Retail. The Debtor's assets include, but are not entirely compromised of the Assets. The estimated value of the Assets is approximately $3,250,000 to $3,500,000. The Debtor believes a prompt liquidation of all of its assets through a professionally marketed auction will ensure the highest and best value for the Debtor’s assets while limiting the cost of storage, maintenance and security of the Debtor's assets. The Debtor plans to conduct an Auction of some or all of its Assets with the goal of maximizing the value of its Assets for the benefit of creditors. All Assets that are not Excluded Assets shall become subject to the Auction and/or Bulk Sale with secured creditors retaining a right to submit a Credit Bid. Should the Debtor elect to sell or transfer Assets as part of a Repurchase, the Debtor will exclude the Assets from the Auction or Bulk Sale, file a "Notice of Excluded Assets" with the Court before the Auction is conducted or any applicable Bulk Sale is consummated, and separately seek authority for a sale or transfer of Assets to one or more OEMs as part of a Repurchase. The Debtor has determined, in its business judgment, that a professional liquidation of its inventory or, should a better net price be achieved, an auction sale, is in the best interests of its creditors and has chosen to do so by way of public auction, which it believes will ensure that the Estate will receive the maximum possible value for the Assets. The term of the proposed auction will commence immediately upon the approval of the Motion and the Distribution Agreement, will be carried out in accordance with the Consultant's usual practices and procedures and will continue until such time as the sale of all of the Assets is completed. The Debtor desires to conduct and close the Auction and/or Bulk Sale as soon as practicable after entry of an order approving the motion. About Howard's Appliances, Inc. Howard's Appliances, Inc. is a California-based retailer specializing in home appliances, electronics and related accessories. The company operates brick-and-mortar stores and provides sales, delivery and installation services for major household brands, serving residential customers across the state. Howard's Appliances, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21116) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by David M. Goodrich, Esq. HTI INTERMEDIATE: TPG Twin Brook Marks $2.5MM 1L Loan at 81% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,588,000 loan extended to HTI Intermediate, LLC to market at $485,000 or 19% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to HTI Intermediate, LLC. The 1L Loan accrues interest at a rate of S + 5.00 %, 10.08 % per annum. The 1L Loan matures on March 1, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About HTI Intermediate, LLC HTI Intermediate, LLC offers diversified consumer services. The Company serves customers in the United States. I-HOMES LLC: Hires Elias M. Yazbeck PLLC as Bankruptcy Counsel -------------------------------------------------------------- I-Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Law Office of Elias M. Yazbeck, PLLC as general bankruptcy counsel. The firm will provide these services: (a) advise and represent the Debtor during the bankruptcy process; (b) represent the Debtor in any negotiations and discussion with third parties; (c) represent the Debtor in any meetings, hearings, and conferences including the 341 meeting of creditors; (d) prepare pleadings, including any motions and applications necessary to facilitate the administration of this case; (e) take all actions needed to preserve the value of the Debtor and its assets as a going concern for the benefit of creditors; (f) facilitate the plan confirmation process; and perform all other acts and services necessary to assist the Debtor during its Chapter 11 reorganization. The firm will be paid at these hourly rates: Elias M. Yazbeck, Esq., Managing Member $350 Mei Young, Associate $350 Rafic Bittar, Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a deposit retainer in the amount of $4,000. Mr. Yazbeck 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: Elias M. Yazbeck, Esq. The Law Office of Elias M. Yazbeck, PLLC 4119 Montrose Blvd., Suite 470 Houston, TX 77006 Telephone: (281) 755-7320 Email: elias@yazbecklaw.com About I-Homes, LLC I-Homes, LLC engages in real estate investment and offers construction services for third parties. The company owns a 1.2545-acre commercial property in Houston, Texas, valued at approximately $1.4 million. I-Homes, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30933) on February 11, 2026, listing $1,986,112 in assets and $759,923 in liabilities. The petition was signed by Floyd Lyle Jackson as manager. Judge Jeffrey P Norman handles the case. Elias Marwan Yazbeck at The Law Office Of Elias M. Yazbeck, PLLC serves as the Debtor's counsel. IN HOME PROGRAM: Court Extends Cash Collateral Access to May 31 --------------------------------------------------------------- In Home Program, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. Under the fourth interim order, the Debtor is authorized to use cash collateral through May 31 strictly in accordance with its budget, subject to a 10% variance. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted replacement liens on the Debtor's post-petition assets and their proceeds, with the same priority and validity as their pre-bankruptcy liens. If such protection proves insufficient, the lenders will be granted a superpriority administrative expense claim under 11 U.S.C. section 507(b). The replacement liens are deemed automatically perfected. Wilmington First Savings Bank, FSB, a lender, will continue to receive $10,000 per month as additional protection. The next hearing is scheduled for May 27. Objections must be filed by May 22. The fourth interim order is available at https://shorturl.at/Un0Kz from PacerMonitor.com. Wilmington First Savings Bank provided a line of credit to the Debtor in the principal amount of $500,000. This loan is secured by a lien on all of the Debtor's assets. As of the petition date, Debtor owed approximately $507,000 on account of this loan. Meanwhile, McKesson Corp, for itself and collateral agent for its affiliates, has a UCC-1 against the Debtor but is currently not owed any money. About In Home Program Inc. In Home Program, Inc., doing business as MARS Care, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14136) on October 10, 2025. The Debtor initially filed for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-11991) on June 10, 2024. This case was terminated on July 2, 2025. As of October 10, 2025, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $500,001 and $1 million. Judge Ashely M. Chan oversees the case. The Debtor tapped Ciardi Ciardi & Astin as legal counsel and Gitomer & Berenholz P.C. as accountant. INNOVATIVE DESIGNS: Posts Q1 Profit, But Flags Going Concern Risk ----------------------------------------------------------------- Innovative Designs, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2026, reporting a net income of $161,641 and a positive cash flow of $227,062 from operation activities for the three-month period ending January 31, 2026. Despite the profitable quarter, the Company has an accumulated deficit of $9,883,689, and stated that these factors raise substantial doubt regarding the Company's ability to continue as a going concern within the next 12 months from March 18, 2036, the issuance of the condensed financial statements. Management's plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. Liquidity and Capital Resources During the three-month period ended January 31, 2026, the Company funded is operations from revenues and the sale of its common stock. Short Term: The Company will continue to fund its operations from sales and the sale of its securities. The Company continues to pay its creditors when payments are due. The Company will require more funds to be able to order the material for its Insultex products and to purchase equipment needed for the manufacture of the Insultex product. The Company reached an agreement with the manufacturer of the Insultex material to purchase a machine capable of producing the Insultex material. Also included in the proposed agreement will be the propriety formula that creates Insultex. The Company took delivery of the equipment in December 2015. The Company will have to have the machine installed and ensure that it can be operated in compliance with all environmental rules and regulations. It is the Company's intention to have the equipment operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are the financial resources available to the Company, finding a suitable facility and bringing technical personnel from abroad to install the equipment. The Company has currently made deposits of $652,944 on the equipment. The Company will produce Insultex under its own brand name. The new quality control testing equipment for our House Wrap Product line has been built. The Company have reached an agreement with the vendor on the final amount. As of January 31, 2026, the Company have paid approximately $39,139 in deposits for the equipment. The Company expects to accept delivery of the equipment when it is able to reach an agreement with a testing laboratory that will house the equipment. Once the equipment is installed it will have to go through a certification process before the Company will be able to conduct tests on its Insultex products. Once the testing equipment is certified, it intends to begin the process of having Insulted certified by ICC Evaluation Services, LLC. ICC-ES certifies, among other items, building materials and products of which its House Wrap falls under. The reason the Company needs to have ICC-ES certification is that it believes in order to get large orders for House Wrap, ICC-ES certification will be required. The other component part of the Housewrap produced by a third party is ICC-Es certified. Getting ICC-ES certification is costly and time consuming. Long Term: The Company will continue to fund its operations from revenues, borrowings from private parties and the possible sale of its securities. Should the Company not be able to rely on the private sources for borrowing and /or increased sales, its operations would be severely affected as it would not be able to fund its purchase orders to its suppliers for finished goods and its efforts to produce its own IINSULTEX would be delayed. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4ezey3bd About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc., operates in two separate business segments: a house wrap for the building construction industry and cold weather clothing. Both of the Company's segment lines use products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated, with buoyancy, scent block, and thermal resistant properties. The Company also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. In addition, the Company offers cold weather headgear and base insulation clothing product. Asesoria Global, S.A., the Company's auditor based in Guatemala City, Guatemala, issued a 'going concern' qualification in its report dated February 29, 2026, attached in the Company's Form 10-K Report for the fiscal year ended October 31, 2025. The report cited that the Company has an accumulated deficit and other conditions that raise substantial doubt about its ability to continue as a going concern for a period of one year from the date the financial statements are issued. As of January 31, 2026, the Company had $2,470,337 in total assets, $249,117 in total liabilities, and $2,221,220 in total stockholders' equity. INSPIREMD INC: Widens FY25 Loss to $48.8MM Amid Going Concern Doubt ------------------------------------------------------------------- InspireMD, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $48.8 million for the fiscal year ended December 31, 2025, compared to a net loss of $32 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025, the Company recorded a total revenue of $9 million, compared to $7 million for the fiscal year ended December 31, 2024. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. The Company has an accumulated deficit as of December 31, 2025, as well as a history of net losses and negative operating cash flows. The Company expects to continue incurring losses and negative cash flows from operations until the Company expands its commercial revenue to a scale that funds its commercial resources, development activities and support functions. As a result of these expected losses and negative cash flows from operations, along with the Company's current cash position, the Company does not have sufficient resources to fund operations for at least the next 12 months. Management's plans include the continued commercialization of the Company's products and raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships and exercises of warrants. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its products and raising capital, it may need to reduce activities, curtail or cease operations. In May 2023, the Company closed the May 2023 Private Placement Offering that resulted in aggregate gross proceeds of approximately $42.2 million, before deducting fees payable to the placement agent and other offering expenses payable by the Company. If the May 2023 Warrants are exercised in cash in full this would result in an additional $71.4 million of gross proceeds (of which approximately $33.8 million has been received as of March 18, 2026, the date of the fling of Annual Report on Form 10-K). There can be no assurance that that the Company will achieve any of the remaining milestones set forth in the May 2023 Warrants or that the outstanding May 2023 Warrants will be exercised in cash in full. Following the announcement of the one year follow up study results from the Company's C-GUARDIANS trial, Series H Warrants to purchase 12,914,086 shares of common stock were exercised in full into 292,996 shares of common stock and pre-funded warrants to purchase 12,621,090 shares of common stock. The net proceeds from the exercise of the Series H Warrants were $16.9 million after deducting placement agent fees. The Series H warrants, each exercisable at $1.3827 per common share and $1.3826 per pre-funded warrant, were issued as part of the May 2023 Private Placement Offering. Following the announcement of the PMA approval of the CGuard Prime carotid stent system in the United States, Series I warrants to purchase 12,914,078 shares of common stock were exercised in full into 2,352,393 shares of common stock and pre-funded warrants to purchase 10,561,685 shares of common stock during June and July 2025. The net proceeds from the exercise of the Series I Warrants were $16.9 million after deducting placement agent fees. The Series I warrants, each exercisable at $1.3827 per common share and $1.3826 per pre-funded warrant, were issued as part of the May 2023 Private Placement Offering. In May 2024, the Company entered into an Equity Distribution Agreement with Piper Sandler & Co., as sales agent. Pursuant to the Distribution Agreement, we may offer and sell from time to time, at the Company's option, through or to Piper Sandler shares of its common stock having an aggregate offering price of up to $75 million. The Company will pay Piper Sandler a commission at a fixed rate of 3.0% of the aggregate gross proceeds from each sale of the shares under the Distribution Agreement. As of the March 18, 2026, the Company sold 1,366,190 shares pursuant to the Distribution Agreement for aggregate gross proceeds of approximately $3,473,314. In July 2025, the Company closed August 2025 that resulted in aggregate gross proceeds of approximately $40.1 million, before deducting fees payable to the placement agent and other offering expenses payable by the Company. 2026 Revenue Outlook The Company is providing its initial expectations for full year 2026. Management currently expects revenue for the full year 2026 to be in the range of $13 million to $15 million, reflecting expected revenue growth of approximately 45% to 65% over 2025. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/d396juma About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. As of December 31, 2025, the Company had $69.4 million in total assets and $14.2 million in total liabilities, and total stockholders' equity of $55.2 million. ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered its third interim order authorizing Island Gastroenterology Consultants, P.C. to use cash collateral to fund operations. Under the third interim order, the Debtor is authorized to use cash collateral to fund ordinary-course operating expenses, including payroll, taxes, utilities, insurance, maintenance, and repairs, in accordance with its budget. The Debtor said it lacks sufficient unencumbered funds to continue operations and requires immediate access to cash collateral to maintain its medical practice and work toward reorganization. As adequate protection, Link Medical Services, PLLC will be granted first-priority replacement liens while Dr. Mariwalla will be granted second-priority replacement liens. In addition, both lenders will receive superpriority administrative expense claims equal to the amount of cash collateral used, subject to lien validity. The order is immediately effective and modifies the automatic stay as necessary. A final hearing is scheduled for April 15, with objections due by April 8. About Island Gastroenterology Consultants, P.C. Island Gastroenterology Consultants, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70198) on January 14, 2026, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Raj Mariwalla, M.D. as director. Judge Sheryl P. Giugliano oversees the case. The Debtor is represented by: Sean C. Southard, Esq. Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: ssouthard@klestadt.com Andrew Charles Brown Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: abrown@klestadt.com J&L INVESTMENTS: Seeks to Hire Branson Ainsworth as Legal Counsel ----------------------------------------------------------------- J&L Investments of SWFL, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Branson Ainsworth PLLC as counsel. The firm's services include: (a) prosecute and defend any causes of action on behalf of the Debtor; prepare all necessary legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at hourly rates between $655 and $150. In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of this case, the Debtor paid an advance fee of $18,064 for post-petition services and expenses in connection with this case and the filing fee of $1,738. Jeffrey Ainsworth, Esq., an attorney at Branson Ainsworth, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey S. Ainsworth, Esq. Branson Ainsworth PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 Email: jeff@bransonlaw.com About J&L Investments of SWFL LLC J&L Investments of SWFL, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00406) on February 23, 2026, with $1 million to $10 million in assets and liabilities. Judge Paul M. Black presides over the case. Jeffrey S. Ainsworth, Esq., at Branson Ainsworth PLLC represents the Debtor as counsel. J.L.E.T. ENTERPRISES: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- J.L.E.T. Enterprises, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. Under the final order signed by Judge Luis Rivera II, the Debtor is authorized to use cash collateral to pay court-approved amounts, including Subchapter V Trustee interim compensation; budgeted expenses (with up to a 10% per-line-item variance); and additional amounts subject to approval by the U.S. Small Business Administration. This authorization will continue until further order of the court As adequate protection, the SBA will have a perfected post-petition lien on the pre-bankruptcy collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor is required to maintain insurance coverage for its property in accordance with its obligations under the loan and security documents with the secured creditor. If the Debtor defaults, the secured creditor can issue notice and seek court action if the default is not cured within five business days. The order remains without prejudice to future challenges regarding lien validity or additional relief and is immediately effective, with the court retaining jurisdiction to enforce its terms. The final order is available at https://shorturl.at/nmSZr from PacerMonitor.com. According to the Florida Secured Transaction Registry, the SBA may assert a perfected pre-bankruptcy security interest in the cash collateral. The SBA holds a $111,613 claim secured by the Debtor's tangible and intangible personal property. About J.L.E.T. Enterprises LLC J.L.E.T. Enterprises, LLC is a North Port, Fla.-based company operating in the pet care and retail industry. It offers dog-focused products including specialty frozen and cooked foods, toys, grooming tools, and accessories. J.L.E.T. conducts business under the names Lucy's Dog Bakery & Spa, Three Dog Bakery & Grooming, and Diversified Services SWF. J.L.E.T. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00096) on January 15, 2026. In its petition, the Debtor reported total assets of $51,687 and total liabilities of $1,163,778. Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. JACENT STRATEGIC: TPG Twin Brook Marks $2.4MM 1L Loan at 55% Off ---------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,436,000 loan extended to Jacent Strategic Merchandising, LLC to market at $1,100,000 or 45% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Jacent Strategic Merchandising, LLC. The 1L Loan accrues interest at a rate of S + 6.50 % 10.32 % per annum. The 1L Loan matures on Jan. 31, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Jacent Strategic Merchandising, LLC Jacent Strategic Merchandising, LLC is a merchandising services provider that manages and supplies in-store product displays for retailers and consumer brands. JACKSON WALKER: Bankruptcy Settlements Evidentiary Hearing Starts ----------------------------------------------------------------- The Texas Lawbook reports that nearly 867 days after the U.S. Trustee sought to vacate fees awarded to Jackson Walker, the parties appeared in federal court in Houston to begin a three-day hearing. The matter involves 34 cases tied to former bankruptcy judge David Jones and a former partner at Jackson Walker. The central issue is whether the court will recommend approval of nine settlements the law firm negotiated with former clients after the U.S. Trustee's involvement. These settlements arose amid concerns that the original fee arrangements might have been improper, the report relays. The U.S. Trustee stepped in after the disclosure of a private romantic relationship between Jones and Elizabeth Freeman, which became public and ultimately prompted Jones to resign from the bench. This development intensified scrutiny of the bankruptcy cases in question, according to The Texas Lawbook. The three-day hearing will give the court an opportunity to assess the fairness of the settlements, the appropriateness of the fees, and the impact on affected clients. The proceedings may have broader implications for oversight of bankruptcy attorneys and judicial ethics, the report states. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. JAY'S PRIME: Case Summary & 12 Unsecured Creditors -------------------------------------------------- Debtor: Jay's Prime Rentals, LLC 11403 Hershey Red Place Clinton, MD 20735 Business Description: Jay's Prime Rentals, LLC, based in Clinton, Maryland, is a real estate holding company that owns and manages a portfolio of residential properties in Baltimore, Maryland, including assets on South Augusta Avenue, Ashburton Street, Claymont Avenue, and North Calhoun Street. The company leases these properties under master lease arrangements to a single counterparty, Premier Acquisition Services, LLC, which operates the units as multi-tenant housing and is responsible for subleasing and tenant management. Chapter 11 Petition Date: March 25, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-13186 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Counsel: Marc A. Ominsky, Esq. LAW OFFICES OF MARC A. OMINSKY, LLC 5052 Dorsey Hall Drive Ellicott City, MD 21042 Tel: 443-539-8712 E-mail: info@mdegalfirm.com Total Assets: $848,036 Total Liabilities: $1,114,554 The petition was signed by James J. Watkins as owner. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3R5J6YQ/Jays_Prime_Rentals_LLC__mdbke-26-13186__0001.0.pdf?mcid=tGE4TAMA JJTA1 REAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a second interim order authorizing JJTA1 Real Properties, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay U.S. Trustee quarterly fees, current and necessary operating expenses in accordance with the approved budget (with up to a 10% variance per line item), and additional expenses approved in writing by the senior secured creditor, Wilmington Trust, N.A. Expenditures outside the budget are not automatically deemed unauthorized if they would qualify for administrative expense priority, though they may give rise to creditor remedies. Meanwhile, professional fees require separate court approval. As adequate protection, Wilmington Trust and Novyx Capital, LLC, the junior secured creditor, will be granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens, without further filings. The Debtor must maintain required insurance coverage, and all parties' rights are preserved, including challenges to lien validity and priority. A continued hearing is scheduled for April 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Y6K9o from PacerMonitor.com. Wilmington Trust is represented by: Zachary J. Bancroft, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 South Orange Avenue, Suite 2050 Post Office Box 1549 Orlando, Florida 32802-1549 Telephone: (407) 422-6600 zbancroft@bakerdonelson.com achentnik@bakerdonelson.com bkcts@bakerdonelson.com About JJTA1 Real Properties LLC JJTA1 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 26-00130) on January 22, with $1,000,001 to $10 million in both assets and laibilities. The petition was signed by Jarek Tadla as manager of Peoples Choice Apartments LLC. Judge Hon. Jacob A Brown oversees the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JONGELLE L.L.C.: Seeks Chapter 11 Bankruptcy in Louisiana --------------------------------------------------------- On March 18, 2026, Jongelle L.L.C. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Louisiana. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Jongelle L.L.C. Jongelle L.L.C. is a limited liability company. Jongelle L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10221) on March 18, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan James Richmond, Esq. of Sternberg, Naccari & White, LLC. JOSHUA MASSINGILL: Seeks to Use Cash Collateral ----------------------------------------------- Joshua Massingill, Attorney at Law, PLLC, asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral for urgent operational needs such as payroll, insurance, and general expenses. At filing, the firm had only $13,481 in cash and no accounts receivable. Two creditors have filed UCC financing statements asserting security interests: the U.S. Small Business Administration with an estimated claim of $307,546, partially secured by the Debtor's cash, and an unknown creditor in UCC position 2, believed to be a merchant cash advance lender serviced by Secured Lender Solutions, which is substantially undersecured. The Debtor submitted a 30-day budget showing projected income and expenses and requested authority to use cash collateral to cover these costs, allowing up to 110% of each line item while keeping total spending within 10% of the monthly budget. A copy of the motion is available at https://urlcurt.com/u?l=UEhVF5 from PacerMonitor.com. About Joshua Massingill, Attorney at Law, PLLC Joshua Massingill, Attorney at Law, PLLC provides services in business, estate planning, and probate law. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10460-smr) on March 17, 2026. In the petition signed by Joshua Massingill, managing member, the Debtor disclosed up to $100,000 in assets and up to$1 million in liabilities. Judge Shad M. Robinson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. JS REALTY: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On March 20, 2026, JS Realty Investor LLC filed for Chapter 11 protection in the Southern District of New York Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About JS Realty Investor LLC JS Realty Investor LLC is a New York-based real estate investment company engaged in acquiring, managing, and developing property assets. JS Realty Investor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10600) on March 20, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Philip Bentley handles the case. JUMPSTART COMMUNICATIONS: Case Summary & 18 Creditors ----------------------------------------------------- Debtor: Jumpstart Communications LLC 15924 Twin Eagles CV Huntertown IN 46748 Business Description: Jumpstart Communications LLC is a certified woman-owned small business that handles outside plant (OSP) construction, covering aerial, underground, and fiber splicing work. The company works on a mix of telecommunications infrastructure projects, from complex urban builds to long-haul routes, while also supporting ongoing maintenance and rural broadband expansion efforts across different network environments. Chapter 11 Petition Date: March 27, 2026 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 26-10347 Debtor's Counsel: Amy Elizabeth Gillen, Esq. LAW OFFICE OF AMY E. GILLEN 163 Ridgeview Drive Valpariaso IN 46385 Tel: 219-241-4791 E-mail: gillenlaw@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Erin O'Donnell as owner. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SKDQDUI/Jumpstart_Communications_LLC__innbke-26-10347__0001.0.pdf?mcid=tGE4TAMA JUNIPER LANDSCAPING: TPG Twin Brook Marks $3.1M 1L Loan at 75% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $3,103,000 loan extended to Juniper Landscaping Holdings LLC to market at $781,000 or 25.2% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Juniper Landscaping Holdings LLC. The 1L Loan accrues interest at a rate of S + 5.75% 9.51% per annum. The 1L Loan matures on Dec. 29, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Juniper Landscaping Holdings LLC Juniper Landscaping Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides landscape and irrigation design, installation, and maintenance services. Juniper Landscaping Holdings serves customers in the State of Florida. KAISER ALUMINUM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Kaiser Aluminum Corporation's Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed Kaiser's asset-based loan (ABL) at 'BB+' with a Recovery Rating of 'RR1' and unsecured notes at 'BB-'/'RR4'. The Rating Outlook is Stable. Kaiser's ratings are supported by its low exposure to commodity price fluctuations, diverse end markets, focus on products with demanding application and high barriers to entry. The ratings also reflect growing demand for aluminum products, driven by increased emphasis on sustainability and light-weighting. The Stable Outlook reflects Fitch's expectation that EBITDA margins will average around 9% and EBITDA leverage will be sustained at or below 3.5x. Key Rating Drivers Margin Improvement: Fitch expects EBITDA margins, excluding any outsized metal price lag gains or losses, to average around 9%, with potential upside from an improving packaging mix driven by a higher proportion of coated products and a rebound in aerospace shipments as OEM destocking of plate products eases and the Trentwood facility ramps up. While recent margins benefited from metal price lag gains, Fitch views underlying margins as improved and sustainable, supported by greater contribution from higher-value packaging products, continued cost improvement, and growing demand across the company's core end markets. Gradually Improving End Market Demand: Fitch expects total shipments to be roughly flat in 2026, as planned retooling outages at Bellwood and a subdued automotive market are expected to largely offset incremental volumes from the new Warrick roll coat line and the Trentwood Phase VII expansion. Longer-term, Fitch believes Kaiser's key end markets offer meaningful growth opportunities, supported by favorable secular trends including increased sustainability awareness, recovery in aircraft build rates, expanding domestic semiconductor manufacturing, reshoring, and light-weighting initiatives. Middle East Impacts Uncertain: Fitch believes the effective closure of the Strait of Hormuz following the Iran conflict could disrupt shipments of raw materials into, and aluminum out of, the region and constrain natural gas supply, potentially leading to smelter curtailments and near-term LME price increases. For Kaiser, metal cost pass-through mechanisms should limit earnings sensitivity to LME swings. Fitch expects the disruption to be temporary, but the duration and intensity of the conflict remain uncertain. A prolonged constraint could materially impact aluminum market conditions and weaken end-market demand. Improved Leverage Expectations: Fitch expects EBITDA leverage to trend below 3.5x through the forecast period, driven primarily by EBITDA growth. Kaiser's target net debt leverage of 2.0x to 2.5x supports Fitch's view that the company is committed to deleveraging. Fitch does not anticipate any incremental debt or material leveraging transactions over the rating horizon. Manageable Capex: Kaiser completed its major growth projects at Warrick and Trentwood in 2025 and expects to benefit from a full year of production as the facilities ramp up. Management guides 2026 capex of $120 million to $130 million, which includes retooling at select facilities and incremental capacity additions in its automotive segment. Fitch expects Kaiser's capex for 2027 to 2029 to average $140 million to $160 million per year, supporting sustaining investment and growth opportunities. Metal Price Pass Through: Kaiser's EBITDA margins are less volatile than aluminum prices as cost pass-through mechanisms are integrated into many of its contracts, with residual exposure further reduced through hedging. Fitch expects Kaiser's aggregate profits to continue to benefit from higher aluminum prices and its ability to maintain margins. Metal price increases can also heighten working capital needs and volatility, but Kaiser's undrawn ABL facility provides sufficient liquidity to manage these swings. Peer Analysis Kaiser's end-market diversification is comparable to leading global-rolled aluminum sheet producer, Arsenal AIC Parent LLC's (Arsenal; BB-/ Stable) but it is less geographically diverse. Kaiser's financial profile is also similar to Arsenal's, but it has lower exposure to the cyclical building and construction markets. AZZ, Inc. (BB/ Positive), a pure-play metals-coating company, operates with significantly higher EBITDA margins and lower EBITDA leverage than Kaiser, but it has limited exposure to the packaging and aerospace end markets, with most of its shipments tied to construction. Carpenter Technology Corporation (Carpenter; BBB-/Stable) products are further upstream than those of downstream aluminum peers Kaiser and Arsenal, and it has a higher concentration in aerospace. Carpenter has higher EBITDA, EBITDA margins and lower EBITDA leverage than Kaiser. Fitch’s Key Rating-Case Assumptions - Fitch aluminum price assumptions published March 11, 2026 (LME spot) of $2,900/t in 2026, $2,700/t in 2027 and $2,600/t in 2028-2029; - Total shipments flat in 2026 with around 3% average growth per year thereafter driven by end-market demand; - Modest margin expansion reflecting a higher mix of coated packaging products and improving operational leverage; - Capex per guidance; - Dividends maintained at current level; - No acquisitions or share repurchases through 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (b+, Higher), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.5x; - EBITDA margins expected to be sustained below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins sustained above 10%, reflecting improved market conditions; - EBITDA leverage sustained below 3.5x. Liquidity and Debt Structure As of Dec. 31, 2025, Kaiser had $7 million cash and cash equivalents and approximately $540 million of availability under its $575 million ABL revolving credit facility, which matures on Oct. 14, 2030. Approximately $12 million was used for letters of credit (LOCs), and the company had about $22 million of borrowings outstanding. As of Feb. 16, 2026, Kaiser had no borrowings outstanding under the ABL following repayment of approximately $62 million, including about $40 million borrowed after Dec. 31, 2025. The ABL was subject to a $575 million borrowing base as of Dec. 31, 2025, and includes a minimum 1.0x fixed-charge coverage ratio covenant that is tested if excess availability falls below the greater of: (i) 10% of the line cap (the lesser of $575 million and the borrowing base) and (ii) $42.5 million. Borrowings are priced on a grid of SOFR + 125 bp to SOFR + 150 bp, depending on whether average excess availability is greater than or equal to 40% of the maximum revolver amount. Issuer Profile Kaiser Aluminum Corporation is a North American manufacturer of semi-fabricated specialty aluminum mill products for end-market applications including aerospace and high strength, packaging, automotive, general engineering, and other industrial applications. 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 Kaiser Aluminum 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 ----------- ------ -------- ----- Kaiser Aluminum Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ KAIZEN AUTO: TPG Twin Brook Marks $1.3M 1L Loan at 27% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,342,000 loan extended to Kaizen Auto Care, LLC to market at $980,000 or 73% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Kaizen Auto Care, LLC. The 1L Loan accrues interest at a rate of 5.00% 5.00% per annum. The 1L Loan matures on Dec. 22, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Kaizen Auto Care, LLC Kaizen Auto Care LLC operates as an auto repair company. The Company offers paint, body, RV, and auto glass repair, as well as provides electric vehicle specialty facilities and fleet services. KAYA RESTAURANT: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On March 18, 2026, Kaya Restaurant Inc. voluntarily filed for Chapter 7 bankruptcy in the Central District of California. Court records indicate that the Debtor has liabilities between $100,001 and $1,000,000 owed to 1 to 49 creditors. About Kaya Restaurant Inc. Kaya Restaurant Inc. operates as a small food service business, serving the California community with casual dining and specialty menu items. The company is part of the regional restaurant sector and emphasizes customer satisfaction. The company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12562) on March 18, 2026. Its filing reports estimated assets ranging from $0 to $100,000 and liabilities between $100,001 and $1,000,000. KEYSTONE PARTNERS: TPG Twin Brook Marks $2.1MM 1L Loan at 67% Off ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,118,000 loan extended to Keystone Partners, LLC to market at $692,000 or 33% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Keystone Partners, LLC. The 1L Loan accrues interest at a rate of S + 5.00% / 8.60% per annum. The 1L Loan matures on Oct. 25, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Keystone Partners, LLC Keystone Partners, LLC is a middle market M&A advisory firm for business sales, mergers and acquisitions. KIM ENGINEERING: Court Extends Cash Collateral Access to April 30 ----------------------------------------------------------------- Kim Engineering, Inc. received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use cash collateral through April 30 in accordance with its monthly budget (subject to a 10% variance), which projects total operational expenses of $558,771.96. The Debtor was previously allowed to access cash collateral through March 31 under the court's Feb. 27 interim order. As adequate protection, secured creditors -- the Internal Revenue Service and the Maryland Tax Department -- will receive monthly payments of $10,000 and $5,000, respectively. The IRS will also be granted a replacement lien on the Debtor's after-acquired property. Meanwhile, the Debtor was ordered to fully pay Prince George's County, Maryland, on its secured tax claims, including all accrued interest and penalties, upon confirmation of a Chapter 11 plan. Prince George's County holds a statutory first-priority lien on the Debtor's personal property. The order is available at http://bankrupt.com/misc/KIMENGINEERING_CashCollMarch26.pdf Kim Engineering's cash collateral consists of monthly operating income of approximately $574,361, recovered funds from a previously frozen PNC account ($145,200), post-petition receivables mistakenly deposited into an owner's personal account ($19,200.90), potential recoveries from UCC lien creditors' preference payments ($150,802), and withheld funds from Block, Inc. ($11,548). The only secured creditors identified are the IRS and the Comptroller of Maryland, with total outstanding tax liens exceeding $11 million, secured by virtually all of the Debtor's assets. However, because the total asset value is only approximately $6.2 million, these tax creditors are undersecured. Several other creditors have filed UCC-1 financing statements but due to their junior position, they are considered unsecured. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KITCHEN AND BATH: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Kitchen and Bath Design Center, Inc., doing business as The Design Center asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral and provide adequate protection. The Debtor, which designs and installs custom kitchens and bathrooms and maintains a showroom in Frisco, Texas, filed its voluntary Chapter 11 petition on August 26, 2025, to reorganize its finances after experiencing a downturn in sales, falling behind on lease payments, and facing unpaid franchise taxes. The Debtor requires immediate access to cash and income generated from ongoing customer projects to pay contractors, order materials, and maintain operations, including complying with legal requirements to operate in Texas. The Debtor anticipates that the Small Business Administration may assert liens on its cash or income, which may constitute cash collateral under 11 U.S.C. section 363(a). The Debtor requests authority to use this cash collateral in the ordinary course of business while providing adequate protection to the SBA through measures including continued insurance on assets, replacement liens on post-petition proceeds and property, and use of funds strictly for normal and necessary operating expenses. A copy of the motion is available at https://urlcurt.com/u?l=w7sa9g from PacerMonitor.com About Kitchen and Bath Design Center, Inc. Kitchen and Bath Design Center, Inc. esigns and installs custom kitchens and bathrooms and maintains a showroom in Frisco, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42476) on August 26, 2025. In the petition signed by Marco Orsini, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. M. Jermaine Watson, Esq., at Cantey Hanger, LLP, represents the Debtor as legal counsel. KRCM ASTORIA: Court OKs Deal to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York approved a stipulation between KRCM Astoria Portfolio Corp. and Federal National Mortgage Association (Fannie Mae) allowing the Debtor to use cash collateral. Under the stipulation, the Debtor is permitted to use cash collateral only for ordinary and necessary operating expenses in line with an agreed monthly budget, with a maximum 10% variance per category. The Debtor acknowledged owing approximately $34.5 million (with limited reservation rights) and confirmed that Fannie Mae holds valid, first-priority liens on the collateral, including rental income from multiple Astoria properties. KRCM must make monthly adequate protection payments of $295,685.25, maintain a debtor-in-possession account, stay current on post-petition obligations, and preserve the condition of the properties. As additional protection, Fannie Mae will receive replacement liens on post-petition assets and may also obtain a superpriority administrative claim if collateral value declines. The stipulation includes strict compliance requirements, including payment of lender fees, adherence to loan documents, and restrictions on asset sales without court approval. Events of default include misuse of funds, failure to make payments, non-compliance, or attempts to challenge Fannie Mae's claims. If a default occurs and is not cured within a specified period, Fannie Mae may terminate the Debtor's right to use cash collateral and seek relief from the automatic stay. The agreement remains in effect for up to 60 days unless extended or terminated earlier. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/deWAE from PacerMonitor.com. About KRCM Astoria Portfolio Corp. KRCM Astoria Portfolio Corp. is a real estate company. KRCM Astoria Portfolio Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44859) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. KSHITIJ INC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York issued an interim order allowing Kshitij Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral according to an approved budget, with authorization lasting until April 17. The cash collateral is subject to the secured interest of the U.S. Small Business Administration. The Debtor projects total operational expenses of $79,962.23 for the period from March 5 to April 7. As adequate protection for the use of this collateral, the Debtor must make monthly payments of $250, beginning shortly after the interim order and continuing every 30 days unless modified by the court. To further protect the SBA, the court granted the secured creditor replacement liens on the Debtor's assets, maintaining the same priority and validity as pre-petition liens. These liens extend to post-petition property and proceeds but exclude certain bankruptcy-related legal claims. Both the Debtor and the SBA retain their rights to challenge claims, liens, or seek additional protections at a later stage. The order also establishes a "carveout," ensuring limited funds are reserved for professional fees (capped at $20,000) and potential Chapter 7 trustee expenses (capped at $10,000). This ensures administrative costs of the bankruptcy process can still be paid even if the lender's liens apply broadly. A final hearing is scheduled for April 16. The order is available at http://bankrupt.com/misc/KshitijInc_InterimCashCollOrder.pdf About Kshitij Inc. Kshitij Inc., doing business as Don Jono's Pizzeria, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-70902) on March 5, 2026. In the petition signed by William McLaughlin, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Louis A. Scarcella oversees the case. Gary C. Fischoff, Esq., at BFSNG Law Gtoup, LLP, represents the Debtor as bankruptcy counsel. L&J HOLDING: TPG Twin Brook Marks $9.8M 1L Loan at 65% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $9,823,000 loan extended to L&J Holding Company LLC to market at $3,443,000 or 35% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to L&J Holding Company LLC. The 1L Loan accrues interest at a rate of S + 4.75% 8.59% per annum. The 1L Loan matures on July 29, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About L&J Holding Company LLC LLC L & J Holding Company LLC operates as a holding company. The Company, through its subsidiaries, serves customers in the United States. L3DFX LLC: Gets Interim OK to Use Cash Collateral Until April 24 ---------------------------------------------------------------- L3DFX, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use its secured creditor's cash collateral to fund operations. The court authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from March 20 to April 24 consistent with its budget, with expenses not to exceed 10% above budgeted amounts. The SBA will receive protection through replacement liens and security interests in the Debtor's property, whether acquired before or after the bankruptcy filing, with the same validity, priority, and extent it held prior to filing. A further hearing is scheduled for April 22. Objections are due by April 15. The interim order is available at https://shorturl.at/qUd2j from PacerMonitor.com. L3DFX filed for bankruptcy protection due to ongoing litigation with its landlord and other creditors, compounded by delays in collecting accounts receivable. On the petition date, the Debtor had approximately $70,000 in cash and $409,675 in accounts receivable while owing the SBA about $1,775,020. The Debtor's cash and accounts receivable constitute SBA's cash collateral. About L3DFX LLC L3DFX, LLC is an Illinois limited liability company engaged in designing and fabricating custom scenic elements and immersive environments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01909) on February 2, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Paul Ciesiun, sole manager, signed the petition. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, represents the Debtor as legal counsel. LAKE BUENA VISTA: Court Extends Cash Collateral Access to June 10 ----------------------------------------------------------------- Lake Buena Vista Investments, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. The court issued a fourth interim order extending the Debtor's authority to use cash collateral through June 10 to fund regular business expenses as outlined in its budget. To facilitate this, Wilmington Trust, N.A., DBR Investments Co. Limited's successor-in-interest, was directed to immediately release necessary funds from the Debtor's lockbox account so that the Debtor could continue operations without disruption. The Debtor may vary budgeted expenses by up to 10% per line item and 10% overall. Professional fees included in the budget may not be paid until the court grants further approval. The budget projects total operational expenses of $386,400 from April to June. To protect Wilmington Trust's interest, the court granted the secured lender a post-petition lien on all cash generated after the bankruptcy filing, but only to the extent and in the order of priority of any existing valid pre-bankruptcy lien. This lien is deemed automatically perfected without the need for additional filings or documentation. The Debtor must also make a $108,000 interest payment. The next hearing is set for June 10. Wilmington Trust, as secured lender, is represented by: Morgan L. Swing, Esq. Duane Morris LLP 201 S. Biscayne Blvd., Suite 3400 Miami, FL 33131 Telephone: 305-960-2200 Facsimile: 305-960-2201 mlswing@duanemorris.com About Lake Buena Vista Investments LLC Lake Buena Vista Investments, LLC is a Florida-based limited liability company engaged in activities related to real estate under NAICS 5313. Its principal assets are located at 12341-12353 Winter Garden Vineland Road in Orlando, Florida, a site encompassing hospitality and commercial properties. Lake Buena Vista Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06768) on October 21, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Jack Flechner as manager. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by Aaron A. Wernick, Esq., at Wernick Law, PLLC. LAKESHIRTS LLC: TPG Twin Brook Marks $11.6M 1L Loan at 73% Off -------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $11,650,000 loan extended to Lakeshirts LLC to market at $3,128,000 or 27% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Lakeshirts LLC. The 1L Loan accrues interest at a rate of S + 5.00% 8.77% per annum. The 1L Loan matures on Dec. 30, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Lakeshirts LLC Lakeshirts LLC engaged in the manufacture and supply of top apparel and the best accessories, supported by incredible artwork. LAMOUR COMMUNITY: Seeks to Hire John Desmond as Bankruptcy Counsel ------------------------------------------------------------------ Lamour Community Health Institute, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire John Desmond, Esq., an attorney practicing in Framingham, Massachusetts, to handle its Chapter 11 case. Mr. Desmond will be paid at his hourly rate of $400 plus reimbursement for out-of-pocket expenses incurred. The attorney received a pre-petition retainer of $16,738 from the Debtor. Mr. Desmond 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: John O. Desmond, Esq. 5 Edgell Road, Suite 30A Framingham, MA 01701 Telephone: (508) 879-9638 Email: attorney@jdesmond.com About Lamour Community Health Institute Inc. Lamour Community Health Institute, Inc. is a nonprofit organization providing behavioral health services to adults, adolescents, and children. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10499) on March 9, 2026. In the petition signed by Patrice Lamour, president, the Debtor disclosed up to $10 million in both assets and liabilities. John O. Desmond, Esq. represents the Debtor as legal counsel. LANDMARK RECOVERY: No Patient Care Concern, 3rd PCO Report Says --------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee her third report regarding the quality of patient care provided by Landmark Recovery of Colorado, LLC and affiliates. The report covers the period from Jan. 17 to March 18, 2026. On Feb. 3, PCO representatives conducted an unannounced visit to Spring Grove Recovery Center. The medication room was organized with no expired items, narcotics were reconciled each shift per policy, and the laundry room was clean, with patient clothes tracked via dry-erase markers. The PCO representatives also conducted an unannounced visit to Sheridan Grove Recovery of Colorado Springs on Feb. 4. In Unit C, the medication room was clean and orderly, the locked medication refrigerator maintained proper temperatures, a recently checked fire extinguisher was verified, and the laundry contained three functional, clean washers and dryers. On Feb. 11, PCO representatives conducted an unannounced visit to Hickory Grove Recovery Center. Three patient rooms were clean and well maintained, the kitchen was organized, all equipment was functional except one freezer, refrigerator and freezer items were labeled with expiration dates, and the dry storage room was orderly with no expired food. Ms. Koenig reported no significant concerns during the period. The next report will be filed within 60 days, with the court notified promptly if any critical issues arise sooner. A copy of the third ombudsman report is available for free at https://urlcurt.com/u?l=s4r1MG from PacerMonitor.com. About Landmark Recovery of Colorado Landmark Recovery of Colorado LLC, formerly Landmark Recovery of Colorado Springs and doing business as Praxis of Colorado Springs by Landmark Recovery and Sheridan Grove Recovery, operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. Its facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Landmark Recovery of Colorado and Landmark Recovery of Arkansas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-03452) on August 20, 2025. In its petition, Landmark Recovery of Colorado reported total assets of $7,375,347 and total liabilities of $1,841,854 while Landmark Recovery of Arkansas reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtors are represented by Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC. Suzanne A. Koenig is the patient care ombudsman appointed in the Debtors' cases. LASCHAL SURGICAL: Seeks Cash Collateral Access ---------------------------------------------- Laschal Surgical Instruments LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor argues that immediate access to cash collateral is essential to cover critical operating expenses such as payroll, utilities, vendor payments, and insurance, without which the business would face irreparable harm and likely cease operations. The company acknowledges that several secured creditors—Funding Circle, the Small Business Administration, JPMorgan Chase Bank, and KeyBank—hold liens on substantially all of its assets, with outstanding debts totaling several hundred thousand dollars across various loans and credit facilities. While not disputing the validity of these liens, the Debtor proposes to provide adequate protection to these creditors through replacement liens on post-petition assets, superpriority administrative claims to the extent of any diminution in collateral value, and continued monthly payments to Funding Circle. A copy of the motion is available at https://urlcurt.com/u?l=sACdwf from PacerMonitor.com. About Laschal Surgical Instruments LLC Laschal Surgical Instruments LLC is a high-end surgical instrument manufacturer based in White Plains, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22291-kyp) on March 23, 2026. In the petition signed by Daniel Lasner, chief executive officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Kyu Young Paek oversees the case. Robert L. Rattet, Esq.,a at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. LAW OFFICES OF TRAVIS: Seeks Cash Collateral Access ---------------------------------------------------- INB, N.A. asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to prohibit The Law Offices of Travis R. Walker, P.A. From using cash collaterall and to require an accounting of all cash held and used. The Debtor, a five-attorney Florida law firm based in Stuart, Florida, filed its voluntary Chapter 11 petition on February 26, 2026, and has been operating as a debtor-in-possession without authorization to use cash collateral. Beginning in April 2023, the Debtor and its principal, Travis R. Walker, entered into multiple loan agreements with Lender totaling over $3.75 million, secured in part by a UCC-1 financing statement granting Lender a first-priority lien on the Debtor's cash. Despite a forbearance agreement entered in August 2025, the Debtor defaulted in December 2025 on monthly loan payments exceeding $38,000 and failed to meet reporting requirements. Lender asserts that the Debtor has been using cash collateral without consent in violation of 11 U.S.C. Section 363, and such use diminishes Lender's secured interest. The Lender requests that the Court (i) bar any unauthorized use of cash collateral, (ii) require the Debtor to provide an accounting of all cash held at the time of the Petition Date and used since then, including supporting documentation for payments, and (iii) mandate that any Court-approved use of cash collateral be conditioned on adequate protection of Lender's interests, proper accounting, submission of budgets, proof of insurance, and ongoing reporting. Lender warns that failure to comply with these requirements could warrant dismissal of the Debtor's bankruptcy case. A copy of the motion is available at https://urlcurt.com/u?l=UKX64A from PacerMonitor.com. About The Law Offices of Travis R. Walker, P.A. The Law Offices of Travis R. Walker, P.A. based in Stuart, Florida, provides legal services across multiple practice areas including family law, divorce, probate and estate planning, personal injury, real estate, business litigation, and mass torts. The firm also handles bankruptcy, foreclosure defense, guardianship, appeals, and cases involving human trafficking. It serves clients throughout Florida, focusing on comprehensive legal representation for both individual and business matters. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12448) on February 26, 2026. In the petition signed by Travis R. Walker Esq., managing partner and president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Travis R. Walker, Esq., at THE LAW OFFICES OF TRAVIS R. WALKER, P.A., represents the Debtor as legal counsel. INB, N.A., as lender, is represented by Harris J. Koroglu, Esq., at SHUTTS & BOWEN LLP, in Miami, Florida. LAWN CARE: TPG Twin Brook Marks $2.6M 1L Loan at 81% Off -------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,698,000 loan extended to Lawn Care Holdings Purchaser, Inc to market at $519,000 or 19% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Lawn Care Holdings Purchaser, Inc. The 1L Loan accrues interest at a rate of P + 4.50% 11.25% per annum. The 1L Loan matures on Oct. 24, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Lawn Care Holdings Purchaser, Inc. Lawn Care Holdings Purchaser, Inc. offers diversified consumer services. The Company operates in the United States. LEGACY LOFT: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of The Legacy Loft, LLC. About Legacy Loft LLC Legacy Loft, LLC is a single-asset real estate entity that owns and leases a multi-family residential property located at 1613 E. Street NE in Washington, DC 20002. Legacy Loft filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-00059) on February 11, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Richard Cunningham as managing member. Judge Elizabeth L. Gunn presides over the case. Jeffery T. Martin, Jr., Esq., at Martin Law Group, PC serves as the Debtor's bankruptcy counsel. LIGADO NETWORKS: Inmarsat Objects to $100MM Payment Delay --------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that satellite communications company Inmarsat has urged a bankruptcy court to reject Ligado Networks LLC's effort to push back a $100 million payment, insisting the obligation is fixed and unconditional. Inmarsat argued that the terms of the agreement leave no room for delay, even in bankruptcy. The company said the payment is rooted in spectrum-sharing and interference-resolution agreements that were instrumental to Ligado's business plans. Inmarsat maintained that it already provided the agreed consideration and that any postponement would unfairly shift financial risk onto it. Ligado, for its part, has framed the request as a practical step to preserve liquidity and support its restructuring process under Chapter 11. The court's decision on the dispute could have significant implications for how similar contractual payment obligations are treated in bankruptcy cases, the report states. 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. LIVE FREE: Aaron Cohen Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Live Free Manufacturing LLC. Mr. Cohen will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Live Free Manufacturing LLC Live Free Manufacturing, LLC is a Florida limited liability company formed on December 1, 2021, to serve as the manufacturing arm of Central Florida Firearms LLC, d/b/a Live Free Armory. The company holds precision firearms manufacturing equipment, including a Precihole PRVN12/2-800 automated pull reaming machine and a Precihole GVN 12C/4-800 drilling machine, but the transition to active manufacturing was never completed. Live Free Manufacturing has not generated independent revenue, with its only financial activity consisting of pass-through payments from Central Florida Firearms LLC to service equipment debt. Live Free Manufacturing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01655) on March 10, 2026, with $450,000 in assets and $1,221,203 in liabilities. Colby C. Santaw, managing member, signed the petition. Jeffrey S. Ainsworth, Esq., at Branson Ainsworth, PLLC represents the Debtor as legal counsel. LIVEFRONT LLC: TPG Twin Brook Marks $2.9MM 1L Loan at 86% Off ------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,992,000 loan extended to Livefront, LLC to market at $405,000 or 14% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Livefront, LLC. The 1L Loan accrues interest at a rate of S + 5.00% / 8.73% per annum. The 1L Loan matures on Dec. 5, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Livefront, LLC Livefront, LLC offers digital product consultancy services in the U.S. LMD HOLDINGS: Gets $1.04MM DIP Loan, Faces April Sale Deadlines --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division – Detroit, under Judge Paul R. Hage, approved an order amending the final DIP financing arrangement for LMD Holdings, LLC and Luca Mariano Distillery, LLC in their jointly administered Chapter 11 cases. Under the amended order, the Debtors are authorized to obtain up to $1,042,500 in post-petition financing from their DIP lender. The financing is structured in three parts: an initial interim draw of $450,000, a final draw of $450,000, and a supplemental draw of $142,500, all subject to conditions in the loan documents. The Debtors are authorized to execute an amended DIP note and use the funds for working capital, operational needs, and administrative expenses in accordance with the approved budget. The DIP lender is granted superpriority status and secured liens to protect its interests, and the Debtors must comply with all obligations under the financing agreements. The order also sets strict deadlines requiring the Debtors to obtain court approval for the sale of substantially all assets by April 14, 2026, and to close the sale by April 29, 2026, with proceeds used to repay all secured debt in full. The Court retains jurisdiction, and all other terms of the prior DIP order remain unchanged. About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reported between $1 million to $10 million in assets and liabilities. Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq., at Robert N. Bassel. LMD HOLDINGS: Seeks Addt'l $142,500 DIP Loan -------------------------------------------- Luca Mariano Distillery, LLC, and Luca Mariano Holdings, LLC, ask the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to amend its December 31, 2025, Final DIP Order, which had authorized a debtor-in-possession financing facility of $900,000 to support operations and a sale process for substantially all of their assets. The Debtors explain that the sale process -- subject to bidding procedures approved by the Court and subsequently extended by stipulation -- is ongoing, with the bid deadline currently set for April 6, 2026, a sale hearing scheduled for April 14, 2026, and an outside closing date of April 29, 2026. To ensure critical payments, including adequate protection payments to FCMA, monthly lease payments to Farm Credit Leasing, and minimal operational expenses, the Debtors propose increasing the DIP facility by $142,500 pursuant to a detailed budget. The Debtors emphasize that the proposed amendment provides adequate protection to existing lienholders, complies with statutory requirements for cash collateral use, and does not allocate any of the additional DIP funds to SummitBridge National Investments VIII, LLC. A copy of the motion is available at https://urlcurt.com/u?l=mveGxT from PacerMonitor.com. About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reported between $1 million to $10 million in assets and liabilities. Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq., at Robert N. Bassel. LOW COST TREE: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued a third interim order authorizing Low Cost Tree Service & Systems, LLC's continued access to cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral strictly for ordinary business expenses and to operate within the limits of an approved budget, subject to a 10% variance. As adequate protection, the Debtor must make monthly interest-only payments to Mid Penn Bank and grant replacement liens on post-petition assets, maintaining the same priority as its pre-petition liens (excluding Chapter 5 claims). The order also requires proper handling of customer deposits, which must be kept in a separate account until earned. A final hearing is scheduled for April 7 to determine continued use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/3foSa from PacerMonitor.com. Mid Penn Bank, as secured creditor, is represented by: Robert W. Pontz, Esq. Barry A. Solodky, Esq. Louis G. Fiorilla, Esq. Saxton & Stump, LLC 280 Granite Run Drive, Suite 300 Lancaster, PA 17601 Telephone: (717) 556-1000 Telecopier: (717) 441-3810 bpontz@saxtonstump.com bso@saxtonstump.com lgf@saxtonstump.com About Low Cost Tree Service & Systems 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. LURIN REAL: Seeks to Sell Residential Properties at Auction ----------------------------------------------------------- Lurin Real Estate Holdings XXI LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Debtors Lurin Real Estate Holdings XXI, LLC, Lurin Real Estate Holdings XXVIII, LLC, and Lurin Real Estate Holdings XXXIII engaged Southwest Residential Partners Inc. d/b/a Newmark and Cushman & Wakefield U.S., Inc. as brokers for the respective Assets. The Brokers are spearheading a marketing process designed to identify potential bidders and purchasers for the sales transactions of certain real properties directly held by the LAE Debtors located in Texas and Florida, substantially all of the LAE Debtors' assets. The Assets consist of three separate and distinct multifamily residential properties, and the Bidding Procedures contemplate holding three separate and distinct Sales for the properties with their own respective timelines. The first property is located at 201 Wilcrest Drive, Houston, Texas 77042, and it is known as the Latitude 2976. The second property is located at 1861 Stella Lane, Fort Walton Beach, Florida 32548. The third property is located at 3205 E. Olive Road, Pensacola, Florida 32514. The Bidding Procedures proposed will enable the LAE Debtors and their advisors to move expeditiously to complete a fulsome marketing process and receive, evaluate, improve upon bids, and execute one or more Stalking Horse Agreements if doing so will maximize the value received for the Assets, and hold auction(s) (if necessary) to determine the highest or otherwise best bid (or bids). The LAE Debtors intend to use the proceeds of any asset sale to fund distributions under a plan. The Bidding Procedures are designed to generate the highest or otherwise best available offer(s) for the Assets. Maximizing the value of the LAE Debtors' estates for the benefit of their stakeholders depends, in large part, on the LAE Debtors expeditiously proceeding through these chapter 11 cases. The LAE Debtors believe that the marketing process will result in value-maximizing transactions for the benefit of their estates. The LAE Debtors are seeking approval of the Bidding Procedures to establish a clear process for the solicitation, receipt, and evaluation of bids on timelines that allow the LAE Debtors to consummate separate Sales for substantially all of the Assets that the LAE Debtors believe are reasonable and will provide parties with sufficient time and information to submit competitive bids. The Bidding Procedures are designed to generate the highest or otherwise best available recoveries to the LAE Debtors' stakeholders by encouraging prospective bidders to submit competitive, value maximizing bids. The timeline for the proposed sale of the Asset is provided. https://urlcurt.com/u?l=GP8Nmc The LAE Debtors believe that the timelines provide an opportunity to conduct a fulsome marketing process for each Sale while proceeding expeditiously through the chapter 11 cases. Having the flexibility to designate one or more Stalking Horse Bidders and provide Bid Protections will provide the LAE Debtors with the ability to maximize the value of the Assets. The Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of any proposed Sales, including the date, time, and place of the Auction (if one is held) and the Bidding Procedures and the dates and deadlines. The Bidding Procedures will promote active bidding from interested parties and will elicit the highest or otherwise best offers available for the Assets in their respective Sales. The LAE Debtors are also seeking authority to designate one or more Stalking Horse Bidders and offer Bid Protections to each such Stalking Horse Bidder. About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 02, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq. of Porter Hedges LLP. MAD ROSE: TPG Twin Brook Marks $395,000 1L Loan at 64% Off ---------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $395,000 loan extended to Mad Rose Company, LLC to market at $141,000 or 36% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Mad Rose Company, LLC. The 1L Loan accrues interest at a rate of S + 6.50% / 10.51% per annum. The 1L Loan matures on May 7, 2026. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Mad Rose Company, LLC Mad Rose Company, LLC operates in the consumer goods sector. MARC CAMPBELL: Seeks Chapter 11 Bankruptcy in Arkansas ------------------------------------------------------ On March 12, 2026, Marc Campbell Enterprises Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to the court filing, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Marc Campbell Enterprises Inc. Marc Campbell Enterprises Inc. is a real estate company that owns and leases commercial property in Russellville, Arkansas. The company's operations center on a commercial property on East Parkway Drive, which it holds as a revenue-generating asset within the local real estate market. Marc Campbell Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10946) on March 12, 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 [Judge’s Name] handles the case. The debtor is represented by Frank Falkner, Esq. of Dilks Law Firm. MARC CAMPBELL: Seeks to Hire Dilks Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Marc Campbell Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Dilks Law Firm as counsel. The firm's services include: (a) represent the Debtor with regard to the filing of its Chapter 11 petition and schedules and in the prosecution of its Chapter 11 case; (b) assist the Debtor with respect to its powers and duties in the continued management of its property; and (c) perform all legal services for the Debtor which may be necessary in connection with its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Attorney $350 Paralegal $100 Legal Assistant $25 The firm received a pre-petition payment in the amount of $19,600 from the Debtor. Lyndsey Dilks, Esq., and Lyndsey Dilks, Esq., attorneys at Dilks Law Firm, 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: Frank H. Falkner, Esq. Lyndsey D. Dilks, Esq. Dilks Law Firm P.O. Box 34157 Little Rock, AR 72203 Telephone: (501) 244-9770 Facsimile: (888) 689-7626 Email: frank@dilkslawfirm.com ldilks@dilkslawfirm.com About Marc Campbell Enterprises Inc. Marc Campbell Enterprises Inc. is a real estate company that owns and leases commercial property in Russellville, Arkansas. The company's operations center on a commercial property on East Parkway Drive, which it holds as a revenue-generating asset within the local real estate market. Marc Campbell Enterprises Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10946) on March 12, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Marc Campbell as president. Frank H. Falkner, Esq. at DILKS LAW FIRM serves as the Debtor's counsel. MARYLAND HEALTH: Court Extends Cash Collateral Access to June 28 ---------------------------------------------------------------- Maryland Health Alliance, Inc. received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral through June 28 to pay business expenses in accordance with its updated 13-week budget, subject to a 10% variance. As adequate protection, First Savings Bank and other pre-bankruptcy secured creditors will be granted replacement liens on substantially all post-petition property of the Debtor, excluding Chapter 5 causes of action and any property subject to the carveout. In addition, First Savings Bank will continue to receive a monthly payment of $2,500. Additionally, the automatic stay is modified only as needed to implement the order, while all parties retain their legal rights and claims. The court emphasized that the Debtor acted in good faith and that the continued use of cash collateral reflects sound business judgment. The court retains jurisdiction over all matters related to this order and has scheduled procedures for any future extension beyond June 28, 2026. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/Lr7ri from PacerMonitor.com. Substantially all of the Debtor's cash, including amounts on deposit in bank accounts and proceeds from operations, constitutes proceeds of collateral and therefore cash collateral. The creditors that have or may have an interest in the cash collateral include First Savings Bank, Pinnacle Business Funding, LLC, Parkside Funding Group, LLC and the Internal Revenue Service. First Savings Bank is represented by: Paulina Garga-Chmiel, Esq. 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Direct: 312-627-5662 Mobile: 224-595-2366 Fax: 866-561-3142 PGarga@dykema.com Parkside Funding Group is represented by: Shanna M. Kaminski, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 Phone: (248) 462-7111 skaminski@kaminskilawpllc.com About Maryland Health Alliance Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams as president, signed the petition. Steiner Law Group, LLC serves as the Debtor's bankruptcy counsel. MEDICAL TECHNOLOGY: TPG Twin Brook Marks $2.9MM 1L Loan at 53% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $2,981,000 loan extended to Medical Technology Associates, LLC to market at $1,412,000 or 47% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Medical Technology Associates, LLC. The 1L Loan accrues interest at a rate of S + 5.50% 9.17% per annum. The 1L Loan matures on July 25, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Medical Technology Associates, LLC Medical Technology Associates, LLC provides medical equipment. The Company offers medical gas equipment including vacuum pumps, air compressors, manifold replacements, zone valves, pressure switches, and flow meters, as well as repair, installation, and maintenance services. MISTER CAR: Moody's Confirms 'B2' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings confirmed Mister Car Wash Holdings, Inc.'s ("Mister Car Wash") B2 corporate family rating, B2-PD probability of default rating and the B2 ratings on its backed senior secured first lien revolving credit facility due 2029 and the backed senior secured first lien term loan due 2031. Moody's also assigned a B2 rating to the company's new $900 million backed senior secured first lien incremental term loan due March 2031 and the new $375 million 5-year backed senior secured first lien revolving credit facility. The SGL-2 speculative grade liquidity rating ("SGL") remains unchanged. The outlook is changed to negative. This concludes the review for downgrade that was initiated on February 20, 2026. Proceeds from the proposed incremental first lien term loan will be used to fund the purchase of Mister Car Wash's publicly traded shares representing about 33% of the company by Leonard Green & Partners, who currently owns approximately 67% of the company. The term loan will also cover the transaction fees and expenses and put a modest addition to cash on the balance sheet. The transaction is expected to close by the end of Q2 2026. Moody's will withdraw the ratings on the existing $300 million revolving credit facility and public SGL-2 rating at transaction close. The change in outlook to negative reflects governance considerations, particularly Mister Car Wash's plan to fully fund the purchase with debt which more than doubles its debt level to about $1.7 billion from just under $800 million currently at a time of heightened economic uncertainty and difficult consumer environment. Debt/EBITDA will increase to 6.3x pro forma for the transaction from 4.1x while EBITA/interest decreases to 1.5x from 2.1x at year-end 2025. It also reflects the company's change from public ownership to 100% private equity ownership and the potential for more aggressive financial policies, including a tolerance for higher leverage. Over the next 12-18 months, Moody's expects debt/EBITDA to improve to under 6x on the back of positive same stores sales, EBITDA contributions from new locations and tuck-in acquisitions. Moody's expects EBITA/Interest to modestly improve to 1.7x in the same timeframe owing to the increase in debt service obligations. RATINGS RATIONALE Mister Car Wash's B2 CFR reflects its scale and leading position in the highly-fragmented US car wash marketplace, high level of recurring revenue from its wash club program and its successful history of growth through greenfield expansion and acquisitions. The rating is also supported by Mister Car Wash's solid operating performance despite a challenging consumer environment as well as its good liquidity. Moody's expects that Mister Car Wash will continue to grow primarily through greenfield development as well as modest tuck-in acquisitions. The B2 CFR reflects the risk posed by 100% private equity ownership that can result in financial strategy decisions that favor shareholders over creditors. The company is also reliant on the sale-leaseback market to fund a portion of its capital spend. The SGL-2 speculative grade liquidity rating reflects Mister Car Wash's good liquidity supported by its full availability on its proposed 5-year $375 million revolving credit facility due 2031 and a cash balance of $32 million as of December 2025 pro forma for the transaction. It also reflects the company's use of sale leasebacks as a strategy to fund its growth capital spend. The company targets 25-30 new locations annually and there could be a lag between cash inflows from sale lease backs and growth capital spend, which can make the company more reliant on its revolving credit facility. Mister Car Wash has no near-term maturities with all of its facilities – the new revolving credit facility, the existing senior secured first lien term loan and the new incremental new term loan – coming due in March 2031. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company continues its strong operating performance with positive same store sales with improvement in credit metrics such that debt/EBITDA is sustained below 5x and EBITA/interest is sustained above 2.25x while maintaining at least good liquidity and positive free cash flow to debt. An upgrade would also require financial policies that clearly support credit metrics remaining stronger than these thresholds. Factors for a downgrade include weakening operating performance such as sustained negative same store sales, a drop in its membership program, or increased cost pressures as well as debt-funded dividends or acquisitions prior to the company deleveraging. Quantitatively ratings could be downgraded should debt/EBITDA approach 6.5x or if EBITA/interest falls below 1.5x, or liquidity weakens. Headquartered in Tucson, Arizona, Mister Car Wash Holdings, Inc. is one of the largest operator of car washes in North America, operating 548 car wash locations across 21 states in the US. The company generated over $1 billion in revenue in 2025. Following the company's June 2021 IPO, its sponsor, Leonard Green & Partners, L.P. remains the majority owner. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MMA LAW: Seeks to Tap Lausten Group as Special Louisiana Counsel ---------------------------------------------------------------- MMA Law Firm, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Lausten Group, PLLC as special Louisiana counsel. The firm will to represent the Debtor in a certification proceeding pending before the Louisiana Supreme Court. Kristin Lausten, Esq., the primary attorney in this representation, will be paid at her hourly rate of $450. Ms. Lausten 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 Lausten, Esq. The Lausten Group, LLC 419 Carondelet Street, Suite 305 New Orleans, LA 70130 Telephone: (504) 377-6585 Email: klausten@thelaustengroup.com About MMA Law Firm MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, a managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Johnie Patterson, Esq., at Walker & Patterson, PC as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson, PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten Group, PLLC as special Louisiana counsel. MODERN MEDICAL: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division granted Modern Medical Aesthetics, LLC final approval to use cash collateral. The Debtor is permitted to use cash collateral to cover court-approved expenses, including U.S. Trustee fees, and necessary operating expenses outlined in the approved budget, with up to a 10% variance per line item. Additional expenditures require written approval from secured creditors. This authorization remains in effect until further court order, and any unauthorized use may lead to remedies for secured creditors. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral with the same validity, priority, and extent as their prepetition liens. Modern Medical Aesthetics must also maintain insurance and comply with all duties as a debtor-in-possession. Secured creditors are given reasonable access to the Debtor's records and business premises. The order preserves all rights of parties, including the ability to challenge lien validity or seek modified protections. The U.S. Trustee may appoint a creditors' committee, and any such committee may also challenge liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/OCTqk from PacerMonitor.com. About Modern Medical Aesthetics LLC Modern Medical Aesthetics, LLC operates as a full-service medical spa and wellness center offering aesthetic and cosmetic services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:26-bk-01368) on February 23, 2026. In the petition signed by Tawney Chapman, manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as legal counsel. MOON PROPERTY: Seeks to Tap Krekeler Law SC as Bankruptcy Counsel ----------------------------------------------------------------- Moon Property Management LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Krekeler Law, S.C. as bankruptcy 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 Noah T. Rusch, Associate $300 per hour Colton J. Chase, Associate $288 per hour Associate Attorneys $225 to $300 per hour Paralegals $100 to $156 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor an advance fee of $23,900. Noah Rusch, 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: Noah T. Rusch, Esq. Krekeler Law, S.C. 26 Schroeder Ct. Suite 300 Madison, WI 53711 Tel: (608) 258-8555 Email: nrusch@ks-lawfirm.com About Moon Property Management LLC Moon Property Management LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 26-1056) on March 12, 2026, listing $500,001 to $1 million in both assets and liabilities. Noah Terry Rusch, Esq. at Krekeler Law, S.C. serves as the Debtor's counsel. MORE THAN A PRINTER: Charity Bird Named Subchapter V Trustee ------------------------------------------------------------ Paul Randolph, the Acting U.S. Trustee for Region 8, appointed Charity Bird of Kaplan Johnson Abate & Bird, LLP as Subchapter V trustee for More Than a Printer, Inc. Ms. Bird will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Bird declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charity S. Bird Kaplan Johnson Abate & Bird LLP 710 West Main Street 4th Floor Louisville, KY 40202 502-540-8285 Direct Dial cbird@kaplanjohnsonlaw.com About More Than a Printer Inc. More Than a Printer Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30664) on March 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Joan A. Lloyd presides over the case. Michael W. McClain, Esq. at Mcclain Law Group, PLLC represents the Debtor as bankruptcy counsel. MORE THAN: Seeks to Tap McClain Law Group as Bankruptcy Counsel --------------------------------------------------------------- More Than a Printer, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ McClain Law Group, PLLC as counsel. The firm's services include: (a) give legal advice with respect to the Debtor's powers and duties in the continued operations and management of its property; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of Debtor all necessary legal papers in connection with the administration of its estate herein; and (d) perform any and all other legal services for the Debtor in connection with this Chapter 11 case and the formulation and implementation of its Chapter 11 Plan. Michael McClain, Esq., an attorney at McClain Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael W. McClain, Esq. McClain Law Group, PLLC 6008 Brownsboro Boulevard, Ste. G Louisville, KY 40207 Telephone: (502) 589-1004 Facsimile: (888) 210-0145 Email: mmcclain@mcclainlawgroup.com About More Than a Printer Inc. More Than a Printer, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30664) on Mar. 13, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Joan A. Lloyd oversees the case. The Debtor tapped Michael W. McClain, Esq., at McClain Law Group, PLLC as counsel. MOUNTAIN RIDGE: Hires Myers Brettholtz & Company as Accountant -------------------------------------------------------------- Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Myers Brettholtz & Company PA as accountant. The firm will provide assistance to the Debtors and their bankruptcy counsel in connection with the preparation of their audits and tax returns for 2025 and 2026. The firm will be paid at these rates: (a) Mountain Ridge Condominium Council of Co-Owners, Inc.: $6,000 per year; (b) The Mountain Meadows Association, Inc.: $5,700.00 per year; (c) Cliffside Lodge II Council of Co-Owners, Inc.: $5,700 per year; (d) Hamilton Cove Townhouses Property Owners Association, Inc.: $6,000 per year; and (e) The Fairways Townhouse Association, Inc.: $6,100.00 per year. In addition, the firm will seek reimbursement for expenses incurred. The firm represents no interest adverse to the Debtors or to the estates on the matters upon which it is to be engaged for the Debtors. The firm can be reached through: Myers Brettholtz & Company PA 12671 Whitehall Drive Fort Myers, FL 33907 Telephone: (239) 939-5775 Facsimile: (239) 939-3032 Email: contactus@mbcopa.com About Mountain Ridge Condominium Council of Co-Owners Inc. Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Lead Case No. 26-10474) on February 11, 2026, with $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Phyllis M. Jones presides over the cases. The Debtors tapped Charles T. Coleman, Esq., at Wright, Lindsey & Jennings, LLP as counsel and Myers Brettholtz & Company PA as accountant. MPH RESTAURANTS: Section 341(a) Meeting of Creditors on April 23 ---------------------------------------------------------------- On March 23, 2026, MPH Restaurants, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 23, 2026 at 11:00 AM at Appear by Teams. Meeting ID: 992 931 445 856; Passcode: KG6qq2bb Filed by U.S. Trustee Adam G. Brief. About MPH Restaurants, LLC MPH Restaurants, LLC is an Illinois-based company engaged in operating restaurant establishments, offering food and dining services to customers. The company participates in the hospitality and food service industry. MPH Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05071) on March 23, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1,000,000 and $10,000,000. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Penelope N. Bach of Bach Law Offices. MTF CHILDCARE: Gets Extension to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania entered a third interim order authorizing MTF Childcare, LLC to use cash collateral. The court authorized the Debtor to use cash collateral through April 24, strictly in accordance with the budget. The Debtor demonstrated that it lacks sufficient unencumbered funds to continue operations without access to secured creditors' collateral. The order permits a 10% variance from the budget without constituting a default and allows payment of regular monthly adequate protection payments to the U.S. Small Business Administration if included in the budget. As adequate protection for secured creditors, the court granted them replacement liens on post-petition collateral with the same validity, extent, and priority as their pre-petition liens, subject to a carveout. The carveout includes statutory fees owed to the Clerk and U.S. Trustee and any avoidance actions and related recoveries. If adequate protection proves insufficient, secured creditors will receive a superpriority administrative expense claim under section 507(b). A further interim hearing is scheduled for April 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/xPvF7 from PacerMonitor.com. About MTF Childcare LLC MTF Childcare, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Childcare LLC and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10243) on January 21, 2026. At the time of the filing, MTF Childcare LLC listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MTF HOLDINGS: Gets Extension to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania entered a third interim order authorizing MTF Holdings, LLC and its affiliated debtors to use cash collateral. Under the third interim order, the Debtors are authorized to use cash collateral through April 24, strictly in accordance with the budget. The Debtors demonstrated that they lack sufficient unencumbered funds to continue operations without access to the secured lenders' cash collateral. The order permits up to a 10% budget variance without constituting default and authorizes payment of regular monthly adequate protection payments to the U.S. Small Business Administration if reflected in the budget. As adequate protection, secured creditors will be granted replacement liens on post-petition collateral to the same extent, validity, and priority as their pre-petition liens, subject to a carveout. The carveout includes statutory fees owed to the Clerk and U.S. Trustee, as well as avoidance actions and their proceeds. Additionally, secured creditors will receive potential superpriority administrative expense claims under Section 507(b) if the protection provided proves insufficient. A further interim hearing is scheduled for April 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/500u0 from PacerMonitor.com. About MTF Holdings MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on January 21, 2026. At the time of the filing, MTF Holdings listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MU HOLDINGS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- MU Holdings, LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to use cash collateral and provide adequate protection. The Debtor requires immediate access to cash collateral to fund ordinary course expenses such as payroll, administrative costs, and other operational needs, all in accordance with a proposed budget. The Debtor emphasizes that without such authority, it would be unable to maintain operations or preserve the value of its estate, thereby undermining its ability to reorganize successfully. The Debtor identifies two entities that may hold perfected prepetition security interests in its cash collateral: the U.S. Small Business Administration, which filed a UCC-1 financing statement in 2020 (with a continuation in 2025) covering all tangible and intangible personal property, and Renasant Bank, which filed a UCC-1 in 2025 asserting a lien on all assets. However, the Debtor expressly reserves the right to investigate and challenge the validity, extent, and priority of these liens and does not concede their enforceability. To address these potential secured interests, the Debtor proposes providing adequate protection in the form of replacement liens on post-petition collateral that mirror the scope and priority of any valid prepetition liens, along with additional protections such as inspection rights, access to financial information upon request, and standard reporting obligations. The requested relief includes authorization to use cash collateral within the limits of the budget, subject to a 10% variance per line item or in the aggregate, as well as payment of court-approved expenses, including Subchapter V trustee compensation. A copy of the motion is available at https://urlcurt.com/u?l=Cfo28N from PacerMonitor.com. About MU Holdings, LLC MU Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 2:26-bk-00637) on March 23, 2026. In the petition signed by Michael Ulizio, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. MULFORD CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Mulford Construction Co., Inc. 171 Skipjack Road Prince Frederick, MD 20678 Business Description: Mulford Construction Company, Inc., based in Prince Frederick, Maryland, provides heavy civil contracting, earthwork, and utility installation services across Maryland, Washington, D.C., and Virginia, supporting commercial, residential, and infrastructure-related site development projects. Founded in 1976, the firm specializes in excavation, grading, material processing, and the construction of stormwater management systems, including bioretention, for large-scale construction initiatives. Chapter 11 Petition Date: March 27, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-13271 Debtor's Counsel: Dennis Shaffer, Esq. TYDINGS ROSENBERG LLP One East Pratt Street, #901 Baltimore, MD 21202 Tel: (410) 752-9752 E-mail: dshaffer@tydings.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kurt Fowler as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KA5JWQA/Mulford_Construction_Co_Inc__mdbke-26-13271__0001.0.pdf?mcid=tGE4TAMA MULTI-RACE HOUSING: Leo Congeni Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Leo Congeni, Esq., at Congeni Law Firm, LLC as Subchapter V trustee for Multi-Race Housing LLC. Mr. Congeni will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Congeni declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leo D. Congeni CONGENI LAW FIRM, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Telephone: 504-522-4848 Facsimile: 504-910-3055 Email: leo@congenilawfirm.com About Multi-Race Housing LLC Based in Franklinton, Louisiana, Multi-Race Housing LLC operates as a real estate holding company that owns 10 residential rental properties across various addresses. Its activities center on acquiring and managing single-family housing assets in the local market, with occasional property sales reflecting ongoing portfolio adjustments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10583) on March 16, 2026, with $1 million to $10 million in assets and liabilities. Donald Gaudet, managing member and sole owner, signed the petition. Judge Meredith S. Grabill presides over the case. Robin R. De Leo, Esq. at THE DE LEO FIRM, LLC represents the Debtor as legal counsel. MUTINY BBC: Commences Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On March 18, 2026, Mutiny BBC Company LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports liabilities between $100,001 and $1,000,000 owed to between 1 and 49 creditors. About Mutiny BBC Company LLC Mutiny BBC Company LLC is a small business engaged in [insert industry/activity—e.g., media, production, or broadcasting], providing products and services to a regional or niche market. The company operates with a limited number of creditors and has faced financial challenges in recent years. Mutiny BBC Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12938) on March 18, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Eamonn James O’Hagan handles the case. The Debtor is represented by Jonathan Goldsmith Cohen, Esq. of I. Mark Cohen Law Group. MWEC MANAGEMENT: TPG Twin Brook Marks $1.4MM 1L Loan at 70% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,422,000 loan extended to MWEC Management, LLC to market at $432,000 or 30% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to MWEC Management, LLC. The 1L Loan accrues interest at a rate of S + 5.50 % 9.22 % per annum. The 1L Loan matures on Feb. 14, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About MWEC Management, LLC MWEC Management, LLC, doing business as Midwest Express Clinic, provides health care services. The Company offers treatment of injuries, illness, skin and rashes, women's and sexual health, diagnostic testing and imaging, lab tests, and other related services. MWEC MANAGEMENT: TPG Twin Brook Marks $1.9MM 1L Loan at 35% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,924,000 loan extended to MWEC Management, LLC to market at $1,251,000 or 65% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to MWEC Management, LLC. The 1L Loan accrues interest at a rate of S + 5.50 % 9.22 % per annum. The 1L Loan matures on Feb. 14, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About MWEC MANAGEMENT MWEC Management, LLC, doing business as Midwest Express Clinic, provides health care services. The Company offers treatment of injuries, illness, skin and rashes, women's and sexual health, diagnostic testing and imaging, lab tests, and other related services. N & S HOSPITALITY: Court Extends Cash Collateral Access to April 26 ------------------------------------------------------------------- N & S Hospitality Group, Inc. received third interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court authorized the Debtor to use cash collateral through April 26 to fund operations in accordance with its budget. The Debtor is not allowed to make unauthorized payments to insiders from the cash collateral. Ozona Bank, the Debtor's lender, and other creditors holding liens and security interests will be granted replacement liens on and security interests in all of the Debtor's property. They will also receive administrative claims in case of any diminution in the value of their collateral. As additional protection, Ozona Bank will receive monthly payments of $15,500 until the earlier of the effective date of a confirmed Chapter 111 plan or until termination of the Debtor's authority to use cash collateral. The Debtor's authority to use cash collateral terminates on April 26 or upon appointment of a Chapter 11 trustee; conversion of its Chapter 11 case to one under Chapter 7; failure to pay the lender; cessation of operations; relief from the automatic stay in favor of any creditor asserting an interest in the collateral other than the lender; noncompliance with the interim order; entry of an order modifying, reversing, revoking, staying, rescinding, or vacating the interim order; or the Debtor filing a motion to sell the lender's collateral without prior consent. The interim order is available at https://shorturl.at/ewTev from PacerMonitor.com. As of the petition date, the Debtor owed Ozona Bank more than $1.78 million. The loan is secured by a first-priority security interest, lien, or mortgage on the Debtor's assets including its real property in the City of Leon Valley, personal property, and proceeds from such assets. Ozona Bank, as lender, is represented by: Michael S. Held, Esq. J. Machir Stull, Esq. Aaron E. Lozano, Esq. Jackson Walker L.L.P. 2323 Ross Ave., Suite 600 Dallas, Texas 75201 Telephone: (214) 953-5859 Facsimile: (214) 661-6859 mheld@jw.com mstull@jw.com alozano@jw.com About N & S Hospitality Group Inc. N & S Hospitality Group Inc. is a Texas-based enterprise that owns, manages, and operates businesses within the hospitality sector. Its portfolio generally spans hotels, lodging facilities, restaurants, and related service offerings designed to accommodate both business and leisure travelers. N & S Hospitality Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52793) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Paul S. Hacker, Esq. of Hacker Law Firm. NATIONAL TRANSPORTATION: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------------- National Transportation Group LLC, doing business as Pinnacle Transportation Group, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for interim authority to use cash collateral and provide adequate protection. The Debtor needs immediate access to cash is essential for the Debtor to continue operating, pay employees, maintain insurance, cover utilities, and preserve its business. On the petition date, the company had $8,003 in cash and approximately $59,025 in accounts receivable. Several creditors hold secured interests in cash collateral, including MCA Servicing ($46,495, first priority), Palisade Advance ($40,598, second priority), QFS Capital LLC ($64,689, third priority), and Forward Financing (CSC) ($35,000, fourth priority), with insufficient funds to fully satisfy all claims. The Debtor seeks an interim order authorizing use of cash collateral strictly according to a proposed budget, for a period of up to 30 days or until conversion, dismissal, or violation of the interim order. Adequate protection is proposed for secured creditors through replacement liens and monthly payments of $1,207 to MCA Servicing and $542 to Palisade Advance. The Debtor notes that junior creditors have no secured claims, and all proposed uses comply with Sections 363(e) and 363(p) regarding adequate protection. The Debtor requests an expedited interim hearing, asserting that without immediate relief, ongoing operations and the estate would be significantly jeopardized. A copy of the motion is available at https://urlcurt.com/u?l=RGCXkJ from PacerMonitor.com. About National Transportation Group LLC National Transportation Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-53853) on March 23, 2026. In the petition signed by Ben Epstein, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ian Falcone, Esq., at the Falcone Law Firm, PC, represents the Debtor as legal counsel. NEO ZONE INC: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Neo Zone, Inc., asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for emergency authorization to use cash collateral and provide adequate protection to secured creditors. The Debtor operates a trucking business with over 75 vehicles and requires access to cash collateral to maintain operations. Two secured creditors—Woori Bank, servicing an SBA loan of approximately $458,000, and Clear Fund, a disputed factoring claim of $800,000—hold security interests in the Debtor's assets, including cash and receivables. As adequate protection, the Debtor will grant secured creditors replacement liens on post-petition assets and provide continued monthly payments of $6,304 to Woori Bank. The cash collateral is essential for continued operations and requests retroactive relief to the petition date, along with shortened notice under Rule 4001(b) due to immediate need. A copy of the motion is available at https://urlcurt.com/u?l=QIgPfm from PacerMonitor.com. About Neo Zone Inc. Neo Zone, Inc., a company based in Shorewood, Illinois, provides intermodal transportation and logistics services, including container drayage, yard operations, and related freight handling, serving customers in the United States. It operates a fleet of intermodal chassis, trailers, and material-handling equipment supporting port-and terminal-based cargo movements. Neo Zone filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19703) on December 29, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. NETCAPITAL INC: Q3 Net Loss Narrows to $1.8MM, Warns of Cash Crunch ------------------------------------------------------------------- Netcapital Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q, reporting a net loss of $1,812,844 for the three months ended January 31, 2026, compared to a net loss of $3,006,537 for the three months ended January 31, 2025. For the nine months ended January 31, 2026 and 2025, the Company reported a net loss of $7,584,385 and 7,754,208, respectively. The Company recorded a revenue of $94,347 and $152,682 for the three months ended January 31, 2026 and 2025, respectively. Total revenue for the three and nine months ended January 31, 2026 and 2025 were $335,481 and $465,437, respectively As of January 31, 2026, the Company had cash and cash equivalents of $715,443 and negative working capital of $2,922,843 as compared to cash and cash equivalents of $289,428 and negative working capital of $5,096,155 as of April 30, 2025. Netcapital said, "We have been successful in raising capital by completing offerings of our common stock." "On July 16, 2025, we entered into a securities purchase agreement with certain institutional investors, pursuant to which we agreed to sell 641,712 shares of our common stock, at a purchase price of $4.675 per share for gross proceeds of approximately $3 million, prior to deducting placement agent's fees and other offering expenses payable by us. Each share of common stock was also sold with a warrant to purchase one share of common stock with an exercise price of $4.55 per share. The shares were offered pursuant to our shelf registration statement on Form S-3 (File No. 333-267921), which was declared effective by the Securities Exchange Commission on October 26, 2022. This offering closed on July 17, 2025." "On July 2, 2025, we entered into a securities purchase agreement with certain institutional investors, pursuant to which we agreed to sell 714,286 shares of our common stock, at a purchase price of $7.00 per share for gross proceeds of approximately $5 million, prior to deducting placement agent's fees and other offering expenses payable by us. Each share of common stock was also sold with a warrant to purchase one share of common stock with an exercise price of $6.88 