260507.mbx

260507.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 7, 2026, Vol. 30, No. 127 Headlines 547 DUNCAN: Seeks Approval to Hire NXT Shell as Real Estate Broker 967 JNC: Lender Seeks to Prohibit Cash Collateral Access A2Z FIELD: Case Summary & 20 Largest Unsecured Creditors ABSOLUTE DENTAL: Ares Capital Marks $23.7MM 1L Loan at 38% Off ABSOLUTE DENTAL: Ares Capital Marks $46.5MM 1L Loan at 38% Off ACADEMY AT PENGUIN: Court OKs Further Use of Cash Collateral ACQYR LLC: Carol Fox of GlassRatner Named Subchapter V Trustee ACQYR LLC: Seeks Subchapter V Bankruptcy in Florida ACTION ENVIRONMENTAL: Moody's Cuts CFR to 'B3', Outlook Stable ADG LLC: Ares Capital Marks $54.2MM 2L Loan at 46% Off ALBANY MARKS: Taps Zarin & Steinmetz as Special Real Estate Counsel ALEXCO-USA INC: Case Summary & 17 Unsecured Creditors ALL AMERICAN: Gets Interim OK to Use Cash Collateral ALLBOUND CARRIER: Seeks to Tap David P. Leibowitz as Legal Counsel ALLSTAR PROPERTIES: Seeks to Hire Polsinelli PC as Tax Co-Counsel ALLSTAR PROPERTIES: Taps Assiter & Assoc. as Motorcycle Auctioneer ALLSTATE LENDING: Hires SKT Law as Criminal Investigation Counsel AMBAR TRANSPORTATION: Seeks to Hire BFSNG Law Group as Counsel AMERIVET PARTNERS: Ares Capital Marks $81.2MM Loan at 19% Off AP CORE II: Moody's Ups CFR to B2, Outlook Remains Stable AP CORE II: S&P Rates Proposed $700MM Senior Secured Notes 'B-' API GROUP: S&P Assigns 'B+' Rating on Senior Unsecured Notes APM CONSTRUCTION: Gets OK to Tap Latham Luna as Bankruptcy Counsel ARCHDIOCESE OF NEW YORK: May File Bankruptcy to Manage Liabilities ASOCIACIÓN HOSPITAL: Gets Extension to Use BPPR's Cash Collateral AT YOUR SERVICE PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 28% Off AVALIGN HOLDINGS: Ares Capital Marks $40.3MM 1L Loan at 28% Off BAART PROGRAMS: Ares Capital Marks $5.9MM 1L Loan at 17% Off BALKAN EXPRESS: US Trustee Asks Court to Dismiss Chapter 11 Case BEACH ACQUISITION: S&P Upgrades Secured Notes Rating to 'BB' BIGFOOT PARADISE: Taps Kutner Brinen Dickey Riley as Legal Counsel BLACKSTONE MORTGAGE: S&P Rates New $450MM Sr. Secured Notes 'B+' BOBBY DEE: Seeks to Use Cash Collateral BOTTOMLINE INK: Seeks 180-Day Extension of Plan Filing Deadline BOTTOMS UP: Seeks to Hire Tammy Proctor as Payroll Professional BRAND BUGGY: Seeks Approval to Hire Swenson Law as Legal Counsel BRAND INDUSTRIAL: S&P Lowers ICR to 'CCC+' on Sustained Cash Burn BROOKDALE SENIOR: BlackRock Portfolio Holds 3.7% Equity Stake BY HOTEL: Seeks Court Approval to Hire Lewis Brisbois as Counsel BY HOTEL: Seeks to Hire Getzler Henrich as Financial Advisor BYJU'S ALPHA: UK Exec. Seeks Alleged Fund Transfers Suit Dismissal CALLAHAN ENTERPRISES: Michael Carmel Named Subchapter V Trustee CANNABIST CO: Creditor Says Ch. 15 Could Advance Illegal Pot Sales CARBON HEALTH: Pursues Additional $11MM in DIP Financing CARVER THEATER: Involuntary Chapter 11 Case Summary CATURUS ENERGY: S&P Upgrades ICR to 'B' on Increased Scale CHEZ JOEY: Seeks to Hire Tammy Proctor as Payroll Professional CHINO CENTRAL: Seeks to Tap Raines Feldman Littrell as Counsel CLICKSPRING DESIGN: Voluntary Chapter 11 Case Summary CLOSURE SYSTEMS: Moody's Affirms 'B2' CFR, Outlook Remains Stable CMN GROUP: Case Summary & 20 Largest Unsecured Creditors COLD SPRING: NYAG Challenges "Perpetual" Chapter 11 Plan Stay COMMUNITY HOUSE: Seeks to Hire Savills as Real Estate Broker COREWEAVE INC: Fitch Rates New $3.1BB Term Loan 'BB+' CORNERSTONE ONDEMAND: Ares Capital Marks $137.5M 2L Loan at 25% Off CORNERSTONE ONDEMAND: Ares Capital Marks $16.4MM 1L Loan at 27% Off CORNERSTONE ONDEMAND: Ares Capital Marks $8.4MM 1L Loan at 26% Off CRESCENT ENERGY: Moody's Affirms 'Ba3' CFR, Outlook Stable DANLERIE FREIGHT: Gregory Jones Named Subchapter V Trustee DIGICERT INC: Ares Capital Marks $20.3M 2L Loan at 25% Off DLIGHT REFINERS: Deborah Fish Named Subchapter V Trustee DR DELICACY: Seeks to Hire Baker & Associates as Legal Counsel EAST HEMPSTEAD: Commences Chapter 11 Bankruptcy in New York ECO-GREEN SUPPLIER: Initiates Chapter 11 Bankruptcy in Florida EDGEWATER PROPERTY: Seeks Chapter 7 Bankruptcy in Florida ELIZABETH I LLC: Seeks to Hire Bowditch & Dewey as Legal Counsel EP PURCHASER: Ares Capital Marks $49.9M 1L Loan at 37% Off FAT BRANDS: Creditors Say Sale Plan Excludes $195MM Claims FGB BIG TOP: Food Court Operator Seeks Chapter 11 Bankruptcy FGB BIG: Seeks to Tap Andersen Beeds Weisenmiller as Legal Counsel FLOURISH RESTAURANTS: Seeks to Tap Jones & Walden as Legal Counsel FORT DEFIANCE: Seeks to Tap Mesch Clark Rothschild as Legal Counsel FREE SPEECH: Texas SC Urged to Restore Infowars Lease to The Onion FREEDOM FOREVER: Gets Interim OK to Use Cash Collateral FRESHREALM INC: Proposes Timeline for Chapter 11 Asset Sale FRESHREALM INC: Taps Kroll Restructuring as Administrative Advisor GAV REST: Hires Morrison-Tenenbaum