per share. We used approximately $320,000 of the net proceeds for repayment of outstanding promissory notes and intend to use the remainder for working capital and other general corporate purposes. The shares were offered pursuant to our shelf registration statement on Form S-3 (File No. 333-267921), which was declared effective by the Securities Exchange Commission on October 26, 2022. The offering closed on July 7, 2025." "On June 23, 2025, the Company filed a prospectus supplement with respect to our At-The-Market-Offering Agreement with Wainwright for an aggregate of $975,000 of additional shares of our common stock. From June 23, 2025 to June 25, 2025, we sold 229,404 shares of our common stock through Wainwright at an average price of approximately $4.25 per share, resulting in aggregate gross proceeds of approximately $974,747, for which it paid Wainwright approximately $29,242 in commissions and other issuance costs of $1,438, resulting in net proceeds to the Company of approximately $944,067. No additional shares will be sold under this ATM Agreement unless an additional prospectus supplement is filed." "On June 10, 2025, we entered into subscription agreements with ten accredited investors to issue an aggregate of 118,750 shares of common stock at a purchase price of $4.00 per share in a private placement, for gross proceeds of $475,000. The Company agreed to file a registration statement providing for the resale of the Shares within 60 calendar days of the initial closing of the private placement and to use reasonable best efforts to cause the resale registration statement to be declared effective by the SEC within 90 calendar days following the final closing of the private placement date of the Filing Date. The resale registration statement is not yet effective. The subscription agreements include a price adjustment provision whereby if the Company issues additional shares at a price lower than the Purchase Price during the period beginning on the date of the subscription agreements and prior to April 19, 2026, investors will receive additional shares to reflect the lower price, subject to the minimum price as defined under Nasdaq Rule 5635(d) on the date the subscription agreements were signed, which was $2.56. On September 16, 2025, the Company issued a total of 59,147 shares of common stock to the investors in the June 10, 2025 private placement in consideration of the adjustment provision contained in their subscription agreements The Company used the net proceeds from the offering for general corporate purposes." "We believe that our existing cash investment balances, our anticipated cash flows from operations and liquidity sources including offering of equity and/or debt securities and/or the sale of equity positions in certain Portfolio Companies for which we provide marketing and strategic advice may not be sufficient to meet our working capital and expenditure requirements for the next 12 months. Our management has determined, based on its recent history and the negative cash flow from operations, that it is unlikely that its plan will sufficiently alleviate or mitigate, to a sufficient level, the relevant conditions or events noted. To the extent that funds generated from any private placements, public offerings and/or bank financing, if available, are insufficient, we will have to raise additional working capital." "No assurance can be given that additional financing will be available, or if available, will be on acceptable terms. Accordingly, the Company's management has concluded that these conditions raise substantial doubt about our ability to continue as a going concern. There can be no assurance that we will be able to achieve our business plan objectives or be able to achieve or maintain cash-flow-positive operating results. If we are unable to generate adequate funds from operations or raise sufficient additional funds, we may not be able to repay our existing debt, continue to operate our business network, respond to competitive pressures or fund our operations. As a result, we may be required to significantly reduce, reorganize, discontinue or shut down our operations." A full text of the Company's Report is available at https://tinyurl.com/3zxhrj5x About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $26,059,855 in total assets, $4,457,207 in total liabilities, and $21,602,648 in total stockholders' equity. NEWBURGH EOM: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On March 20, 2026, Newburgh EOM LLC 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 $1 million and $10 million in debt owed to between 1 and 49 creditors. About Newburgh EOM LLC Newburgh EOM LLC is a limited liability. Newburgh EOM LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35294) on March 20, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The debtor is represented by Craig Saunders, Esq. of Munzer & Saunders LLP. NEXSTAR MEDIA: Fitch Assigns First-Time 'BB' IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned a first-time 'BB' Issuer Default Rating (IDR) to Nexstar Media Group, Inc., Nexstar Media, Inc. and Mission Broadcasting, Inc. The Rating Outlook is Stable. Fitch also assigned the first lien facilities and senior secured bond a 'BB+' rating with a Recovery Rating of 'RR2', and the unsecured facilities a 'BB'/'RR4' rating. The IDR reflects Nexstar's leading market position in the U.S. local broadcast television market, strong FCF generation, and healthy retransmission revenues, which results in a modest leverage profile. The ratings also reflect the company's exposure to structural headwinds from ongoing cord-cutting, which may pressure the traditional pay-TV ecosystem over time, and cyclicality in advertising revenue. The Stable Outlook reflects Fitch's expectation that Nexstar will maintain pro forma leverage within the rating sensitivities after it issues incremental acquisition debt. Key Rating Drivers TEGNA Acquisition is Favorable: The acquisition of TEGNA by Nexstar would significantly enhance Nexstar's scale and reinforce its position as the single-largest local television broadcaster in the U.S. The combined company would reach an estimated 80% of U.S. households. TEGNA's portfolio of stations complements Nexstar's existing footprint, expanding its reach across major designated market areas (DMAs) and increasing its influence in retransmission negotiations and national advertising sales. Fitch expects the combined entity to generate L8QA EBITDA, including synergies, of around $3.0 billion, compared to $1.8 billion for Nexstar on a standalone basis. Fitch views the increased scale as a credit positive, providing stronger pricing power and operational and revenue synergies of around $300 million. The combined entity would benefit from meaningful cost synergies, particularly in back-office operations and content production, which are expected to be realized over the near term. Nexstar believes long-term cost synergies could be potentially higher once the acquisition is complete. Fitch expects majority of the revenue synergies in the retransmission segment to be realized quite quickly as Nexstar commands higher rates relative to TEGNA. FCC Approval: On March 19, the Federal Communications Commission (FCC) announced its approval of TEGNA's acquisition by Nexstar. In the announcement, the FCC highlighted that the agency waived a rule that bars a single company from owning TV stations that reach more than 39% of U.S. households (includes the 50% UHF discount). Nexstar has also announced that the U.S. Department of Justice has approved the transaction. Healthy Deleveraging Prospects: Fitch conservatively expects Nexstar's pro forma L8QA adjusted-EBITDA leverage to be around 4.0x by YE 2026, and then decline below 4.0x over the medium term. Nexstar has demonstrated a consistent track record of deleveraging following prior acquisitions, including Tribune Media, through disciplined capital allocation of its robust FCF generation. Management has publicly committed to reducing leverage post-transaction close, supported by synergy realization. Fitch views the deleveraging trajectory as achievable, but contingent on stable operating performance and adherence to conservative financial policies. Limited Integration Risks: Fitch considers integration risk to be moderate given the complementary nature of Nexstar and TEGNA's operations. Both companies operate within the same regulatory and technological frameworks, and Nexstar has a history of successfully integrating large-scale acquisitions. The absence of significant cultural or operational dissonance reduces the likelihood of disruption. Shareholder Returns: Nexstar has historically balanced shareholder returns with credit-conscious financial management. Fitch expects the company to prioritize deleveraging in the near term. It has publicly stated that share repurchases, which amounted to $400 million-$600 million per annum historically would be halted in the medium-term, with optional debt repayment taking priority. Any deviation from this strategy, particularly if shareholder returns are prioritized over debt reduction, could strain the rating. Fitch will monitor the company's capital allocation framework post-close to assess alignment with its stated financial policies. Cord Cutting to Continue: Both Nexstar and TEGNA derive a substantial portion of their revenue from advertising, which is inherently cyclical and increasingly pressured by secular shifts in media consumption. The ongoing trend of cord cutting and migration to digital platforms poses structural challenges to linear television broadcasters over the long term. The combined entity's scale may offer advantages in digital monetization and audience targeting, especially with TEGNA's Premion ad-tech platform. The combined entity will also have stronger bargaining power in negotiating contracts, which may delay its EBITDA erosion. Advertising Vulnerability: The combined entity will generate around 40% of its revenue from advertising, which is vulnerable to economic downturns because of the discretionary nature of advertising budgets that can be reduced quickly. The impact of recent tariff imposition on advertising spend has been relatively limited, largely due to tariff waivers and implementation delays. Fitch cautions that recent geopolitical tensions in the Middle East, resulting in rising retail fuel prices, may pressure advertising budgets for discretionary services. Fitch cannot yet quantify the impact and expects it to depend on the disruption's duration and severity. Peer Analysis Fitch currently rates The E.W. Scripps Company (Scripps) 'CCC'. Scripps is the fourth-largest local TV broadcaster in the U.S. but operates at a smaller scale, with approximately USD2.0 billion of revenue, compared with Nexstar's USD7.6 billion on a combined basis for 2025. Scripps has elevated business risk, reflecting weaker-than-expected national advertising trends and rising cable cord-cutting. Given the higher business and financial risk profile at Scripps, the combined entity is rated several notches above Scripps. Fitch rates Versant at BB/Stable Outlook. Versant has a much more conservative financial profile. Fitch expects its leverage to remain below 1.5x over the next 12-24 months. However, given Nexstar's established industry position and slightly larger scale in terms of EBITDA, Fitch rates the combined entity at the same level. Fitch’s Key Rating-Case Assumptions - The transaction closes in 1Q26; - Pro forma revenue growth of 9% in 2026, driven by healthy political advertising revenues; - L8QA EBITDA of around $2.8 billion for 2026, with an EBITDA margin of around 37%; - Synergy realization amounting to around $300 million over the near term; - Dividend payments continue despite the acquisition, but shareholder repurchases are halted until leverage improves to historical trends. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb+, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - L8QA EBITDA Leverage sustained above 4.5x; - Sustained earnings pressure in the retransmission segment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not anticipate an upgrade given the secular pressures in the sector; however, the following could result in positive rating action: - Demonstrated sustained positive revenue and EBITDA growth; - L8QA EBITDA leverage below 3.0x on a sustained basis. Liquidity and Debt Structure As of the end of December 2025, Nexstar had $280 million of cash and $619 million of available capacity under its revolvers at Nexstar and Mission. Fitch expects Nexstar to generate around $680 million of FCF over the next 12-months on a standalone basis. This is sufficient liquidity for Nexstar to meet contractual obligations over the medium term. Issuer Profile Nexstar is the largest independent local TV station broadcast group. It operates 201 TV stations and one AM radio station across 116 markets. Its stations reach nearly 39% of U.S. television households. Date of Relevant Committee 13-Mar-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Nexstar Media Inc. LT IDR BB New Rating senior unsecured LT BB New Rating RR4 senior secured LT BB+ New Rating RR2 Nexstar Media Group, Inc. LT IDR BB New Rating Mission Broadcasting, Inc. LT IDR BB New Rating senior secured LT BB+ New Rating RR2 NEXT GEN: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta division entered an interim order allowing Next Gen Child Care, LLC to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through August 31, strictly in accordance with an approved budget covering February to August. Funds must only be used for ordinary operating and administrative expenses, unless additional use is approved by the court or consented to by secured creditors. The order allows flexibility with a 15% variance per budget line item and overall monthly expenses, along with carryover of unused funds. Larger deviations require creditor consent or court approval. To protect creditors, the court granted replacement liens on post-petition assets (excluding avoidance actions) to any secured party with a valid pre-petition interest, maintaining the same priority and scope. The Debtor must also maintain insurance, continue normal operations, and comply with proper accounting and reporting requirements. The Debtor is also required to file regular financial reports and provide transparency, while all parties retain rights to challenge claims or seek further relief. About Next Gen Child Care LLC Next Gen Child Care, LLC provides early childhood education and daycare services, offering supervised learning and care programs for children from infancy through preschool age. The company is focused on creating a safe and supportive environment that promotes child development and school readiness. Next Gen Child Care, LLC commenced its Chapter 11 case (Bankr. N.D. Ga. Case No. 26-50273) on January 06, 2026. The filing lists estimated assets and liabilities both ranging from $100,001 to $1,000,000. The case is being overseen by Honorable Bankruptcy Judge Jonathan W. Jordan. The Debtor is represented by Brad Fallon, Esq. of Fallon Law PC. NIKOLA CORP: Former CEOs Denied Bankruptcy Stay in Investor Lawsuit ------------------------------------------------------------------- Emilie Ruscoe of Law360 Bankruptcy Authority reports that a federal court has refused to extend the bankruptcy stay in Nikola Corporation's Chapter 11 case to block proposed class action claims against the company's former CEOs. While claims against Nikola are on hold due to the bankruptcy, the judge said the individual claims can move forward. The investor suit alleges that the executives made false or misleading statements that harmed shareholders. The court noted that allowing the personal claims to proceed does not disrupt the restructuring process and that a bankruptcy stay typically does not cover non‑debtor defendants, the report relays. By allowing the case to continue, the court signaled that corporate bankruptcy protection has limits when it comes to individual liability. Plaintiffs lawyers said the ruling preserves an important avenue for investors seeking redress from executives they say misled the market, according to Law360. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing 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 Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NMR ENTERPRISES: Hires Penn River Capital as Investment Banker -------------------------------------------------------------- NMR Enterprises NJ, LLC and Online Stores PA, LLC seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Penn River Capital, LLC as their investment banker. The firm will render these services: (a) prepare an information memorandum describing the Debtor, its operations, historical performance and prospects, existing contracts, marketing and sales, labor force, management, tangible assets, intangible assets, strategic plans and financial projections; (b) assist the Debtor in compiling a data room of any necessary and appropriate documents related to the Sale; (c) assist the Debtor in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by the Debtor and update and review such list with the Debtor on an on-going basis; (d) coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; (e) assist the Debtor in coordinating physical and/or virtual site visits for interested buyers and work with the management team to develop appropriate presentations for such visits; (f) solicit competitive offers from potential buyers; (g) advise and assist the Debtor in structuring the sale and negotiating the transaction agreements; and (h) otherwise assist the Debtor and its other professionals, as necessary, through closing on a best-efforts basis. The firm will receive these fees: (a) Initial Fee An initial fee equal to $25,000 due upon signing this Engagement Agreement. The Initial Fee shall be credited to any amount payable pursuant to the Sale Fee or the Restructuring Fee. (b) Sale Fee. Upon the consummation of a Sale Transaction to any party and as a direct carveout from proceeds of any Sale, if approved by the court pursuant to the Debtor's ongoing bankruptcy proceedings, including without limitation approval as a priority administrative expense under section 503(b) of the US Bankruptcy Code, payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Sale, equal to the greater of a.) $250,000 or b.) five percent (5.0%) of Total Consideration if such Total Consideration is less than $7,500,000 or c.) six and one half percent (6.5%) of Total Consideration if such Total Consideration is between $7,500,000 and $10,000,000 or d.) eight percent (8%) of Total Consideration if such Total Consideration is greater than $10,000,000 with the following exception in each case: Should the Company consummate a Sale Transaction (as hereinafter defined, with Carrot Top Industries, Inc., the Sale Fee otherwise due PRC shall be reduced by 25%, unless the purchase price paid by Carrot Top Industries, Inc. is materially increased (in excess of five percent of Total Consideration) from its initial offering price by the actions of PRC in working with other prospective buyers who make offers that bid up the amount of Total Consideration paid by Carrot Top Industries, Inc. Further, should Carrot Top Industries, Inc. sign a definitive asset purchase agreement within sixty days of the signing of this Engagement Agreement by the Company, and such bid is not materially increased by the actions of PRC in bringing other prospective buyers to the table, the Sale Fee shall be capped at $200,000. For the avoidance of doubt, in the event certain assets of the Company are sold in part to multiple buyers, the Sale Fee pursuant to each sale shall be calculated based upon the cumulative amount of Total Consideration from all Sale Transaction. In no event shall a Sale Fee be payable to PRC following the termination of this Engagement Agreement, except as provided for in Paragraph D. (c) Restructuring Fee: Upon the closing of a Restructuring Transaction, PRC shall be entitled to a fee, if approved by the court pursuant to the Debtor's ongoing bankruptcy proceedings, including without limitation approval as a priority administrative expense under section 503(b) of the Bankruptcy Code, in federal funds via wire transfer or certified check, at and as a condition of closing of such Restructuring Transaction, equal to $200,000. For the avoidance of doubt, no such Restructuring Fee shall be payable following the termination of this Engagement Letter, except as may be provided for in Paragraph D (Term of Engagement). (d) Expenses. In addition to the Initial Fee and Sale Fee noted above, whether or not a Sale Transaction is consummated, PRC will be entitled to reimbursement on a monthly basis for all of PRC's reasonable, documented, out-of-pocket expenses incurred in connection with the subject matter of this Engagement Agreement. Robert C. Smith, managing partner of Penn River Capital, LLC, disclosed in the court filing that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Robert C. Smith Penn River Capital, LLC 1151 East Hector Street, Apartment 312 Conshohocken, PA 19428-0034 Phone: (610) 937-2359 Email: rsmith@pennrivercapital.com About NMR Enterprises NJ LLC NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-11349) on February 5, 2026. At the time of the filing, NMR reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million while Online Stores reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP, as legal counsel and CFGI, LLC as financial advisor. NOODLES & CO: Liabilities Exceed Assets by US$45.3M at Dec. 30 -------------------------------------------------------------- Noodles & Co.'s stockholder's deficit was US$45.3 million at Dec. 30, 2025. The stockholder's deficit was US$5.6 million at Dec. 31, 2024. At Dec. 30, 2025, the company had total assets of US$261.7 million and total liabilities of US$307.0 million. At Dec. 31, 2024, the company had total assets of US$324.6 million and total liabilities of US$330.2 million. The Company on Sept. 3, 2025, announced that its Board of Directors had initiated a review of strategic alternatives in order to explore ways to maximize stockholder value. The review was set to include a range of potential strategic alternatives, including a refinancing of existing indebtedness or sale of all or part of the business, or other strategic or financial transactions. The review remains in process. In 2025, the Company opened two company-owned restaurants. As of Dec. 30, 2025, it had 340 company-owned restaurants and 83 franchise restaurants in 31 states. "We do not plan to open any new company-owned restaurants in 2026," the Company said. Noodles & Co. closed 33 and 13 company-owned restaurants in 2025 and 2024, respectively, most of which were either generating low or negative cash flows, at or approaching the expiration of their leases or in trade areas that are not as well positioned for current consumer trends or a potential for a significant amount of sales transfer given strong off premise sales. "We continue to analyze our restaurant portfolio and expect to close approximately 30 to 35 restaurants in 2026, of which 19 have already been closed in the first two months of 2026, that are either generating low or negative cash flows, at or approaching the expiration of their leases or in trade areas that are not as well positioned for current consumer trends or a potential for a significant amount of sales transfer given strong off premise sales," it said. As of Dec. 30, 2025, Noodles & Co.'s available cash and cash equivalents balance was $1.3 million, and $11.9 million was available for future borrowings under its A&R Credit Agreement. As of Dec. 30, 2025, the Company had $110.2 million of indebtedness (excluding $1.4 million of unamortized debt issuance costs) and $3.0 million of letters of credit outstanding under the A&R Credit Agreement. The Company said: "On July 27, 2022, we amended and restated our Credit Agreement by entering into the Amended and Restated Credit Agreement, with each other Loan Party (as defined in the A&R Credit Agreement) party thereto, each lender from time to time party thereto, and U.S. Bank National Association, as Administrative Agent, L/C Issuer and Swing Line Lender. The A&R Credit Agreement matures on July 27, 2027. Among other things, the A&R Credit Agreement: (i) increased the credit facility from $100.0 million to $125.0 million; (ii) eliminated the term loan and principal amortization components of the credit facility; (iii) removed the Company's capital expenditure covenant; (iv) enhanced flexibility for certain covenants and restrictions; and (v) lowered the spread of the Company's cost of borrowing and transitioned from the London Interbank Offered Rate to the Secured Overnight Financing Rate plus a margin of 1.50% to 2.50% per annum, based upon the consolidated total lease-adjusted leverage ratio." The A&R Credit Agreement is secured by a pledge of stock of substantially all of the Company's subsidiaries and a lien on substantially all of the personal property assets of the Company and its subsidiaries. The A&R Credit Agreement was subsequently amended on Dec. 21, 2023. On Oct. 29, 2024, the Company further amended its A&R Credit Agreement, by entering into a Second Amendment to Amended and Restated Credit Agreement. Among the modifications, the Second Amendment: (i) increased the maximum applicable rate ranges with respect to certain loans, (ii) conditioned the use of the general restricted payment basket on satisfaction of a Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement) of less than or equal to 4.00 to 1.00 and a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of greater than or equal to 1.25 to 1.00, (iii) restricted entry into new lease agreements so long as the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement) in Section 7.11(a) of the A&R Credit Agreement is greater than or equal to 4.50 to 1.00, (iv) increased the Consolidated Total Lease Adjusted Leverage Ratio (as defined in the A&R Credit Agreement) in Section 7.11(a) of the A&R Credit Agreement and (v) amended the Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) in Section 7.11(b) of the A&R Credit Agreement. Availability of borrowings under the A&R Credit Agreement is conditioned upon the Company's compliance with the terms of the A&R Credit Agreement, including the financial covenants and other customary affirmative and negative covenants, such as limitations on additional borrowings, acquisitions, dividend payments and lease commitments, and customary representations and warranties. As of Dec. 30, 2025, the Company was in compliance with all of its debt covenants. The Company expects to meet all applicable financial covenants in its A&R Credit Agreement through at least the next four fiscal quarters. "However, there can be no assurance that the Company will meet such financial covenants. If such covenants are not met, the Company would be required to seek a waiver or amendment from the banks participating in the credit facility. There can be no assurance that such waiver or amendment would be granted, which could have a material adverse impact on the Company's liquidity," Noodles & Co. cautions. The Company also maintains outstanding letters of credit to secure obligations under its workers' compensation program and certain lease obligations. As of Dec. 30, 2025, the Company was in compliance with all of its debt covenants. The Company's revolver, which had a balance of $109.8 million as of Dec. 30, 2025, bore interest at rates between 7.58% to 10.25% during 2025. The Company's swingline, which had a balance of $0.4 million as of Dec. 30, 2025, bore interest at rates between 9.50% and 10.25% in 2025. The Company recorded interest expense of $10.9 million, $8.4 million and $4.8 million for 2025, 2024 and 2023, respectively, of which $0.9 million, $0.6 million and $0.4 million was amortization of debt issuance costs in each of the respective years. The Company said, "Our short-term obligations consist primarily of certain lease and other contractual commitments related to our operations, normal recurring operating expenses, working capital needs, new store development, capital improvements and maintenance of our restaurants, regular interest payments on our debt obligations and certain non-recurring expenditures." "Our long-term obligations consist primarily of certain lease and other contractual commitments related to our operations and payment of our outstanding debt obligations. In addition, new store development will require capital in each year that we plan to open new restaurants which is expected to be funded by then available cash and cash equivalents, cash flows from operations and our revolving credit facility. "Our capital expenditure requirements are primarily dependent upon the pace of our real estate development program and resulting new restaurant openings, costs for maintenance and remodeling of our existing restaurants, as well as information technology expenses and other general corporate capital expenditures. We currently do not plan to open any company-owned restaurants in 2026. "Our total capital expenditures for 2025 were $12.4 million primarily related to two new company-owned restaurants, reinvestment in existing restaurants and technology improvements. We expect our 2026 capital expenditures to be in the range of $9.5 million to $10.5 million. Our capital expenditures in 2026 are expected to be primarily related to our reinvestment in existing restaurants. "Our contractual obligations consist of lease obligations, purchase obligations, long-term debt and other liabilities. We are obligated under non-cancelable leases for our restaurants, administrative offices and equipment. In addition to those lease obligations, we have legally binding minimum lease payments for lease renewals signed but not yet commenced amounting to $0.5 million as of Dec. 30, 2025. We enter into various purchase obligations in the ordinary course of business. As of Dec. 30, 2025, our binding purchase obligations are approximately $57.1 million, which includes $40.5 million to be incurred within the next 12 months. These amounts relate to volume commitments for beverage and food products. Our other liabilities of $1.0 million as of Dec. 30, 2025 includes our commitment under our non-qualified deferred compensation plan and severance. "We believe that we have sufficient liquidity to meet our liquidity needs and capital resource requirements for at least the next twelve months primarily through currently available cash and cash equivalents, cash flows from operations, and borrowings under the A&R Credit Agreement. Our working capital position benefits from the fact that we generally collect cash from sales to customers the same day, or in the case of credit or debit card transactions, within several days of the related sale, and we typically have up to 30 days to pay our vendors. In addition, we receive trade credit for the purchase of food, beverages and supplies, therefore reducing the need for incremental working capital to support growth." A full-text copy of the Form 10-K is available at https://tinyurl.com/3u3f32fr About Noodles & Co Noodles & Co (NASDAQ: NDLS) is a fast-casual restaurant company that specializes in noodle-based dishes inspired by global cuisines, including Asian, Mediterranean and American flavors. The company operates and franchises restaurants across the United States, offering made-to-order bowls, salads and other menu items positioned between traditional quick-service and full-service dining. NORTH COUNTY PIZZA: David Wood Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed David Wood of Marshack Hays Wood as Subchapter V trustee for North County Pizza, Inc. Mr. Wood will be paid an hourly fee of $610 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wood declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David Wood Marshack Hays Wood 870 Roosevelt Irvine, CA 92620 Phone: (949) 333-7777 Email: DWood@marshackhays.com About North County Pizza Inc. North County Pizza, Inc. operates a Domino's Pizza franchise in Oceanside, California, managing daily restaurant operations, including food preparation and delivery. The privately held company serves the local community with a small, hands-on management team. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00968) on March 11, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Shane Casey, president, signed the petition. Richard Sturdevant, Esq., at Financial Relief Law Center, APC represents the Debtor as bankruptcy counsel. NORTH COUNTY PIZZA: Domino's Pizza Franchisee Seeks Bankruptcy -------------------------------------------------------------- Chiara Kim of AOL reports that North County Pizza, Inc., a franchisee operating a single Domino's Pizza location, has filed for Chapter 11 bankruptcy protection as it seeks to stabilize its financial position. The filing, dated March 11, 2026, outlines the company's plan to reorganize rather than liquidate. The petition lists liabilities between $1 million and $10 million, with up to 49 creditors. Among its largest creditors are banks and Domino’s Pizza corporate, with more than $3.3 million owed to the top 20 creditors alone. Neither Domino's Pizza nor representatives for North County Pizza, Inc. provided comment following the filing. Chapter 11 allows businesses to remain operational while negotiating with creditors and restructuring obligations, meaning the Domino's location may continue serving customers during the process, the report relays. The bankruptcy reflects broader industry pressures, including inflation and reduced consumer spending. Similar challenges have led to widespread restaurant closures and additional filings, including a recent Chapter 11 case involving a large Popeyes franchisee, AOL reports. About North County Pizza Inc. North County Pizza, Inc. operates a Domino's Pizza franchise in Oceanside, California, managing daily restaurant operations, including food preparation and delivery. The privately held company serves the local community with a small, hands-on management team. North County Pizza, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-00968) on March 11, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Richard Sturdevant, Esq. of FINANCIAL RELIEF LAW CENTER, APC. NRPF GROUP: Seeks Cash Collateral Access Thru May 6 --------------------------------------------------- NRPF Group Two, LLC, and affiliates ask the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtors assert that such use is essential to fund ongoing business operations, including working capital needs, administrative expenses, and general corporate purposes, all in accordance with a court-approved budget that allows for a 10% variance in expenditures. The proposed use period would terminate upon certain triggering events, including May 3, 2026, conversion or dismissal of the case, or further court order, though it may be extended with court approval or creditor agreement. The Debtors identify two primary parties with potential interests in the cash collateral—Equity Bank (whose lien status is disputed) and U.S. Foods, Inc.—and outline proposed adequate protection measures, including granting Equity Bank replacement liens on post-petition assets of the same nature and priority as any valid prepetition liens, excluding avoidance actions and their proceeds. Additionally, the Debtors propose a customary “carve-out” to ensure payment of professional fees, which would take priority over Equity Bank's liens. The Debtor also highlights that there are no controversial provisions such as cross-collateralization, priming liens, or waivers under sections 506(c) or 552(b). However, it does propose paying approximately $1.187 million to U.S. Foods on account of prepetition obligations in the ordinary course, based on the Debtors' assessment that U.S. Foods holds valid, potentially unavoidable liens and may also be entitled to administrative priority claims and protections under the Perishable Agricultural Commodities Act. The factual background reveals that the Debtors filed for bankruptcy on March 24, 2026, and continue operating as debtors-in-possession without a trustee or creditors' committee appointed. They owe approximately $13.18 million to Equity Bank under various loan agreements, though they challenge the perfection and avoidability of Equity Bank's liens, particularly due to recently filed UCC-1 financing statements that may be subject to avoidance as preferential transfers. In contrast, U.S. Foods appears to have a longstanding perfected security interest in inventory and related proceeds. The Debtors argue that access to cash collateral is critical to preserving the value of their estates and maximizing recoveries for creditors. Without such authority, they would be unable to meet ongoing obligations or maintain operations, leading to a loss of going-concern value. They contend that their proposed use of cash collateral, combined with adequate protection measures and budgetary controls, strikes a fair balance between operational necessity and creditor protection, and therefore request court approval of the motion and related relief. A copy of the motion is available at https://urlcurt.com/u?l=G7XyAi from PacerMonitor.com. About NRPF Group Two, LLC NRPF Group Two, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-53945) on March 24, 2026.In the petition signed by Katie S. Goodman, CRO, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. J. Robert Williamson, Esq., at Scroggins, Williamson & Ray, P.C., represents the Debtor as legal counsel. NURIEL & GRACE: U.S. Trustee Appoints Fay Gordon as PCO ------------------------------------------------------- Peter Anderson, the U.S. Trustee for Region 17, appointed Fay Gordon as state long term care ombudsman for Nuriel & Grace, Inc. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Northern District of California on March 3. Section 333 of the Bankruptcy Code provides that State Long Term Care Ombudsman Fay Gordon, as the patient care ombudsman, shall: * Monitor the quality of patient care provided to patients of the Debtors, to the extent necessary under the circumstances, including, to the extent necessary, interviewing patients, physicians, and other appropriate interested parties; * In the event that the patient care ombudsman determines that the quality of patient care provided to patients of the Debtors are declining significantly or are otherwise being materially compromised, file with the Court a motion or a written report with notice to the parties in interest immediately upon making such determination; and * As required by Section 333(b)(2), not later than 60 days after the date of appointment, and not less frequently than at 60 day intervals thereafter, report to the Court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the Debtors. As the state long-term care ombudsman has been appointed patient care ombudsman in this case, a verified statement of connections is not required. The ombudsman may be reached at: Fay Gordon 2880 Gateway Oaks Drive Suite 200 Sacramento, CA 95833 Telephone: (916) 245-1586 Email: fay.gordon@aging.ca.gov About Nuriel & Grace Inc. Nuriel & Grace, Inc. operates a residential care facility in Napa, California, providing assisted living and daily care services for elderly residents. Nuriel & Grace sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-10063) on January 31, 2026, with $912,023 in assets and $1,418,391 in liabilities. Gladys Martinez, chief executive officer, signed the petition. Judge Charles Novack oversees the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as counsel. OAK-EAGLE ACQUIRECO: Moody's Rates New $3.75BB Secured Notes 'Ba3' ------------------------------------------------------------------ Moody's Ratings assigned Ba3 ratings to Oak-Eagle AcquireCo, Inc.'s ("Oak-Eagle" or the "company," d/b/a "Electronic Arts" or "EA") proposed $3.75 billion senior secured notes due 2033 and $1.75 billion USD equivalent EUR senior secured notes due 2033, and B3 rating to the new $2.5 billion senior unsecured notes due 2034. Oak-Eagle 's B1 corporate family rating, Ba3 ratings on the senior secured first-lien bank credit facilities, and stable outlook remain unchanged. On September 29, 2025, Electronic Arts, Inc. (Baa1, ratings under review for downgrade) announced that it had entered into a definitive agreement to be taken private by a consortium led by the Public Investment Fund (PIF; Aa3, stable), the sovereign wealth fund of Saudi Arabia, along with Silver Lake and Affinity Partners (collectively, the "Consortium") in an all-cash transaction valued at roughly $55 billion. Net proceeds from the proposed notes issuance plus the recently-launched bank credit facilities and cash balances will be used to help finance the LBO, refinance EA's existing debt and add cash to the opening balance sheet. Upon transaction closing, which is expected during EA's first fiscal quarter, to the extent that Electronic Arts, Inc.'s existing notes are fully extinguished (or if the notes or any residual amounts are defeased), Moody's expects to withdraw the ratings. The assigned ratings are subject to review of final documentation and no material changes in the size, terms and conditions of the debt transactions as advised to us. RATINGS RATIONALE EA's B1 CFR is supported by the company's strong brand equity and position as one of the world's leading video game publishers in the fast-growing but highly fragmented $220+ billion global video game market (excludes sales associated with consoles and adjacencies), strong community of dedicated and loyal players and historically robust profitability. The durable business model is characterized by a portfolio of leading video game titles and popular franchises that have strong user engagement and good monetization characteristics with relatively predictable cash flow generation, high profitability, and relatively good EBITDA margins in the 25%-30% range (as calculated by us). With $7.5 billion in revenue expected in FY 2026, EA is the world's largest pure-play independent video game publisher and category leader in scaled sports titles holding exclusive licensing agreements with major leagues, teams, and players, providing a significant competitive advantage. The CFR also recognizes the strategic importance that PIF's sizeable equity investment in EA will play in supporting the Kingdom of Saudi Arabia's ambition of becoming a global leader in gaming and esports and providing a foundation for the nation's broader economic development goals. At the same time, the B1 CFR reflects EA's revenue and product concentration exposure given that it derives a significant portion of sales from only a few games in EA Sports' franchises, particularly Madden NFL, EA Sports FC and College Football, which Moody's estimates collectively represent around 58% of net bookings and 70% of pre-overhead operating income. Other factors that weigh on the CFR include: (i) EA's companywide net bookings growth underperformance of around 5% CAGR in recent years relative to the industry's annual growth in the range of 7%-12%, according to Moody's analysis (owing to sub-par performance in some of EA's non-sports titles); (ii) increasing competition in the video game industry; (iii) margin pressures from historically rising R&D expense; (iv) platform and customer concentration; (v) reliance on licensed IP; and (vi) the high interest expense burden, which could magnify periods of seasonally weak or negative cash flows. The CFR also considers the company's controlled ownership by PIF, the world's fourth largest sovereign wealth fund, and EA's elevated leverage. The LBO transaction will result in a twelve-fold increase in EA's gross debt to $18 billion from $1.5 billion currently. Moody's estimates pro forma financial leverage, as measured by total debt to EBITDA, will be around 8x based on Moody's forecasts for the company's FYE March 31, 2026 financial statements at closing. Calculating total debt to cash EBITDA (includes change in deferred net revenue), Moody's estimates leverage at closing will be roughly 7x (all leverage metrics are Moody's adjusted). While leverage is significantly higher than most B1-rated media issuers, leverage reduction is highly likely because Moody's expects EA will be free cash flow (FCF) positive on an annual basis. Moody's believes the company is committed to deleveraging by using excess cash flow to repay debt beyond the mandatory amortization, but the pace of deleveraging will depend on a number of factors including: continuing sponsor commitment to reduce leverage, successful execution of the optimization and growth strategies in support of EA's goal to expand margins via normalizing R&D, reducing operating costs ($400 million in synergies expected), and executing on new higher margin revenue growth levers (such as in-game advertising) to improve EBITDA, particularly in the face of increasing competition. The willingness to voluntarily repay debt in the absence of a mandatory excess cash flow sweep will depend on EA's capital allocation strategy and financial policies post-closing. The stable outlook reflects Moody's expectations that EA's leverage will decrease to the 5x area by FY 2029, but not on a steady path. In FY 2027, Moody's projects total debt to cash EBITDA will rise to 8x and free cash flow (FCF) will be materially weaker, impacted by the sizable interest expense burden, but also chiefly due to the November 2026 launch of Take-Two Interactive Software, Inc.'s (Baa2, stable) GTA VI. This highlights that bookings and revenue growth are somewhat cyclical, influenced by timely execution of EA's key game releases and potential adverse impact from a crowded release window for popular competing games. While Moody's expects EA's bookings and FCF will rebound in FY 2028-29 as a result of new titles that the company plans to premier, Moody's projects revenue growth will be in the mid-to-high single digit percentage range due to growing competition from rival game launches during this timeframe that could lure gamers away from EA's titles for extended periods. Oak-Eagle AcquireCo, Inc. ("Oak-Eagle") will be the borrower and benefit from upstream guarantees from Electronic Arts Inc. and its US subsidiaries. The senior secured debt instruments are rated Ba3 given their secured first-priority claim on material owned property and assets ahead of the pending unsecured borrowings, which are rated B3 and will have a junior position in the debt capital structure and absence of collateral. Marketing terms for the new bank credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $3.4 billion and 100% of LTM EBITDA, plus available capacity from the general debt and general lien baskets, plus unlimited amounts subject to the greater of 4.60x First Lien Leverage Ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of approximately $1.7 billion and 50% of LTM EBITDA, plus any incremental term facilities incurred in connection with an investment or acquisition. The credit agreement is expected to include "Chewy", "J. Crew" and "Serta" provisions. Amounts up to 100% of unused capacity from the builder basket and the restricted payments, restricted debt payments and restricted investments covenants may be reallocated to incur debt. Available capacity from the builder basket and the restricted payments covenant may be used to fund any sponsor's pre-existing put right if the company maintains a minimum public corporate credit/family rating level, and subject to certain conditions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While unlikely over the near-term, ratings could be upgraded if EA: (i) demonstrates improvement in companywide net bookings growth that is comparable to the global video game industry's growth rate on a consistent basis; (ii) improves the quality, competitiveness and performance of new title releases across a greater number of franchises by embracing innovative game development to address shifting demands in the gamer community as measured by increased player engagement; (iii) improves R&D efficiency; and (iv) realizes planned cost savings, enhanced EBITDA margins, and consistent operating performance. Quantitatively, upward ratings pressures could occur if Moody's expects total debt to EBITDA will be sustained comfortably below 4x, while maintaining strong cash balances, at least good liquidity, and FCF to total debt sustained above 15% (all metrics are Moody's adjusted). Ratings could be downgraded if: (i) EA experiences competitive pressures, delayed game releases or underperformance of new titles that cause sustained operational setbacks, as measured by a meaningful deceleration in net bookings growth, a decline in net bookings and/or organic revenue, or a sustained decline in user engagement levels; or (ii) there is loss of major licensed IP or significant increases in licensing fees that collectively result in compressed EBITDA margins and lower profitability and cash flow generation. Ratings could also be downgraded if the strategic importance of EA weakens in the view of its sponsors. Additionally, a downgrade could occur if Moody's expects more aggressive financial policies (e.g., debt-financed distributions or M&A) or a deterioration in liquidity. Quantitatively, downward ratings pressure could transpire if EA does not experience steady deleveraging progress on each anniversary after transaction closing, such that total debt to EBITDA will be sustained above 5x beyond FY 2029 or FCF to total debt will be sustained below 10% (all metrics are Moody's adjusted). Oak-Eagle AcquireCo, Inc. will be the parent company of Electronic Arts Inc., a leading global digital interactive entertainment company. EA develops, markets, publishes, and delivers games, content, and online services on consoles, PCs, mobile phones, and tablets. Net revenue at LTM December 31, 2025 was around $7.3 billion. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Oak-Eagle's B1 CFR is two notches below the scorecard-indicated outcome of Ba2. The difference is due to the company's elevated pro forma financial leverage resulting from the LBO. OFFICE PROPERTIES: FY2025 Loss Increases Amid Chapter 11 Proceeding ------------------------------------------------------------------- Office Properties Income (OPI) Trust delivered to certain of its debtholders the Company's audited consolidated financial statements as of and for the year ended December 31, 2025 to comply with covenants set forth in the Company's debt agreements. For the fiscal year ended December 31, 2025, the Company reported a net loss of $272.3 million, compared to a net loss of $136.1 million for the year fiscal year ended December 31, 2024. The Company's rental income for the year ended December 31, 2025, was $442.5 million, compared to a rental income of $502 million for the same period in 2024. Boston, Massachusetts-based Deloitte & Touche LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 10, 2026, citing that the Company has insufficient liquidity to satisfy its obligations as they come due, limited alternatives available to it to obtain debt or equity financing, an inability to refinance its maturing debt, and has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code, which raises substantial doubt about its ability to continue as a going concern. OPI's ability to continue as a going concern is contingent upon, among other things, its ability to, subject to the approval by the Bankruptcy Court, implement a plan of reorganization, emerge from the Chapter 11 proceedings and generate sufficient liquidity following the reorganization to meet its obligations, restructured debt obligations and operating needs. In connection with the filing of the Chapter 11 Cases, OPI entered into a Restructuring Support Agreement, or the RSA, with certain holders of OPI's 9.00% senior secured notes due September 2029, or the September 2029 Notes, to implement a court-supervised financial restructuring pursuant to the transactions contemplated in the RSA. OPI continue to operate its businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors in possession, the Company is authorized to pay all debts and honor all obligations arising in the ordinary course of our business after the Petition Date. However, generally, it may not pay third-party claims or creditors on account of obligations arising before the Petition Date or engage in transactions outside the ordinary course of business without prior approval of the Bankruptcy Court. While the commencement of these proceedings constituted an event of default under certain of our debt agreements, enforcement of any remedies in respect of which is automatically stayed as a result of the Chapter 11 proceedings. There are a number of risks and uncertainties associated with the bankruptcy proceedings, including, among others, that the Company's prearranged plan of reorganization may not be confirmed or become effective, that the RSA may be terminated by one or more of the parties thereto or that the Bankruptcy Court may grant or deny motions in a manner adverse to the Company. The RSA contemplates a comprehensive restructuring, or the Restructuring Transactions, of our debt obligations and capital structure. Among other things, the Restructuring Transactions generally contemplate, among other things, the following transactions and creditor treatment to be implemented in a plan of reorganization, or the Plan: * The September 2029 Notes will convert their debt into reorganized common equity valued at $98,000 and secured exit notes in the amount of $420,000; * OPI's 3.25% Senior Secured Notes due December 2027, or the December 2027 Senior Secured Notes, will receive certain or all of their collateral properties, cash, or takeback debt in full satisfaction of their claim; * OPI's 8.00% priority guaranteed notes due 2030 and any unsecured deficiency claims of the December 2027 Senior Secured Notes will receive reorganized common equity after accounting for such equity: (a) issued in the Equity Rights Offerings and (b) in satisfaction of certain other claims; * OPI's secured credit facility will receive either payment in full in cash or otherwise be unimpaired; * OPI's 9.00% Senior Secured Notes due March 2029 shall receive either payment in full or otherwise be unimpaired; * Any claims under our Mortgage Notes shall receive either payment in full in cash or otherwise be unimpaired; * OPI's debtor-in-possession financing facility will receive certain proceeds of the Equity Rights Offerings and reorganized common equity at a 37% discount to the chapter 11 plan equity value; and * OPI's other series of unsecured notes and certain unsecured deficiency claims will receive: (a) any remaining reorganized common equity after accounting for equity: (i) issued in two proposed equity rights offerings, or the Equity Rights Offerings, and (ii) in satisfaction of certain other claims and (b) subscription rights to purchase reorganized common equity in certain Equity Rights Offerings. The RSA also contemplates a new business management agreement and a new property management agreement with The RMR Group LLC, or RMR, which agreements would take effect upon effectiveness of the Plan. The initial term of the new management agreements is five years, with the annual fee under the business management agreement set at $14 million per year for the first two years and the fees under the property management agreement consistent with the fees under the existing property management agreement. In addition to the management fees, the RSA contemplates that OPI will implement a management incentive plan and, pursuant thereto, it will issue to RMR, on the effective date of any chapter 11 plan, at least 2% and as much as 8% of reorganized common equity, based on the satisfaction of certain financial tests. OPI's current management agreements with RMR will remain in effect during the pendency of the Chapter 11 Cases, and RMR will continue to manage our business in the ordinary course. The RSA includes certain milestones, or the Milestones, for the progress of the Chapter 11 Cases, which include entry of an order by the Bankruptcy Court confirming the Plan no later than April 24, 2026 and the occurrence of the effective date of the Plan no later than May 4, 2026. The Required Consenting holders of the September 2029 Senior Secured Notes may further extend or waive the Milestones pursuant to the terms of the RSA. The transactions contemplated by the RSA are subject to approval by the Bankruptcy Court, among other conditions. Accordingly, no assurance can be given that the transactions will be consummated. As a result, management's plans at this stage do not alleviate substantial doubt about OPI's ability to continue as a going concern. As of December 31, 2025, the Company has $3.5 billion in total assets, $2.6 billion in total liabilities, and $881 million in total shareholders' equity. A copy of the audited consolidated financial statements is available at https://tinyurl.com/3vxddw9p About Office Properties Income Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. OLIVER FORREST: To Sell Decatur Property to Wallace Capital Group ----------------------------------------------------------------- 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's Property that is up for sale is located at 2566 Whites Mill Road, Decatur, GA 30034. The Debtor wants to sell the Property to Wallace Capital Group LLC for $6,000,000. The lienholders of the Property are Churchill MRA Funding I LLC and the Dekalb County Tax Commissioner. The Property is a 99-unit apartment complex which currently has just 11 tenants and requires further capital investment into improvements before it more units can be leased out to tenants. The Debtor's principals have years of experience in the multifamily industry in the Atlanta area and have relationships with numerous parties that purchase and rehab distressed properties. The Property is generating minimal revenue and requires further capital investment. The sale of the Property will maximize the value of the estate for the benefit of creditors. The Debtor claims that the sale of the Property to Wallace Capital Group LLC for $6,000,000 satisfies the requirements of the Section 363 because the purchase price exceeds the aggregate value of all liens on the Property. 