PLLC as Bankruptcy Counsel GEDDO CORPORATION: Hires Winthrop Golubow Hollander as Counsel GENERACION MEDITTERRANEA: Commences Exchange Offer for 2031 Notes GENESIS HEALTHCARE: Chapter 11 Stay Extension Overturned on Appeal GENTLEMAN'S CAVE: Seeks to Tap Charles Tyler Sr. as Legal Counsel GLOBAL BUSINESS: S&P Places 'BB-' ICR on CreditWatch Negative GLOBAL ENTERPRISE: Hires Tax Workout Group as Bankruptcy Counsel GLOBAL MEDICAL: S&P Places 'B' ICR on CreditWatch Positive GOURMET FRUIT: Commences Chapter 11 Bankruptcy in New York GRANDE ISLE TOWERS: Section 341(a) Meeting of Creditors on June 4 GRAVITY CONSTRUCTION: Hires BFSNG Law Group as Bankruptcy Counsel HALSEY & HALSEY: Hires Lesnick Prince Pappas & Alverson as Counsel HAWAII BREWERY: Seeks to Hire 808 BK LLLC as Associate Counsel HAWTHORNE RACE: Comm. Taps Province LLC as Sale Process Advisor HAWTHORNE RACE: Hires Hilco Real Estate as Real Estate Broker HAYDEE'S CAFE: Tamara Miles Ogie Named Subchapter V Trustee HERNANDEZ-LOPEZ & SONS: Taps Law Office of Carl M. Barto as Counsel HILLSIDE APARTMENTS: Trustee Taps Cushman & Wakefield as Broker HILLVIEW DAIRY: Hires Heartland Trophy Properties as Realtor HOMES SWEET: Case Summary & Four Unsecured Creditors HOMESLEEP LLC: Seeks to Hire Wayne F. Cebollero as Accountant HOMETOWN CHIROPRACTIC: Seeks to Employ Johnson & Spezia as Counsel HOMETOWN CHRIPRACTIC: Seeks to Hire Johnson & Spezia as Counsel HOUSE CRAFT HOMES: Seeks Chapter 7 Bankruptcy in Florida HUBBARD CONCRETE: Case Summary & 10 Unsecured Creditors HUDSON PACIFIC: Vanguard Portfolio Management Holds 5.29% Stake HUGHES LOGISTICS: Commences Chapter 7 Bankruptcy in California HYDROBLOX TECHNOLOGIES: Case Summary & Eight Unsecured Creditors IMPAC MORTGAGE: Chapter 11 Bankruptcy Shields $1.4B Tax Assets INNOVATIVE INDUSTRIAL: Guarantees $20MM IL Subsidiary Term Loan INNOVATIVE INDUSTRIAL: Vanguard Portfolio Holds 9.73% Stake INSULET CORP: Product Recall No Impact on Moody's 'Ba2' CFR INTERNATIONAL UNION: Hires Van Horn Law Group, P.A. as Counsel JOHN FITZGIBBON: Taps Epiq Bankruptcy as Claims and Noticing Agent JOSHUA CABINETRY: Employs The Premier Property as Seller's Broker JW COLE INVESTMENTS: Stanley Bond Named Subchapter V Trustee KAIMUKI REALTY: Unsecured Creditors Will Get 2% of Claims in Plan KBHS ACQUISITION: Ares Capita Marks $4.4MM 1L Loan at 48% Off KELHAM VINEYARD: Trustee Taps Rincon Law LLP as Special Counsel KIITOS BREWING: Gets Interim OK to Use Cash Collateral KINGDOM REAL: Seeks Chapter 11 Bankruptcy in Florida KNIFE RIVER: S&P Lowers Senior Unsecured Notes Rating to 'B+' KOMAL-MILAN LLC: Seeks to Tap Paul Reece Marr as Legal Counsel KROSKOB BROS: Gets Interim OK to Use Cash Collateral Until May 29 LEES EARN: Seeks to Hire Powerhouse Real Estate Group as Broker LEES EARN: Seeks to Hire Windermere Real Estate North as Broker LEO'S TRIM: Hires Ivey McClellan Siegmund as Bankruptcy Counsel LESLIE WESSINGER: Taps Grier Wright Martinez as Litigation Counsel LIGHTHOUSE PSYCHIATRY: Case Summary & Eight Unsecured Creditors LISA PARK: Seeks to Hire Hayward PLLC as Bankruptcy Counsel LITTLE CREEK: Case Summary & Three Unsecured Creditors LITTLE CREEK: Seeks to Tap Sherrard Roe Voigt as Legal Counsel LOVE CHURCH: Seeks to Hire HallerColvin P.C. as Bankruptcy Counsel LUFLAW INVESTMENTS: F. Myers Property Sale to Olimpio & Silva OK'd LYNSKEY PERFORMANCE: Case Summary & 20 Top Unsecured Creditors MAFIA INC: Seeks to Tap Bradford Law Offices as Bankruptcy Counsel MAKHANI PROPERTIES: To Sell Texas Properties to SmartRise Capital MANDS ELECTRIC: Case Summary & 20 Largest Unsecured Creditors MAVIS TIRE: Moody's Rates New $775MM First Lien Term Loan 'B2' MILE HIGH: Joli Lofstedt Named Subchapter V Trustee MU HOLDINGS: Gets Approval to Hire Dal Lago Law as Legal Counsel MULFORD CONSTRUCTION: Baker Donelson Advise Deere and VFS MUNAWAR LAW: U.S. Trustee Appoints Lori Jones as Ch. 11 Trustee MY VAPE ORDER: Seeks Subchapter V Bankruptcy in Florida NAM TAI: Affirms 12-Month Liquidity Sufficiency in FY2025 Filing NATIONAL CONTRACTORS: Seeks to Hire Barclay Damon LLP as Attorney NFN8 GROUP: Committee Taps Buchalter LLP as Bankruptcy Counsel NIED OWNERSHIP: Case Summary & Two Unsecured Creditors NORTH FLORIDA FIBER: Seeks Chapter 7 Bankruptcy in Florida NOSTRUM LABORATORIES: Court Converts Chapter 11 to Chapter 7 NYA CAPITAL: Seeks to Sell Battle Creek Property at Auction NYA CAPITAL: Seeks to Sell Lehigh Acres Property at Auction NYA CAPITAL: Seeks to Sell Orlando Property at Auction OMNICARE LLC: GenieRx Wins in Chapter 11 Sale Process OUISI INC: Gets Interim OK to Use Cash Collateral Until May 21 PACIFIC RIM: Hires Tarter Krinsky & Drogin as Bankruptcy Counsel PACIFIC RIM: Taps Tippett Company as Exclusive Real Estate Agent PARADISE LAND: Hires Thompson Burton PLLC as Bankruptcy Counsel PAREX RESOURCES: Fitch Assigns 'B+' LongTerm Foreign Currency IDR PATHWAY VET: Ares Capital Marks $85.9M 2L Loan at 35% Off PAXTON & ASSOCIATES: Gets OK to Use Cash Collateral Until May 27 PBF HOLDING: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable PELCO BUILDERS: Hires Ciardi Ciardi & Astin as Bankruptcy Counsel PERENNIAL REAL: Seeks to Hire Michael A. King as Legal Counsel PEREZ MENENDEZ: Case Summary & 20 Largest Unsecured Creditors PHIL KEAN: Hires Berger Singerman as Special Litigation Counsel PHONEIC INC: Unsecured Creditors to Split $25K in Plan PLURALSIGHT LLC: Ares Capital Virtually Writes Off $23.1M 1L Loan PORKY'S LLC: Unsecureds Will Get 42% of Claims over 60 Months PROFESSIONAL DIVERSITY: Reduces Streeterville Commitment to $8-Mil. QVC GROUP: Asymmetry Point Exits Full Series A Common Stake QVC GROUP: Cleary Gottlieb & McKool Smith Advise Cygnus Capital QVC GROUP: Glenn Agre & Kane Russell Advise Grossman and Gui RAMANUJAN GROUP: Seeks to Hire Raines Feldman Littrell as Counsel RAYMOND GROUP: Seeks to Tap Raines Feldman Littrell as Counsel REALTY-BUY-DESIGN: Sale Proceeds & Business Operations to Fund Plan RIVER SPRINGS: Moody's Cuts Rating to Ba3 & Alters Outlook to Neg. RIVERDALE ASSEMBLY: Court Confirms Subchapter V Plan RMG ERECTORS: Seeks to Hire Ciardi Ciardi & Astin as Legal Counsel RYVYL INC: Appeals Nasdaq Notice, RTB Deal to Add $20MM in Equity RYVYL INC: Clears SEC Matter Without Fine, Admission of Wrongdoing SAICP HOTEL: Case Summary & One Unsecured Creditor SAKS GLOBAL: Ch.11 Plan Advances with $700M Liquidity at Emergence SAKS GLOBAL: Plan Disclosures Win Conditional Approval SAKS GLOBAL: Unsecureds to Get Share of Liquidation Trust Interest SF OAKLAND: Hires Reuben Junius & Rose as Special Counsel SHAYN REALTY: Retains Northgate Real Estate as Real Estate Advisor SLOAN SCHOOL: Seeks to Hire Wolff & Orenstein as General Counsel SMILEY AESTHETICS: Taps Dunham Hildebrand Payne Waldron as Counsel SOLARIS ENERGY: S&P Assigns 'BB-' ICR, Outlook Stable SPIRIT AIRLINES: Ceases Operations in Immediate Wind-Down STARCO BRANDS: Director Bharat Vasan Steps Down from Board STORM TEAM: Unsecureds Will Get 14% of Claims over 36 Months STROMA MEDICAL: Seeks Approval to Tap Bayard as Bankruptcy Counsel SUPERIOR INDUSTRIES: Moody's Withdraws 'Caa3' Corp. Family Rating SYMPLR SOFTWARE: Ares Capital Marks $6.2M 1L Loan at 29% Off SYMPLR SOFTWARE: Ares Capital Marks $800,000 1L Loan at 25% Off SYNCUBE CONTAINERS: Seeks to Hire Daudi & Kroll as Legal Counsel TAWR PROPERTY: Gets OK to Employ Stout's Douglas J. Brickley as CRO TERRASTRAT GROUP: Taps Strip Hoppers and Singh Law as Co-Counsel TOTAL PLUMBING: Seeks Chapter 7 Bankruptcy in Florida TPG RE FINANCE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable TRANSITIONAL HOUSING: Appoints Starks Development Group as Realtor TREE LANE: Court Confirms Chapter 11 Plan of Liquidation TRINITY AUTO: Plan Exclusivity Period Extended to Aug. 2 U S SKYLINE: Amends Collin Property Sale to Mahmood Verani UNITY FABRICATION: Case Summary & 14 Unsecured Creditors VANGUARD CUSTOM: Hires William J. Factor Ltd as Bankruptcy Counsel W/L PROPERTIES: Case Summary & Two Unsecured Creditors WHITE RHINO: Stephen Gray Named Subchapter V Trustee WHITEWATER MATTERHORN: S&P Downgrades ICR to 'BB-' on Debt Add-On WORKSPORT LTD: Projects Seven-Figure Tri-State Revenue in Near Term XANDRIA HOLDINGS: Seeks to Hire Katlin Cloud as Property Manager [] WSP and Wharton Launch Program for Restructuring Professionals ********* 547 DUNCAN: Seeks Approval to Hire NXT Shell as Real Estate Broker ------------------------------------------------------------------ 547 Duncan LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ NXT Shell, LLC as real estate broker. The Debtor needs a broker to market and sell its property located at 547 Duncan Avenue, Alexandria, Virginia. The firm will be paid at a standard administrative fee of $695. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged for the Debtor. The firm can be reached at: NXT Shell, LLC 5600 General Washington Dr. Alexandria, VA 22312 Telephone: (703) 778-0667 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. 