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. OLLE FOODS: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On March 12, 2026, Olle Foods LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Olle Foods LLC Olle Foods LLC is a limited liability company. Olle Foods LLC is a California-based food business engaged in the production and/or distribution of food products, serving customers within the broader food and beverage industry. Olle Foods LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12366) on March 12, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Juanita V. Miller, Esq. of Law Offices of Juanita V. Miller. OMNI HEALTH: Gets Extension to Access Cash Collateral ----------------------------------------------------- Omni Health Services, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget until the next hearing scheduled for May 20. The Debtor said it needs to use the cash collateral of secured creditors to fund operations, payroll, and other expenses. As adequate protection, Berkshire Bank and other secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, the Debtor was directed to continue its regular debt service payments to Berkshire Bank on account of its loans. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/itzvy from PacerMonitor.com. Omni Health Services holds cash and certain accounts receivable constituting cash collateral, which is subject to claims from several pre-bankruptcy secured creditors, including Berkshire Bank, the U.S. Small Business Administration, Graybar Financial Services, IOU Central, Inc., Global Merchant Cash, Inc., and Likety Capital, LLC. The Debtor, a provider of clinic-based outpatient mental health services for children and adults, has faced financial difficulties due to declining in-person patient visits, staffing shortages, and increased competition from telehealth services, prompting it to close 10 unprofitable locations and consolidate operations in an effort to reorganize successfully. About Omni Health Services Inc. Omni Health Services, Inc. is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on November 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. ORLANDO CITY PLUMBING: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a second preliminary order approving Orlando City Plumbing, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including U.S. Trustee fees and necessary operating expenses outlined in the budget. The Debtor is allowed a 10% variance per budget line item, and may request additional funds with creditor approval, which must not be unreasonably withheld and must be given within 48 hours. The Debtor projects total operational expenses of $135,811 for the period from January to March. As adequate protection, CHTD Company, a senior secured creditor, and potential secured creditors will be granted replacement liens on post-petition collateral, maintaining the same validity, priority, and extent as their pre-petition liens. In addition, the Debtor is required to maintain proper insurance coverage in accordance with loan and security agreements and must comply with all obligations of a debtor-in-possession under the Bankruptcy Code and court orders. The order is issued without prejudice, preserving the rights of all parties, including the ability to seek changes to adequate protection or challenge lien validity. A continued hearing is scheduled for April 7. About Orlando City Plumbing LLC Orlando City Plumbing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00248) on January 15, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lori V. Vaughan presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. OUACHITA COUNTY MEDICAL: Hires Keech Law Firm PA as Attorney ------------------------------------------------------------ Ouachita County Medical Center seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Keech Law Firm, PA as attorneys. The firm's services include: (a) represent the Debtor with regard to the filing of Chapter 11 petitions, schedules, and in the prosecution of its Chapter 11 case with respect to its powers and duties; and (b) perform all legal services for the Debtor which may be necessary in connection with its Chapter 11 case. The firm will be paid at these rates: Kevin P. Keech $400 per hour Paralegals $175 per hour Legal Assistants $125 per hour The firm received a retainer in the amount of $25,000. Mr. Keech disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin P. Keech, Esq. Keech Law Firm, PA 2011 S. Broadway Little Rock, AR 72201 Telephone: (501) 221-3200 Facsimile: (501) 221-3201 About Ouachita County Medical Center Ouachita County Medical Center is a rural acute care hospital based in Camden, Arkansas. The medical center provides emergency care, general patient services, and select specialty programs, serving as a primary health care resource for Ouachita County residents and underserved communities nearby. Ouachita County Medical Center filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70418) on March 9, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Judge Richard D Taylor presides over the case. Kevin P. Keech, Esq. at Keech Law Firm, P.A. serves as the Debtor's counsel. OWH INTERNATIONAL: Commences Chapter 7 Bankruptcy in California --------------------------------------------------------------- On March 23, 2026, Owh International, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on April 30, 2026 at 08:00 AM via Zoom - Rund: Meeting ID 377 810 4184, Passcode 9476458731, Phone 1 213 592 2312. About Owh International, Inc. Owh International, Inc. is a business entity engaged in international trade and distribution, providing products and services across global markets. The company operates in import-export activities, facilitating cross-border commerce. Owh International, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12721) on March 23, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Christopher J. Langley, Esq. of Shioda Langley & Chang LLP. P1 DENTAL: TPG Twin Brook Marks $5.1MM 1L Loan at 52% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,102,000 loan extended to P1 DENTAL MSO, LLC to market at $2,471,000 or 48% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to P1 DENTAL MSO, LLC. The 1L Loan accrues interest at a rate of S + 5.00 % 8.67 % per annum. The 1L Loan matures on Jan. 31, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About P1 Dental MSO, LLC P1 Dental MSO, LLC is a dental partnership organization launched in late 2020, backed by Prairie Capital, that provides business support services to dental practices. PACRIM LINKS: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On March 20, 2026, Pacrim Links Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Pacrim Links Inc. Pacrim Links Inc. is a California-based company engaged in providing business support and operational services. The company focuses on facilitating commercial activities and delivering solutions tailored to its clients’ operational needs. Pacrim Links Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12688) on March 20, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by David H. Chung of Renovo Law Group APC. PALMETTO TECHNOLOGY: TPG Twin Brook Marks $11.3M 1L Loan at 40% Off ------------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $11,314,000 loan extended to Palmetto Technology Group, LLC to market at $6,790,000 or 60% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Palmetto Technology Group, LLC. The 1L Loan accrues interest at a rate of S + 5.00% / 8.72% per annum. The 1L Loan matures on Jan. 3, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Palmetto Technology Group, LLC Palmetto Technology Group, LLC provides information technology services. The Company offers IT infrastructure, cloud and storage, and cybersecurity training services. PAPPAS PIPING: Has Deal on Cash Collateral Access ------------------------------------------------- Papas Piping Service, Inc., and Live Oak Banking Company advise the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor filed for Chapter 11 on January 6, 2026, and simultaneously filed a motion to use cash collateral while ensuring that Live Oak, its secured creditor, was adequately protected. An interim order was granted on January 12, 2026, and Live Oak filed a limited objection on January 21, to which the Debtor replied on January 27. On February 3, 2026, the court granted final approval for the use of cash collateral through April 5, 2026, and set a Chapter 11 plan confirmation hearing for October 13, 2026. The parties agreed that the Debtor may use cash collateral according to a budget through the confirmation date, must make monthly adequate protection payments of $49,4890, and grant Live Oak post-petition liens on all assets to secure the use of cash collateral. The agreement preserves Live Oak’s rights regarding its loan and does not affect administrative fee approvals, and it may be executed in multiple counterparts with electronic signatures. A copy of the motion is available at https://urlcurt.com/u?l=dtYzlp from PacerMonitor.com. About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. Judge Mark D. Houle oversees the case. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PARKER & SONS: Hires Moon Wright & Houston as Bankruptcy Counsel ---------------------------------------------------------------- Parker & Sons Grading Co. Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ the law firm of Moon Wright & Houston, PLLC as bankruptcy counsel. The firm's services include: a. providing legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business affairs and management of its properties; b. negotiating, preparing, and pursuing confirmation of a Chapter 11 plan and approval of a disclosure statement (if applicable), and all related reorganization agreements and/or documents; c. preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Debtor; d. representing the Debtor in litigation arising from or relating to the bankruptcy estate; e. appearing in court to protect the interests of the Debtor; and f. performing all other legal services for the Debtor that may be necessary and proper in the Chapter 11 proceeding. The firm's rates are: Richard S. Wright $575 per hour Andrew T. Houston $550 per hour Caleb Brown $375 per hour Shannon L. Myers (Paralegal) $185 per hour Jaime Schaedler (Assistant) $150 per hour Moon Wright & Houston, PLLC and its employees are "disinterested persons" as that phrase is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 About Parker & Sons Grading Co. Inc. Parker & Sons Grading Co. Inc. is a construction services company that specializes in land grading, excavation, and site preparation for residential, commercial, and infrastructure projects. Parker & Sons Grading Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40062) on February 26, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. PATRIOT DSP: Seeks to Tap The Lane Law Firm as General Counsel -------------------------------------------------------------- Patriot DSP LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Lane Law Firm, PLLC as counsel. The firm will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Matthew Bourda, Senior Attorney $625 Zach Casas, Senior Attorney $600 Kyle Garza, Senior Attorney $550 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments as retainer from Debtor totaling $35,000 for financial advice and its representation. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Patriot DSP LLC Patriot DSP LLC, based in North Richland Hills, Texas, is an independent last-mile logistics operator delivering parcels and freight for Amazon as a Delivery Service Partner under FMCSA authority. Patriot DSP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41165) on Mar. 16, 2026. In the petition signed by Blake Vaughn, owner, the Debtor disclosed $245,839 in total assets and $2,346,648 in total liabilities. Judge Mark X. Mullin oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel. PENINSULA MMGY: TPG Twin Brook Virtually Writes Off $3.6M 1L Loan ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $3,691,000 loan extended to Peninsula MMGY Corporation to market at $254,000 or 7% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Peninsula MMGY Corporation. The 1L Loan accrues interest at a rate of S + 5.50% 9.19% per annum. The 1L Loan matures on April 26, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Peninsula MMGY Corporation Peninsula MMGY Corporation is a Detroit-based private equity firm that provided investment backing to MMGY Global, a leading integrated travel marketing agency, from 2016 to 2023. PETER DAMON: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia issued a final order authorizing Peter Damon Group, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral for ordinary and necessary operating expenses in accordance with an approved monthly budget. As adequate protection, the Debtor must make monthly payments of $1,500 to Southern Bancorp. Additionally, Southern Bancorp will be granted a replacement lien on post-petition cash collateral, maintaining the same priority and validity as its pre-petition liens, to the extent of any decline in collateral value. The order also preserves the rights of all parties. The Debtor and creditors may still challenge the validity, priority, or extent of liens in the future, and any such disputes will be subject to further rulings by the court. As of Feb. 11, Peter Damon Group holds cash in the amount of $3,200 and has accounts receivable with a collectible value of $93,755.39. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/v09ub from PacerMonitor.com. About Peter Damon Group, LLC Peter Damon Group, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 26-10221) on January 29, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Jonathan Baird Vivona, Esq., at Vivona Pandurangi, PLC represents the Debtor as legal counsel. PHASE TO PHASE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Phase to Phase, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtor identifies several secured lenders—primarily merchant cash advance providers and similar financing entities—who assert security interests in substantially all of the debtor’s assets, including accounts, inventory, and equipment, based on filed UCC-1 financing statements. However, the Debtor notes some uncertainty regarding the exact allocation of these filings among lenders and expressly reserves the right to challenge the validity, priority, or enforceability of any asserted liens. The Debtor emphasizes that access to cash collateral is critical for the Debtor's ongoing operations, as the business relies on consistent receivables and cash flow to meet essential expenses such as payroll, vendor payments, materials, and general working capital needs. Without authorization to use this cash, the Debtor warns that operations would be severely disrupted, resulting in immediate and irreparable harm to the estate, loss of going-concern value, and diminished prospects for a successful reorganization. To support its request, the Debtor has prepared a five-week operating budget outlining anticipated income and necessary expenditures, asserting that receivables will remain stable and provide a continuing source of value. The Debtor proposes to provide adequate protection to secured lenders by granting replacement liens on post-petition assets and cash collateral, intended to preserve the lenders' existing lien positions without enhancing them. The Debtor also argues that continued business operations themselves provide additional protection by maintaining the value of the estate. A copy of the motion is available at https://urlcurt.com/u?l=xg9cJm from PacerMonitor.com. About Phase To Phase, LLC Phase To Phase, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40955) on March 23, 2026. In the petition signed by Jonathan Andrew Bridgers, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. PIG FLOYD'S: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- EmilyAnn Jackman of PennLive reports that Pig Floyd's Smokehouse LLC has filed for Chapter 11 bankruptcy in the Middle District of Florida, marking a significant development for the Orlando-area barbecue brand. The voluntary filing was made on March 13, 2026, according to court records. In a public statement, owner Thomas Ward said the company is transitioning its Lee Road location in Winter Park to a new operator, who will replace it with a new concept. Ward added that supporting employees has been a central focus throughout the process. Workers at the affected location were offered the chance to apply for roles at the company's Mills Avenue restaurants, including Pig Floyd's and Pigzza, and some have already secured new positions. The impact of the bankruptcy case on the location's transition remains uncertain, PennLive reports. The filing comes as broader pressures weigh on the restaurant industry. PB Restaurants LLC, which has connections to Pig Floyd's, has also sought Chapter 11 protection, while analysts cite declining traffic, high costs, and heavy debt burdens as factors likely to push more operators into bankruptcy. About Pig Floyd's Smokehouse LLC Pig Floyd's Smokehouse L.L.C. is a restaurant company based in Orlando, Florida. The company prepares and sells barbecue dishes and smoked meats with international flavor influences, offering menu items such as tacos, sandwiches, and pit-smoked meats. Founded in 2013, the business operates in the food service industry serving customers in the Orlando area. Pig Floyd's Smokehouse L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01774) on March 13, 2026. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Justin M. Luna, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP. PIGZZA LLC: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Pigzza LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtor explains that its primary lender, One Florida Bank, may hold a first-priority security interest in substantially all of the Debtor's assets, including its cash and accounts, based on prepetition financing of approximately $1.07 million. However, the Debtor notes that the validity and extent of these liens—and any claims by other potential creditors with inferior interests, such as merchant cash advance entities—remain subject to dispute. The total value of the collateral is relatively modest (approximately $40,000 to $50,000, including about $15,000 in cash), making continued access to operating funds critical. The Debtor emphasizes the urgent need for immediate relief, arguing that without authorization to use cash collateral, it will be unable to pay essential expenses such as payroll, vendors, and overhead, which would likely force it to cease operations and destroy the value of the estate. To prevent this outcome and preserve going-concern value, Pigzza proposes to use cash collateral in accordance with a short-term budget covering approximately four weeks of operations. The Debtor asserts that this use is necessary to maintain revenue generation and maximize recovery for creditors, and therefore warrants expedited consideration, with a requested hearing date of March 19, 2026, just days after the motion was filed. As a safeguard for secured creditors, the Debtor proposes to provide adequate protection by granting replacement liens on post-petition cash collateral, maintaining the same priority, extent, and validity as any prepetition liens, to the extent of any diminution in value. The Debtor also argues that its projected positive cash flow during the interim period further protects creditors' interests. A copy of the motion is available at https://urlcurt.com/u?l=AN27Rx from PacerMonitor.com. About Pigzza LLC Pigzza LLC operates a restaurant in Orlando, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-017731) on March 13, 2026. In the petition signed by Thomas H. Ward, sole managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. PIGZZA LLC: L. Todd Budgen Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Pigzza, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Pigzza LLC Pigzza LLC operates a restaurant in Orlando, Florida, serving pizza, pasta, and other Italian-inspired dishes along with cocktails. Founded in 2020, the company provides dine-in food and beverage services to customers in the Orlando market. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01773) on March 13, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Thomas H. Ward, sole managing member, signed the petition. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. PINK LILY: TPG Twin Brook Marks $1.4M 1L Loan at 79% Off -------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,404,000 loan extended to Pink Lily Holdings, LLC to market at $290,000 or 21% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Pink Lily Holdings, LLC. The 1L Loan accrues interest at a rate of S + 7.00% PIK 10.99% per annum. The 1L Loan matures on Nov. 16, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Pink Lily Holdings, LLC Pink Lily Holdings, LLC is one of the fastest growing online boutiques in the country. PITTS FUNERAL HOME: Seeks Cash Collateral Access ------------------------------------------------ Pitts Funeral Home & Cremation Services, Inc. asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral and provide adequate protection. The requested cash collateral consists of funds held in a bank account at PNC Bank, which are subject to security interests held primarily by Bridgeway Capital, Inc., and potentially also PNC Bank. The underlying secured debt is tied to a mortgage on the Debtor's business property located in Aliquippa, Pennsylvania, with an outstanding loan balance of approximately $165,000. The Debtor explains that access to this cash collateral is essential for its ongoing operations, particularly to cover payroll and purchase necessary inventory and supplies. Without the ability to use these funds, the business would be unable to function and could be forced to cease operations. The Debtor emphasizes that it has no alternative funding sources, making immediate use of the cash collateral critical to preserving the business and maintaining its value as a going concern. To address the interests of the secured creditor, Bridgeway Capital, the Debtor proposes to provide adequate protection by maintaining the creditor's existing security interest in the business property. The Debtor asserts that the property is worth at least $250,000, which exceeds the loan balance by approximately $85,000, thereby providing a significant equity cushion that protects the creditor against any potential diminution in value resulting from the use of cash collateral. This equity cushion is presented as sufficient assurance that the creditor's secured position will not be impaired. The Debtor also requests a preliminary hearing to authorize interim use of cash collateral pending a final hearing. It provides recent bank account balances from November 2025 through February 2026 to illustrate its cash flow and operational needs, indicating fluctuating but relatively modest account balances. During the interim period, the Debtor seeks authority to use funds as necessary to meet ongoing obligations as they arise, while continuing to provide the proposed protection to the secured creditor. A copy of the motion is available at https://urlcurt.com/u?l=D3FQgg from PacerMonitor.com. About Pitts Funeral Home & Cremation Service, LLC Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211 CMB) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. Rodney D. Shepherd, Esquire serves as the Debtor's legal counsel. PITTS FUNERAL: Court Okays Appointment of Chapter 11 Trustee ------------------------------------------------------------ Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the appointment of William Krieger as Chapter 11 trustee for Pitts Funeral Home & Cremation Service, LLC. The appointment comes upon the application filed by Andrew Vara, the U.S. Trustee for Regions 3 and 9, to appoint a bankruptcy trustee in Pitts Funeral Home's Chapter 11 case. Pursuant to Section 1104(d) of the Bankruptcy Code, the U.S, Trustee contacted the following parties in interest to consult regarding the appointment of a Chapter 11 Trustee: * Rodney D. Shepherd, Counsel to the Debtor; * Justin M. Tuskan, Counsel to Huntington National Bank; and * J. Michael McCague, Counsel to Bridgeway Capital, Inc. Mr. Krieger has no connections with the Debtor, creditors, and other parties in interest, their respective attorneys and accountants, the Office of the U.S. Trustee and its employees as set forth in his verified statement. A copy of the appointment order is available for free at https://urlcurt.com/u?l=rE2Onef from PacerMonitor.com. About Pitts Funeral Home & Cremation Service Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. Rodney D. Shepherd, Esquire serves as the Debtor's legal counsel. POLYCORP LTD: TPG Twin Brook Marks $14.8M 1L Loan at 45% Off ------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $14,839,000 loan extended to Polycorp Ltd. to market at $8,132,000 or 55% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured delayed draw term loan extended to Polycorp Ltd. The 1L Loan accrues interest at a rate of S + 4.75 % 8.47 % per annum. The 1L Loan matures on Jan. 24, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Polycorp Ltd. Polycorp Ltd is a manufacturing company focused on polymer-based or engineered materials products. PORTLAND DUCK: Court OKs Continued Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine issued a third final order granting Portland Duck, LLC authority to use cash collateral and obtain debtor-in-possession financing. Under the third final order, the Debtor is authorized to use cash collateral including proceeds of the DIP loan strictly in accordance with an approved budget, with flexibility up to 110% of total projected expenses. The order is immediately effective and remains in place unless modified by the court, ensuring uninterrupted funding during the restructuring process. The budget shows total operational expenses of $6,760 for the week ending March 6; $1,387 for the week ending March 13; $1,790 for the week ending March 20; $750 for the week ending March 27; $1,750 for the week ending April 3; and $1,387 for the week ending April 10. The Debtor is also authorized to borrow on a final basis from the DIP lender up to the amounts set forth in the applicable weeks in the budget constituting the final cash collateral period (from the petition date through the end of the effectiveness of the order). Subject to the carveout, all DIP obligations incurred under the order will be treated as an allowed superpriority administrative expense claim. Existing lenders will be provided with adequate protection through replacement liens and continuing liens on post-petition assets and proceeds, maintaining the same priority structure as before bankruptcy (subject to DIP liens and carveouts). Additionally, a limited carveout is established to allow payment of professional fees and trustee expenses. If the Debtor seeks authority to continue using cash collateral or to borrow additional amounts under the DIP loan after April 9, then the Debtor must file a continued proposed final order and continued budget by April 2. A continued final hearing is scheduled for April 9. Objections are due by April 7. About Portland Duck LLC Portland Duck, LLC is a Maine-based company operating duck boat tours under the Quack N' Cruise brand in Portland, Maine, and New Orleans, Louisiana. The Debtor filed Chapter 11 bankruptcy petition (Bankr. D. Maine Case No. 25-10205) on October 24, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Michael A. Fagone oversees the case. The Debtor tapped Bernstein, Shur, Sawyer & Nelson, P.A. as bankruptcy counsel. POWER CLEAN: Gina Klump Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Power Clean Enterprises, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Power Clean Enterprises Inc. Power Clean Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-21299) on March 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher D. Jaime presides over the case. Arasto Farsad, Esq., represents the Debtor as legal counsel. PRECISION POINT: TPG Twin Brook Marks $7.2MM 1L Loan at 43% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $7,250,000 loan extended to Precision Point Metrics, Inc to market at $4,122,000 or 57% of the outstanding amount, according to Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Precision Point Metrics, Inc. The 1L Loan accrues interest at a rate of S + 4.75 % 8.47 % per annum. The 1L Loan matures on July 1, 2031. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Precision Point Metrics, Inc. Precision Point Metrics, Inc. provides scale and measurement solutions. The Company offers distribution, installation, calibration, preventative maintenance, and repair services. Precision Point Metrics serves industrial and commercial sectors in North America. PREHIRED LLC: Trustee Can't Be Sued Outside of Bankruptcy Court --------------------------------------------------------------- Judge Maryellen Noreika of the U.S. District Court for the District of Delaware will affirm the orders denying Joshua Jordan's motions for leave to pursue claims against Don A. Beskrone, the Chapter 7 trustee for the estates of Prehired, LLC, Prehired Accelerator, LLC, and and Prehired Recruiting, LLC, and his counsel outside of the Bankruptcy Court. The appeal is styled JOSHUA JORDAN, Appellant, v. DON A. BESKRONE, In His Capacity As Chapter 7 Trustee, Appellee, Adv. Proc. No. 24-50178 (TMH) (D. Del.). This appeal arises in the bankruptcy cases of Prehired, LLC, Prehired Accelerator, LLC, and Prehired Recruiting, LLC, following their conversion to cases under chapter 7 and the appointment of Chapter 7 Trustee Don A. Beskrone. Pro se appellant, Joshua Jordan, the Debtors' former CEO, has admitted to withdrawing $74,000 of funds from accounts belonging to the Debtors' estates without the Trustee's permission. Following two letters from the Trustee demanding that the funds be returned, Appellant filed, inter alia, a suit in the District Court against the Trustee and his counsel, Ricardo Palacio, in their personal capacities, later adding their law firm, Ashby & Geddes, P.A., as a defendant. The District Court Action alleges all manner of harm to Appellant and his child caused by the Trustee's demand that Appellant return the money he took. Appellant filed the District Court Action without leave from the Bankruptcy Court as required by the Barton doctrine. Appellant eventually filed two motions for such permission, albeit in a separate adversary proceeding, Jordan v. Beskrone, Adv. Pro. No. 24-50178 (TMH), and after the District Court Action had already been initiated. Appellant filed a Second Amended Complaint in the District Court Action, which asserts 12 claims ranging from breach of the Trustee's duties to civil conspiracy to abuse of process. The motions for leave were denied by the Bankruptcy Court by orders issued May 30, 2025 ("the Orders Denying Leave"), for the reasons set forth in the Bankruptcy Court's thorough accompanying opinion, Jordan v. Beskrone, et al. (In re Prehired, LLC), 2025 WL 1549911 (Bankr. D. Del. May 30, 2025) ("the Opinion"). Appellant's appeal of the Orders Denying Leave is now before the Court. Although Appellant has since voluntarily dismissed the District Court Action, Appellant's separate appeal of the Bankruptcy Court's order dismissing the Adversary Proceeding remains. Appellant's primary arguments on appeal are predicated on his assertion that the Bankruptcy Court somehow lacked authority to adjudicate his Motions for Leave. According to the District Court, as Defendants correctly explain, that argument ignores the gatekeeping function the Bankruptcy Court must undertake to protect its jurisdiction and the integrity of bankruptcy proceedings. Established well over a century ago in a receivership case, the Barton doctrine provides that before suit is brought against a receiver, leave of the court by which he was appointed must be obtained. This requirement is necessary to ensure a consistent and equitable administration of the receivership property. Thus, requiring a party with claims against a receiver to obtain permission from the appointing court would prevent the usurpation of the powers and duties which belong exclusively to the appointing court. Appellant was required to seek leave of the Bankruptcy Court to commence an action against the Defendants in the District Court. To obtain such leave, Appellant was required to make a prima facie case against the Defendants to the Bankruptcy Court, and show that his claim is not without foundation. Appellant failed to meet his burden. The District Court concludes the Bankruptcy Court correctly applied the Barton doctrine, screened the SAC, and found that the Defendants' actions were paradigmatic examples of conduct protected under the Barton Doctrine. Because Appellant's pleading lacked foundation, the Bankruptcy Court properly declined to grant leave, the District Court concludes. Appellant argues that only the District Court had jurisdiction to screen his claims against the Trustee in the District Court Action. Appellant is mistaken. According to the District Court, the Bankruptcy Court, as the as the appointing court, has sole authority to screen claims against a chapter 7 trustee and his professionals. This rule holds true even where, as in this case, the complaint is to be brought in the federal district court in the same district as the appointing bankruptcy court. While it is true that 28 U.S.C. Sec. 157(a) does allow the district court to refer jurisdiction to the bankruptcy court, both courts cannot concurrently preside over the same aspects of the case. Appellant contends that the Bankruptcy Court committed legal error because it lacked jurisdiction to pass on alleged constitutional or state law-based claims. This argument fails. According to the District Court, as Defendants correctly explain, the Bankruptcy Court did not decide those claims. Rather, the Bankruptcy Court exercised its authority and discretion to screen those claims consistent with the Barton doctrine. The District Court concludes the Bankruptcy Court properly exercised its exclusive gatekeeping discretion under the Barton doctrine in denying leave to sue the Trustee and his counsel outside of the Bankruptcy Court for actions undertaken in furtherance of their duties. Accordingly, the Orders Denying Leave will be affirmed. A copy of the Court's Memorandum Opinion dated March 17, 2026, is available at https://urlcurt.com/u?l=dIMgTG from PacerMonitor.com. Attorneys for Appellee: F. Troupe Mickler IV, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue P.O. Box 1150 Wilmington, DE 19899 Telephone: 302-654-1888 Fax: 302-654-2067 Email: TMickler@ashbygeddes.com About Prehired LLC Prehired, LLC ws a company in Dover, Del., which trained persons to sell software. Prehired and its affiliates filed petitions for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-11293) on Sept. 28, 2022, with up to $10 million in both assets and liabilities. On Oct. 26, 2022, the cases were transferred to the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 22-11007). Jami B. Nimeroff serves as Subchapter V trustee. Judge John T. Dorsey oversaw the cases. John J. Keenan, Esq., at Warren Law Group and Pashman Stein Walder Hayden, P.C. served as the Debtors' bankruptcy counsel and Delaware counsel, respectively. The case was converted to Chapter 7 on Nov. 2, 2022. Don Beskrone is the interim chapter 7 trustee. PREMIER EARLY: TPG Twin Brook Marks $1.3 1L Loan at 61% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,380,000 loan extended to Premier Early Childhood Education Partners LLC to market at $540,000 or 39% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Premier Early Childhood Education Partners LLC. The 1L Loan accrues interest at a rate of S + 6.00% 9.84% per annum. The 1L Loan matures on Nov. 22, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Premier Early Childhood Education Partners Premier Early Childhood Education Partners LLC provides educational services. The Company offers curriculum-focused early childhood education programs and care to improve the lives of working parents and their children by maintaining personal and corporate ethics to solve social problems. PRESTIGE BRANDS: Moody's Alters Outlook on 'Ba2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings affirmed all existing ratings of Prestige Brands, Inc. ("Prestige") including the company's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and Ba3 senior unsecured notes rating following the Prestige's announcement that it will acquire a portfolio of over-the-counter (OTC) brands from Foundation Consumer Healthcare for $1.045 billion. Prestige's SGL-1 speculative grade liquidity rating is unchanged, and Moody's changed the rating outlook to negative from stable. Under the definitive agreement, Prestige is acquiring a portfolio of OTC brands anchored by Breathe Right®, the leading brand in the nasal strip category, along with other brands including Children's Dimetapp® and Anbesol®. Prestige intends to fund the acquisition with a mix of cash and a new term loan credit facility, and expects to close the transaction during the first half of its fiscal year ended March 2027. Moody's changed the rating outlook to negative because Prestige is pursuing a meaningfully leveraging transaction at a time when its earnings have been declining in part due to Clear Eyes supply chain disruptions, and a period of economic and consumer spending uncertainty related to geopolitical events. The acquisition is the largest in the company's history and Moody's projects will increase debt-to-EBITDA leverage from 3.0x (incorporating Moody's adjustments) as of December 31, 2025 to approximately 4.5x at closing. Reducing leveraging to a level more in line with Moody's expectations for the rating could be by extended integration execution challenges, operating volatility, or competing uses of cash emerge following the transaction. Moody's nevertheless affirmed Prestige's ratings because consistently strong free cash flow generation provides the company good capacity to repay debt, and the company is committed to reducing leverage. Prestige estimates net debt-to-EBITDA leverage (based on its credit agreement definition) will increase to approximately 4.0x at close and the company is committed to returning to its 3.0x long-term net leverage target in the fiscal year ended March 2028. The transaction is strategically aligned with Prestige's acquisition strategy to focus on deepening its presence across core OTC categories. Free cash flow is supported by a diversified portfolio of branded OTC healthcare products and an asset-light operating model. Prestige has also taken steps to address the Clear Eyes supply issues, and Moody's expects earnings to increase moderately in fiscal 2027. Prestige has experience integrating sizable acquisitions including the purchase of various GSK brands, Insight Pharmaceuticals and C.B. Fleet that were all in the $650-$825 million purchase price range. RATINGS RATIONALE Prestige's Ba2 CFR reflects its strong and stable free cash flow generation from a diversified portfolio of OTC branded products that generally hold leading positions in niche categories addressing common, recurring consumer needs. The company's brands benefit from long operating histories and established consumer trust. Prestige's predominantly outsourced manufacturing model provides a flexible cost structure and limits capital spending needs, supporting cash flow stability. The company has sustained an EBITA margin above 30% for the past seven years, including during pandemic related category declines, and Moody's expects margins to remain relatively steady, supported by productivity initiatives and disciplined cost management. Prestige operates primarily in mature OTC categories that typically experience flat-to-low single-digit organic growth. Recent performance has been affected by factors supply chain disruptions related to the Clear Eyes brand, the timing of retailer orders, and a volatile consumer environment. Prestige's moderate scale relative to larger diversified consumer health peers, concentration in OTC categories, and reliance on large retail customers heighten exposure to competitive, execution, and integration risks, particularly in the context of a larger, debt-funded acquisition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Prestige's operating earnings do not grow, free cash flow weakens, or if debt-to-EBITDA remains above 3.5x. An aggressive financial policy such as pursuing additional acquisitions or repurchasing stock that impedes the pace of de-leveraging from the proposed transaction, or a deterioration in liquidity could also lead to a downgrade. The ratings could be upgraded if Prestige materially grows its scale, demonstrates consistent positive organic revenue growth, sustains strong profitability and free cash flow, maintains low leverage and continues to maintain at least good liquidity. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Prestige Brands, Inc., headquartered in Tarrytown, New York, manages and markets a broad portfolio of branded over-the-counter (OTC) healthcare products. The company is publicly-traded and generated about $1.1 billion of revenue for the 12 months ending December 31, 2025. Revenue pro forma is approximately $1.3 billion for the proposed acquisition of Breathe Right, Dimetapp, Ambesol and other OTC products from Foundation Consumer Healthcare announced in March 2026. PRINCE LAND: Gets Extension to Access Cash Collateral ----------------------------------------------------- Prince Land, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral pending a further hearing on June 3. The order approved the Debtor's interim use of cash collateral for court-authorized payments including U.S. Trustee fees and for the expenses set forth in its budget, with a variance of up to 10% per line item. All creditors with security interests in cash collateral will receive replacement liens on post-petition cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens are automatically perfected without additional filings and are junior to U.S. Trustee fees, court costs, and court-awarded professional fees. As additional protection, the Debtor will keep the collateral insured in accordance with applicable loan and security agreements. Several creditors may hold liens on the Debtor's cash collateral, including TD Bank, Crum & Forster, the U.S. Small Business Administration, and Ian Prince, who has filed three separate UCC-1v financing statements. These secured creditors may have interests in various assets such as accounts receivable, deposit accounts, and other cash equivalents. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/gISPg from PacerMonitor.com. About Prince Land Inc. Prince Land, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. PROJECT PIZZA: Seeks to Tap Charyn Asset Management as Appraiser ---------------------------------------------------------------- Project Pizza NOE, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Charyn Asset Management Group, Inc. as appraiser. The Debtor needs an appraiser to provide a replacement valuation appraisal of its assets located at Fiorella Noe, 4042-24th Street, San Francisco, California. The firm will receive an appraisal fee of $2,000. Ronald Charyn, the president at Charyn Asset management Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald Charyn Charyn Asset Management Group, Inc. 1445 4th Street Berkeley, CA 94710 Telephone: (510) 984-7868 Facsimile: 9510) 984-7858 About Project Pizza NOE LLC Project Pizza NOE, LLC operates a full-service Italian restaurant that serves food as well as beer and wine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30206) on March 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Judge Hannah L. Blumenstiel oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little PC represents the Debtor as counsel. PUGET ENERGY: Fitch Rates Jr. Subordinated Notes Due 2056 'BB' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to Puget Energy Inc.'s (PE) junior subordinated notes series A due 2056 and series B due 2056. Proceeds from the junior unsecured notes will be used to pay down outstanding balances on PE's senior secured credit facility and for general corporate purposes. The notes are eligible for 50% equity credit per Fitch's "Corporates Hybrids Treatment and Notching Criteria," dated April 08, 2025. Supporting features include junior subordinate priority, a 10-year cumulative interest deferral option on one or more occasions, no step-up and a 30-year maturity on both series. PE's Long-Term Issuer Default Rating (IDR) is 'BBB-' with a Stable Outlook. Key Rating Drivers 2026 GRC Filed: Puget Sound Energy, Inc (PSE; BBB+/Stable) filed a three-year general rate case (GRC) for rates effective from 2027-2029 for both its electric and gas business, with an option to consider shortening to a two-year plan. The company requested an increase to its authorized ROE to 10.80% with a 50% equity ratio for electric and gas rates from its current authorized ROE of 9.90% and 50% equity ratio. The rate request is driven by capital investment to support grid modernization and reliability, as well as generation investments to meet capacity needs and comply with Clean Energy Transformation Act (CETA) requirements. The company seeks changes to its power cost adjustment mechanism, specifically around the sharing mechanism for power costs above those in rates. Power costs have been volatile in Washington in recent years, driven by extreme weather events, natural gas price volatility, Climate Commitment Act (CCA) compliance costs and weaker-than-normal hydro generation. This volatility has led to underearning and regulatory lag for PSE. Fitch expects a GRC outcome in line with historical rate case results. Fully Regulated Business: PE's consolidated revenue is attributed to its ownership in PSE, which contributes approximately 99% of consolidated revenue. PSE is a fully regulated integrated electric and gas utility in western Washington, predominantly regulated by the Washington Utilities and Transportation Commission (WUTC). Puget Energy's only unregulated business is its 57% allocation of the Tacoma liquefied natural gas facility, which contributes approximately 1% of consolidated EBITDA. PE Rating Headroom Limited: FFO leverage was 6.4x in 2025 and remains above Fitch's negative rating sensitivity threshold. Credit metrics were elevated due to regulatory lag around power cost recovery, CCA cost compliance, conservation, and storm costs. Apart from the company share of power costs, these cost should be recoverable through trackers, riders and the next GRC filing. Fitch forecasts FFO leverage to average 5.3x from 2026 to 2030. Continued deleveraging depends on improving earned ROE in 2026 and beyond, reduction in regulatory lag and timely cost recovery of deferred costs through authorized trackers and riders. Large Capex Program: PE expects to spend over $14.5 billion on capital expenditures from 2026 to 2030, driven by investment in core electric transmission and electric and gas distribution assets to maintain reliability and operational resilience, and new resource additions. Fitch expects the capex plan will be funded in a credit supportive manner with cash flow from operations, tax credit monetization, debt, and equity from owners as required to support credit metrics commensurate with its current rating and maintain the authorized equity ratio at PSE. Ambitious Emission Reduction Goals: Washington's emission reduction goals will require substantial operating and capital investments. If these costs are not recovered from ratepayers in a timely manner, this could lead to the degradation of PSE's and PE's credit metrics. While PSE can make a Power Cost Only Rate Case filing for new assets between rate cases, there is no guarantee that the commission will find the resource acquisitions prudent and allow their full and timely recovery in rates. Construction work in progress (CWIP) is currently excluded from rate base but the company has requested the inclusion of CWIP for certain projects as part of its recently filed rate case. Climate Policy Implementation Risk: Washington's CCA requires PSE to purchase carbon allowances for greenhouse gas emissions under a declining cap through 2050. Since the program's January 2023 inception through Dec. 31, 2025, PSE recorded a $99.4 million undercollection for electric customers and a $28.6 million overcollection for gas customers related to CCA compliance. The WUTC has authorized the recovery/refund of CCA-related costs through Schedule 111-g and 111-e tariffs, but indicated that these revenues may be subject to refund and prudence review. Inability to recover all compliance costs in a timely manner may result in a negative rating action. Parent-Subsidiary Linkage: There is parent-subsidiary linkage between PE and PSE. Fitch determines PE's Standalone Credit Profile (SCP) based on a consolidated approach. Fitch believes PSE has the stronger SCP due to its lower leverage. A high level of parent-level debt results in weaker consolidated credit metrics at PE. As such, Fitch has followed the stronger subsidiary path. Legal ring-fencing is porous given the general protections afforded by economic regulation, and access and control are also porous. Due to the linkage considerations, Fitch will limit the rating difference between PE and PSE to two notches. Peer Analysis PE's peers include Cleco Corporate Holdings LLC (Cleco; BBB-/Stable), IPALCO Enterprises, Inc. (IPALCO; BBB-/Stable) and DPL LLC (DPL; BB+/Stable), all of which are holding companies operating one primary utility. All four companies have sizable parent-only debt. PE currently has around 30% parent-only debt, which is similar to IPALCO and lower than Cleco at 40% and DPL at 60%. Historically, PE parent-level debt averaged 30%; however, Fitch expects a decrease to around 25% driven by the 2024 GRC order and growth in PSE's capex plan funded largely with debt at the subsidiary level. Fitch forecasts low headroom in PE's credit metrics against its negative rating sensitivity at 5.5x, Fitch forecasts PE FFO leverage to average 5.3x over the forecast. PE's FFO leverage metrics are similar to Cleco Corporate and stronger than DPL and IPALCO. Fitch’s Key Rating-Case Assumptions - $14.5 billion in capex from 2026 to 2030; - New GRC order for 2027 and beyond in line with historical rate case outcomes; - 6.0% interest rate on incremental debt issuance during the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the 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-, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage exceeding 5.5x on a sustained basis; - A downgrade at PSE could lead to one at PE. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - FFO leverage sustained below 4.5x. Liquidity and Debt Structure PE has reasonable liquidity access. Debt maturities are manageable across the 2026-2030 forecast period, with the earliest maturities including a $500 million maturity in 2028 for PE. PE maintains an $800 million senior secured revolving credit facility which matures on May 14, 2027. As of Dec. 31, 2025, $427.5 million was outstanding under the facility. The revolver also has an accordion feature that could increase the size up to $1.3 billion. PE's credit agreement require that PE maintain maximum debt/total capitalization of 65%. As of Dec. 31, 2025, PE complies with all applicable covenants. Issuer Profile Puget Energy is an energy services holding company incorporated in the state of Washington. Substantially all of its operations are conducted through its regulated electric and natural gas utility subsidiary, Puget Sound Energy (PSE). Summary of Financial Adjustments Fitch allocates 50% equity credit to PE's junior subordinated notes. Date of Relevant Committee 26-Feb-2026 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 Puget Energy Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Puget Energy Inc. junior subordinated LT BB New Rating PUGET ENERGY: Moody's Rates New Junior Subordinated Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to two tranches of Puget Energy, Inc.'s (Puget) proposed Junior Subordinated Notes (JSNs) due 2056. RATINGS RATIONALE The Ba1 rating assigned to Puget's JSNs reflects the security's relative position in Puget's capital structure compared to the company's senior unsecured obligations. The one-notch rating differential between the JSNs and Puget's Baa3 issuer rating, which is an opinion of the ability to honor senior unsecured debt and debt like obligations, is consistent with Moody's methodologies guidance for notching corporate instrument ratings based on differences in security and priority of claim. The JSNs will contain equity-like features, including a long-dated maturity (2056) and options to defer coupon payments. As a result, these securities will receive partial equity treatment in Moody's calculations of debt coverage and financial leverage ratios. The JSNs will receive basket "M" treatment (i.e., 50% equity and 50% debt) for the purpose of adjusting financial statements. Please refer to Moody's cross-sector rating methodology "Hybrid Equity Credit" (February 2024) for further details. Moody's affirmed Puget's ratings on 27 February 2026. Please refer to the published press release for further details. RATING OUTLOOK Puget's stable outlook is consistent with that of its primary subsidiary, Puget Sound Energy, Inc. (PSE), and assumes no significant additional leverage at the parent level and no material increase in higher risk unregulated business activities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade Puget's rating could be upgraded if the rating of PSE is upgraded or if there is a meaningful reduction in holding company leverage. A rating upgrade could also occur if Puget's CFO pre-WC to debt exceeds 15% on a sustained basis. Factors that could lead to a downgrade Puget's rating could be downgraded if PSE's credit quality substantially deteriorates. A rating downgrade could also occur if there is a meaningful increase in holding company debt, material change in financial policies, including extraordinary shareholder dividends, or an increase in its business risk. A rating downgrade could also occur if Puget's CFO pre-WC to debt stays below 12% on a sustained basis. PROFILE Puget is a utility holding company whose operations are substantially conducted through its principal subsidiary, PSE, an electric and natural gas utility serving about 1.3 million electric and around 0.9 million natural gas customers in the state of Washington. Puget also has an unregulated subsidiary, Puget LNG, formed to own, develop and finance a partly unregulated LNG facility at the Port of Tacoma, WA (Aa2 stable). Puget is owned by Puget Holdings LLC, which is indirectly held by a consortium of pension fund and asset management investors. LIST OF AFFECTED RATINGS Issuer: Puget Energy, Inc. Assignments: Junior Subordinated, Assigned Ba1 The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. QIN'S BUFFALO: TPG Twin Brook Marks $7.9MM 1L Loan at 31% Off ------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $7,898,000 loan extended to Qin's Buffalo, LLC to market at $5,439,000 or 69% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Qin's Buffalo, LLC. The 1L Loan accrues interest at a rate of S + 5.75% 9.47% per annum. The 1L Loan matures on May 5, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Qin's Buffalo, LLC Qin's Buffalo, LLC operates as a food distributor company. The Company wholesales and distributes beef, pork, poultry, seafood, produce, dry goods, and restaurant supplies. QUALITY OFFICE: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California granted Quality Office Liquidations, Inc. final approval to use cash collateral. Under the final order, the Debtor is required to provide adequate protection to secured creditors, including making monthly payments of $2,505 to the U.S. Small Business Administration by the 7th of each month. Additionally, the SBA and other secured creditors will be granted replacement liens on both pre- and post-petition assets, maintaining the same validity, priority, and extent as their original liens, but only to the extent their collateral value is diminished. The replacement liens are automatically perfected upon entry of the order without requiring additional filings. All creditor rights under relevant Bankruptcy Code provisions remain preserved, ensuring that neither the Debtor nor creditors waive any legal protections or claims during the case. The court authorized the Debtor's banks to continue normal cash management operations. This includes honoring certain pre-petition transactions, charging fees, and maintaining existing deposit agreements. Both the Debtor and its banks may adjust cash management systems in the ordinary course of business without further court approval, ensuring operational continuity. About Quality Office Liquidations Inc. Quality Office Liquidations, Inc., doing business as Flip Office Furnishings, provides warehousing, distribution, retail sales, and related services for pre-owned and new office furnishings, including space planning, delivery and installation, moving and reconfiguration, liquidation, asset management, and disaster recovery. The Company operates a distribution center in Stockton, California, serving customers across California and nationwide, with offerings spanning furniture sourcing, resale, and workplace solutions. It serves clients across sectors including construction, education, medical, technology, professional services, and agriculture. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20295) on January 22, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. William Leach, chief executive officer, signed the petition. Judge Christopher D. Jaime presides over the case. Michael Kenneth Moore, Esq., at the Law Offices of Michael K. Moore represents the Debtor as bankruptcy counsel. QUEENS MEDICAL: Seeks to Tap Yitzhak Law Group as General Counsel ----------------------------------------------------------------- Queens Medical Services PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Yitzhak Law Group as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the management of its estate; (b) assist in any amendments of schedules and other financial disclosures and in the preparation, review and amendment of a disclosure statement and plan or reorganization; (c) negotitate with the Debtor's creditors and take the necessary legal steps to confirm and consummate a plan of reorganization; (d) prepare on behalf of the Debtor all necessary legal papers to be filed in this case; (e) appear before the Bankrupcy Court to represent and protect the interest of the Debtor and its estate; and (f) perform all other legal services for the Debtor that may be necessary and proper for an effective reorganization as well as other professional and litigation services as may required. Erica Itzhak, Esq., an attorney at The Yitzhak Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica T. Itzhak, Esq. The Yitzhak Law Group 185 Great Neck Road, Suite 442 Great Neck, NY 11021 Telephone: (516) 466-7144 Facsimile: (516) 466-7145 Email: info@etylaw.com About Queens Medical Services PC Queens Medical Services, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41085) on March 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Erica T. Itzhak, Esq., at The Yitzhak Law Group represents the Debtor as counsel. R.E.M. US: Chris Quinn Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for R.E.M. US, LLC. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About R.E.M. US, LLC R.E.M. US, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31561) on March 6, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Eduardo V Rodriguez presides over the case. Donald L Wyatt at Donald Wyatt PC serves as the Debtor's counsel. RAMANUJAN GROUP: Section 341(a) Meeting of Creditors on April 20 ---------------------------------------------------------------- On March 20, 2026, Ramanujan Group Mom LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 4/20/2026 at 12:45 PM at UST-SA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8695724. About Ramanujan Group Mom LLC Ramanujan Group Mom LLC is a limited liability company. Ramanujan Group Mom LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10888) on March 20, 2026. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $1MM and $10MM. The Debtor is represented by Kyra E. Andrassy, Esq. of Raines Feldman Littrell LLP. RAPID FIRE: TPG Twin Brook Marks $5.4M 1L Loan at 16% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $5,449,000 loan extended to Rapid Fire Safety and Security, LLC to market at $4,601,000 or 84% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured delayed draw term loan extended to Rapid Fire Safety and Security, LLC. The 1L Loan accrues interest at a rate of S + 5.00 % 8.75 % per annum. The 1L Loan matures on Jan. 2, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Rapid Fire Safety and Security, LLC Rapid Fire Safety and Security, LLC offers the commercial sector comprehensive expertise in fire, life safety, and security services. RBS HOME: Edward Burr Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for RBS Home Investing, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About RBS Home Investing LLC RBS Home Investing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02164) on March 10, 2026. RED RIVER: Beasley Allen Seeks NJ Supreme Court Talc Case Review ---------------------------------------------------------------- George Woolston of Law360 Bankruptcy Authority reports that Beasley Allen has petitioned the New Jersey Supreme Court to reconsider a trial court ruling that barred the firm from representing plaintiffs in Johnson & Johnson talc-related lawsuits across multiple counties. The firm called the disqualification "unnecessary" and potentially harmful to clients relying on experienced counsel. The firm argued that the lower court did not adequately consider the implications for plaintiffs or the public interest in maintaining skilled legal representation. Beasley Allen also noted its long history in talc litigation, emphasizing its ability to continue handling cases ethically without creating unfair advantages or conflicts. Beasley Allen asked the Supreme Court to grant review, stressing that a ruling is critical for clarifying the standards governing attorney disqualifications. The firm said the decision could set precedent affecting mass tort litigation practices statewide, particularly in cases involving multiple counties and complex coordination of counsel, the report relays. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RELIZ TECHNOLOGY: Seeks to Tap Verita as Claims and Noticing Agent ------------------------------------------------------------------ Reliz Technology Group Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. Verita 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 Verita a retainer in the amount of $30,000. Evan Gershbein, executive vice president of Verita Global, 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: Evan Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc., together with its affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, providing institutional clients with spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017 and headquartered in Chicago, Illinois, the company aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. In addition to its Chicago headquarters, the company maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz Technology Group Holdings Inc. and four affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. The affiliated debtors include Reliz Technologies LLC (Case No. 26-10373), Reliz CI Ltd. (Case No. 26-10374), and Reliz Ltd. (Case No. 26-10375). In its petition, the Lead Debtor reported estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors are represented by David R. Hurst, Esq. and Andrew A. Mark, Esq. of McDermott Will & Schulte LLP, along with Darren Azman, Esq., Joseph B. Evans, Esq., R. Ethan Dover, Esq., and Gregg Steinman, Esq. The Debtors' co-counsel is Katten Muchin Rosenman LLP. The Debtors' financial advisor is Berkley Research Group, LLC, and the Debtors' claims, noticing, solicitation, and balloting agent is Verita Global, LLC. RENDITIONS LLC: Hires Paul Reece Marr P.C. as Bankruptcy Counsel ---------------------------------------------------------------- Renditions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Paul Reece Marr, P.C. as its bankruptcy attorneys. The firm's services include: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's current rates are: Paul Reece Marr, Esq. $495 per hour Paralegal $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Marr 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 Reece Marr, Esq. Paul Reece Marr, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About Renditions, LLC Renditions, LLC owns Mary's Tack, Feed & Pet, in Athens, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Amy Christina Wrenn, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., represents the Debtor as legal counsel. RENHURST HOLDINGS: Taps American Commercial Lending as Loan Broker ------------------------------------------------------------------ Renhurst Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ American Commercial Lending, Inc. as loan broker. The firm will represent the Debtors in providing loan brokerage and third-party financing services to assist with financing to facilitate their exit from bankruptcy. The firm will receive a commission of 2 percent of the gross financing amount upon the closing of any financing transaction, with such commission earned and payable at closing. Additionally, the Debtors will be responsible for reasonable out-of-pocket expenses including legal, diligence, and third-party costs. Jeff Bechtold, an agent at American Commercial Lending, 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: Jeff Bechtold American Commercial Lending, Inc. 1650 Market St., Suite 3600 Philadelphia, PA 19103 About Renhurst Holdings Renhurst Holdings, Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Renhurst Holdings, Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-43905) on Oct. 7, 2025. In the petitions signed by Qasim Saeed, president, Renhurst disclosed $1 million to $10 million in both assets and liabilities. Judge Edward L. Morris presides over the cases. Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP is the Debtors' counsel. RENOVA ENERGY CORP: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On March 22, 2026, Renova Energy Corporation filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to approximately 200 to 999 creditors. About Renova Energy Corporation Renova Energy Corporation is an energy company engaged in providing renewable energy solutions, including solar energy systems and related services for residential and commercial customers. The company operates within the clean energy sector, focusing on sustainable power alternatives. Renova Energy Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12094) on March 22, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Aaron E. De Leest, Esq. of Marshack Hays Wood LLP. RENPRO LLC: Seeks Cash Collateral Access ---------------------------------------- Renpro, LLC, asks the U.S. Bankruptcy Court for the Northern District of New York for authority to use cash collateral and provide adequate protection. The Debtor's financial difficulties arose after the Debtor took on multiple short-term, and in some cases cross-collateralized, mortgages, which made refinancing difficult and led several lenders to initiate foreclosure actions. As a result, the debtor filed for Chapter 11 protection on March 20, 2026, and continues to operate as a debtor-in-possession. The Debtor identifies numerous secured creditors—such as Lima One Capital, AmeriCU Credit Union, Credibly of Arizona, IOU Financial, GEL Funding, and HouseMax Funding—who have filed UCC financing statements asserting liens on a broad range of the Debtor's assets, including real property, rents, accounts receivable, deposit accounts, and other proceeds. These claims may extend to the debtor’s cash collateral, meaning the debtor cannot use such funds without court approval or creditor consent under the Bankruptcy Code. As adequate protection, the Debtor proposes granting rollover or replacement liens to secured creditors, preserving their pre-petition security interests in post-petition assets, while reserving the right to challenge the validity or enforceability of those liens in the future. The Debtor also seeks an expedited preliminary hearing and eventual final hearing, emphasizing the urgent need to access funds to avoid irreparable harm. A copy of the motion is available at https://urlcurt.com/u?l=uwb2dn from PacerMonitor.com. About Renpro LLC Renpro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case NO.26-30189-5-wak) on March 20, 2026. In the petition signed by Ronald Starusnak, sole member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. Peter A. Orville, Esq., at Orville & McDonald Law, P.C., represents the Debtor as legal counsel. RENPRO LLC: Starts Chapter 11 Bankruptcy in New York ---------------------------------------------------- On March 20, 2026, Renpro LLC filed for Chapter 11 protection in the Northern District of New York Bankruptcy Court. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on April 21, 2026 at 10:00 AM at First Meeting Syracuse. About Renpro LLC Renpro LLC is a real estate holding company that owns and operates a portfolio of residential properties across upstate New York, including Rochester, Auburn, and Syracuse. The company derives income from leasing single-family homes and small multifamily properties to residential tenants. Its assets are organized into multiple geographically grouped packages, reflecting a portfolio-based ownership structure focused on rental income and long-term asset appreciation. Renpro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30189) on March 20, 2026. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $10 million-$50 million. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter Alan Orville, Esq., of Peter A. Orville, PC. ROCKY MOUNTAIN: Hires Douglas Wilson & Company as Accountant ------------------------------------------------------------ Rocky Mountain Sleep Disorders Center, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Douglas Wilson & Company, PC as accountant. The firm's services include: (a) provide accounting services for the Debtor in the preparation of yearly tax returns; (b) assist the Debtor with monthly and year end accounting requirements; (c) any payroll reporting, and other payroll matters; and any accounting services as needed; (d) conduct a survey of the Debtor's books of account to accurately determine its financial condition; (e) prepare and provide the Debtor's management with financial statements for inclusion in the Chapter 11 Plan; (f) assist in the preparation of cashflow projections and analyze operations and analysis of feasibility of the Debtor's Chapter 11 Plan; and (g) assist in any financial workouts, reorganizations, or arrangement or any insolvency or bankruptcy proceedings. The firm will be paid at these hourly rates: Katherine Durbin, CPA $235 Myra Bakke, CPA $235 Rachel Burdette, Accounting and Payroll Professional $160 In addition, the firm will seek reimbursement for expenses incurred. Ms. Durbin 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: Katherine Durbin, CPA Douglas Wilson & Company, PC 1000 1st Ave. S. Great Falls, MT 59401 Telephone: (406) 761-4645 About Rocky Mountain Sleep Disorders Center Rocky Mountain Sleep Disorders Center, Inc. is a regional sleep medicine provider based in Montana that diagnoses and treats a broad range of sleep disorders through overnight and daytime polysomnography, titration studies, PAP-related procedures, and related testing services. Operating clinics in Great Falls, Butte, Bozeman and Kalispell, the center serves patients across a five-state region with comprehensive diagnostic, therapeutic and support services for conditions such as obstructive sleep apnea and narcolepsy. Rocky Mountain sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 26-40007) on January 14, 2026, with $1 million to $10 million in both assets and liabilities. Paul Schmook, president, signed the petition. Judge Benjamin P. Hursh oversees the case. The Debtor tapped Zach B. Duhon, Esq., at Deschenes & Associates Law Offices as counsel and Katherine Durbin, CPA, at Douglas Wilson & Company, PC as accountant. RONIN STAFFING: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------- On March 19, 2026, Ronin Staffing LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Ronin Staffing LLC Ronin Staffing LLC is a limited liability company. Ronin Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12616) on March 19, 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 Neil W. Bason handles the case. RTP ACQUISITION: TPG Twin Brook Marks $2.7MM 1L Loan at 25% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,764,000 loan extended to RTP Acquisition, LLC to market at $2,074,000 or 75% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to RTP Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 4.50 % + 2.25 % PIK, 10.85 % per annum. The 1L Loan matures on Aug. 17, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About RTP ACQUISITION RTP Acquisition, LLC provides data acquisition systems to the nuclear market. The Company offers control software and a control processor to its I/O front-end subsystems. RYAN SPECIALTY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Ryan Specialty, LLC and its parent, Ryan Specialty Holdings, Inc.'s (collectively, Ryan Specialty) Long-Term Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Stable. Fitch also affirmed the company's senior secured revolver, term loans and notes issued by the borrower subsidiary at 'BBB-' with a Recovery Rating of 'RR1'. Ryan Specialty's ratings reflect its solid market position in insurance brokerage, strong organic growth profile, stable and recurring business model, solid EBITDA margins, and exposure to a recession-resilient end market. However, moderate financial leverage and an acquisitive growth strategy weigh against the ratings. Key Rating Drivers Solid Market Position: Ryan Specialty has an established position in the U.S. wholesale insurance brokerage market as the second-largest provider by total premiums, according to Business Insurance. Ryan Specialty is well-positioned in the fast-growing excess and surplus (E&S) market due to its scale and historic focus on this sector. The E&S market has grown at double the CAGR of the standard admitted market in recent years. Ryan Specialty's scale, focus and expertise in the E&S market has supported market share gains and robust organic revenue growth. Strong Organic Growth: Fitch views Ryan Specialty's growth profile as credit positive, reflected in its organic revenue growth ranging between 10%-22% per year in 2020-2025, which is strong relative to peers and signals a combination of solid execution and end-market exposure. The company is expanding its presence in certain end markets and regions through producer and underwriter recruitment, which should support continued healthy organic trends despite property pricing pressures. Manageable Leverage: Leverage has been in the 3.0x-4.0x range in recent years. Fitch expects a similar range over the rating horizon, although M&A could drive temporary periods of higher leverage. Ryan Specialty historically used debt along with cash from operations to fund M&A, and this will likely continue in the future. Relatively modest capex and other cash requirements result in healthy FCF generation that further supports inorganic growth. Stable Business Model: Ryan Specialty operates a predictable business model in an industry that performs comparatively well across various macroeconomic environments. It has not experienced a meaningful market correction since its founding in 2010, but industry peers have proven resilient across the full economic cycle. Its focus is solely on insurance, which Fitch believes has lower cyclicality during a downturn than some consulting areas in which some of its larger peers compete. Healthy Cash Flows: The company's historically positive FCF and earnings trajectory supports the IDR. Its low capex and working capital requirements, common to the brokerage industry, enable solid cash flow generation. Ryan Specialty's structure means cash taxes paid by the parent are low, although overall tax distributions are a material use of cash and paid via distributions to the LLC unit holders, including Ryan Specialty Holdings, Inc. management, and other holders. Fitch projects Ryan Specialty could generate FCF margins (after LLC tax distributions) as a percentage of revenue in the mid-teens in the next few years. Governance Structure: Governance risk is a factor due to material ownership concentration by its founder Patrick G. Ryan who is currently Executive Chairman and was Chairman and CEO until late 2024. (Mr. Ryan also founded Aon Corporation and served as its Chairman and CEO for 41 years.) However, this risk has been mitigated by the company's large and experienced executive bench, and by Mr. Ryan moving into the Executive Chairman role in 2024. Mr. Ryan and his family have 77% of the voting rights, resulting in key-person risk and risks pertaining to ownership concentration. Limited Geographical and Product Diversification: Ryan Specialty's lower diversification compared with certain peers constrains its IDR. The company has scaled its business materially since its founding, with $3.05 billion in revenue in 2025. However, it is much less diversified by region and product offerings than its larger investment-grade peers. Non-U.S. revenue comprised only 6% of revenue in 2025. The company is heavily concentrated in the specialty E&S market, with the more standard admitted market comprising 20%-25% of revenue. Diverse Broker and Carrier Relationships: The insureds served by Ryan Specialty's clients operate in many businesses and industries and there is no meaningful carrier concentration. Its clients are retail brokers and agents, other intermediaries, and insurance carriers. The top five U.S. retail brokers comprise roughly 23.2% of revenue, and no single retail broker accounted for more than 8.8% of revenue in 2025. No carrier accounted for more than 6.1% of 2025 revenue, excluding all Lloyd's syndicates combined. AI Risk Manageable: Artificial intelligence (AI) and other technology innovations in the insurance industry pose disintermediation, margin compression, and liability risks from automated placement and AI-driven advice in the future. However, Ryan Specialty's E&S market focus partially mitigates this exposure. AI risk is further mitigated as the company is actively deploying AI to automate routine tasks, boost broker productivity, and streamline high-value placements. Improving efficiencies internally via technology tools could help insulate to some extent any potential revenue impacts over time. Peer Analysis Ryan Specialty competes in a fragmented sector of insurance brokerage and benefits services providers that includes other local or regional companies, national agents and large multinational brokers. Fitch rates numerous companies in the insurance brokerage and business services industries that are comparable in scale, operating profile and business model. Ryan Specialty's scale is small compared to that of larger global brokers, such as Marsh & McLennan Companies, Inc. (A-/Stable), Aon plc (BBB+/Stable), Willis Towers Watson plc (BBB+/Stable), Arthur J. Gallagher & Co. (BBB+/Stable) and Brown & Brown Inc (BBB/Stable). Fitch also rates Navacord Intermediate Holdings, Inc. (B/Stable) which operates at a much higher leverage than Ryan Specialty. The 'BB+' rating reflects Ryan Specialty's strong historic growth profile, solid profitability and cash flow generation, offset by its moderate leverage, and more limited diversification versus its larger industry peers. Fitch’s Key Rating-Case Assumptions - Organic growth assumed at the 7%-9% range in the next few years, but incremental M&A leads to higher reported revenue growth; - EBITDA margins expected to remain in the low-30% range through 2029; - Capex remains near 2.5%-3.0% of revenue over the ratings horizon; - M&A spend estimated at $400 million to $500 million per year, which Fitch projects will be partially debt-financed; - EBITDA leverage remains in the 3.0x-3.5x range, although Fitch believes the company is willing to assume higher leverage for certain periods for the right acquisitions. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), 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 2026, 40% for the forecast year 2027 and 40% 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+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x for a sustained period without a credible deleveraging plan; - A material change in strategy or weakening of financial profile or operating performance; - (CFO-Capex)/debt sustained below 9.0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased diversification by end-market exposure, product lines and/or region; - Demonstrated commitment to sustaining EBITDA leverage below 3.5x; - (CFO-Capex)/debt sustained above 12.5%. Liquidity and Debt Structure Fitch believes Ryan's liquidity is sufficient and should enable it to invest for growth while also providing sufficient downside protection for the ratings. The company had $158 million cash on its balance sheet and $1.33 billion availability on its senior secured revolver as of December 2025. Fitch expects M&A to continue, which will affect its cash flow over time. Liquidity will be also supported by stable and positive cash generation in the business and availability on its revolver. The company's capital structure includes: a first-lien senior secured revolver with $1.4 billion of capacity, a $1.7 billion term loan, and $1.6 billion of senior secured notes. The revolver matures in July 2029 while the term loan will mature in 2031 and senior secured notes mature in 2030-2032. Issuer Profile Ryan offers specialty products and solutions for insurance brokers, agents, and carriers. Ryan provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker, managing underwriter, or a program administrator with delegated authority from insurance carriers. 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 Fitch uses Climate Vulnerability Signals (Climate.VS) as a screening tool to identify sectors and Fitch-rated issuers that are potentially most exposed to credit-relevant climate transition risks and, therefore, require additional consideration of these risks in rating reviews. Climate.VS range from 0 (lowest risk) to 100 (highest risk). For more information on Climate.VS, see Fitch's Corporate Rating Criteria. The Climate.VS for 2035 is 15 out of 100. This reflects a VSp of 10 and a VSt of 15. The results of its Climate.VS screener did not indicate an elevated risk for Ryan Specialty Holdings, Inc.. ESG Considerations Ryan Specialty Holdings, Inc. has an ESG Relevance Score of '4' for Governance Structure due to risk of ownership concentration, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ryan Specialty, LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Ryan Specialty Holdings, Inc. LT IDR BB+ Affirmed BB+ S & A INDUSTRIAL: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ S & A Industrial Contracting, Inc., asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral and provide adequate protection. PNC Bank, National Association has a first-priority lien of $250,784 on the cash collateral, and Somerset Trust Company holds a second-priority interest totaling $793,154, including a revolving line of credit. The Debtor argues that access to this cash is essential for maintaining operations, preserving business relationships, paying employees, meeting ongoing expenses, and generating value for creditors during the Chapter 11 process. The Debtor has prepared an interim cash collateral budget of $478,056 per month, with projected revenues of $500,000, leaving a small net profit of $21,944. To protect the interests of the secured creditors, the Debtor proposes continuing their liens on post-petition assets and making adequate protection payments. A copy of the motion is available at https://urlcurt.com/u?l=0U1PJT from PacerMonitor.com. About S & A Industrial Contracting, Inc. S & A Industrial Contracting, Inc. is a Pennsylvania-based company specializing in mill maintenance and repair. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20786) on March 20, 2026. In the petition signed by Stephen Celesohl, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Michael Shiner, Esq., at TUCKER ARENSBERG, P.C., represents the Debtor as legal counsel. SAIG LAUNDRY: Behrooz Vida Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Saig Laundry LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Saig Laundry LLC Saig Laundry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-30980) on March 6, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Michelle V. Larson presides over the case. Manolo R. Santiago, Esq., at Herrin Law, PLLC represents the Debtor as bankruptcy counsel. SAIG LAUNDRY: Seeks to Hire Herrin Law as Bankruptcy Counsel ------------------------------------------------------------ Saig Laundry LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Herrin Law, PLLC as counsel. The firm's services include: (a) provide legal advice with respect to its powers and duties; (b) prepare and pursue confirmation of a plan and approval of a disclosure statement; (c) prepare on behalf of the Debtor necessary legal papers; (d) appear in Court and protect the interests of the Debtor before the Court; and (e) perform all legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these hourly rates: C. Daniel Herrin, Attorney $500 Manolo Santiago, Attorney $400 Other Attorneys $300 Paralegals $125 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000 from the Debtor. Mr. Santiago 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: Manalo Santiago, Esq. Herrin Law, PLLC 12001 N. Central Expressway, Suite 920 Dallas, TX 75243 Telephone: (469) 607-8551 Facsimile: (214) 722-0271 Email: msantiago@herrinlaw.com About Saig Laundry LLC Saig Laundry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30980) on March 6, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Michelle V. Larson oversees the case. Manalo Santiago, Esq., at Herrin Law, PLLC represents the Debtor as counsel. SAKS GLOBAL: Hires Deloitte as Tax Advisory Services Provider ------------------------------------------------------------- Saks Global Enterprises LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Deloitte Tax LLP as tax advisory services provider. The firm will provide these services: (a) NM Tax Advisory Engagement Letter. Deloitte Tax will provide tax advisory services on federal, foreign, state and local tax matters for certain Global Debtors during the period through December 31, 2025. (b) SO5 Tax Advisory Engagement Letter. Deloitte Tax will provide tax advisory services on federal, foreign, state, and local tax matters as requested by the SO5 Digital Debtors and agreed to by Deloitte Tax for the period from January 1, 2024 through January 31, 2026. (c) HBC Tax Advisory Engagement Letter. Deloitte Tax will provide tax advisory services on federal, foreign, state and local tax matters as requested by certain Global Debtors and agreed to by such Global Debtors, for the period from January 1, 2024, through January 31, 2026. (d) SO5 Tax Compliance Engagement Letter. Deloitte Tax will (i) prepare the 2024 federal, state, and local income tax returns identified in Exhibit A to the SO5 Tax Compliance Engagement Letter, as well as (ii) assist in calculating the amounts of extension payments and preparing extension requests for the tax returns. Additionally, Deloitte Tax may perform consulting services or unanticipated out of scope services under the SO5 Tax Compliance Engagement Letter, as requested by the SO5 Digital Debtors. (e) Saks.com Tax Compliance Engagement Letter. Deloitte Tax will (i) prepare the 2024 federal, state, and local income tax returns as well as (ii) assist in calculating the amounts of extension payments and preparing extension requests for the tax returns. Additionally, Deloitte Tax may perform consulting services or unanticipated out of scope services. (f) Mercury Tax Compliance Engagement Letter. Deloitte Tax will prepare the 2024 federal, state, and local income tax returns. Additionally, Deloitte Tax may perform consulting services or unanticipated out of scope services under the Mercury Tax Compliance Engagement Letter. (g) Debt Restructuring SOW. Pursuant to the terms and conditions set forth in the Debt Restructuring SOW, Deloitte Tax will provide tax advisory services with respect to the Debtors' federal and state income tax considerations in connection with its debt restructuring and bankruptcy filing. (h) Saks.com Annual Year End Work Order. Deloitte Tax has agreed to perform agreed-upon U.S. federal tax computational services for certain Global Debtors in connection with the preparation of their tax year ended January 28, 2025 U.S. federal income tax return. Deloitte Tax will perform certain annual tax allocation procedures and activities specific to the 2024 tax year, as detailed in the Saks.com Annual Year End Work Order. (i) SO5 Annual Year End Work Order. Deloitte Tax has agreed to perform agreed-upon U.S. federal tax computational services for the SO5 Digital Debtors in connection with the SO5 Digital Debtors' preparation of their tax year ended January 28, 2025 U.S. federal income tax return. Deloitte Tax will perform certain annual tax allocation procedures and activities specific to the 2024 tax year, as detailed in the SO5 Annual Year End Work Order. (j) 2025 Property Tax Work Order. Deloitte Tax has agreed to provide business personal and real property tax advisory services with respect to certain Global Debtor locations and relevant tax years. (k) 2024 Property Tax Work Order. Deloitte Tax has agreed to provide business personal and real property tax advisory services with respect to certain Global Debtor locations and relevant tax years. The firm's hourly rates are as follows: (a) SO5 Digital Debtors Partner/Principal/Managing Director $980 Senior Manager $878 Manager $743 Senior Consultant $620 Consultant $501 Pursuant to the terms of the SO5 Tax Compliance Engagement Letter, for the preparation of the tax returns (excluding the roll-forward of the capital accounts and allocations), including services related to extensions and quarterly estimates, Deloitte Tax will bill the SO5 Digital Debtors a fixed fee of $202,800, excluding expenses. Additionally, the fees for the preparation of additional state and local tax returns not listed on Exhibit A will be $2,000 to $2,500 for each separate partnership return, $2,000 for each separate corporate return, and between $2,500 and $4,000 for each combined return based on the level of information requested on the tax return. (b) The Global Debtors (i) hourly rates for federal and multistate tax services: Partner/Principal/Managing Director $935 Senior Manager $837 Manager $707 Senior Consultant $588 Consultant $476 (i) hourly rates for international and Washington national tax services: Partner/Principal/Managing Director $1,036 Senior Manager $879 Manager $753 Senior Consultant $588 Consultant $476 (i) hourly rates for rates for M&A Tax Services: Partner/Principal/Managing Director $1,068 Senior Manager $938 Manager $798 Senior Consultant $690 Consultant $581 Pursuant to the terms of the Saks.com Tax Compliance Engagement Letter, for the preparation of the tax returns (excluding the roll-forward of the capital accounts and allocations), including services related to extensions and quarterly estimates, Deloitte Tax will bill the Global Debtors a fixed fee of $187,260, excluding expenses. Additionally, Deloitte Tax estimates that the fees for the preparation of additional state and local tax returns not listed on Exhibit A to the Saks.com Tax Compliance Engagement Letter will be $2,000 to $2,500 for each separate partnership return, $2,000 for each separate corporate return, and between $2,500 and $4,000 for each combined return based on the level of information requested on the tax return. In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, Deloitte Tax provided professional services to the Debtors. In the 90 days prior to the petition date, the Debtors paid Deloitte Tax approximately $3,488,000, including retainer amounts, with respect to invoices issued by Deloitte Tax for services performed prior to such date. Benjamin Handler, a principal at Deloitte Tax, disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Handler Deloitte Tax LLP 30 Rockefeller Plaza New York, NY, 10112 About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, NA, is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Cole Schotz, PC as counsel. SAKS GLOBAL: Seeks to Hire Alvarez & Marsal as Financial Advisor ---------------------------------------------------------------- Saks Global Enterprises LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC, as financial advisors to the Special Committee of HBC GP LLC's Board of Managers and the special committees of the governing bodies of each of HBC's Global Debtor subsidiaries. The Board of Managers has authorized and directed the Special Committee to review and evaluate certain transactions and activities occurring prior to the date hereof, including, without limitation, affiliate transactions, capital structure transactions, financings, restructurings, transfers of assets, intercompany arrangements, and related governance, disclosure, and liquidity matters, and to assess whether any viable causes of action or other remedies may exist with respect to such matters The firm shall provide advisory assistance to the Special Committee in support of its Investigation, including analyzing financial information and other relevant data or transactions, as well as assistance in any other activities as are approved by the Special Committee and agreed to by A&M. The firm's customary hourly billing rates are: Managing Directors $1,200 to 1,600 Directors $875 to 1,175 Associates $610 to 875 Analysts $450 to 625 Brian Corio, managing director with Alvarez & Marsal North America, LLC, disclosed in the court filings that his firm is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Corio Alvarez & Marsal North America, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Tel: (212) 759-4433 Fax: (212) 759-5532 About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, NA, is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Cole Schotz, PC as counsel. SAM'S DINER: Gets Extension to Access Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio issued a second interim order allowing Sam's Diner of Maumee, Inc. to continue using cash collateral. Under the second interim order, the Debtor is authorized to use the cash collateral of secured creditors, including the U.S. Small Business Administration, United First, DoorDash Capital, Forward Financing, Fenix Capital Funding, and Rapid Finance. Use of funds must follow a court-approved budget, and the Debtor must maintain at least 75% of projected net income. Permitted expenses include ordinary operating costs, professional fees (with court approval), trustee fees of $300 per month, and any additional court-approved costs. As adequate protection, the court granted all secured creditors replacement liens on post-petition assets, maintaining the same priority as their pre-petition liens. Notably, the Debtor is not required to make periodic adequate protection payments to any of these creditors, including the SBA. The Debtor must also maintain insurance, pay taxes, and properly account for all use of funds. The second interim order remains in effect through April 30 or until confirmation, dismissal or conversion of the Debtor's Chapter 11 case; cessation of operations; or termination of the order. A further hearing is scheduled for April 22. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SANDY PINES: Ch. 11 Proceedings Stall Kennebunkport Campground Sale ------------------------------------------------------------------- Abigail Driscoll of Portland Press Herald reports that the sale of Sandy Pines Campground through a foreclosure auction has been delayed due to bankruptcy proceedings involving its owner. The postponement comes just as the property was set to be offered to potential buyers. Keenan Auction Company had planned to conduct the auction on March 5, 2026 as part of foreclosure actions against Atlantic Hospitality. The company has been dealing with financial pressures that led to the legal proceedings, the report relays. Owned by Tim Harrington, Atlantic Hospitality has built a reputation for hotel management and design services. Despite its profile, the bankruptcy case has complicated efforts to resolve creditor claims through the auction process, according to Portland Press Herald. The postponement leaves the future of the campground uncertain, with the timing of any potential sale now tied to developments in the bankruptcy court. The resort remains a notable destination in Kennebunkport, the report states. About Sandy Pines Sandy Pines, LLC, operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-100xx) on Feb. 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SANTA PAULA HAY: Hires Pro Business Valuations LLC as Appraiser --------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Pro Business Valuations, LLC as machinery and equipment appraiser. The Debtor requires the assistance of the appraiser in order to value its machinery and equipment in order to propose a plan of reorganization. The appraiser will receive a fixed fee of $39,500. The appraiser would charge a fee of $200 per hour for any additional work needed. As disclosed in the court filing, Pro Business Valuations, LLC is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Grant E. Estep Pro Business Valuations, LLC 5901 W. Century Blvd., Suite 750 Los Angeles, CA 90045 Office Phone No.: (310) 606-2699 Cell Phone No.: (415) 910-5978 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SCHAFER FISHERIES: Court Extends Cash Collateral Access to April 30 ------------------------------------------------------------------- Schafer Fisheries, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court entered an order authorizing the Debtor's interim use of cash collateral through April 30 to pay the expenses listed in its latest budget under previously established terms. The Debtor was previously allowed to access cash collateral through March 31 under the court's Feb. 27 interim order. As of the petition date, Newtek held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. The next hearing is scheduled for April 22. The order is available at https://is.gd/fshyJF from PacerMonitor.com. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SCP ENT: TPG Twin Brook Marks $256,000 1L Loan at 25% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $256,000 loan extended to SCP ENT and Allergy Services, LLC to market at $191,000 or 75% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to SCP ENT and Allergy Services, LLC. The 1L Loan accrues interest at a rate of S + 6.00% 9.93% per annum. The 1L Loan matures on March 25, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About SCP ENT and Allergy Services, LLC SCP ENT and Allergy Services, LLC operates ear, nose and throat and allergy medical clinics, providing specialty health care services to patients. SCP OMS: TPG Twin Brook Marks $9.9M 1L Loan at 62% Off ------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $9,961,000 loan extended to SCP OMS Services, LLC to market at $3,796,000 or 38% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to SCP OMS Services, LLC. The 1L Loan accrues interest at a rate of S + 5.00% 8.69% per annum. The 1L Loan matures on March 7, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About SCP OMS Services, LLC SCP OMS Services, LLC provides management and support services to oral and maxillofacial surgery practices within a dental and surgical care platform. SCV GEMINI: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of SCV Gemini II, LLC. About SCV Gemini II LLC SCV Gemini II, LLC is a real estate investment and development company engaged in property ownership and asset management activities. SCV Gemini II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51440) on February 2, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Barbara Ellis-Monro oversees the case. Jones & Walden, LLC is the Debtor's legal counsel. SELECTIS HEALTH: Appoints Richard Huebner to Board of Directors --------------------------------------------------------------- Selectis Health, Inc. disclosed in a regulatory filing that the Board of Directors approved the appointment of Mr. Richard Huebner to serve as a member of the Board of Directors of Company effective March 12, 2026. Richard Huebner, age 68 has served as the senior managing partner and investment banker of GVC Capital LLC since 2001 to the present. Prior to this Mr. Huebner was a registered investment advisor from 2000 to 2001. He was also an Executive Vice President at Fiserv Correspondent Services from 1984 to 2000. Mr. Huebner served in various roles including General Counsel, Director, Executive Committee Member, Compliance Officer, Equities Desk Trader, Vice President, Senior and Executive Vice Present at Hanifen Imhoff Inc, (1979) Hanifen Imhoff Holding Company, Hanifen Imhoff Investments, Hanifen Imhoff Clearing Corp from 1984 through 1997. From 1980 through 1983 he held the positions of Law Clerk, Compliance Officer and Assistant General Counsel and First Mid America, Inc. Mr. Huebner received a Bachelor's degree from Hastings College in Nebraska (1979) and a Juris Doctorate degree from University of Nebraska (1982). Mr. Huebner will be eligible to participate in the Company's previously approved Outside Directors Compensation Plan under which he will receive an annual stipend of $30,000, payable quarterly in cash. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SERTA SIMMONS: 'Uptier' Dispute Trial Ends, Ruling Expected Summer ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that closing arguments wrapped up Wednesday, March 25, 2026, in Texas bankruptcy court as lenders to Serta Simmons Bedding squared off over damages stemming from the company’s controversial 2020 "uptier" deal. The case has drawn significant attention from the restructuring and finance communities. Investors excluded from the transaction argue they suffered losses when certain lenders were granted enhanced priority through the deal. They are seeking compensation, while the opposing side insists the transaction complied with governing loan documents and was a legitimate effort to stabilize the company, the report states. The judge overseeing the case said a decision is likely within the next few months, potentially setting an important precedent for how courts evaluate similar financing maneuvers and related damage claims. About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SHERWOOD HOSPITALITY: Bidder for Oregon Property Sale OK'd ---------------------------------------------------------- Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC seek approval from the U.S. Bankruptcy Court for the District of Oregon, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 22000 SW Meinecke Pkwy, Sherwood, Oregon 97140 and 1179 SW 69th Ave., Tigard, Oregon 97223. The Court has approved Mike Kalthia, or Mike Kalthia's designee or assignee as the Stalking Horse Bidder and successful bidder in the Property. The Stalking Horse Bid was made in good faith, and the Stalking Horse Bidder seeks to acquire the assets in good faith. The Court held that the Stalking Horse Bidder shall be protected by the Court's findings in the Order and the Sale Order including, but not limited to, that such person is a "good faith purchaser" entitled to the full benefits and protections. Nothing in the Order binds or restricts any future bid for the acquisition of the Assets by L-O Sherwood and L-O Tigard in the event that the Stalking Horse Bidder is unable or unwilling to close the sale of the Assets. About Sherwood Hospitality Group Sherwood Hospitality Group LLC, doing business as Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, Esq., at Sussman Shank, LLP. SIEMPRE NUNCA: Jose Diaz Crespo Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jose Diaz Crespo as Subchapter V trustee for Simpre Nunca LLC. Mr. Diaz Crespo will be paid an hourly fee of $200 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Also, a retainer of $2,500 is requested. Mr. Diaz Crespo declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Simpre Nunca LLC Simpre Nunca LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01040) on March 11, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Javier Villarino, Esq. at Vilarino & Associates LLC represents the Debtor as legal counsel. SIMMONS FOODS: S&P Alters Outlook to Positive, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based poultry and pet food producer Simmons Foods Inc. to positive from stable and affirmed its 'B' issuer credit rating. In addition, S&P affirmed its 'B' issue-level rating on the company's second-lien notes. The recovery rating is '4', indicating its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. The positive outlook reflects the potential for a higher rating if Simmons sustains its improved profitability and maintains leverage below 4x in 2026 while generating positive FOCF. Simmons Foods outperformed our expectations and reduced its S&P Global Ratings-adjusted leverage to 3.5x as of fiscal year-end 2025. The company reduced its asset-based lending (ABL) facility balance to $35 million in 2025, driven by strong free operating cash flow (FOCF) in excess of $100 million in 2025. Simmons reduced its leverage below S&P's rating upside threshold. The company outperformed our expectations in fiscal 2025, with S&P Global Ratings-adjusted leverage of 3.5x, which marks four consecutive quarters operating below 4x. This was underpinned by a nearly 25% increase in S&P Global Ratings-adjusted EBITDA, primarily driven by 154% growth in poultry segment EBITDA. The segment benefitted from strong poultry market conditions for most of the year. Despite increased industrywide production and rapidly declining sales prices in commodity markets in late 2025, Simmons benefitted from its fixed-price contract arrangements for its volume sold into retail and foodservice channels (which now constitute nearly half of its poultry segment volumes) at still-elevated 2024 levels. Moreover, S&P believes Simmons' strategic shift toward value-added poultry products has reduced, though not eliminated, its vulnerability to commodity price fluctuations. Over the past three years, the expansion of its Van Buren, Ark. facility has increased fully cooked and value-added capacity by 71%, driving an 8-percentage point shift in sales mix toward higher-margin, value-added products for foodservice and retail channels. S&P believes poultry segment EBITDA will be modestly lower in 2026 against a tough comparison. Lower contracted pricing for 2026 and weaker commodity markets will likely pressure segment margins. That said, the outlook for poultry remains broadly favorable due to continued elevated price spread to beef and stretched consumers seeking value in protein options. S&P said, "For this reason, we believe the company will continue to grow volumes at moderately weaker margins. Coupled with higher incentive compensation, we believe overall poultry segment EBITDA will decline about 5%, but we expect it to sustain the recently improved profitability compared with prior levels--in which mix was less favorable. "We believe strong results in the pet food segment last year will be difficult to repeat in 2026. We expect aluminum tariffs will be at least a $50 million cost headwind in 2026 due to the segment's canning needs for packaging. We anticipate Simmons will largely mitigate this headwind through price. "That said, the fundamentals that drove an 18% segment EBITDA increase in fiscal 2025 remain strong. The company will continue to build on new customer wins and volume gains in wet pet food (particularly cat) and private label. Overall, we expect the segment's gross margin will contract about 90 basis points. "We expect Simmons will execute its turnaround strategy effectively in animal nutrition in fiscal 2026. The animal nutrition segment struggled in fiscal 2025, with negative EBITDA due to extended plant downtime for maintenance as well as strategic changes for plant network optimization. The plant downtime hindered throughput and fixed cost absorption in the segment. Management has made leadership changes and is actively working to turnaround segment performance. "We believe the negative EBITDA troughed in the third quarter of fiscal 2025, with fourth-quarter EBITDA improving sequentially to about break-even now that the animal nutrition plants are back up and running. We expect EBITDA contribution from animal nutrition in fiscal 2026 will be modestly positive rather than a headwind." The ratings upside depends on Simmons sustaining its recent track record of operating below 4x leverage. In order to maintain its deleveraging progress, the company must effectively navigate moderate headwinds, like moderating chicken markets, aluminum tariff costs in pet, and managing a turnaround effort in its animal nutrition segment. S&P said, "In our base case forecast, we expect the company will generate $30 million of FOCF, maintain its recently reduced revolver balance, and sustain leverage at about 3.7x. If Simmons performs in-line with our base case and effectively manages the risks in the operating environment, we believe there is upside to the rating." The positive outlook reflects the potential for a higher rating if Simmons sustains its improved profitability and maintains leverage below 4x in 2026 while generating positive FOCF. S&P could revise its outlook to stable if its leverage increases and remains above 4x. This could occur if: -- Poultry market conditions continue to moderate, potentially due to excess industry production that reduces commodity prices, or grain prices sharply increase; -- The company loses key customers and its capacity utilization rates, particularly at its value-added chicken facilities, materially weaken; -- It experiences a large product recall or manufacturing disruption; or -- Its pet food business weakens because of declining demand from its branded customers that it does not offset with private-label wins. S&P could raise its ratings on Simmons if the company performs in line with its expectations and sustains S&P Global Ratings-adjusted leverage below 4x with at least $30 million of FOCF. This could occur if: -- Product mix shift to fully cooked and value-added volumes to retail and food service customers continue to outweigh the impact from moderating prices in commodity poultry markets, and fixed-cost contracts do not reset materially lower in the company's next round of renewals; -- The company maintains market share gains in cat food and can effectively offset aluminum tariff cost headwinds such that it largely sustains margin gains in the pet food segment; and -- It successfully turns around animal nutrition segment performance following operational disruptions such that the segment is no longer a drag on EBITDA performance. SINTX TECHNOLOGIES: Tanner LLP Raises Going Concern Doubt --------------------------------------------------------- SINTX Technologies, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Lehi, Utah-based Tanner LLP, the Company's auditor since 217, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has recurring losses from operations and negative operating cash flows and needs to obtain additional financing to finance its operations. These issues raise substantial doubt about its ability to continue as a going concern. For the years ended December 31, 2025 and 2024, the Company incurred a net loss of $10.4 million and $11.0 million, respectively, and used cash in operations of $8.6 million and $8.6 million, respectively. The Company had an accumulated deficit of $292.1 million and $281.7 million as of December 31, 2025 and 2024, respectively. SINTX said, "We will require substantial future capital in order to continue operating our business, conduct research and development and regulatory clearance and approval activities necessary to bring our products to market, and to establish effective marketing and sales capabilities. Our existing capital resources are not sufficient to enable us to fund the completion of the development and commercialization of all our product candidates." "To date, our operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. We expect that we will continue to generate operating losses and use cash in operations. Our continuation as a going concern is dependent upon its ability to increase sales, decrease expenses and raise additional funding. It is uncertain when, if ever, we will attain profitability and positive cash flows from operations or obtain additional financing. "We continue to seek opportunities to raise additional funding through equity and/or debt financing. However, such funding is not guaranteed and may not be available on favorable terms and may involve restrictive covenants. Any additional equity financing, if available, will most likely be dilutive to its current stockholders. If we are not able to obtain additional debt or equity financing, the impact on our company and business will be material and adverse. "The board of directors, together with management, remains focused on advancing our business strategy and focus. Our strategic emphasis is focused on utilizing our technology in making advancements in the biomedical sector. Historically engaged in both industrial and biomedical applications, we have prioritized the development and commercialization of innovative medical devices, leveraging our expertise in advanced ceramics and biomaterials. This renewed focus aligns with a commitment to improving patient outcomes through the creation of products designed for surgical, orthopedic, and other specialized medical applications. We are concentrating our resources on high-growth areas within the healthcare sector where our proprietary materials and technologies--such as silicon nitride--provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility. "Through this transformation, as demonstrated by the recent FDA 510(k) clearance of our SiNAPTIC(R) Foot & Ankle Osteotomy Wedge System, our aim is to deliver meaningful innovations to the medical community. Our current research and development pipeline is centered on medical-grade devices that incorporate antimicrobial properties, enhanced imaging capabilities, and durability under physiological conditions, which are critical for orthopedic implants, spinal fusion devices, and other surgical tools. As we transition our focus away from industrial applications, we anticipate this strategic shift will enable us to better serve the medical sector, address critical unmet needs, and position SINTX as a leading provider in the medical device market. By focusing on partnerships and collaborations with healthcare institutions and industry leaders, we believe that we are positioned to expand our footprint in the medical device sector and drive shareholder value through sustainable, high-impact innovations. "On August 8, 2024, the board of directors approved a plan to implement a Company-wide reduction in the workforce. This decision was part of an ongoing strategic review of our operations aimed at improving operational efficiency and reducing costs. "On August 12, 2024, the board of directors approved a plan to cease efforts to make the armor plant operational. This decision was made to streamline operations and focus on core business areas that align with our long-term strategic goals. The armor plant had not been fully operational since the acquisition of the armor equipment in July 2021 and had been completely shut down since October 2023 due to the malfunctioning of the sintering furnace. In connection with this decision, we incurred an impairment charge of approximately $4.6 million during the year ended December 31, 2024. This charge primarily relates to the write-down of certain long-lived assets associated with the armor plant to their estimated fair value. "On February 19, 2025, we entered into an Entity Acquisition Agreement with Tethon Corporation, pursuant to which the Company sold to Tethon all of the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T. "In October 2025, we received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX's commercial entry into reconstructive foot and ankle surgery in the United States. Revenue is expected to begin during the first half of 2026. "In October 2025, we entered into the 2025 ATM Agreement to sell shares of its common stock from time to time, through an "at the market offering" program, having an aggregate offering price of $6.4 million was filed with the SEC. As of December 31, 2025, there is $6.0 million remaining balance on the 2025 ATM Agreement. "In October 2025, we entered into a sublease agreement to lease the SINTX armor facility to a third party, which is expected to save the Company approximately $1.0 million over the sublease term. "While management has implemented plans intended to mitigate these conditions, we have concluded that substantial doubt exists about the Company's ability to continue as a going concern for 12 months from March 20, 2026, the date these consolidated financial statements are issued." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/36hy58hd About SINTX Technologies, Inc. SINTX Technologies, based in Salt Lake City, Utah, develops and manufactures advanced ceramic materials and components for medical and agribiotech applications. The Company specializes in silicon nitride, which has been used in human implants since 2008. SINTX has expanded into new markets through acquisitions and strategic partnerships. As of December 31, 2025, the Company had $9.5 million in total assets and $6.6 million in total liabilities, and total stockholders' equity of $2.9 million. SKY-FRAME INC: Hires Lewitt Hackman Shapiro as Litigation Counsel ----------------------------------------------------------------- Sky-Frame, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Lewitt, Hackman, Shapiro, Marshall & Harlan, A Law Corporation as special litigation counsel. The firm will represent the Debtor with respect to Ronda Call v. Sky-Frame Inc., et al. (37-2022-00029933-CU-BC-CTL). The firm's current rates are: Attorneys $375 to $845 per hour Paralegals $295 per hour The firm hold a retainer in the amount of $19,201.42. John Marshall, Esq., an attorney at Lewitt, Hackman, Shapiro, Marshall & Harlan, assured the court that his firm does not represent or hold any interest adverse to the Debtor or its estate with respect to the matters for which it seeks to be employed. The fir can be reached through: John B. Marshall, Esq. Lewitt, Hackman, Shapiro, Marshall & Harlan, A Law Corporation 16633 Ventura Boulevard Eleventh Floor Encino, CA 91436 Telephone: (818) 907-3228 Facsimile: (818) 981-4764 Email: jmarshall@lewitthackman.com About Sky-Frame, Inc. Sky-Frame, Inc. develops and produces frameless sliding windows and doors that emphasize flush indoor-outdoor transitions and are engineered in Switzerland for use in architectural and residential projects worldwide. It supplies a range of systems including straight, curved, inclined and pivot configurations, along with options such as insect screens, electric drives, enhanced security features, concealed pockets, shading solutions, bullet-resistant versions and switchable glazing. Its products are installed in several thousand properties across multiple continents and serve the high-end building components and architectural design markets. Sky-Frame filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20955) on December 6, 2025, with $6,099,486 in assets and $9,156,326 in liabilities. Reto Honegger, chief financial officer, signed the petition. Judge Barry Russell oversees the case. Caroline R. Djang, Esq., at Buchalter, A Professional Corp represents the Debtor as counsel. SLEEP QUARTERS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, entered a final order authorizing Sleep Quarters Plus, Inc. to use cash collateral to continue operating its retail furniture and mattress business. Under the final order, the Debtor is authorized to use cash collateral strictly in accordance with its monthly budget, with a permitted variance of up to 15% per line item and 15% overall. Any expenditures beyond those limits require prior written consent from Citizens National Bank of Texas, the secured lender. The budget projects total monthly operational expenses of $17,768. Citizens National Bank of Texas will be granted post-petition replacement liens and security interests that are co-extensive with its pre-bankruptcy liens, to the extent such liens exist. These liens attach to substantially all post-petition personal property and proceeds (excluding Chapter 5 avoidance actions) and are automatically perfected without further filings. The Debtor does not admit the validity of the lender's pre-bankruptcy liens. As additional protection, the Debtor must keep the collateral insured and stay current on taxes. The final order is available at: http://bankrupt.com/misc/SleepQuartersPlus_FinalCashCollOrder.pdf About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reported $1 million to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC as legal counsel and Manning & Associates, PC as accountant. SLY MANAGEMENT: Seeks to Tap Robert S. Lewis as Bankruptcy Counsel ------------------------------------------------------------------ Sly Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the Law Offices of Robert S. Lewis, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers, and obligations in the continued management of its assets and affairs; (b) advise and consult the Debtor on the conduct of the Chapter 11 case; (c) take all necessary actions to protect and preserve the Debtor's estate; (d) prepare on the Debtor's behalf any legal papers necessary to the administration of its Chapter 11 case; (e) negotiate and prepare on the Debtor's behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and/or documents and take any necessary action on its behalf to obtain confirmation of such plan(s); (f) advise the Debtor in connection with the sale of any assets; (g) attend meetings and negotiate with representatives of creditors and other parties in interest; (h) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (i) perform all other necessary legal services and provide all other necessary or appropriate legal advice to the Debtor in connection with the Chapter 11 case. The firm will be paid at these hourly rates: Robert Lewis, Attorney $450 Jasmine Rosa, Paralegal $150 Mr. Lewis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert G. Lewis, Esq. Law Offices of Robert S. Lewis, PC 3 Burd Street Nyack, NY 10960 Telephone: (854) 358-7100 About Sly Management Inc. Sly Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22177) on Feb. 24, 2026, with $50,001 to $100,000 in assets and $0 to $50,000 in liabilities. Judge Sean H. Lane presides over the case. Robert S. Lewis, Esq. represents the Debtor as legal counsel. SN TRANSPORT: Diana Torres-Cancel Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for SN Transport Inc. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About SN Transport Inc. SN Transport, Inc., a privately held company founded in June 2014 and based in Cabo Rojo, Puerto Rico, provides commercial transportation and goods delivery services across the island. Incorporated under the laws of the Commonwealth of Puerto Rico, the firm qualifies as a small business debtor under the U.S. Bankruptcy Code. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01095) on March 15, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Whesley Eliezer Sepulveda Rodriguez, owner, signed the petition. Jose Francisco Gierbolini, Esq. represents the Debtor as legal counsel. SPARHAWK LLC: Seeks to Tap Kerkman & Dunn as Bankruptcy Counsel --------------------------------------------------------------- Sparhawk, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Winconsin to employ Kerkman & Dunn as general counsel. The firm will render these services: (a) advise and assist the Debtors with respect to their duties and powers under the Bankruptcy Code; (b) advise the Debtors on the conduct of their Chapter 11 cases; (c) attend meetings and negotiate with representatives of the creditors and other parties in interest; (d) prosecute actions on the behalf of the Debtors, defend actions commenced against them, and represent their interests in negotiations concerning litigation in which they are involved; (e) prepare pleadings in connection with the Debtors' Chapter 11 cases; (f) advise the Debtors in connection with any potential sale of assets; (g) appear before the Court to represent the interests of the Debtors' estates; (h) assist the Debtors in preparing, negotiating and implementing a plan, and advise with respect to any rejection of a plan and reformulation of a plan, if necessary; (i) assist and advise the Debtors in state court actions related to judgments and collection actions initiated by or against them that are necessary for an effective reorganization; and (j) perform all other necessary or appropriate legal services for the Debtors in connection with the prosecution of their Chapter 11 cases. The firm's professionals will be paid at these hourly rates: Jerome Kerkman, Attorney $625 Evan Schmit, Attorney $525 Nicholas Kerkman, Attorney $350 Tyler Jones, Attorney $315 Non-Attorney Paraprofessionals $125 In addition, the firm will seek reimbursement for expenses incurred. Mr. Kerkman 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: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202 Telephone: (414) 277-8200 Facsimile: (414) 277-0100 Email: jkerkman@kerkmandunn.com About Sparhawk LLC Sparhawk Trucking, Inc., based in Wisconsin Rapids, Wisconsin, provides full-truckload freight transportation across the United States and operates a fleet of tractors and trailers under federal motor carrier authority. The company transports commercial goods including dry freight and construction materials for a nationwide customer base. Its operations are supported by affiliated entities including Sparhawk, LLC; Sparhawk Properties, LLC; and Sparhawk Truck and Trailer, Inc., which together support trucking operations, equipment management and property holdings related to the groups transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the U.S. Sparhawk LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Lead Case No. 26-10527) on March 13, 2026. In the petitions were signed by Mark A. Sparhawk, sole member, Sparhawk LLC disclosed up to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the cases. Jerome R. Kerkman, Esq., at Kerkman & Dunn represents the Debtors as counsel. SPEYSIDE HOLDINGS: Hires Speyside Holdings as Bankruptcy Counsel ---------------------------------------------------------------- Speyside Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire BFSNG Law Group LLP as attorneys. The firm will render these services: a. advise the Debtor's with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. represent the Debtor the Bankruptcy Court and at all hearings on matters pertaining to its affairs, including prosecuting and defending litigated matters ad they may rise during the Chapter 11 case; c. advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; d. prepare all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. perform all other legal services. The firm will be paid at these rates: Partners $600 to $725 per hour Associates $500 to $550 per hour Paralegals $210 per hour In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid a retainer of $128,000 plus $12,166 filing fee in this matter. Gary C. Fischoff, Esq., a member of BFSNG Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Heath S. Berger, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Telephone: (516) 747-1136 About Speyside Holdings LLC Speyside Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70730-spg) on February 20, 2026. In the petition signed by Eugene Fernandez, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Gary C. Fischoff, Esq., at BFSNG Law Group, LLP, represents the Debtor as legal counsel. SPG HOLDCO: TPG Twin Brook Marks $1.7M 1L Loan at 32% Off --------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,776,000 loan extended to SPG Holdco, LLC to market at $1,213,000 or 68% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to SPG Holdco, LLC. The 1L Loan accrues interest at a rate of S + 6.00% 9.99% per annum. The 1L Loan matures on Dec. 1, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About SPG HOLDCO SPG Holdco, LLC offers industrial machinery and equipment. The Company operates in the United States. SPG HOLDCO: TPG Twin Brook Marks $2M 1L Loan at 34% Off ------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $2,070,000 loan extended to SPG Holdco, LLC to market at $1,357,000 or 66% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to SPG Holdco, LLC. The 1L Loan accrues interest at a rate of S + 6.00% 9.77% per annum. The 1L Loan matures on Dec. 1, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About SPG Holdco, LLC SPG Holdco, LLC offers industrial machinery and equipment. The Company operates in the United States. STOLI GROUP: Trustee Hires Ferguson Braswell as Local Counsel ------------------------------------------------------------- Claudia Springer, the trustee appointed in the Chapter 11 cases of Stoli Group (USA), LLC and and Kentucky Owl, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ferguson Braswell Fraser Kubasta PC as local counsel. The firm's services include: (a) perform all necessary services as the Chapter 11 trustee's bankruptcy co-counsel; (b) take all necessary actions to protect and preserve the Debtors' estate during its Chapter 11 cases; (c) prepare or coordinate preparation on behalf of the Chapter 11 trustee necessary legal papers in connection with the administration of the Debtors' Chapter 11 cases; (d) counsel the Chapter 11 trustee with regard to her rights and fiduciary duties; (e) coordinate with the Chapter 11 trustee's other professionals in representing her in connection with the Debtors' Chapter 11 cases; and (f) perform all other necessary legal services. Rachael Smiley, Esq., the primary attorney in this representation, will be paid at her hourly rate of $750, plus expenses. Ms. Smiley 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: Rachael Smiley, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 Telephone: (972) 378-9111 Facsimile: (972) 378-9115 Email: rsmiley@fbfk.law About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. On Feb. 19, 2026, the U.S. Trustee appointed Claudia Z. Springer as trustee in these Chapter 11 cases. The trustee tapped Hughes Hubbard & Reed LLP as bankruptcy counsel, Ferguson Braswell Fraser Kubasta PC as local counsel, and NOVO Advisors LLC as accountant. STOLI GROUP: Trustee Seeks to Hire NOVO Advisors as Accountant -------------------------------------------------------------- Claudia Springer, the trustee appointed in the Chapter 11 cases of Stoli Group (USA), LLC and and Kentucky Owl, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ NOVO Advisors LLC as accountant. The firm will provide these services: (a) maintain the Debtors' existing 13-week cash flow forecast; (b) assist the Chapter 11 trustee in overseeing and facilitating the operations of the Debtors; (c) assess the value of the Debtors' assets now and the potential value in the future; (d) work with the Debtors' employees and consultants, if any, to oversee and manage their day-to-day operations; (e) review the Debtors' operations, finances and historical performance to develop a baseline understanding of their business, operations, and economics and determine the best strategies to continue operations and improve performance, if applicable; (f) determine whether the Debtors are properly staffed and, if deemed advisable, reduce or increase staffing upon the direction of the Chapter 11 trustee; (g) review contracts involving the Debtors to determine whether they are in their best interests and potentially renegotiate existing contractual arrangements; (h) investigate the Debtors' transactions prior to the appointment date to form an understanding of cash activity in and out of the ordinary course of operations; (i) develop cash flow forecasting for the Debtors and the estate during their Chapter 11 cases; (j) develop weekly budget versus actual reporting against the cash flow forecasts; (k) institute methods to improve the Debtors' cash flow performance and liquidity; (l) review the bankruptcy filings; (m) participate in meetings at the Chapter 11 trustee's request with the Debtors' lenders and professionals as well as the trustee of the Stoli estate to provide regular updates on ongoing case matters and to develop a strategy for liquidating their assets over time in order to maximize the value thereof and to negotiate or litigate matters between them and Stoli; (n) prepare the Debtors for a sale of the business as a going concern or an asset sale; (o) support investigation activities related to fund tracing and reclamations in the United States, Cyprus, and any other foreign jurisdictions, as appropriate; (p) assist in developing, evaluating, structuring, and negotiating the terms and conditions of a potential restructuring, plan of reorganization, or sale transaction; and (q) provide other support services as requested by the Chapter 11 trustee. The firm's professionals will be paid at an hourly rate from $390 to $1,095, plus expenses. Sandeep Gupta, a managing partner at NOVO Advisors, 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: Sandeep Gupta NOVO Advisors LLC 401 N Franklin St., Suite 4 Chicago, IL 60654 Telephone: (312) 961-6854 About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. On Feb. 19, 2026, the U.S. Trustee appointed Claudia Z. Springer as trustee in these Chapter 11 cases. The trustee tapped Hughes Hubbard & Reed LLP as bankruptcy counsel, Ferguson Braswell Fraser Kubasta PC as local counsel, and NOVO Advisors LLC as accountant. STOLI GROUP: Trustee Seeks to Tap Hughes Hubbard & Reed as Counsel ------------------------------------------------------------------ Claudia Springer, the trustee appointed in the Chapter 11 cases of Stoli Group (USA), LLC and and Kentucky Owl, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Hughes Hubbard & Reed LLP as counsel. The firm will render these services: (a) advise the Chapter 11 trustee with respect to her powers and duties as trustee and in the continued management and operation of the Debtors' business and properties; (b) attend meetings and negotiate with creditors and parties-in-interest; (c) advise the Chapter 11 trustee in connection with any sale of the Debtors' assets; (d) prepare all legal papers necessary to the administration of the Debtors' Chapter 11 cases; (e) appear before this Court, any appellate courts, and the U.S. Trustee and protect the interests of the Debtors before such courts and the U.S. Trustee; (f) perform other necessary legal services to the Chapter 11 trustee in connection with the Chapter 11 cases; (g) provide legal advice and legal services with respect to litigation, tax, and other general legal issues for the Chapter 11 trustee to the extent requested by her; and (h) take all steps necessary and appropriate to bring the Chapter 11 case to conclusion. The firm's professionals will be paid at these hourly rates: Partners and Senior Counsel $1,605 - $2,430 Counsel and Special Counsel $1,510 - $2,025 Associates $930 - $1,555 Legal Assistants $475 In addition, the firm will seek reimbursement for expenses incurred. Kathryn Coleman, Esq., a partner at Hughes Hubbard & Reed, 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: Kathryn A. Coleman, Esq. Hughes Hubbard & Reed LLP One Battery Park Plaza New York, NY 10004 Telephone: (212) 837-6000 Email: katie.coleman@hugheshubbard.com About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. On Feb. 19, 2026, the U.S. Trustee appointed Claudia Z. Springer as trustee in these Chapter 11 cases. The trustee tapped Hughes Hubbard & Reed LLP as bankruptcy counsel, Ferguson Braswell Fraser Kubasta PC as local counsel, and NOVO Advisors LLC as accountant. SUDOXE LLC: Seeks to Tap The Weiss Law Group as Legal Counsel ------------------------------------------------------------- Sudoxe, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Weiss Law Group, LLC as counsel. The firm will provide these services: (a) provide legal advice with respect to the powers, rights, and duties of the Debtor; (b) provide legal advice and consultation related to the legal and administrative requirements of this case; (c) take appropriate actions to protect and preserve the estate; (d) prepare appropriate documents and pleadings; (e) represent the Debtor's interests at the initial debtor interview, the meeting of creditors, any status conferences, any disclosure statement hearing, the confirmation hearing, and other hearings before this Court related to the Debtor; (f) assist and advise the Debtor in the formulation, negotiation, and implementation of a Disclosure Statement and/or Chapter 11 Plan and all documents related thereto; (g) assist and advise the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of transactions; (h) assist and advise the Debtor with respect to the use of cash collateral, obtain financing, and negotiate, draft, and seek approval of any documents related thereto; (i) review and analyze claims filed in this case, and advise and represent the Debtor in connection with objections to such claims; (j) assist and advise the Debtor with respect to executory contracts and unexpired leases; (k) coordinate with other professionals employed in the case; (l) review and analyze applications, orders, motions, and other pleadings and documents filed with the Bankruptcy Court and advise the Debtor thereon; and (m) assist the Debtor in performing such other services as may be in its interest and the estate and performing all other legal services it required. The firm's counsel will be paid at these hourly rates: Brett Weiss, Attorney $695 Associates $350 Paralegals $195 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of this case, the Debtor paid the firm a retainer of $25,000, which included the filing fee of $1,738. Mr. Weiss 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: Brett Weiss, Esq. The Weiss Law Group, LLC 8843 Greenbelt Road, Box 299 Greenbelt, MD 20770 Telephone: (301) 924-4400 Facsimile: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About Sudoxe LLC Sudoxe LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-12745) on March 16, 2026, listing up to $1 million in both assets and liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. Brett Weiss, Esq., at The Weiss Law Group, LLC represents the Debtor as counsel. SUMMIT ACCESS: Cash Collateral Hearing Set for March 31 ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia is set to hold a hearing on March 31 to consider final approval of Summit Access, LLC's bid to use cash collateral. The Debtor was previously allowed to access cash collateral from Feb. 27 to March 31 under the court's second interim order. The second interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget, which shows total operating expenses of approximately $32,571.33. The order granted KDM Summit Access, LLC, a secured lender, replacement lien on all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. It also approved monthly payments of $8,000 to the lender. Summit Access requires the use of cash collateral to continue operating its 28-unit apartment complex in Atlanta while it reorganizes under Chapter 11. The Debtor filed bankruptcy to preserve equity in the property and restructure debt, particularly in light of a secured loan held by KDM, which asserts a lien on the rents and income from the property. The outstanding balance on that loan is approximately $3.55 million, and the Debtor believes KDM is the only creditor asserting an interest in its cash collateral, which consists primarily of rental income. KDM Summit Access, as lender, is represented by: Sean C. Kulka, Esq. Arnall Golden Gregory, LLP 171 17th Street NW, Suite 2100 Atlanta, GA 30363-1031 Telephone: (404) 873-8682 Fax: (404) 873-8121 sean.kulka@agg.com About Summit Access LLC Summit Access, LLC owns the apartment property at 2510-2540 Peachtree Circle, NE, Atlanta, with 19 of 28 units currently occupied and all units move-in ready. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51439) on February 2, 2026. In the petition signed by Romaia Karlsen, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SUPERIOR INSURANCE: TPG Twin Brook Marks $15.1M 1L Loan at 28% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $15,177,000 loan extended to Superior Insurance Partners LLC to market at $10,897,000 or 72% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a First lien senior secured delayed draw term loan extended to Superior Insurance Partners LLC. The 1L Loan accrues interest at a rate of S + 5.00% 8.75% per annum. The 1L Loan matures on Oct. 25, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Superior Insurance Partners LLC Superior Insurance Partners LLC is an insurance or brokerage platform. SUPERPSYCHED LLC: Taps Daniel L. Freeland & Associates as Counsel ----------------------------------------------------------------- Superpsyched LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ Daniel L. Freeland & Associates, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) defend various complaints and motions for relief of stay filed by creditors of the Debtor; (c) protect the Debtor's interest in any executory contracts; (d) prepare on behalf of the Debtor necessary legal papers; (e) perform all other legal services for the Debtor which may be necessary herein; and (f) prepare and file a Chapter 11 Plan, Disclosures and other papers related thereto. Sheila Ramacci, Esq., the primary attorney in this representation, will be billed at her hourly rate of $300. The firm received a retainer of $14,000 prior to the filing of the Debtor's petition. Ms. Ramacci 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: Shiela A. Ramacci, Esq. Daniel L. Freeland & Associates, PC 9105 Indianapolis Bvd. Highland, IN 46322 Telephone: (219) 922-0800 Email: sar4198@aol.com About Superpsyched LLC Superpsyched LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 26-20500) on March 16, 2026, listing up to $100,000 in assets and up to $1 million in liabilities. Judge James R. Ahler oversees the case. Shiela A. Ramacci, Esq., at Daniel L. Freeland & Associates, PC represents the Debtor as counsel. SURF CLEAN: Gerard Luckman Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Surf Clean Energy Inc. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Surf Clean Energy Inc. Providing consultation, system design, installation, and monitoring for residential solar energy systems, Surf Clean Energy Inc. helps homeowners transition to renewable power. The company oversees the full solar installation process, including site assessments, permitting, and equipment deployment, while offering guidance on energy usage and solar technology. Founded by Tyler Moston, the firm began operations in New York and serves customers across several states, including New York, New Jersey, Illinois, and Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71015) on March 13, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Tyler Moston, CEO, signed the petition. Judge Sheryl P. Giugliano presides over the case. C. Nathan Dee, Esq., at Cullen and Dykman, LLP represents the Debtor as legal counsel. SURPLUS SOLUTIONS: TPG Twin Brook Marks $4.6MM 1L Loan at 31% Off ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $4,648,000 loan extended to Surplus Solutions, LLC to market at $3,195,000 or 69% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to Surplus Solutions, LLC. The 1L Loan accrues interest at a rate of S + 5.25% / 8.92% per annum. The 1L Loan matures on Nov. 30, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Surplus Solutions, LLC Surplus Solutions, LLC is a premier provider of Equipment Lifecycle Management services. T.C.'S GRILL: Hires Tarpy Cox Fleishman & Leveille as Counsel ------------------------------------------------------------- T.C.'s Grill, Inc., doing business as T.C.'s Grill, doing business as Local Joe's Cafe, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Tarpy, Cox, Fleishman & Leveille, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Thomas Leveille, Attorney $425 Ed Shultz, Attorney $385 Associate Lawyer $275 Paralegal or Law Clerk $75 - $95 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $10,000, including the filing fee of $1,738 from the Debtor. Ms. Tarpy 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: Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore, Suite N-290 Knoxville, TN 37919 Telephone: (865) 588-1096 About T.C.'s Grill Inc. T.C.'s Grill, Inc., doing business as T.C.'s Grill and Local Joe's Cafe, is a Maryville, Tennessee-based restaurant company operating casual dining locations in Maryville and Mt. Juliet, offering American and Southern-style cuisine across breakfast, lunch, and dinner with a focus on classic comfort foods. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30338) on Feb. 28, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Steven Nelson, owner, signed the petition. Judge Suzanne H. Bauknight presides over the case. Lynn Tarpy, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as counsel. TBN MURRAY: Gets OK to Use Cash Collateral ------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, issued an order approving TBN Murray Fam, LLC's use of cash collateral. Under the order, the Debtor is authorized to use cash collateral such as revenue from normal business operations in accordance with an approved budget through July 19. However, any use must strictly follow the budget and court order, or it risks termination of that authority. Going forward, the Debtor must make monthly adequate protection payments of $1,000 to Wells Fargo, starting April 1, and continuing on the first day of each month. If the Debtor fails to make these payments, its authority to use cash collateral will again be automatically suspended, making payment compliance essential to ongoing operations. To protect secured creditors, the court granted replacement liens on post-petition assets, including accounts receivable, contract rights, and deposit accounts, with the same priority as pre-petition liens. These liens do not extend to certain bankruptcy-related claims (Chapter 5 causes of action). The order also preserves creditors' rights to seek additional protection or challenge improper use of collateral. The Debtor's authority to use cash collateral will automatically terminate if the case is dismissed or converted to Chapter 7; the July 19 deadline is reached; or if the Debtor materially breaches the order, including failing to follow the budget or payment terms. About TBN Murray Fam LLC TBN Murray Fam LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.26-30845) on February 6, 2026. In the petition signed by Thomas Murray, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. TCB INVESTMENTS: Hires Gambrell & Associates as General Counsel --------------------------------------------------------------- TCB Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Gambrell & Associates, PLLC as counsel. The firm will render these services: a. consult with any Trustee or any committee concerning the administration of the case; b. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of the plan; c. formulate a plan; and d. prepare any pleadings, motions, answers, notices, orders and reports that are required for the proper function of the Debtor. The firm will be paid at these rates: Robert Gambrell $375 per hour Rosamond Posey $275 per hour Paralegals $115 per hour Gambrell & Associates disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Gambrell, Esq. Gambrell & Associates, PLLC 101 Ricky D. Britt Sr. Blvd. Oxford, MS 38655 Tel: (662) 281-8800 Fax: (662) 202-1004 Email: rg@ms-bankruptcy.com About TCB Investments LLC TCB Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10529) on February 19, 2026, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Jason D. Woodard presides over the case. Robert Gambrell, Esq., at Gambrell & Associates, PLLC represents the Debtor as legal counsel. TCB INVESTMENTS: Hires Gambrell & Associates PLLC as Counsel ------------------------------------------------------------ TCB Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Gambrell & Associates, PLLC as counsel. The firm will render these services: a. consult with any Trustee or any committee concerning the administration of the case; b. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of the plan; c. formulate a plan; and d. prepare any pleadings, motions, answers, notices, orders and reports that are required for the proper function of the Debtor. The firm will be paid at these rates: Robert Gambrell $375 per hour Rosamond Posey $275 per hour Paralegal $115 per hour Gambrell & Associates is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert Gambrell, Esq. Gambrell & Associates, PLLC 101 Ricky D. Britt Sr. Blvd. Oxford, MS 38655 Tel: (662) 281-8800 Fax: (662) 202-1004 Email: rg@ms-bankruptcy.com About TCB Investments LLC TCB Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10529) on February 19, 2026, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Jason D. Woodard presides over the case. Robert Gambrell, Esq., at Gambrell & Associates, PLLC represents the Debtor as legal counsel. TEAM SYSTEMS: Judge Delays Chapter 7 Dispute Until July ------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge delayed a dispute over converting Team Systems International's Chapter 7 case until July 2026 so the issue can be heard alongside a related fraudulent transfer case. The judge said combining the matters would provide a more efficient resolution. Team Systems International has been navigating a contested bankruptcy process, with disagreements over whether the case should remain in Chapter 7 or shift to another chapter. The fraudulent transfer allegations raised questions about whether certain assets were improperly moved prior to the filing, the report states. By postponing the conversion fight, the court hopes to resolve both issues in a single hearing, avoiding fragmented litigation. The July session is expected to determine the future course of the contractor's bankruptcy and the treatment of its estate, according to Law360. About Team Systems International Formed in 2001, Team Systems International LLC is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's legal counsel. The case was converted to Chapter 7 on March 31, 2022. George L. Miller is the Chapter 7 trustee. TEDDER INDUSTRIES: To Sell Firearms Biz to Safariland for $10MM --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Tedder Industries LLC to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. In accordance with the Bidding Procedures, on March 13, 2026, the Debtor filed a notice, adjourning the Bid Deadline to March 20, 2026, and rescheduling the auction, if any, to take place on March 24, 2026. On March 17, 2026, the Debtor names Safariland, LLC as the stalking horse bidder and attaching the Stalking Horse Asset Purchase Agreement (APA). The Debtor held an auction on March 24, 2026 at 10:30 a.m. In connection with the Bidding Procedures, the Auction, and the various notices appurtenant, and upon closing of the Auction, the Debtor has selected the Stalking Horse Bidder as the Successful Bidder for the Debtor's Assets and designated Maple Hill Capital as the back-up bidder. The Debtor signed the Asset Purchase Agreement with Safariland, LLC, a Delaware limited liability company, with the purchase price of $10,300,000.00. About Tedder Industries, LLC Tedder Industries, LLC is a Texas limited liability company with a principal place of business in Idaho that operates a consumer-brand manufacturing business in the firearms and accessories market, producing American-made injection-molded gun holsters for institutional purchasers, B2B partners, and direct-to-consumer channels. The company conducts business in the marketplace under the name Alien Gear Holsters and manufactures various holster types, including hybrid and modular designs, for concealed-carry users and other end markets. Tedder supplies its products to U.S. military branches, international militaries, defense organizations, and law-enforcement agencies. Tedder Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90805) on December 8, 2025, listing between $10 million and $50 million in both assets and liabilities. Thomas Magrath, president of Tedder Industries, signed the petition. Judge Alfredo R. Perez oversees the case. Jeff Protok, Esq., at Vartabedian Hester & Haynes, LLP, represents the Debtor as legal counsel. Main Street Capital Corporation, as lender, is represented by Joshua W. Wolfshohl, Esq., and Joanna D. Caytas, Esq., at Porter Hedges, LLP, in Houston, Texas. TEZ WINGZ: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Tez Wingz, LLC. About Tez Wingz LLC Tez Wingz, LLC operates a restaurant specializing in to-go food services. Tez Wingz sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10518) on February 23, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. William Jordan, company owner, signed the petition. Judge Janice D. Loyd oversees the case. Gary D. Hammond, Esq., at Hammond Law Firm, represents the Debtor as bankruptcy counsel. THREE OAKS: George Oliver Named Subchapter V Trustee ---------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for Three Oaks Behavioral Health & Wellness, PLLC. Mr. Oliver will be compensated at $375 per hour for his services as Subchapter V trustee. Mr. Oliver disclosed in a court filing that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC 405 Middle Street P.O. Box 1548 New Bern, NC 28563 Phone: (252) 633-1930 Fax: (252) 633-1950 george@georgeoliverlaw.com About Three Oaks Behavioral Health & Wellness Based in Raleigh, North Carolina, Three Oaks Behavioral Health & Wellness, PLLC operates multiple clinics in the Raleigh-Durham area providing individual, family, and couples therapy, psychological assessments, and specialized programs such as Eye Movement Desensitization and Reprocessing and Dialectical Behavior Therapy, focusing on evidence-based, client-centered care for emotional, psychological, and relational needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01207) on March 16, 2026, with $424,587 in assets and $3,045,036 in liabilities. Casie Hall, manager, signed the petition. Judge Joseph N. Callaway presides over the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC represents the Debtor as legal counsel. TONIX PHARMACEUTICALS: EisnerAmper Out, PwC In as Auditor for FY26 ------------------------------------------------------------------ Tonix Pharmaceuticals Holding Corp. disclosed in a regulatory filing that it dismissed EisnerAmper LLP as its independent registered public accounting firm. The Company notified EisnerAmper of its dismissal on March 16, 2026. The decision to dismiss EisnerAmper was approved by the Audit Committee of the Company's Board of Directors. The dismissal was not related to any disagreements with EisnerAmper on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. EisnerAmper's audit report on the consolidated financial statements of the Company and its subsidiaries for the fiscal years ended December 31, 2025, and December 31, 2024 did not contain any adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, other than that the report for these periods contained an explanatory paragraph concerning the Company's continuing losses and negative cash flows from operating activities that raised substantial doubt about its ability to continue as a going concern. During the Company's two most recent fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent interim period from January 1, 2026 through the Notice Date: (i) there were no disagreements with EisnerAmper on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures which, if not resolved to the satisfaction of EisnerAmper, would have caused EisnerAmper to make reference to the subject matter of the disagreement in connection with its reports, and (ii) there were no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K of the Securities and Exchange Commission other than, as previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company identified material weaknesses in internal control over financial reporting related to: (i) the accounting for non-routine and complex transactions, including the formalization and documentation of controls and management review procedures, (ii) the assessment of the realizability of inventory based upon the projections utilized and (iii) the assessment of an amendment to warrants that were reclassified into equity in the same period that did not include a quantitative evaluation of the potential materiality of revaluation adjustments. Such material weaknesses, which were remediated by the year ended December 31, 2024, did not result in any restatement of the Company's financial statements and did not give rise to any disagreement between the Company and EisnerAmper. Engagement of New Independent Registered Public Accounting Firm Following EisnerAmper's dismissal, the Company appointed PricewaterhouseCoopers LLP to serve as the Company's independent registered public accounting firm for the year ending December 31, 2026, and related interim periods. The selection of PwC was approved by the Audit Committee of the Company's Board of Directors. During the Company's two most recent years ended December 31, 2025 and December 31, 2024 and the subsequent interim period from January 1, 2026 through the Engagement Date, neither the Company nor anyone on its behalf consulted with PwC regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that PwC concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement" or a "reportable event" (as defined in SEC Regulation S-K Item 304(a)(1)(v)). About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TPD DESIGN: Seeks Cash Collateral Access Thru May 3 --------------------------------------------------- TPD Design House, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral and provide adequate protection, through May 3, 2026. The Debtor's primary secured lender, Berkshire Bank, extended two loans prior to the bankruptcy filing—an SBA 7(a) term loan of $3 million and an SBA CAPLine loan of $1 million—secured by substantially all of the Debtor's assets, including accounts and deposit accounts. Although multiple other creditors have filed UCC-1 financing statements, the Debtor believes that, based on the value of its assets, these creditors are effectively unsecured under 11 U.S.C. section 506(a). The Debtor asserts that its cash collateral consists of funds in deposit accounts and collections from accounts receivable, which may be subject to valid security interests held by these creditors. However, aside from the identified secured parties, no other entities are believed to have an interest in the cash collateral. The Debtor emphasizes its urgent need to use cash collateral to sustain operations, including meeting payroll and covering ongoing business expenses. The Debtor projects that it will require approximately $677,383 over a seven-week interim period and has submitted a corresponding budget showing expected cash flow, including a projected increase in cash balances during this time. The Debtor argues that continued operations will preserve or enhance the value of its business and, consequently, the value of the collateral securing creditor claims. To protect creditor interests, the Debtor proposes granting replacement liens on post-petition accounts and proceeds to compensate for any potential diminution in collateral value resulting from the use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=h3ymU0 from PacerMonitor.com. About TPD Design House, LLC TPD Design House, LLC is a multidisciplinary creative studio that collaborates with clients to shape and communicate brand narratives across platforms and media. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11073) on March 16, 2026. In the petition signed by Vanessa Kreckel, managing member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Derek J. Baker oversees the case. David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, represents the Debtor as legal counsel. TPI COMPOSITES: Court OKs Wind Blade Asset Sale to Vestas Wind -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted TPI Composites Inc. to sell Property, free and clear of all liens, claims, interests, and encumbrances. The Debtors are wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. The Debtor seeks approval for the sale of certain Transferred Assets of a Debtor, including the assignment of Finished Goods Inventory and accounts Receivables by APAC II. The Court has authorized the Debtor to sell the Property to Vestas Wind Technology India Private Limited. Time is of the essence in consummating the Vestas Sale Transaction. In order to maximize the value of the Transferred Debtor Assets, it is essential that the sale and assignment of the Debtors’ Transferred Debtor Assets occur within the time constraints set forth in the Vestas APA. The relief requested in the Motion with respect to the Vestas Sale Transaction is granted and approved in its entirety, and the Vestas APA, including all of its terms and conditions, all ancillary documents, and all transactions contemplated, are approved. The Debtors have satisfied all requirements of sections 363(b) and 363(f) of the Bankruptcy Code, and all other requirements and standards applicable to a sale outside the ordinary course of business, free and clear of the Encumbrances, Claims, and Liabilities The Debtors are authorized and directed to consummate the Vestas Sale Transaction, including the sale, transfer, and assignment of all of the Debtors’ right, title, and interest in, to, and under the Transferred Debtor Assets to the Buyer free and clear of any and all Encumbrances, Claims, and Liabilities. The Buyer and the Debtors shall have no obligation to consummate the Vestas Sale Transaction except as is contemplated by and provided for in the Vestas APA. 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. 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. TRI-STAR MEDICAL: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On March 19, 2026, Tri-Star Medical Clinic filed for Chapter 7 bankruptcy protection in the Central District of California bankruptcy court. According to filings, the Debtor owes between $1 million and $10 million to 1–49 creditors. About Tri-Star Medical Clinic Tri-Star Medical Clinic is a California-based healthcare provider offering a range of outpatient medical services. The clinic focuses on delivering accessible patient care through routine checkups, diagnostic services, and treatment for common medical conditions. Tri-Star Medical Clinic filed under Chapter 7 of the U.S. Bankruptcy Code (Case No. 26-10565) on March 19, 2026. The petition indicates estimated assets of $0 to $100,000 and liabilities of $1 million to $10 million. The Debtor has not disclosed its legal counsel in the filing. TRI-STATE ENVIRONMENTAL: Seeks Cash Collateral Access ----------------------------------------------------- Tri-State Environmental Restoration, Inc., asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor asserts that without immediate access to its cash collateral—defined as funds in its bank accounts and incoming revenues—it will be unable to sustain operations. The Debtor contends that use of these funds in accordance with a proposed budget is essential to maintaining business continuity, preserving asset value, and maximizing recovery for creditors. The Debtor's primary secured creditor is the U.S. Small Business Administration, which extended a $1.2 million loan to the Debtor in June 2020, secured by a lien on substantially all of the Debtor's personal property, including equipment and receivables. Although the original UCC financing statement lapsed in June 2025, a replacement filing was made in December 2025. The Debtor values the collateral securing the SBA's claim at approximately $449,003. As part of its request, the Debtor proposes to provide adequate protection to the SBA by making monthly payments of $1,404, which represents the amount of interest accruing on the secured portion of the loan, thereby maintaining the status quo and preventing any decline in the creditor’s economic position during the bankruptcy proceedings. The Debtor intends to deposit all post-petition income into newly established debtor-in-possession accounts and use those funds strictly in accordance with a detailed operating budget. The budget outlines necessary expenses such as payroll, rent, utilities, insurance, and supplies, with any surplus funds reserved for contingencies, taxes, or plan funding. The Debtor emphasizes that this structured use of cash collateral will ensure liquidity to meet administrative expenses while avoiding any significant diminution in the value of the SBA's collateral. Additionally, the Debtor plans to submit a more comprehensive three-month budget prior to the final hearing on the motion. A copy of the motion is available at https://urlcurt.com/u?l=ukdJqO from PacerMonitor.com. About Tri-State Environmental Restoration, Inc Tri-State Environmental Restoration, Inc is a New York-based corporation engaged in environmental restoration services throughout the Tri-State area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-26-41343-jmm) on March 23, 2026. In the petition signed by James Rengifo, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jill Mazer-Marino oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C., represents the Debtor as legal counsel. TRIAD AERO: Seeks Cash Collateral Access ---------------------------------------- Triad Aero Sales Corp asks the U.S. Bankruptcy Court for the Southern District of Florida for authority to use cash collateral and provide adequate protection. The Debtor, an aircraft parts sales company based in Medley, Florida and operating since 2002, originally filed for bankruptcy on October 27, 2025, following the entry of a significant monetary judgment against it. The company's financial position is constrained by the nature of its inventory—consisting largely of older aircraft parts, many of which require repairs—resulting in uncertain asset values estimated at approximately $400,000, as well as external pressures such as increased tariffs that have negatively impacted operations. The Debtor identifies the U.S. Small Business Administration as its primary secured creditor with a perfected lien on cash collateral, holding a claim of roughly $149,000, which the Debtor believes is fully secured, while also reserving the right to challenge the validity or priority of liens as the case progresses. Previously, the court authorized the Debtor's use of cash collateral under a budget that extended through April 16, 2026; however, because that authority will expire before a scheduled status conference on April 30, 2026, the Debtor now seeks approval of a new, extended budget covering operations through August 16, 2026. The proposed budget outlines anticipated income and expenses and includes flexibility provisions allowing the Debtor to exceed individual line items by up to 10%, or more in specific instances so long as total overruns remain within a 10% aggregate cap. The Debtor argues that continued access to cash collateral is essential to cover ordinary business expenses such as payroll, rent, and utilities, and that without such authorization it would be forced to cease operations entirely. The Debtor contends that cash collateral use approval is warranted because the SBA's secured interest is adequately protected through the granting of replacement liens on post-petition assets, maintaining the same priority and extent as prepetition liens. A copy of the motion is available at https://urlcurt.com/u?l=2SHf5k from PacerMonitor.com. About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on Oct. 27, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRICOLOR AUTO: Ex-CEO, Trustee Ink Beverly Hills Property Deal -------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy court approved a stipulation permitting the $2.45 million sale of a Beverly Hills home owned by the former chief executive of subprime auto lender Tricolor Holdings, even as litigation and creditor issues persist. The agreement was negotiated between the former executive and the Chapter 7 trustee. The arrangement allows the trustee to move forward with the disposition of the property, converting it into cash for the benefit of the estate. According to the trustee, the stipulation avoids unnecessary legal costs and delays that could otherwise erode the asset's value. The court found that the proposed resolution serves the interests of the estate and its creditors, notwithstanding ongoing disputes in the case. Sale proceeds will be administered under the applicable provisions of the Bankruptcy Code, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIMAS CORP: S&P Downgrades ICR to 'B+', Outlook Stable ------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on TriMas Corp. to 'B+' from 'BB', reflecting its view of a much smaller size and scale of operations with a lower-margin profile, a less diverse set of end markets, and a large cash balance that will S&P expects it will deploy for acquisitions. S&P also removed the ratings from CreditWatch, where it placed them with negative implications on Nov. 7, 2025. At the same time, S&P lowered its issue-level rating on the $400 million unsecured notes to 'B' from 'BB-'. The recovery rating remains '5'. The stable outlook reflects S&P's view that the company's S&P Global Ratings-adjusted leverage will be 3.0x-4.0x over the next 12 months as the company deploys its capital and benefits from modest organic earnings growth. The aerospace divestiture has weakened TriMas' business risk profile. This transaction resulted in a significantly smaller revenue base, increased concentration in the highly competitive packaging market--now representing approximately 83% of 2025 sales--and still relies on somewhat cyclical end markets, such as beauty and personal care, home care, and industrial. TriMas' remaining packaging and specialty products segments represent approximately $645 million in revenues, which places the company among the smaller packaging companies we rate. While S&P continues to view favorably the company's product development capabilities and strong customer relationships, its remaining core markets remain very competitive, and the loss of scale and end-market diversity adds incremental risk to the business. With that said, it will have approximately $1.2 billion in cash after taxes. S&P said, "We expect TriMas will use its large cash balance to immediately repay the $72.8 million drawn on its revolving credit facility, complete $150 million of share repurchases throughout the year, and deploy the remaining cash toward acquisitions. We expect acquisitions could include a larger, more transformative addition, which could be beneficial to the business risk as well as add incremental EBITDA that would support the company's credit metrics." Leverage will benefit from organic earnings growth and acquisitions. Over the next 18 months, we expect the company's S&P Global Ratings-adjusted leverage will be supported by modest earnings growth and deployment of roughly $1 billion of its cash balance for acquisitions. While the exact timing of acquisitions is unclear, our base case assumes it completes these acquisitions between the end of 2026 and middle of 2027. S&P said, "As the company deploys capital, we expect TriMas' leverage will settle to 3.0x-4.0x. We also consider significant execution and integration risks with acquisitions of this magnitude. We will continue our surveillance on TriMas and expect to reevaluate the ratings as meaningful acquisitions are executed. "We expect modest organic earnings growth over the next 12 months, from organic revenue growth and higher EBITDA margins. In 2026, we expect TriMas's organic revenues will increase in the low- to mid-single-digit percent area. We believe this will be supported by an increase in demand for life sciences and beauty and personal care products and recovery in the beverage end markets, leading to low- to mid-single-digit percent growth within the packaging segment." In addition, increased order intake at Norris Cylinder will translate to mid-single-digit percent growth within the Specialty Products segment. Furthermore, S&P expects the company's efforts to improve its operating systems, eliminate duplicative costs, optimize its manufacturing footprint, and execute other cost savings initiatives will reduce its operating costs year over year. The combination of revenue growth and lower costs should support EBITDA margin expansion year over year and drive organic earnings growth in 2026 and 2027. The stable outlook reflects S&P's expectations for S&P Global Ratings-adjusted leverage of 3.0x-4.0x over the next 12-18 months as the company benefits from organic earnings growth and significant incremental EBITDA from acquisitions. S&P could lower its rating on TriMas if it sustains S&P Global Ratings-adjusted leverage above 4.0x. S&P could raise its rating on TriMas if: -- It sustains S&P Global Ratings-adjusted leverage below 3.0x; and -- The company successfully integrates the newly acquired businesses while continuing to demonstrate solid operating performance. TRINSEO PLC: Secures Temporary Lender Waivers Amid Debt Talks ------------------------------------------------------------- Trinseo PLC previously disclosed that it has been engaged in discussions with its financial stakeholders to review potential alternatives regarding its capital structure, including refinancings, exchange offers, consent solicitations, the issuance of new indebtedness, amendments to the terms of existing indebtedness, and/or other transactions. In connection with these discussions, the Company previously elected to utilize contractually-available grace periods for the payment of interest under certain of its debt agreements. The Company provided an update on those discussions, including the Company's entry into certain amendments and limited waivers with lenders under certain of its credit facilities, and the Company's election not to make certain interest payments upon the expiration of the grace period for payment of interest under the Company's Senior Credit Agreement and 2L Notes Indenture. The Company intends to continue discussions with its financial stakeholders regarding its capital structure. Amendments and Limited Waivers On March 19, 2026, the Company and certain of its subsidiaries entered into amendments and limited waivers with lenders under certain of the Company's credit facilities. Trinseo Luxco S.a r.l., Trinseo Holding S.a r.l., and Trinseo Materials Finance, Inc., entered into amendments and limited waivers under the Company's super-priority revolving credit facility dated January 17, 2025 and the Credit Agreement dated as of September 6, 2017. Trinseo NA Finance LLC, Trinseo LuxCo Finance SPV S.a r.l., and Trinseo NA Finance SPV LLC entered into an amendment and limited waiver under the Credit Agreement dated as of September 8, 2023. Trinseo Ireland Global IHB Limited, Trinseo Holding and Styron Receivables Funding Designated Activity Company entered into an amendment and limited waiver under the Company's accounts receivable securitization facility. Pursuant to the Limited Waivers, the requisite lenders under each facility agreed to, among other things, temporarily waive certain acceleration and collateral enforcement rights and remedies (until April 30, 2026 under the SuperPriority Revolver, Senior Credit Agreement, and Refinance Credit Agreement, and until April 2, 2026 under the Accounts Receivable Securitization Facility) as a result of the nonpayment of interest or principal beyond applicable grace periods under the Senior Credit Agreement, Refinance Credit Agreement, and the indenture governing LuxCo Finance SPV's 7.625% second lien secured notes due 2029, and other related notice and cross-defaults. In addition, an amendment to the SuperPriority Revolver removed the anti-cash hoarding provisions and minimum liquidity financial covenant thereunder. In connection with certain of the Limited Waivers, the borrowers thereunder agreed to pay consent fees in-kind to certain lenders. Expiration of Interest Payment Grace Periods; Events of Default; Intercreditor Agreement On March 19, 2026, following the lapse of the 30-day grace period, LuxCo Finance SPV elected not to make scheduled interest payments due under the 2L Notes Indenture in the amount of approximately $10 million. On March 19, 2026, following the lapse of the contractual grace period, the Borrowers also elected not to make a scheduled interest payment due under the Senior Credit Agreement in the amount of approximately $12 million. The decisions not to make such interest payments were made in connection with the Company's ongoing discussions with its financial stakeholders regarding its capital structure. Such non-payments constitute events of default under the 2L Notes Indenture and the Senior Credit Agreement, and cross-defaults under our SuperPriority Revolver, Refinance Credit Agreement and Accounts Receivable Securitization Facility. As of March 19, 2026, no notice or declaration of acceleration has been made with respect to the 2L Notes or the Senior Credit Agreement, and the Limited Waivers temporarily waive the related enforcement rights of the lenders under the Senior Credit Agreement, SuperPriority Revolver, Refinance Credit Agreement and Accounts Receivable Securitization Facility. The holders of the 2L Notes are also subject to the terms of an intercreditor agreement, pursuant to which such noteholders are prohibited from enforcing any collection action against the collateral securing the 2L Notes for a period of 180 days following any acceleration of the obligations under the 2L Notes indenture upon an event of default. About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm since 2017 and headquartered in EisnerAmper, included an explanatory paragraph in its audit report dated Philadelphia, Pennsylvania, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company's accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2.3 billion in total assets and $3.4 million in total liabilities, and total stockholders' deficit of $1.1 billion. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. TRUSOURCE FOODS: TPG Twin Brook Marks $1.9MM 1L Loan at 49% Off --------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,926,000 million loan extended to TruSource Foods LLC to market at $985,000 or 51% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to TruSource Foods LLC. The 1L Loan accrues interest at a rate of S + 5.00% 8.71% per annum. The 1L Loan matures on Aug. 1, 2031. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About TruSource Foods LLC TruSource Foods LLC is engaged in the retail and wholesale distribution of fresh produce in the United States. ULTINON MOTION: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Lead Debtor: Ultinon Motion Holding B.V. Evert van de Beekstraat 1 The Base Tower B5, Unit 107 Schiphol, the Netherlands 1118CL Business Description: Ultinon Motion Holding B.V., Liberty I B.V., and Liberty II B.V., which together operate the Ultinon Business under the ownership of First Brands Group Holdings, LLC, manufacture automotive lighting products from the Netherlands for both aftermarket customers and original equipment manufacturers. The business, which runs production facilities in Aachen, Germany; Pabianice, Poland; and Songzi, China, accounts for about 20% of the global automotive lighting market. The Ultinon Business, which was part of the Lumileds group until its 2024 acquisition by First Brands Group for approximately $238 million, is structured with Liberty I B.V. as the parent entity, while Liberty II B.V. and Ultinon Motion Holding B.V. operate as direct subsidiaries overseeing around twenty operating companies across 19 countries in Europe, North America, South America, and Asia. Chapter 11 Petition Date: March 26, 2026 Court: United States Bankruptcy Court Southern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Ultinon Motion Holding B.V. (Lead) 26-90428 Liberty I B.V. 26-90429 Liberty II B.V. 26-90430 Judge: Hon. Christopher M Lopez Debtors' Counsel: David Smith, Esq. CLIFFORD CHANCE US LLP 845 Texas Avenue Suite 2700 Houston TX 77002 Tel: (713) 821-2800 E-mail: david.smith@cliffordchance.com Debtors' Investment Banker: TENEO CAPITAL LLC Debtors' Claims Agent: KROLL RESTRUCTURING ADMINISTRATION, LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petitions were signed by Jame Donath as director. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/2I4SMZA/Ultinon_Motion_Holding_BV__txsbke-26-90428__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EJUKBTA/Liberty_I_BV__txsbke-26-90429__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/B2MGIOY/Liberty_II_BV__txsbke-26-90430__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 17 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Lumileds Holding B.V. Trade Debt $19,235,846 Beemdstraat 42 Eindhoven 5652 AB, Netherlands J.C. Uiterwijk Associate/Lawyer Phone: +31 20 225 2228 Email: Joanne.Uiterwijk@fieldfisher.com 2. Deloitte Tax & Legal B.V. Professional $659,639 Wilhelminakade 1 Services Rotterdam 3072 AP, Netherlands Dirk Baken Partner Phone: +31 882888626 Email: dbaken@deloitte.nl 3. Interpath Limited Professional $486,642 10 Fleet Place 9th floor Services London EC4M 7RB UK 4. Koninklijke Philips N.V. Trade Debt $411,400 Prof. Holstlaan 6 Eindhoven 5656 AA, Netherlands Daan Roosekans Philips Brand Licensing Phone: +31 6 1596 6957 Email: daan.roosekrans@philips.com 5. McCoy & Partners B.V. Trade Debt $269,797 John F Kennedylaan 2, 5612 AB Eindhoven, the Netherlands Frank van de Pas Sr. Account Manager Email: frank.van.de.pas@mccoy-partners.com 6. Key Group Tax Performance Professional $133,669 AdvisoryGrote Voort 293A Zwolle Services 8041 BL, Netherlands Ferry Geertman, CFO Phone: +31 6 8379 0414 Email: ferry.geertman@kgtapplications. cominfo@key-group.nl 7. Ungria International, Inc. Professional $112,817 50 Tice Blvd Ste 152 Services Woodcliff Lake 07677-7658, USA Nelsi Alvarado Manager Trademark Department Phone: +1 (201) 782-1850 Email: Nelsi.Alvarado@ungriausa.com PatentTeam@ungriausa.com 8. Delaware Consulting B.V. Trade Debt $110,750 c/o RechtNet advocaten 5L s-Hertogenbosch 5231 DD, Netherlands Casimir Vink, Director Phone: (0)73 615 43 11 Email: c.vink@rechtnet.nl 9. IPAN GmbH Professional $101,234 Munchener Strasse 14 HAAR 85540, Services Germany Kristina Djukic IPAN Patent Department Phone: +49 (89) 94 38 50 40 Email: Patents.ipan@clarivate.com 10. Progressive Trade Debt $56,941 Gustav Mahlerlaan 38 Amsterdam 1082 MC, Netherlands Barbara Falkiewicz Credit Controller Phone: +441412227881 Email: B.falkiewicz@sthree.com 11. Minitab Inc Trade Debt $40,000 1829 Pine Hall Rd, State College, PA, 16801, USA Ty Narehood Minitab Accounts Receivable Phone: +(00) 1-814-753-3118 Email: ar@minitab.com 12. Philips International B.V. Trade Debt $39,726 High Tech Campus 5 Eindhoven 5656 AE, Netherlands Daan Roosekans Philips Brand Licensing Phone: +31 6 1596 6957 Email: daan.roosekrans@philips.com daniela.fleig@philips.com 13. SGS Nederland B.V. Professional $28,544 Malledijk 18 Services Spijkenisse 3208 LA Netherlands Maria Honcoop Business Assurance Phone: +31 (0)88 214 3765 Email: maria.honcoop@sgs.com 14. Everywhere Consulting Professional $20,885 International B.V. Services Albert Sabinhof 13 Rotterdam 3045 BL, Netherlands Jorgen Ricksen Managing Director Phone: +31 6 11060489 Email: jorgen.ricksen@everywhere.consulting 15. ITAM solutions B.V. Professional $11,295 BIC 1 Services Eindhoven 5657 BX, Netherlands Vanity Rahangmetan Management Assistant Ph: +31 40 369 05 40 Email: vanity.rahangmetan@itamsolutions.nl helena.pomares@itamsolutions.nl 16. Euler Hermes France Insurance $704 1 place des saisons Related Paris La Defense 92048, France Andrea Bernini Senior Account Manager Ph: +33 6 42 15 69 06 Email: Andrea.Bernini@allianz-trade.com dfgestionclientsa@allianz-trade.com 17. Banco Satander S.A. Bank Loan TBD Paseo de Pereda, 9-12 Cantabria 39004 Spain ndrew G. Dietderich Partner, Sullivan & Cromwell Phone: +1-212-558-3830 Email: dietdericha@sullcrom.com ULTRA CLEAN: Moody's Affirms B1 CFR & Ups Sr. Secured Debt to Ba1 ----------------------------------------------------------------- Moody's Ratings affirmed Ultra Clean Holdings, Inc.'s (Ultra Clean) corporate family rating of B1 and probability of default rating of B1-PD. Concurrently Moody's upgraded Ultra Clean's senior secured bank credit facility, comprised of the Term Loan B due February 2028 and the Revolving Credit Facility due August 2027, to Ba1 from B1. The Speculative Grade Liquidity (SGL) rating of SGL-1 remains unchanged. The outlook remains stable. The upgrade of the senior secured credit facility follows Ultra Clean's issuance of $600 million in senior unsecured convertible notes due 2031. Part of the proceeds from this transaction will be used for the prepayment of a portion of outstanding term debt. The rest of the proceeds will go to general corporate purposes, inclusive of $40 million in share repurchases and a roughly $22 million capped call transaction. The first lien senior secured credit facility now represents a smaller portion of the total capitalization structure, with unsecured debt comprising the majority of the capital structure. RATINGS RATIONALE Ultra Clean's B1 CFR reflects high customer concentration, with Lam Research and Applied Materials accounting for over half of revenues. Moreover, since Ultra Clean is a supplier to manufacturers of semiconductor capital equipment (semicap), Ultra Clean's revenues are volatile, as semicap sales are driven by the highly-variable capital spending of semiconductor manufacturers. During a period of sharp semicap industry revenue volatility in 2023 and 2024, Ultra Clean's revenues displayed greater variability than the revenues of the semicap end market. The ratings are supported by the company's established competitive position in key product and service categories and positive secular trends such as increasing semiconductor chip manufacturing complexity in support of artificial intelligence, which support long-term growth potential. Ultra Clean also benefits from very good liquidity and low capital intensity, which generally enable consistent free cash flow (FCF) even in periods of weak demand. Moody's expects that revenue growth on improving customer demand will lead to improving financial leverage over the next 12 to 18 months. Ultra Clean's SGL rating of SGL-1 reflects very good liquidity supported by cash and equivalents of around $312 million as of December 30, 2025. Liquidity is further supported by the largely available $150 million senior secured revolving credit facility. The revolver is subject to financial maintenance covenants including fixed charge coverage of 1.25x and leverage of 3.75x (as defined in the credit agreement). The senior secured term loan is not subject to financial maintenance covenants. Given the projected low leverage and strong performance, Moody's expects the company to remain in compliance with financial covenants over the next 12-18 months. The ratings of the debt instruments reflect both Ultra Clean's probability of default rating of B1-PD and the loss given default assignments for the individual debt instruments. The Ba1 ratings for the Revolver and Term Loan, which are three notches above the corporate family rating (CFR), reflect $600 million in convertible notes that are structurally subordinated to the secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Ultra Clean grows revenue and profitability over cycles, and sustains and Moody's adjusted total leverage below 2.5x. The ratings could be downgraded if the company revenues or margins decline over cycles, or if Moody's adjusted total leverage is sustained above 3.5x. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Ultra Clean designs and manufactures subsystems, and cleans and analyzes tool parts, primarily for semicap and semiconductor customers. The Products segment includes revenues from the sale of gas delivery systems, automation equipment, and subsystems that include wafer cleaning modules, chemical delivery modules, top-plate assemblies, frame assemblies, and process modules. The Services segment includes revenues from the sale of ultra-high purity outsourced process tool chamber parts cleaning and coating, tool part life extension and process tool part optimization solutions, and analytical verification of process tool chamber part cleaning effectiveness. UNCLE NEAREST: Court Dismisses Co-Founder's Bankruptcy Claim ------------------------------------------------------------ Li Cohen of WSNV 4 reports that a judge has rejected a Chapter 11 petition filed by Fawn Weaver on behalf of Uncle Nearest, ruling that she lacked the legal authority to initiate bankruptcy proceedings. The decision comes amid a $108 million lawsuit tied to alleged loan defaults. The case stems from claims by Farm Credit Mid-America, which accused the company of failing to meet its financing obligations and ignoring attempts to resolve the situation. The lender alleges that the company defaulted and did not respond to communications. Weaver filed for bankruptcy protection on March 17, 2026, but the effort was quickly opposed by both the lender and Phillip Young Jr.. The receiver had been appointed to manage the company's affairs during the litigation, and the court found that only he had the authority to act in such matters, WSNV 4 reports. As a result, the bankruptcy case was dismissed. The court noted that the receiver has exclusive control over decisions requiring board-level approval, including bankruptcy filings. Uncle Nearest has denied wrongdoing and remains notable for its rapid expansion and its tribute to Nearest Green, who taught Jack Daniel the craft, the report relays. About Uncle Nearest Uncle Nearest is a whiskey producer. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30470) on March 17, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Kelli Danielle Holmes, Esq. of Tarpy, Cox, Fleishmann, & Leveille, PLLC. UNCLE NEAREST: Jay-Z-Backed Whiskey Company Clashes with Lender --------------------------------------------------------------- Brett Pulley, Jonathan Randles, and Eliza Ronalds-Hannon of Bloomberg Law reports that more than 100 years after Nathan "Nearest" Green's contributions to whiskey-making were overlooked, the company honoring his legacy is now at the center of a high-stakes restructuring fight. Uncle Nearest Inc. -- backed by investors including Jay-Z -- filed for bankruptcy as it grapples with its lender. The dispute involves Farm Credit Mid-America PCA, which holds the company's secured debt and has raised concerns about its financial condition. The lender has taken action following what it describes as defaults, setting the stage for a broader fight over control, the report relays. A court-appointed receiver, requested by the lender, has asked to take over management of the business, asserting that independent oversight is necessary to preserve enterprise value. The motion reflects growing friction between the company and its creditor, according to Bloomberg. Uncle Nearest has resisted those efforts, arguing that Chapter 11 provides a framework to stabilize operations without relinquishing control. The outcome of the dispute will determine whether the company continues under existing leadership or shifts to court-supervised management, states report. About Uncle Nearest Uncle Nearest is a whiskey producer. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30470) on March 17, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Kelli Danielle Holmes, Esq. of Tarpy, Cox, Fleishmann, & Leveille, PLLC. UNCLE NEAREST: Seeks Cash Collateral Access ------------------------------------------- Uncle Nearest, Inc. and affiliates ask the U.S. Bankruptcy Court for the Eastern District of Tennessee for authority to use cash collateral and provide adequate protection. The Debtors operate under liens granted prepetition to Farm Credit Mid-America, PCA, which encumber substantial assets including accounts, inventory, and equipment. The Debtors request interim authority to use cash collateral from March 19 to April 2, 2026, to fund ordinary operations such as payroll, vendor payments, and essential costs, as outlined in a proposed budget, while noting certain insurance policies lapsed during a prior receivership. The Debtors assert that use of cash collateral is necessary to prevent immediate and irreparable harm, preserve estate value, and maintain operations. Adequate protection is proposed through continued operation of estate assets, preservation of existing liens, and timely payment of payroll and taxes. The Debtors request that the court approve interim use of cash collateral, ensure secured creditors are protected, and grant other appropriate relief. A copy of the motion is available at https://urlcurt.com/u?l=myqKvK from PacerMonitor.com. About Uncle Nearest Uncle Nearest is a whiskey producer. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30470) on March 17, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Kelli Danielle Holmes, Esq. of Tarpy, Cox, Fleishmann, & Leveille, PLLC. UNIQUE DENTAL: Gets OK to Use Cash CollateralUntil April 24 ----------------------------------------------------------- Unique Dental Care Professional Limited Liability Company received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral to fund operations. The court issued a third interim order authorizing the Debtor to use cash collateral through April 24, consistent with its two-month cash budget. As adequate protection, Live Oak Banking Company and other secured creditors will be granted a replacement lien on post-petition receipts, with the same validity, priority and extent as their pre-bankruptcy liens. As additional protection, Live Oak will receive $10,000 monthly until the Debtor's plan of reorganization is confirmed or the Chapter 11 case is dismissed or converted. The court will hold a hearing on April 22. The order is available at https://shorturl.at/AQZIA from PacerMonitor.com. Unique Dental Care Professional derives revenue from patient payments and insurance reimbursements and acknowledges that certain creditors may assert liens on its cash and receivables, although the Debtor expressly reserves all rights to dispute the validity, scope, perfection, and enforceability of those liens. A preliminary lien review identified several potential cash collateral lienholders, including Live Oak, Bankers Healthcare Group, GreatAmerica Financial Services, CFG Merchant Solutions and the U.S. Small Business Administration, based on various UCC-1 filings asserting blanket liens, equipment liens, or interests in future receipts. The Debtor emphasizes that some filings contain discrepancies, including naming issues and stated indebtedness of zero. About Unique Dental Care Professional Limited Liability Company Unique Dental Care Professional Limited Liability Company provides general, cosmetic, and restorative dental services from its office in Tennessee, offering treatments including preventive care, crowns, bridges, veneers, teeth whitening, dental bonding, inlays and onlays, and dental implants. The practice emphasizes modern dental techniques and sedation options such as nitrous oxide to accommodate patient comfort while maintaining safety and efficiency. It serves local residents with a focus on comprehensive oral health care, combining state-of-the-art equipment with personalized patient services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05234) on December 12, 2025. In the petition signed by Franklin Daniel, owner, the Debtor disclosed $266,764 in assets and $3,143,552 in total liabilities. Judge Charles M. Walker oversees the case. Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. UNIQUE REALTY: To Sell McGhee Property to Myrika Freeman -------------------------------------------------------- Unique Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Delta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 1906 Old Tillar Highway, McGhee, AR 71654. The Debtor wants to sell the Property to Myrika Freeman. The Debtor owns a portfolio of approximately 101 rental properties located in Desha County, Arkansas, many of which are non-performing due to prepetition litigation, tenant nonpayment, and other reasons. About 50% of Debtor's rental properties have little to no operational income presently, however, overall, they are now currently producing sufficient cash flow to pay adequate protection to both First Natural State Bank and Commercial Bank & Trust Company, as well as meet Debtors' other needs to reorganize successfully and effectively. The Property is encumbered by a security interest in favor of First Natural State Bank. The sale is required to preserve value for the estate, stop accruing tax penalties, avoid safety hazards, and streamline Debtor's operations. The Debtor seeks authority to sell the Property to Myrika Freeman under a private sale process for $137,500. About Unique Realty LLC Unique Realty LLC is a limited liability company. Unique Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reports estimated assets of $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq. of Dilks Law Firm. URBAN ONE: FY2025 Loss Widens to $146.9MM Despite Liquidity Access ------------------------------------------------------------------ Urban One, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $146.88 million for the fiscal year ended December 31, 2025, compared to a net loss of $104.18 million for the fiscal year ended December 31, 2024. For the year ended December 31, 2025 and 2024, the Company recognized a net revenue of $374.37 million and $449.67 million, respectively. As of December 31, 2025, the Company had $592.99 in total assets and $565.76 million in total liabilities, $2.631 million in redeemable non-controlling interests and total stockholders' equity of $24.60 million. Liquidity and Capital Resources Urban's primary source of liquidity is cash provided by operations and, to the extent necessary, borrowings available under the Company's asset-backed credit facility. Cash, cash equivalents and restricted cash balance is approximately $26.4 million as of December 31, 2025. As of December 31, 2025, there were $10.0 million of borrowings outstanding on the Current ABL Facility which has up to $75.0 million in overall capacity (subject to determination with reference to the "Borrowing Base", as defined in the Current ABL Credit Facility). Subsequent to the drawdown, the Company's borrowing capacity was approximately $40.3 million as of December 31, 2025. The Company regularly considers the impact of macroeconomic conditions on our business. Uncertainty in the macroeconomic environment with continued increases in inflation and interest rates, changes in governmental spending and its resulting impact on the national and more localized economies and banking volatility, may have an adverse effect on our revenues. From time to time, the Company may repurchase its outstanding debt and/or equity securities in open market purchases. Under open authorizations, repurchases of our outstanding debt and/or equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt and equity securities are usually retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company's outstanding debt and/or equity securities and other factors, and subject to restrictions under applicable law. On June 10, 2024, the Company's Board of Directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D Common Stock. During the year ended December 31, 2025, the Company repurchased 85,188 shares of Class A Common Stock under the 2024 Stock Repurchase Program for an aggregate purchase price of approximately $1.3 million, or an average price of $15.77 per share. 90,889 shares of Class A Common Stock that remained in Treasury Stock, at cost as of December 31, 2025. During the year ended December 31, 2024, the Company repurchased 285,084 shares of Class A Common Stock under the 2024 Stock Repurchase Program for an aggregate purchase price of approximately $5.0 million, or an average price of $17.70 per share. 90,889 shares of Class A Common Stock remained in Treasury Stock, at cost as of December 31, 2024. During the year ended December 31, 2025, the Company repurchased 113,575 shares of Class D Common Stock under the 2024 Stock Repurchase Program for an aggregate purchase price of approximately $0.8 million, or an average price of $7.30 per share. During the year ended December 31, 2025, the Company executed Stock Vest Tax Repurchases of 68,173 shares of Class D Common Stock for an aggregate purchase price of approximately $0.5 million, or an average price of $7.20 per share. During the year ended December 31, 2024, the Company repurchased 119,161 shares of Class D Common Stock under the 2024 Stock Repurchase Program in the amount of approximately $1.4 million at an average price of $12.20 per share. During the year ended December 31, 2024, the Company executed Stock Vest Tax Repurchases of 42,597 shares of Class D Common Stock in the amount of approximately $1.4 million at an average price of $32.00 per share. The 2024 Stock Repurchase Program has been cancelled due to certain restrictions on stock repurchases that were imposed in connection with our December 2025 Refinancing. On September 27, 2022, the Compensation Committee authorized the repurchase of up to $0.5 million worth of shares in the aggregate from employees who want to sell in connection with the Company's most recent employee stock grant. During the year ended December 31, 2025, the Company did not repurchase any shares of Class A stock under the $0.5 million Stock Grant Repurchase Authorization. During the year ended December 31, 2025 the Company repurchased 9,898 shares of Class D Common Stock for approximately $0.1 million at an average price of $9.80 per share. During the year ended December 31, 2024, the Company did not repurchase any shares of Class A stock under the Stock Grant Repurchase Authorization. During the year ended December 31, 2024, the Company repurchased 18,450 shares of Class D Common Stock for approximately $0.3 million at an average price of $14.20 per share. After giving effect to the above transactions, the Stock Grant Repurchase Authorization has approximately $0.1 million remaining shares under the authorization. All repurchase amounts reflected above (both the number of shares repurchased and repurchase prices) are reflective of the reverse stock split effective January 22, 2026. On January 25, 2021, the Company closed on an offering of $825.0 million in aggregate principal amount of 7.375% Senior Secured Notes due 2028 (the "2028 Notes") in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The 2028 Notes are general senior secured obligations of the Company and are guaranteed on a senior secured basis by certain of the Company's direct and indirect restricted subsidiaries. The 2028 Notes mature on February 1, 2028 and interest on the Notes accrues and is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2021 at the rate of 7.375% per annum. On December 18, 2025, the Company completed, among other transactions, an exchange offer and consent solicitation for the 2028 Notes in connection with a refinancing transaction. As a result of the 2025 Refinancing, as of December 31, 2025, there were approximately $11.8 million of the 2028 Notes outstanding. Prior to the 2025 Refinancing, the 2028 Notes and the guarantees were secured, subject to permitted liens and except for certain excluded assets: (i) on a first priority basis by substantially all of the Company's and the guarantors' current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis, including the capital stock of each guarantor and (ii) on a second priority basis by collateral securing our asset backed credit facility. However, as a result of the exchange offer and consent solicitation in connection with the 2025 Refinancing, these protections were largely removed from the 2028 Notes. During the year ended December 31, 2025, the Company repurchased approximately $96.7 million of its 2028 Notes at an average price of approximately 53.6% of par. The Company recorded a net gain on retirement of debt of approximately $44.0 million during the year ended December 31, 2025. During the year ended December 31, 2024, the Company repurchased approximately $140.4 million of its 2028 Notes at an average price of approximately 82.3% of par. The Company recorded a net gain on retirement of debt of approximately $23.3 million for the year ended December 31, 2024. As noted, on December 18, 2025, the Company completed the 2025 Refinancing. As a part of the 2025 Refinancing, the Company issued $291.0 million aggregate principal amount of 7.625% Second Lien Senior Secured Notes due 2031. The 2031 Second Lien Notes and cash were issued in the Exchange Offer and Consent Solicitation for the 2028 Notes for the 2031 Second Lien Notes. The 2031 Second Lien Notes were issued pursuant to an Indenture, dated December 18, 2025, among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 2031 Second Lien Notes were offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The 2031 Second Lien Notes pay interest semiannually in arrears. At any time, the Company may redeem all or a part of the 2031 Second Lien Notes at a redemption price equal to 100.0% of the principal amount of the 2031 Second Lien Notes, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Upon a Change of Control (as defined in the 2031 Second Lien Notes Indenture) the Company will be required to make an offer to purchase all of the 2031 Second Lien Notes, at an offer price equal to 101% of the aggregate principal amount of 2031 Second Lien Notes plus accrued and unpaid interest, if any, to but excluding the date of repurchase. If not less than 90% in aggregate principal amount of the 2031 Second Lien Notes outstanding are purchased pursuant to a 2031 Second Lien Notes Change of Control Offer by the Company or a third party, the Company or such third party will have the right to redeem all 2031 Second Lien Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. The 2031 Second Lien Notes and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a second-lien priority basis by the collateral (and on a third-lien basis by the ABL Priority Collateral (as defined in the 2030 First Lien Notes Indenture) owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and the intercreditor agreements providing for the relative priorities of the respective security interests in the assets securing the 2031 Second Lien Notes, the 2030 First Lien Notes, obligations under the Current ABL Facility and any future secured debt of the Company and guarantors, and certain other matters relating to the administration of security interests. The 2031 Second Lien Notes are guaranteed by the Company and each of the Company's material subsidiaries. Under the terms of the 2031 Second Lien Notes Indenture and subject to the Intercreditor Agreements, the 2031 Second Lien Notes and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness of the Company and the guarantors, including the obligations of the Company and the guarantors under the 2030 First Lien Notes and the Current ABL Facility and rank senior in right of payment to any future subordinated indebtedness of the Company and each guarantor. The 2031 Second Lien Notes and related guarantees are effectively senior to any unsecured indebtedness of the Company and each guarantor and, subject to the Intercreditor Agreements, indebtedness of the Company and each guarantor secured by liens junior to the liens securing the 2031 Second Lien Notes. The 2031 Second Lien Notes Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. First Lien Notes As a part of the 2025 Refinancing, on December 18, 2025, the Company issued $60.6 million aggregate principal amount of 10.500% First Lien Senior Secured Notes due 2030. The 2030 First Lien Notes were issued pursuant to an Indenture, dated as of December 18, 2025 among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 2030 First Lien Notes pay interest semiannually in arrears. The 2030 First Lien Notes were offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The 2030 First Lien Notes may be redeemed by the Company in whole or in part, at any time on and after April 1, 2028 at the redemption prices set forth in the 2030 First Lien Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Prior to April 1, 2028, the Company may redeem the 2030 First Lien Notes in whole or in part, at its option, upon not less than ten (10) nor more than sixty (60) days' prior notice at a redemption price equal to 100% of the principal amount of such 2030 First Lien Notes, plus the relevant Applicable Premium (as defined in the 2030 First Lien Notes Indenture), and accrued and unpaid interest, if any, to, but excluding, the redemption date; provided that at any time and from time to time prior to April 1, 2028, the Company may redeem up to 10% of the principal amount of the 2030 First Lien Notes in whole or in part, at its option, upon not less than ten (10) days' nor more than sixty (60) days' prior notice at a redemption price equal to 105% of the principal amount of such 2030 First Lien Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to April 1, 2028, the Company may redeem the 2030 First Lien Notes with the Net Cash Proceeds (as defined in the 2030 First Lien Notes Indenture) received by the Company from any Equity Offering (as defined in the 2030 First Lien Notes Indenture) at a redemption price equal to 107.375% plus accrued and unpaid interest to, but excluding, the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the 2030 First Lien Notes (including Additional First Lien Notes (as defined in the 2030 First Lien Notes Indenture)), subject to certain conditions. Further, the Company may redeem all, but not less than all, of the outstanding 2030 First Lien Notes at a redemption price equal to 100.000% plus accrued and unpaid interest to, but excluding, the redemption date, if such redemption occurs in connection with, and subject to the consummation of, a Specified Acquisition Transaction (as defined in the 2030 First Lien Notes Indenture). Upon a Change of Control (as defined in the 2030 First Lien Notes Indenture), the Company will be required to make an offer to purchase all of the 2030 First Lien Notes, at an offer price equal to 101% of the aggregate principal amount of 2030 First Lien Notes plus accrued and unpaid interest, if any, but excluding the date of repurchase. If not less than 90% in aggregate principal amount of the 2030 First Lien Notes outstanding are purchased pursuant to a 2030 First Lien Notes Change of Control Offer by the Company or a third party, the Company or such third party will have the right, upon not less than thirty (30) days' nor more than sixty (60) days' prior notice, given not more than thirty (30) days following such purchase pursuant to the 2030 First Lien Notes Change of Control Offer, to redeem all 2030 First Lien Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. The 2030 First Lien Notes and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a first-lien priority basis by the collateral (and on a second-lien priority basis by the ABL Priority Collateral (as defined in the 2030 First Lien Notes Indenture)), owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and the Intercreditor Agreements providing for the relative priorities of the respective security interests in the assets securing the 2030 First Lien Notes, the 2031 Second Lien Notes, obligations under the Current ABL Facility and any future junior lien debt of the Company and the guarantors, and certain other matters relating to the administration of security interests. The 2030 First Lien Notes are guaranteed by the Company and each of the guarantors. Under the terms of the 2030 First Lien Notes Indenture and subject to the Intercreditor Agreements, the 2030 First Lien Notes and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness (including the 2031 Second Lien Notes and obligations under the Current ABL Facility, as applicable) of the Company and each guarantor and senior in right of payment to any future subordinated indebtedness of the Company and each guarantor, if any. The 2030 First Lien Notes and the guarantees are effectively senior to any unsecured indebtedness of the Company and each guarantor and subject to the Intercreditor Agreements, to indebtedness of the Company and each guarantor secured by liens junior to the liens securing the 2030 First Lien Notes. The 2030 First Lien Notes Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. The net proceeds from the offering of the 2030 First Lien Notes, along with cash on hand, were used to purchase $185.0 million of validly tendered 2028 Notes at a purchase price of $111.0 million and $1.1 million consent fee in cash, pay accrued and unpaid interest on the 2028 Notes accepted for exchange or purchase, as applicable, and other various fees and expenses related to the offers and the remainder, if any, for general corporate purposes. Asset Backed Line of Credit On February 19, 2021, the Company closed on an asset backed credit facility (the "2021 ABL Facility"). The 2021 ABL Facility is governed by a credit agreement by and among the Company, the other borrowers party thereto, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. The 2021 ABL Facility provides for up to $50.0 million revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. The 2021 ABL Facility also provided for a letter of credit facility up to $5.0 million as a part of the overall $50.0 million in capacity. At the Company's election, the interest rate on borrowings under the 2021 ABL Facility were based on either: (i) the then applicable margin relative to Base Rate Loans (as defined in the 2021 ABL Facility) or (ii) until execution of the Waiver and Amendment took effect, the then applicable margin relative to the London Interbank Offer Rate, (as defined in the 2021 ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. On April 30, 2023, the Company entered into a waiver and amendment to the 2021 ABL Facility. The Waiver and Amendment waived certain events of default under the 2021 ABL Facility related to the Company's failure to timely deliver certain Annual Financial Deliverables for the fiscal year ended December 31, 2022. Additionally, under the Waiver and Amendment, the 2021 ABL Facility was amended to provide that from and after the date thereof, any request for a new LIBOR Loan (as defined in the Current ABL Facility), for a continuation of an existing LIBOR Loan (as defined in the 2021 ABL Facility) or for a conversion of a Loan to a LIBOR Loan (as defined in the 2021 ABL Facility) would be deemed to be a request for a loan bearing interest at Term SOFR (as defined in the Amended 2021 ABL Facility). Advances under the 2021 ABL Facility were limited to (a) eighty-five percent (85.0)% of the amount of Eligible Accounts (as defined in the 2021 ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the 2021 ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the 2021 ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the 2021 ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the 2021 ABL Facility were secured by a first priority lien on all: (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the 2021 ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company. The 2021 ABL Facility matured on the earlier to occur of: (a) the date that is 5 years from the effective date of the 2021 ABL Facility, and (b) 91 days prior to the maturity of the Company's then outstanding 2028 Notes. The 2021 ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the 2021 ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association. As a part of and to facilitate the 2025 Refinancing, the Company entered into an amended and restated ABL facility pursuant to an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent, which amended and restated the 2021 ABL Facility. On February 9, 2026, the Company entered into a First Amendment to Amended and Restated Credit Agreement which, through further amendment and restatement, made certain clarifying amendments to the 2025 ABL Facility. The Current ABL Facility clarified the maturity date of the 2025 ABL Facility and defines the "Maturity Date" to mean the earlier to occur of: (a) December 18, 2030 (b) the date that is ninety-one (91) days prior to the maturity or expiration date applicable to any Material Indebtedness (other than the 2028 Notes) and (c) the date on which the 2028 Notes Non-Springing Maturity Condition fails to be true. The Current ABL Credit Facility provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million (subject to determination with reference to the "Borrowing Base", as defined in the Current ABL Credit Facility), with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Current ABL Facility. The Current ABL Facility and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a first lien priority basis by the ABL Priority Collateral and a junior lien priority basis by all other collateral, in each case, owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and an Intercreditor Agreements providing for the relative priorities of the respective security interests in the assets securing the ABL Priority Collateral, the 2030 First Lien Notes, the 2031 Second Lien Notes and any future junior lien debt of the Company and the guarantors, and certain other matters relating to the administration of security interests. The obligations under the Current ABL Facility are guaranteed by the Company and each of the guarantors. Under the terms of the Current ABL Facility and subject to Intercreditor Agreements, the obligations and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness of the Company and the guarantors, including the obligations of the Company and the guarantors under the 2030 First Lien Notes and the 2031 Second Lien Notes, and rank senior in right of payment to any future subordinated indebtedness of the Company and each guarantor. The obligations under the Current ABL Facility are effectively senior to any unsecured indebtedness of the Company and each guarantor and, subject to the Intercreditor Agreements, indebtedness of the Company and each guarantor secured by liens junior to the liens securing the obligations under the Current ABL Facility. The Current ABL Facility contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5n6b5sfx About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. USSC HOLDING: TPG Twin Brook Marks $7.1M 1L Loan at 49% Off ----------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $7,177,000 loan extended to USSC Holding Corp to market at $3,684,000 or 51% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to USSC Holding Corp. The 1L Loan accrues interest at a rate of S + 5.25% 8.99% per annum. The 1L Loan matures on June 21, 2030. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About USSC Holding Corp. USSC Holding Corp. offers industrial machinery and equipment. The Company serves customers in the United States. VANGUARD CUSTOM: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Vanguard Custom Woodwork Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtor, which provides custom millwork and cabinetry services in Belvidere, Illinois, emphasized the critical need for immediate access to cash to fund payroll, taxes, rent, insurance, supplies, utilities, delivery expenses, and other ordinary-course operating costs. The Debtor requests authorization to use cash collateral through April 12, 2026, or until a final hearing, in accordance with the proposed budget, with a variance of up to 110% per line item. The Debtor recognizes that Huntington National Bank asserts a first-priority lien on substantially all assets, including cash, and that several other parties—such as Amex Business, Capital Infusion, Dext Capital, Fox Funding Group, Headway Capital, Koverly, National Funding, and Olympus Business Funding—may claim interests in cash collateral, though the Debtor does not concede the validity or priority of any such claims. To protect creditor interests, the Debtor proposes adequate protection in the form of replacement liens on postpetition assets to the extent of any diminution in value caused by the use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=AgBwf5 from PacerMonitor.com. About Vanguard Custom Woodwork Inc. Vanguard Custom Woodwork Inc. doing business as Valley Custom Woodwork, produces architectural millwork, custom cabinetry, casework, furniture, and surface solutions from its Belvidere, Illinois facility, serving luxury residential, commercial, healthcare, corporate, and multifamily housing markets. The company's operations integrate design collaboration, precision fabrication, and on-site installation to deliver tailored woodwork that meets client specifications and aesthetic goals, while also offering select consumer-ready products through online channels, reflecting a versatile approach across project scales and customer types. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80416) on March 17, 2026. In the petition signed by Wojciech Wolny, president, the Debtor disclosed up to $10 million in both assets and liabilities. William J. Factor, Esq., at THE LAW OFFICE OF WILLIAM J. FACTOR, LTD, represents the Debtor as legal counsel. VARADERO SEA: Diana Torres-Cancel Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Varadero Sea Food & Cuban Cuisine LLC. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Varadero Sea Food & Cuban Cuisine LLC Varadero Sea Food & Cuban Cuisine LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01052) on March 12, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Homel Mercado Justiniano, Esq. represents the Debtor as legal counsel. VELCHOFF'S CORNER: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Velchoff's Corner, LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, for authority to use cash collateral and provide adequate protection. The Debtor explains that its business generates cash through ordinary restaurant operations, but those funds may be subject to security interests held primarily by EBF Holdings, LLC, which purportedly has a lien on substantially all of the Debtor's assets, including cash, accounts, and cash equivalents. The Debtor also acknowledges the possibility of subordinate or inferior liens held by other creditors, though it notes uncertainty regarding the proper perfection of EBF's lien and indicates that some alleged interests, such as those potentially asserted by Corporation Service Company, may be unsecured or subordinate. Despite this uncertainty, the Debtor seeks court authorization to use its available cash and incoming revenues, which constitute “cash collateral” under the Bankruptcy Code, to fund ongoing operations. The Debtor emphasizes the urgent need for immediate access to cash collateral, stating that without such authorization the Debtor will be unable to meet essential operating expenses, including payroll, payments to suppliers and vendors, and other ordinary course costs necessary to keep the restaurant functioning. The Debtor submits a six-week budget projecting income and expenses, asserting that it expects to maintain positive cash flow during this interim period. To protect the interests of secured creditors, the Debtor proposes to provide adequate protection in the form of replacement liens on post-petition cash collateral, preserving the same priority, extent, and validity as any prepetition liens, but only to the extent that the creditors' collateral position is diminished by the Debtor's use of funds. The Debtor argues that this arrangement is fair and sufficient, particularly given that continued operations will preserve the going-concern value of the business and prevent a total loss of asset value. The Debtor further requests that the court schedule an expedited preliminary hearing—preferably by April 2, 2026—to ensure a smooth transition into bankruptcy operations and avoid disruption. Although the Debtor has not yet secured the consent of EBF Holdings, it indicates that efforts to confer with the secured creditor and the U.S. Trustee are ongoing. A copy of the motion is available at https://urlcurt.com/u?l=M4VUnS from PacerMonitor.com. About Velchoff's Corner, LLC Velchoff's Corner, LLC is a Florida-based restaurant and oyster bar operating in Palatka. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-01179) on March 20, 2026. In the petition signed by Donna Hersey Feibelman, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. VETEVOLVE HOLDINGS: TPG Twin Brook Marks $16.5M 1L Loan at 74% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $16,520,000 loan extended to VetEvolve Holdings, LLC to market at $4,312,000 or 26% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 16, 2026. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured delayed draw term loan extended to VetEvolve Holdings, LLC. The 1L Loan accrues interest at a rate of S + 5.75% 9.47% per annum. The 1L Loan matures on Oct. 12, 2028. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About VetEvolve Holdings, LLC VetEvolve Holdings, LLC is a veterinary services consolidator or operator of animal hospitals and clinics. VIVAKOR INC: Secures Path Back to Nasdaq Continued Listing by April ------------------------------------------------------------------- Vivakor, Inc. announced that the Nasdaq Hearings Panel has granted the Company's request for continued listing on the Nasdaq Stock Market, provided the Company regains compliance with Nasdaq's $1.00 minimum bid price requirement by April 30, 2026. To regain compliance with the Bid Price Rule, the closing bid price of the Company's common stock must be $1.00 or greater for ten consecutive trading days. Upon confirmation that the Company has satisfied the Bid Price Rule on or before April 30, 2026, Vivakor's common stock will be reinstated to trade on The Nasdaq Capital Market. Following reinstatement, the Company will be placed on a one-year Mandatory Panel Monitor in accordance with Nasdaq procedures. Vivakor Chairman and Chief Executive Officer James Ballengee commented, "We appreciate the Nasdaq Hearings Panel's decision and the opportunity to demonstrate compliance with the bid price requirement. Our team remains focused on executing our strategy and taking the necessary steps to restore trading on Nasdaq while continuing to build value across our integrated energy transportation and infrastructure platform." In addition to the providing the Company a path forward to reinstate listing its common stock on Nasdaq, the Nasdaq Hearing Panel decision acted as a Public Reprimand Letter for the Company's failure to obtain the required approval of its shareholders prior to issuing shares of its common stock in excess of 19.99% of its common stock for certain financings in violation of Nasdaq Listing Rules. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $160,131,145 in total assets, $96,092,579 in total liabilities, and $64,038,566 in total stockholders' equity. W. JACKSON TRUCKING: Stanley Bond Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 13 appointed Stanley Bond as Subchapter V trustee for W. Jackson Trucking LLC. Mr. Bond will be paid an hourly fee of $250 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bond declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stanley V. Bond P.O. Box 1893 Fayetteville, AR 72702 479-444-0255 Email: attybond@me.com About W. Jackson Trucking LLC W. Jackson Trucking, LLC, a company based in Bono, Arkansas, operates as an interstate freight carrier hauling agricultural commodities. Leveraging a fleet of tractors and trailers, the company moves products across state lines, supporting agricultural supply chains and connecting regional producers with broader markets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10959) on March 13, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. William Jackson, managing member, signed the petition. Judge Phyllis M. Jones presides over the case. Michael E. Crawley, Jr., Esq., at Crawley Law Firm, P.A. represents the Debtor as bankruptcy /counsel. WEATHERSTONE LLC: To Sell Dallas Property to DFH Liberty for $18.5M ------------------------------------------------------------------- Weatherstone, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate development entity that owns approximately 168 acres of undeveloped land in Paulding County, Georgia, near the City of Dallas. The Property is the Debtor's primary asset and is intended for the development of a single-family residential subdivision known as the Weatherstone Development Project. The Purchased Assets include real property located in Paulding County, Georgia, described as approximately 168.38 acres of undeveloped land within unincorporated Paulding County, Georgia, together with all permits, privileges, rights, easements, and appurtenances thereto; all improvements, trees, timber and other crops and plants. The Debtor has negotiated with DFH Liberty, LLC, a Florida limited liability company, for the purchase of the Purchased Assets. The Debtor and the Purchaser have entered into a Contract for Purchase and Sale of Real Property. The Purchaser has agreed to pay $18,500,000.00 for the Purchased Assets in three phased takedowns: $7,000,000.00 for the Phase I Parcel, $3,750,000.00 for the Phase II Parcel, and $7,750,000.00 for the Phase III Parcel. The consideration consists of cash payments at each closing in immediately available funds. The purchase price represents the highest and best offer received after a thorough and good-faith marketing process undertaken by the Debtor and its court-approved real estate brokers, Walker & Dunlop Investment Sales, LLC and Beach Front Realty, Inc. The Purchased Assets consist of approximately 168.38 acres of undeveloped land located in Paulding County, Georgia, together with all permits, privileges, rights, easements, and appurtenances. The proposed sale to the Purchaser is a private sale which is authorized by Bankruptcy Rule 6004(f)(1), which provides that a private sale of property may be made on terms other than those published or advertised. The Debtor submits that the sale of the Purchased Assets is in the best interests of the Debtor's estate and its creditors. The Property is the Debtor's primary asset, and the sale will generate funds sufficient to pay creditors. The purchase price of $18,500,000.00 represents fair market value based on the Walker & Dunlop broker opinion of value. The Purchaser is an arm’s-length third party with whom the Debtor has negotiated in good faith. The $18,500,000.00 purchase price was reached through a comprehensive marketing and review process conducted by court-approved brokers Walker & Dunlop Investment Sales, LLC and Beach Front Realty, Inc., and represents fair and adequate consideration for the Purchased Assets. About Weatherstone LLC Weatherstone LLC based in Dallas, Georgia, develops and sells single-family homes in a 172-acre residential subdivision near Monroe Cole Road. Weatherstone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41599) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Will Geer, Esq. of ROUNTREE, LEITMAN, KLEIN & GEER, LLC. WELCH & WELCH: Amends Motion to Sell Tractor -------------------------------------------- Welch & Welch Planting Company, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Tennessee, Eastern Division, in a third Motion to sell Tractor, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the farming and custom farming business. The farm equipment is one of the primary assets of the Bankruptcy Estate and the equipment to be sold is a 2020 Versatile 315 Tractor, Serial Number 50105. The tractor is primarily spare equipment and unneeded for the current operation of farming. It is all property of the estate and owned by and titled in the name of the Debtor. The subject property is unsecured. The funds would be used pro rata to pay unsecured creditors. The Debtor believes that the sale of the tractor is in the best interest of the Bankruptcy Estate. The farm equipment sold to Buyer pursuant to the Sale Agreement shall be transferred to Buyer free and clear of all adverse claims including, but not limited to, security interests, mortgages, liens, judgments, claims, taxes, encumbrances, obligations, liabilities, leases, contractual commitments and interests. The price to be paid for the tractor is fair and reasonable. The Debtor in possession proposes to sell to highest bidder at an auction sale of farm equipment on March 27, 2026 conducted by DeWitt Auction Company of Sikeston, Missouri. Debtor in possession further seeks permission to pay said DeWitt Auction Company 7% of the gross selling price of the farm equipment. There have been no other interested parties that have indicated they would make a higher, better or satisfactory offer for the purchase of the equipment. Accurate and reasonable notice was given to all creditors and parties in interest by Debtor. The Debtor has also reserved the right to publish notice of the sale of the farm equipment. About Welch & Welch Planting Co., LLC Welch & Welch Planting Co. LLC is an agricultural company specializing in crop production, utilizing advanced machinery for planting, soil preparation, irrigation, and harvesting. Welch & Welch Planting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10356 on March 13, 2025. In its petition, the Debtor reports total assets of $1,323,500 and total liabilities of $1,055,264. The Debtor is represented by Tom Strawn, Esq., at The Law Office of Tom Strawn. WOLKE CHIROPRACTIC: Hires Wenarsky and Goldstein as Legal Counsel ----------------------------------------------------------------- Wolke Chiropractic and Rehabilitation, PC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Wenarsky and Goldstein, LLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Partners/Members/Senior Counsel $450 Law Clerks $225 Paralegals or Legal Assistants $195 Scott Goldstein, Esq., an attorney at the Law Offices of Wenarsky and Goldstein, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott J. Goldstein, Esq. Law Offices of Wenarsky and Goldstein, LLC 410 State Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 Email: Scott@wg-attorneys.com About Wolke Chiropractic and Rehabilitation Wolke Chiropractic and Rehabilitation, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12831) on March 15, 2026, listing up to $500,000 in both assets and liabilities. Judge Stacey L. Meisel oversees the case. The Law Offices of Wenarsky and Goldstein, LLC represents the Debtor as counsel. WORKING 4: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------ On March 20, 2026, Working 4 You Consultants LLC commenced a voluntary Chapter 7 case in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Working 4 You Consultants LLC Working 4 You Consultants LLC operates as a limited liability company. Working 4 You Consultants LLC sought protection under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-53782) on March 20, 2026. The filing reflects estimated assets of $0 to $100,000 and liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Jeffery W. Cavender presides over the case. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. WRIGHT SCAPES: Hires Palermo Landsman & Ross PA as Accountant ------------------------------------------------------------- Wright Scapes, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Palermo Landsman & Ross, P.A. as accountants. The firm will prepare and file the Debtor's 2019-2023 tax returns and other related services. The firm will bill $495 per hour for Arthur Palermo services and lower amounts for those assisting him in the range of $150-495 per hour depending on the experience of the persons assisting in the tax return preparation services. Arthur Palermo, Jr., president of Palermo Landsman and Ross, 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: Arthur Palermo, Jr. Palermo Landsman and Ross P.A. 9720 Stirling Rd., Ste. 203 Cooper City, FL 33024 Telephone: (954) 252-9622 About Wright Scapes, Inc. Wright Scapes, Inc. operates in the landscaping and grounds services sector, offering exterior property enhancement and maintenance services. The company serves customers in Florida and surrounding areas, based on publicly available business filings. Wright Scapes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Peter D. Russin handles the case. The Debtor is represented by Thomas L. Abrams, Esq. WSONE-55 INC: Seeks to Hire Havkin & Shrago as Bankruptcy Counsel ----------------------------------------------------------------- Wsone-55, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Havkin & Shrago, Attorneys at Law as counsel. The firm's services include: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the United States Bankruptcy Court involving it as a Chapter 11 Debtor, and as a reorganized Debtor, as applicable; (d) advise the Debtor regarding matters of bankruptcy law; (e) prepare on behalf of the Debtor all necessary legal papers; (f) advise the Debtor regarding matters of bankruptcy law; (g) represent the Debtor with regard to all contested matters; (h) represent the Debtor with regard to the preparation of a plan of reorganization and the negotiation and implementation of a plan of reorganization; (i) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (j) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (k) object to claims as may be appropriate; and (l) perform all other legal services for the Debtor as a Chapter 11 debtor, as applicable, as may be necessary, other than adversary proceedings which would require a further written agreement. The firm's counsel will be paid at these hourly rates: Stella Havkin, Partner $585 David Jacob, Associate $450 Laura Bach, Paralegal $175 The firm received a pre-petition retainer separate in the sum of $10,000 from the Debtor prior to the Chapter 11 filing, exclusive of the filing fees and will receive $5,000 within 30 days and $5,000 in 45 days. Ms. Havkin 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: Stella Havkin, Esq. Havkin & Shrago, Attorneys at Law 21650 Oxnard Street, #1550 Woodland Hills, CA 91367 Telephone: (818) 999-1568 Facsimile: (818) 293-2414 Email: stella@havkinandshrago.com About Wsone-55 Inc. Wsone-55, Inc. operates as a franchisee of Wingstop, a quick-service restaurant chain specializing in chicken wings and related menu items, managing and operating its location in Van Nuys, California, and offering dine-in, takeout, and delivery services to customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10404) on Feb. 27, 2026, with $603,619 in assets and $1,942,717 in liabilities. Mia Boykin Ulutika, vice president, signed the petition. Judge Martin R. Barash oversees the case. Stella A. Havkin, Esq., at Havkin & Shrago represents the Debtor as counsel. WTA 25 LLC: Seeks to Tap Sherrard Roe Voight & Harbison as Counsel ------------------------------------------------------------------ WTA 25, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Sherrard Roe Voigt & Harbison, PLC as counsel. The firm's services include: (a) render legal advice with respect to the rights, powers, and duties of the Debtor in the management of its property; (b) prepare all necessary legal services as may be necessary or proper herein; (c) assist and counsel the Debtor in the preparation, presentation, and confirmation of its Plan of Reorganization; and (d) perform all other legal services that may be necessary and appropriate in the general administration of the estate. The firm will be paid at these hourly rates: Michael Abelow, Partner $720 Brttson Bauer, Associate $460 Associate to Senior Partners $410 - $1.060 Paralegals $300 - $390 In addition, the firm will seek reimbursement for expenses incurrd. The firm received a pre-petition retainer of $50,000 from the Debtor. Mr. Abelow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael G. Abelow, Esq. Sherrard Roe Voight & Harbison, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Telephone: (615) 742-4532 Email: mabelow@srvhlaw.com About WTA 25 LLC WTA 25, LLC, based in Whites Creek, Tennessee, manufactures and sells high-end luxury entertainer coaches and maintains a fleet under a lease agreement with Encore Luxury Coach Leasing TN, Inc. WTA 25, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01198) on March 16, 2026. In the petition signed by Justin Ward, member, the Debtor disclosed $3,876,349 in total assets and $3,993,427 in total liabilities. Judge Randal S. Mashburn oversees the case. Michael G. Abelow, Esq., at Sherrard Roe Voight & Harbison, PLC represents the Debtor as counsel. XANDRIA HOLDINGS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Xandria Holdings, LLC, asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to use cash collateral and provide adequate protection. The Debtor filed for bankruptcy following a foreclosure action initiated by its secured lender, Sunnyday MPH LLC, stemming from a dispute over required property insurance levels. The lender holds a promissory note with an original principal of $1.1 million, with an outstanding balance of approximately $1.096 million, secured by the Debtor's primary asset—the mobile home park—and its rental income, which the Debtor values at $800,000. Because this income constitutes cash collateral subject to the lender’s lien, the Debtor cannot use it without court approval or creditor consent, which has not been obtained. The Debtor argues that without access to this cash collateral, it will be unable to continue operations, forcing either liquidation under Chapter 7 or dismissal of the case, both of which would likely result in insufficient recovery for creditors, particularly unsecured creditors. To avoid this outcome, the Debtor proposes a structured use of cash collateral in accordance with a cash flow projection, allowing it to cover operating expenses while making interest-only adequate protection payments to the secured lender until a plan of reorganization is confirmed, at which point it intends to amortize and repay the debt over time. A copy of the motion is available at https://urlcurt.com/u?l=ufRI1X from PacerMonitor.com. About Xandria Holdings LLC Xandria Holdings LLC owns and operates a mobile home community in Tallahassee, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12980) on March 11, 2026. In the petition signed by Zohair Sultan, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David W. Langley, Esq represents the Debtor as legal counsel. YALDA REAL: Trustee Hires Kevin Riles Commercial as Estate Broker ----------------------------------------------------------------- Allison Byman, the trustee appointed in the Chapter 11 case of Yalda Real Estate Group, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kevin Riles Commercial as real estate broker. The Debtor needs a broker to market its properties located at: (a) 0 Rhodes Road, Spring, Texas; (b) 3050 FM 2920, Spring, Texas; (c) 3907 FM 2920, Spring, Texas; (d) 4120 Spring Stuebner Road, Spring, Texas; and (e) 0 FM 2920, Spring, Texas. The firm will receive a 6 percent commission fee from the sales price of the properties. Kevin Riles, a real estate agent at Kevin Riles Commercial, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin Riles Kevin Riles Commercial 4501 Cartwright Rd., Ste. 204 Missouri City, TX 77459 About Yalda Real Estate Group Yalda Real Estate Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36650) on November 3, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Larry A. Vick, Esq. Allison D. Byman is the trustee appointed in this Chapter 11 case. ZEEP INC: Seeks to Hire Jones Walker LLP as Bankruptcy Counsel -------------------------------------------------------------- Zeep Incorporated seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of Alabama to hire Jones Walker LLP as counsel. The firm's services include: a. advising the Debtor with respect to the powers and duties as debtor in possession in the continued management and operation of its business and property; b. advising and consulting on the conduct of the Bankruptcy Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiations with representatives of creditors and other parties in interest in the Bankruptcy Case; d. taking all necessary actions to protect and preserve the bankruptcy estate, including prosecuting actions belonging to the bankruptcy estate, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning the litigation in which the Debtor is involved, including objections to claims filed against the Debtor; e. preparing pleadings in connection with the Bankruptcy Case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Bankruptcy Case; f. representing the Debtor in connection with obtaining authority to continue using cash collateral (if applicable) and (as necessary) to obtain post-petition financing; g. advising the Debtor in connection with any potential sale of assets; h. appearing before the Court, and any other courts (including courts in other jurisdictions and appellate courts), and administrative agencies to represent the interests of the Debtor; i. advising the Debtor in connection with any disputes or litigation that may arise in connection with the Bankruptcy Case, including with respect to the automatic stay, claims matters, the pursuit of claims by the Debtor against third parties, and otherwise; j. taking any necessary action 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 thereto; k. performing all other necessary legal services for the Debtor in connection with the prosecution of the Bankruptcy Case, including (i) analyzing the Debtor's leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of any liens against the Debtor's assets; and (iii) advising the Debtor on corporate and litigation matters involving the Debtor; and l. to the extent necessary to effectuate the Debtor's duties in the Bankruptcy Case, representing the Debtor in all aspects of any related adversary proceedings. The firm will be paid at these rates: Partners $540 to $780 per hour Associates $460 to $680 per hour Paralegals $255 per hour Jones Walker received a payment retainer from the Debtor in the aggregate amount of $25,000 on January 24, 2026. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Richard Gaal, Esq., a Partner of Jones Walker LLP, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard M. Gaal, Esq. Jones Walker LLP Suite 1200, 11 N Water St Mobile, AL 36602 Direct: (251) 439-7511 Fax: (251) 439-7358 Email: rgaal@joneswalker.com About Zeep Incorporated ZEEP Incorporated is a privately held energy company based in Austin, Texas, developing large-scale projects that produce premium fuels and chemicals. Zeep Incorporated filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10669) on March 10, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Ronald Oligney as president and managing director. Judge Henry A Callaway handles the case. Richard Gaal, Esq. at JONES WALKER LLP serves as the Debtor's counsel. ZEPHYR HOSPITALITY: Gina Klump Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Zephyr Hospitality, LLC. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Zephyr Hospitality LLC Zephyr Hospitality, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-10132) on March 5, 2026, with up to $50,000 in both assets and liabilities. Judge William J. Lafferty presides over the case. ZION OIL & GAS: Posts $7.6MM 2025 Net Loss; Going Concern Persists ------------------------------------------------------------------ Zion Oil and Gas, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $7.6 million for the fiscal year ended December 31, 2025, compared to a net loss of $7.3 million for the fiscal year ended December 31, 2024. As of December 31, 2025, the Company has no revenues from its oil and gas operations. Las Vegas, Nevada-based RBSM LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 19, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. At December 31, 2025, the Company had approximately $8.3 million in unrestricted cash and cash equivalents compared to approximately $2.3 million at December 31, 2024. The Company's working capital was approximately $9.5 million at December 31, 2025 and $1.7 million at December 31, 2024. During the year ended December 31, 2025, had an accumulated deficit of approximately $301.5 million. The Company's ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company's current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management's estimates of those requirements. Should those estimates be materially incorrect, the Company's ability to continue as a going concern may be in doubt. To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company may be forced to curtail or cease exploration and development activities. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3nb2pb4c About Zion Oil Headquartered in Dallas, Texas, Zion Oil and Gas, Inc. -- http://www.zionoil.com/-- is an oil and gas exploration company dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres. As of December 31, 2025, the Company had $46.3 million in total assets and $3.9 million in total liabilities, and total stockholders' deficit of $42.4 million. ZIPLINE LOGISTICS: TPG Twin Brook Marks $6.9MM 1L Loan at 29% Off ----------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $6,958,000 loan extended to Zipline Logistics, LLC to market at $4,959,000 or 71% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured term loan extended to Zipline Logistics, LLC. The 1L Loan accrues interest at a rate of S + 3.00 % + 3.00 % PIK 9.83 % per annum. The 1L Loan matures on Sept. 19, 2027. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Zipline Logistics, LLC Zipline Logistics, LLC is a logistics and transportation services provider, offering freight management and supply chain solutions to shippers. [] Ashurst Adds Four Partners to New York Restructuring Team ------------------------------------------------------------ Global law firm Ashurst announced a significant boost to its US finance and restructuring offering, with the appointment of a four-partner team in New York. Jeris Brunette, Mark Dendinger, Rebecca Keep and William Ebert join as partners, as part of the firm's strategy to increase its capacity to meet client demand in US finance and restructuring. The quartet will bring Ashurst's team of finance and restructuring lawyers in the US to 30. Ms.. Brunette, Mr. Dendinger, Ms. Keep and Mr. Ebert, bring extensive experience in debt finance and restructuring across a range of sectors, and are notable for their deep experience in the energy, infrastructure and commodities sectors. The team advises on complex financial transactions, including acquisition and working capital facilities, asset-based and reserved-based lending, project financings, in- and out-of-court restructurings, and liability management transactions. In the last six months Ashurst has added partners Rossie Turman III and Joe Giannini to their New York debt finance practice, joining the existing team led for many years by Mike Neary. The arrival of this new partner quartet establishes Ashurst's US restructuring offering, further strengthens the firm's existing finance offering and aligns with the firm's strategic goals ahead of its proposed combination with Perkins Coie. Ms. Brunette commented: "Ashurst's ambition and investment in the US are clear, and I am thrilled to be part of this next chapter. The firm's focus on financial services and private capital, and its strong banking & finance platform align perfectly with my practice and client base." Mr. Dendinger said: "I am thrilled to join Ashurst during this growth phase to strengthen the spectrum of the firm's New York finance offering with dedicated restructuring capability as part of the continued expansion of the firm's presence in the US. I look forward to collaborating with colleagues and clients across the growing global network." Ms. Keep added: "Joining Ashurst as it continues to build out its US offering is a unique opportunity. The firm's strategic investment and growth in finance, energy, infrastructure, and technology fit squarely with my practice, and the firm provides the ideal platform to help our clients navigate complex financings in today's markets." Mr. Ebert said: "I am excited to join my long-time colleagues and friends at Ashurst and help to expand the impressive offerings of the New York finance team. The firm's strategic commitment to the US finance markets, combined with its collaborative culture and the global reach of its full-service platform, makes Ashurst the ideal place both to continue my practice and deliver enhanced value to clients in both the US and abroad." Commenting, Mark Edwards, Head of Global Loans at Ashurst said, "At a time when global markets are experiencing unprecedented volatility, scaling our support for US finance clients with integrated, specialised experience across the debt finance and bankruptcy spectrum, will be game-changing for us. This is a top team, with a remarkable depth of experience, and their addition to our existing practice substantially enhances our capability to serve clients not just in the US, but in the key markets of Europe and Asia as well." Paul Jenkins, Global CEO of Ashurst, said, “The recruitment of this four partner finance team is aligned with our proposed combination with Perkins Coie, and reinforces our sector focus across Energy, Technology and Financial Services. Welcoming Jeris, Mark, Rebecca and William at a time of significant momentum for the firm is a clear indication of our ambition in New York, the US and globally.” Sharon Kim, New York Office Managing Partner, added "Following the arrival of Rossie Turman and Joe Giannini, this expansion marks a step change in our New York offering, positioning us as a go-to firm for sophisticated financing solutions across a variety of industries. We are building something truly special in New York, and we could not be more excited about the trajectory of our US practice. I am delighted to welcome Jeris, Mark, Rebecca and William to the team." [] David Karp Joins Polsinelli's Special Situations Practice ------------------------------------------------------------ Polsinelli announced that David J. Karp has joined the firm as a shareholder in New York and will serve as co-head of the firm's Special Situations & Alternative Investment Practice, further advancing the firm's strategic focus on private credit, distressed investing and complex restructuring matters. He will also lead the firm's Distressed Debt & Claims Trading team, which provides advice in connection with U.S., European and emerging market debt, claims and complex secondary portfolio trading. Mr. Karp becomes the seventh shareholder to join Polsinelli's New York office in the last 12 months, marking a significant period of strategic expansion for the office. "David is a recognized leader in special situations and private credit restructuring, which is increasingly important to our client base given current market dynamics," said Chase Simmons, Chairman and CEO of Polsinelli. "Adding someone with David's reputation in the space rounds out our bankruptcy and restructuring practice and really solidifies the strategic direction of the group. We are also thrilled to have him become part of our New York office, which has been our fastest growing market for several years now." With more than two decades of experience, Mr. Karp advises clients on a wide range of financial restructuring, distressed mergers and acquisitions and other private capital solutions. He also represents private credit lenders and traders in connection with a variety of restructuring and loan-to-own transactions. Prior to joining Polsinelli, Mr. Karp led the distressed debt and claims trading practice at an Am Law 30 firm, where he focused on complex cross-border debt matters and high-profile restructuring transactions. He earned his J.D. from Fordham University School of Law and his B.S. from Cornell University. "David is a high-caliber addition to our national practice focused on private equity, private credit and the increasing need for special situations and restructuring expertise," said Kraig Kohring, Chair of Polsinelli's Finance, Investment Strategies and Real Estate Department. "As distress in the dynamic private credit market grows, caused by increasing defaults among borrowers and lenders confronting looming ‘maturity walls' and rising ‘shadow defaults,' David's experience will position our clients to proactively manage risk while capitalizing on emerging opportunities across the private credit landscape." "I am thrilled to join Polsinelli's incredible group of private credit, restructuring and investment fund attorneys," said Mr. Karp. "I look forward to working with my colleagues across the firm to develop creative capital solution options for our corporate and private fund clients facing their most complex challenges." Polsinelli's nationally recognized Bankruptcy & Restructuring Practice represents Chapter 11 debtors, distressed borrowers and buyers and sellers of distressed assets. The Bankruptcy & Restructuring Practice also represents official committees, trustees, individual creditors such as equity security holders, vendors, landlords and bankruptcy litigants throughout the United States. Attorneys in the Bankruptcy & Restructuring group also focus on non-bankruptcy alternatives, including assignments for the benefit of creditors, out-of-court workouts, receiverships and state court liquidations. In collaboration with Polsinelli's top-ranked Health Care Practice, the Bankruptcy & Restructuring Practice provides a special focus on distressed health care. [] Simpson Thacher Adds Two New Restructuring Partners ------------------------------------------------------ Simpson Thacher & Bartlett LLP announced that Brian Schartz and John (Jack) Luze will join the Firm as Partners in the Capital Structure Solutions Practice. Messrs. Schartz and Luze bring extensive experience advising public and private companies, sponsors, lenders and creditors on complex liability management exercises, distressed acquisitions and sophisticated restructurings. They are recognized as two of the nation's leading restructuring lawyers, providing strategic guidance on financing strategies, creditor negotiations and turnaround and workout solutions in financially distressed situations, including chapter 11 cases. Together with the recent arrival of Partners Christine Bae and Jacob Ruby, the addition of Messrs. Schartz and Luze reflects the robust growth of Simpson Thacher's Capital Structure Solutions Practice, created in February 2026. The Firm has strategically developed an integrated, modern capital structure platform, underscoring its commitment to investing in top talent and delivering unconflicted, commercially focused advice across the full range of modern sponsor, creditor and company-side challenges. "Brian and Jack have advised on some of the most complex chapter 11 cases and out-of-court restructurings and are proven leaders whose judgment, experience and strategic insight make them invaluable additions to our team," said David Nemecek, Partner and Head of the Capital Structure Solutions Practice. "Our Capital Structure Solutions Practice is resonating strongly with clients and making an immediate impact in the market. Having worked closely with both Brian and Jack, I am confident that they will play a key role in building on our strong momentum and continuing to expand our integrated client offering." "With the Capital Structure Solutions Practice, Simpson Thacher is building a unique platform to advise clients on the increasingly complex challenges surrounding capital structures and distressed situations," said Mr. Schartz. "The opportunity to join an exceptional team that brings together leading restructuring, finance and special situations capabilities in a single, integrated practice is incredibly compelling and exciting." "Clients today need sophisticated, commercially focused advice that spans the full capital structure," said Mr. Luze. "Simpson Thacher's Capital Structure Solutions Practice is custom-built to address clients' evolving needs, and I look forward to working alongside my new partners to provide the best advice to clients across the value chain." [] Southeast Michigan Business Bankruptcies Surge ------------------------------------------------- Kurt Nagi of Crain's Business Journal reports that business bankruptcy filings in Southeast Michigan have surged in recent months as local operators face mounting economic pressures. Many business owners cite rising costs, inflationary pressures, and shrinking consumer demand as key factors straining their operations. Lenders have responded by tightening access to credit, making it more difficult for companies to secure financing to weather cash flow shortages. The reduced lending flexibility has intensified the financial stress on small and mid-sized businesses across the region, according to report. Industry observers note that the combination of higher operational costs and restricted credit is driving a wave of filings that mirrors broader economic uncertainties nationwide. Businesses in sectors such as manufacturing, retail, and hospitality appear particularly vulnerable, the report states. Analysts warn that if current trends continue, Southeast Michigan could see a sustained period of elevated business bankruptcies. Many operators are reassessing strategies, including cost-cutting measures, restructuring, or seeking early bankruptcy protection to preserve value for creditors, Crain's Business Journal reports. [] Texas Chapter 7 Bankruptcy Filings Surge 12% in Early 2026 ------------------------------------------------------------- Consumer bankruptcy filings across Texas surged in early 2026, with 3,314 petitions filed across all four federal district courts in February alone, according to an analysis by Chapter 7 bankruptcy attorney Donald E. Hood. Nationally, Chapter 7 filings are running 12 percent ahead of 2025 levels as credit card debt, medical bills, and elevated interest rates push more families past the breaking point. The Southern District of Texas, which includes Houston and Galveston, recorded 923 filings in February. The Western District, covering San Antonio, Austin, and El Paso, saw 699. The data reflects a sustained and accelerating wave of consumer financial distress across the state. "The numbers tell a story that many Texas families already know from their own experience," said Hood, who is licensed in all four Texas federal district courts. "Chapter 7 bankruptcy exists for exactly this situation. In Texas, most filers can protect their home, retirement accounts, a vehicle, and essential personal property while eliminating credit card balances, medical bills, and other unsecured debts entirely. It is a legal tool designed to give families a fresh start." Hood notes that while current volumes have not yet returned to pre-pandemic levels, the pace of increase suggests Texas could approach those levels if economic pressures continue, particularly in metro areas where the cost of living has outpaced wage growth. With more than 20 years of experience, Hood offers free consultations in both English and Spanish to individuals and families across Texas. The full analysis is available at https://www.dehlaw.com/texas-bankruptcy-trends-2026/. To schedule a free consultation, call (888) 239-7259 or visit dehlaw.com. About The Law Office of Donald E. Hood, PLLC The Law Office of Donald E. Hood, PLLC is a Dallas-based firm specializing in Chapter 7 bankruptcy throughout Texas. Attorney Hood is admitted in the Northern, Southern, Eastern, and Western Districts of Texas and has helped thousands of clients achieve financial relief. Bilingual services available in English and Spanish. Located at The Turley Law Center, 6440 N. Central Expy, Suite 605, Dallas, TX 75206. Media Contact: Donald E. Hood, Esq. The Law Office of Donald E. Hood, PLLC Phone: (888) 239-7259 Email: 410959@email4pr.com Website: www.dehlaw.com [] Two Rubin Rudman Partners Named Top Global Bankruptcy Lawyers ---------------------------------------------------------------- Rubin Rudman announced on March 24, 2026 the selection of Joseph Bodoff and Rion Vaughan, partners in the firm's Bankruptcy and Creditors' Rights practice, for inclusion in the 2026 Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers list for the second consecutive year. The guide recognizes "traditional bankruptcy lawyers, specialists in leveraged finance and restructuring, and litigators well-versed in financial litigation and distress" -- the "advisors who can keep their cool for companies, investors, governments, and others on the fiscal precipice." Joseph Bodoff brings over 45 years of experience in bankruptcy, insolvency and creditors' rights matters, and commercial litigation to his practice. He represents debtors, secured creditors, trade creditors, landlords, equity holders, purchasers of assets, and other interested parties across a wide range of industries in bankruptcy, Chapter 11 reorganizations and out-of-court workouts. His litigation experience includes prosecuting and defending preference and fraudulent transfer actions, successor liability claims, personal guaranties, and complex contract disputes. Bodoff is the author of the ABI's Creditors' Committee Manual (Sixth Edition) and a contributing author to the treatise Bankruptcy Business Acquisitions (Second Edition). He has been named to Legal 500 Boston Elite in Banking & Finance (2026), Boston Magazine's Top Lawyers List for Bankruptcy (2021-2025) and Massachusetts Super Lawyers (2014-2025). Bodoff serves on the American Bar Association's Business Bankruptcy Committee. He is a former member of the Board of Directors and Executive Committee of the American Bankruptcy Institute. He received his B.S., with distinction, from Pennsylvania State University and his J.D. from Villanova University School of Law. Rion Vaughan has extensive experience in insolvency, distressed asset transactions, and complex commercial litigation. He represents clients in formal and out-of-court insolvency proceedings, including Chapter 11 reorganizations, liquidations, receiverships, distressed asset sales, and avoidance action litigation. Vaughan's practice spans several key areas, including bankruptcy restructuring, distressed financing, asset-based financing, commercial foreclosures, M&A transactions, and bankruptcy litigation in both state and federal courts. Vaughan was named to the Legal 500 Boston Elite in Banking & Finance (2026), Boston Magazine's Top Lawyers List for Bankruptcy (2025), and Massachusetts Super Lawyers (2024-2025). He is involved with the Turnaround Management Association, the American Bankruptcy Institute, and the National College of Bankruptcy Judges. He earned his J.D., cum laude, from Boston College Law School. Vaughan earned his B.A., magna cum laude, from Stonehill College. About Rubin Rudman Founded over a century ago, Rubin Rudman is a full-service law firm with nearly 100 lawyers in Boston, Massachusetts. With a diverse mix of practices, Rubin Rudman serves national and international companies, including large public companies and closely held businesses; real estate developers; biotechnology, pharmaceutical and medical device makers; hospitality companies; regulated industries, public entities and municipalities; insurance companies and their insureds; educational and other institutions; non-profit organizations; families and high net worth individuals. Web: www.rubinrudman.com. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. 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