967 JNC: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------- Florida Real Estate Ventures, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Orlando, Division, to either compel 967 JNC, LLC, to turn over rental income from a Florida property or, alternatively, strictly limit and supervise the Debtor's use of that income as cash collateral. The Lender asserts it holds a first-priority mortgage and an absolute assignment of rents tied to a $1.3 million loan secured by a vacation rental property in Osceola County. After the Debtor defaulted and the creditor made a formal prepetition demand for rents—and later obtained a foreclosure judgment—the creditor argues that all post-default rental income legally belongs to it under Florida law and is therefore not part of the bankruptcy estate. Even if the court disagrees, the creditor contends the rents constitute cash collateral under the Bankruptcy Code. The Debtor has been collecting and spending rental income without authorization, failing to segregate or account for it, in violation of both statutory requirements and a prior court order. As relief, the creditor seeks immediate segregation and turnover of rents, monthly reporting, and adequate protection measures such as cash payments and replacement liens; failing compliance, it asks the court to prohibit any further use of the funds. A copy of the motion is available at https://urlcurt.com/u?l=4m9QxM from PacerMonitor.com. About 967 JNC LLC 967 JNC LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-02219) on March 30, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $500,001 to $1 million. Latham, Luna, Eden & Beaudine, LLP is Debtor's legal counsel. Florida Real Estate Ventures, LLC, as lender, is represented by: Rachamin Cohen, Esq. Cohen Legal Services, PA 1801 NE 123rd Street, Suite 314 North Miami, FL 33181 Telephone: 305-570-2326 Email: Rocky@lawcls.com A2Z FIELD: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: A2Z Field Services, LLC 7450 Industrial Parkway Plain City OH 43064 Business Description: A2Z Field Services, LLC, is a women-owned nationwide field service company headquartered in Plain City, Ohio. The company provides property inspection, preservation, REO, rehab and repair, rental property servicing, borrower contact, eviction, utility, HOA, VPR management, and registration and administrative services. It serves loan servicers, property owners, asset managers, and government agencies with property servicing needs. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 26-52098 Judge: Hon. Mina Nami Khorrami Debtor's Counsel: Richard K. Stovall, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP 10 West Broad Street, Suite 2400 Columbus OH 43215 Tel: (614) 221-8500 E-mail: stovall@asnalaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Amie Sparks as authorized member. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ETTGTRA/A2Z_Field_Services_LLC__ohsbke-26-52098__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EVLSC6Q/A2Z_Field_Services_LLC__ohsbke-26-52098__0001.0.pdf?mcid=tGE4TAMA ABSOLUTE DENTAL: Ares Capital Marks $23.7MM 1L Loan at 38% Off -------------------------------------------------------------- Ares Capital Corp. has marked its $23.7 million loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $14.7 million or 62% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on April 28, 2026. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The 1L Loan is on non-accrual status. The 1L Loan matures on June 30, 2026. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Absolute Dental Group LLC and Absolute Dental Equity, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC operate as a dental services provider offering clinical and support services across their practice network. ABSOLUTE DENTAL: Ares Capital Marks $46.5MM 1L Loan at 38% Off -------------------------------------------------------------- Ares Capital Corp. has marked its $46.5 million loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $28.8 million or 62% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on April 28, 2026. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The 1L Loan is on non-accrual status. The 1L Loan matures on June 30, 2026. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Absolute Dental Group LLC and Absolute Dental Equity, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC operate as a dental services provider offering clinical and support services across their practice network. ACADEMY AT PENGUIN: Court OKs Further Use of Cash Collateral ------------------------------------------------------------ The Academy at Penguin Hall, Inc. obtained an order from the U.S. Bankruptcy Court for the District of Massachusetts authorizing further use of cash collateral. Under the court order, the Debtor is authorized to use cash collateral to pay any due or upcoming U.S. Trustee fees and the expenses listed in its supplement to the final cash collateral order. This cash collateral consists of proceeds from the sale of the Debtor's property in Wenham, Massachusetts, and additional funds from a settlement with a prior buyer. The Debtor intends to use these funds to continue preserving its remaining property in Wenham and to support ongoing reorganization efforts. The Internal Revenue Service and the Massachusetts Department of Revenue hold liens on the Debtor's property. The Debtor said these creditors will be adequately protected because the funds will be used to maintain and preserve the value of the remaining property, thereby preventing any decline in the value of their collateral. About The Academy at Penguin Hall Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ACQYR LLC: Carol Fox of GlassRatner Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for ACQYR, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About ACQYR LLC ACQYR, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15256) on April 27, 2026, with $1 million to $10 million in assets and liabilities. Judge Erik P. Kimball presides over the case. Tyler Andrew Trumbach, Esq., at the Law Offices of Tyler A Trumbach PA represents the Debtor as bankruptcy counsel. ACQYR LLC: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------- On April 27, 2026, Acqyr LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be Held on May 28,2026 at 10:00 AM by TELEPHONE. About Acqyr LLC Acqyr LLC is a business entity typically engaged in investment, acquisition, and asset management activities, focusing on corporate or financial transactions. Acqyr LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15256) on April 27, 2026. In its petition, the Debtor reports estimated assets of $1,000,000 to $10,000,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Tyler Andrew Trumbach, Esq. of Law Offices of Tyler A. Trumbach, P.A. ACTION ENVIRONMENTAL: Moody's Cuts CFR to 'B3', Outlook Stable -------------------------------------------------------------- Moody's Ratings downgraded the ratings of The Action Environmental Group, Inc., a subsidiary of Interstate Waste Services, Inc. (collectively "IWS"), 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 bank credit facilities to B3 from B2. The outlook is stable. The downgrade reflects Moody's expectations that IWS' credit metrics will remain pressured amid significant capital investments and ongoing acquisition activity, contributing to high financial leverage. As of September 2025, debt-to-LTM EBITDA leverage on a pro forma basis was approximately 7.1x. Delays in the rollout of NYC commercial waste zoning (CWZ) have also weighed on the company's near-term performance. Moreover, free cash flow will likely remain negative over the next 12–18 months despite year-over-year improvement, and the company is expected to rely on its revolving credit facility for liquidity. The stable outlook reflects Moody's expectations that IWS will demonstrate steady revenue growth in the next 12-18 months, supported by expected earnings and synergies from its recent investments. Governance was a key consideration for this rating action. Governance factors including aggressive financial strategies resulted in high financial leverage. RATINGS RATIONALE IWS' ratings reflect the company's position as a leading provider of commercial, municipal, and to a lesser extent residential and other waste and recycling services in New York, New Jersey, and Connecticut. IWS has a recession resistant and sticky recurring revenue stream with pricing power supported by declining disposal capacity in the Northeast US waste collection market. The company is also well diversified by customer and has a competitive advantage resulting from its vertically integrated waste-by-rail model and an owned landfill located in a lower cost region (Ohio). However, IWS' credit profile is constrained by its aggressive growth strategy that has contributed to high financial leverage and persistent negative free cash flow. The company has made several acquisitions and significant capital investments to increase and improve its waste collection territory and geographic density, with a substantial portion of recent investments directed toward positioning for the rollout of NYC CWZ. Moody's expects IWS to remain acquisitive over the next 12–18 months, which will keep leverage elevated and constrain financial flexibility until the company realizes expected earnings and synergies from its recent investments. Moody's expects IWS' liquidity will be adequate over the next 12-18 months. As of September 2025, the company had around $123 million in cash and its $275 million revolving credit facility was undrawn. 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 investments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to increase its size and scale while sustaining debt-to-EBITDA on a pro forma basis below 5.5x, and achieving steadily improving EBITDA margins maintained above 20%. Improved liquidity, including sustained positive free cash flow, ample revolver availability and reduced reliance on external funding sources, would also be a basis for an upgrade. The ratings could be downgraded if Moody's expects declining organic revenue growth, EBITDA margins fail to improve from current levels, or debt-to-EBITDA on a pro forma basis does not trend toward 6.5x. In addition, if the company engages in a large debt financed transaction that favors shareholders over creditors, or if the liquidity weakens, the ratings could be downgraded. The principal methodology used in these ratings was Environmental Services and Waste Management 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. The Action Environmental Group, Inc., a wholly-owned subsidiary of Interstate Waste Services, Inc. or "IWS", is a vertically-integrated provider of waste and recycling services in the greater New York City, New Jersey, and Connecticut markets. IWS' asset base includes collection depots, transfer stations, material recovery facilities (MRFs), and a landfill. The company is owned by private equity firms Ares Management Corporation and Littlejohn & Co., LLC. ADG LLC: Ares Capital Marks $54.2MM 2L Loan at 46% Off ------------------------------------------------------ Ares Capital Corp has marked its $54.2 million loan extended to ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC to market at $29.2 million or 54% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on April 28, 2026. Ares Capital Corp is a participant in a second lien senior secured loan extended to ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC. The 2L Loan is on non-accrual status. The 2L Loan matures on March 31, 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ADG, LLC, GEDC EQUITY, LLC AND RC IV GEDC INVESTOR LLC ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC are borrowers in a second-lien senior secured financing tied to a dental services provider business. ALBANY MARKS: Taps Zarin & Steinmetz as Special Real Estate Counsel ------------------------------------------------------------------- Albany Marks LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Zarin & Steinmetz LLP as special real estate and litigation counsel. The firm will provide all legal services on real estate relating to the Debtor's property located at 176 Albany Avenue a/k/a 975 Saint Marks Avenue, Brooklyn, New York. The firm will be paid at these rates: Jacob Amir, Esq. $550 per hour Senior Partners $695 per hour Associates $385 per hour Paralegals $230 per hour In addition, the firm will seek reimbursement for expenses incurred. Jacob Amir, Esq., partner of Zarin & Steinmetz, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Zarin & Steinmetz can be reached at: Michael Zarin, Esq. ZARIN & STEINMETZ 81 Main St. Suite 415 White Plains, NY 10601 Tel: (914) 682-7800 About Albany Marks LLC Albany Marks LLC is a single-asset real estate entity whose primary property is located at 176 Albany Avenue in Brooklyn, New York, and its operations are focused on owning and managing this real estate asset. Albany Marks LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45889) on December 8, 2025, listing $1 million to $10 million in both assets and liabilities. The petition lists Henry Ausch as the sole member, with Yaakov Ausch signing the petition on his behalf under a power of attorney. Judge Jil Mazer-Marino presides over the case. Joel M. Shafferman, Esq. at KUCHER MARINO WINIARSKY & BITTENS, LLP serves as the Debtor's counsel. ALEXCO-USA INC: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Debtor: Alexco-USA Inc. f/d/b/a Aladdin Clairemont & Market d/b/a Aladdin Cafe d/b/a Aladdin Mediterranean Restaurant 5420 Clairemont Mesa Blvd. San Diego, CA 92117 Business Description: Alexco-USA Inc., doing business as Aladdin Cafe and Aladdin Mediterranean Restaurant, operates a Mediterranean restaurant in San Diego, California, serving falafels, gyros, hummus, shish kabobs, stuffed grape leaves, salads, and vegan and vegetarian-friendly dishes. Founded in 1999, the restaurant also provides catering services for corporate gatherings, social celebrations and Mediterranean-themed events, including menu creation, venue-selection assistance, budgeting guidance and theme or motif support. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Southern District of California Case No.: 26-01810 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 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Hamdi Abu Khalaf as CEO. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KIA52LI/Alexco-USA_Inc__casbke-26-01810__0001.0.pdf?mcid=tGE4TAMA ALL AMERICAN: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- All American Worldwide, Inc. on May 6 received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with its 13-week cash flow budget. The Debtor said it needs immediate access to its cash, which is claimed as collateral by Frost Bank, to sustain operations. Frost Bank holds a secured claim of $766,326 backed by a broad lien on nearly all of the Debtor's assets, including cash, receivables, inventory, and equipment. As protection for any diminution in the value of its collateral, Frost Bank will be granted replacement liens on the Debtor's post-petition cash and accounts receivable. These replacement liens do not apply to Chapter 5 avoidance actions. The order is available at https://is.gd/1IaPSO from PacerMonitor.com. The final hearing is set for May 19. The deadline for filing objections is on May 18. All American Worldwide filed for bankruptcy on April 27 after suffering a severe liquidity crisis caused by the loss of its largest client earlier in the year. This financial disruption left the Debtor unable to meet operating expenses and debt obligations, necessitating restructuring under Subchapter V of Chapter 11. Frost Bank, as secured creditor, is represented by: Joshua L. Shepherd, Esq. Ryan Anderson, Esq. Iacuone McAllister Potter PLLC Energy Square One 4925 Greenville Ave., Suite 1112 Dallas, TX 75206 Telephone: (214) 432-6744 shepherd@imcplaw.com anderson@imcplaw.com About All American Worldwide Inc. All American Worldwide, Inc is a Dallas TX-based commercial moving, warehousing, and logistics provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-31739) on April 27, 2026. In the petition signed by Jenniver Armistead, majority shareholder, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Brandon Tittle, Esq., at Tittle Santiago, PLLC, represents the Debtor as legal counsel. ALLBOUND CARRIER: Seeks to Tap David P. Leibowitz as Legal Counsel ------------------------------------------------------------------ Allbound Carrier, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of David P. Leibowitz, LLC, doing business as Lakelaw, as counsel. The firm will render these services: (a) advise the Debtor concerning its powers and duties in the continued management and operation of its business and properties; (b) attend meetings with and negotiate with respective creditors and other parties in interest; (c) advise and consult on the conduct of the case; (d) advise the Debtor concerning post-petition financing arrangements and negotiate and draft necessary documents; (e) provide advice to the Debtor on legal issues arising in or relating to its ordinary course of business; (f) take all necessary actions to protect and preserve the Debtor's estate; (g) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (h) prepare, on the Debtor's behalf, a plan of reorganization or liquidation and all related agreements and documents and take any necessary action on its behalf to obtain confirmation of such plan; (i) attend meetings with third parties and participate in negotiations concerning the above matters; (j) appear before this Court, other courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (k) perform all other necessary and appropriate legal services and provide all necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm will be paid at these hourly rates: David Leibowitz, Attorney $800 Linda Green, Attorney $550 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to filing this case, the Debtor paid the firm an initial retainer of $16,738. Mr. Leibowitz 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: David P. Leibowitz, Esq. Law Offices of David P. Leibowitz, LLC 3352 N. Sheffield Avenue Chicago, IL 60657 Telephone: (312) 662-5750 Email: dleibowitz@lakelaw.com About Allbound Carrier Allbound Carrier, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06532) on April 15, 2026, listing up to $1 million in assets and up to $500,000 in liabilities. The Debtor is represented by the Law Offices of David P. Leibowitz, LLC. ALLSTAR PROPERTIES: Seeks to Hire Polsinelli PC as Tax Co-Counsel ----------------------------------------------------------------- Allstar Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Polsinelli, P.C. as tax co-counsel. The Debtor will assist the Debtors to handle the legal and evidentiary response to the tax audits and the tax appeals is in the best interests of their creditors and the Estate. The firm will charge $1,140 per hour for the services of Joseph Mandarino, Esq. In addition, the firm will seek reimbursement for expenses incurred. Mr. Mandarino assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Joseph C. Mandarino, Esq. Polsinelli, P.C. 1201 West Peachtree Street NW, Suite 1100 Atlanta, GA 30309 Tel: (404) 253-6052 Email: jmandarino@polsinelli.com About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ALLSTAR PROPERTIES: Taps Assiter & Assoc. as Motorcycle Auctioneer ------------------------------------------------------------------ Allstar Properties, LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Assiter & Associates, LLC d/b/a Assiter Auctioneers and Freedom Car Auctions as auctioneer for the Debtors' motorcycle collection. The firm will provide these services: (a) prepare all items for sale via an on-line auction, including photographing the items and otherwise preparing the same for sale on an on-line auction platform; (b) conduct the on-line auction; (c) handle all post-sale activities including arranging to collect payments, arranging for pick-up or shipping of the sold items to the buyers, filing any necessary reports, and providing a report of sale to the seller for each auction; and (d) potentially testify at any hearing to approve the sale of the Motorcycle Collection. Assiter will be compensated at these fees: (a) $200 per hour for Spanky Assiter or Phil Richardson, including preparation time, plus mileage; (b) $15,000 marketing fee; (c) a buyer's premium not to exceed 15%; and (d) 10% of the proceeds of the auction. Assiter is a "disinterested person" and does not hold or represent any interest adverse to the Debtors' estates, according to court filings. The firm can be reached at: Assiter & Associates, LLC d/b/a Assiter Auctioneers and Freedom Car Auctions 16650 Interstate 27 Caynon, TX 79015 About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ALLSTATE LENDING: Hires SKT Law as Criminal Investigation Counsel ----------------------------------------------------------------- Allstate Lending Group, Inc. and Allstate Lending Group Servicing, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to hire SKT Law as special criminal investigation counsel. The firm will assist the Debtors and their forensic accountants in cooperation with the criminal investigation and the Debtors' investigation of the financial discrepancies. The firm will be paid at these rates: Eliot F. Krieger $850 per hour Maren Hufton $650 per hour Paralegals $200 per hour The firm received a total retainer in the amount of $50,025. The firm is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached through: Eliot Krieger, Esq. SKT Law 7755 Center Ave #1100 Huntington Beach, CA 92647 Phone: (949) 523-3333 About Allstate Lending Group Allstate Lending Group, Inc. is a California-based mortgage lending and brokerage company headquartered in Monterey Park, California, providing residential home loan products including purchase, refinance, and alternative mortgage programs. It originates and arranges mortgage financing for borrowers through various loan structures, including non-prime and equity-based lending solutions. Allstate operates within the non-depository credit intermediation industry under licensing from the California Department of Real Estate. Allstate Lending Group filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-11879) on Feb. 27, 2026, listing assets of between $500,001 and $1 million and liabilities of between $50 million and $100 million. The Debtor is represented by Kyra E. Andrassy, Esq. at Raines Feldman Littrell, LLP. AMBAR TRANSPORTATION: Seeks to Hire BFSNG Law Group as Counsel -------------------------------------------------------------- Ambar Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ BFSNG Law Group, LLP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert L. Pryor, Partner $725 Gary C. Fischoff, Partner $685 Heath S. Berger, Partner $585 Mark E. Cohen, Of Counsel $550 Dawn Traina, Paralegal $210 Angelique Filardi, Paralegal $210 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid a retainer of $30,000 plus $1,738 filing fee in this matter. Mr. Cohen 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: Mark E. Cohen, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Telephone: (516) 747-1136 Email: mcohen@bfslawfirm.com About Ambar Transportation Inc. Ambar Transportation, Inc. is a New York-based transportation company operating under a New York City Taxi & Limousine Commission for-hire vehicle base license. Ambar Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41612) on April 1, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. Ramon Corona, president of Ambar Transportation, signed the petition. Judge Jil Mazer-Marino oversees the case. Mark E. Cohen, Esq., at BFSNG Law Group, LLP represents the Debtor as counsel. AMERIVET PARTNERS: Ares Capital Marks $81.2MM Loan at 19% Off ------------------------------------------------------------- Ares Capital Corp. has marked its $81.2 million loan extended to Amerivet Partners Management, Inc. And Ave Holdings LP to market at $65.8 million or 81% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a subordinated loan extended to Amerivet Partners Management, Inc. And Ave Holdings LP. The loan accrues interest at a rate of 8.25 % PIK per annum. The loan matures on December 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Amerivet Partners Management, Inc. and AVE Holdings LP Amerivet Partners Management, Inc. and AVE Holdings LP operate a veterinary practice management platform that partners with and supports veterinary practices. AP CORE II: Moody's Ups CFR to B2, Outlook Remains Stable --------------------------------------------------------- Moody's Ratings upgraded AP Core Holdings II, LLC's ("AP Core", d/b/a "Yahoo") corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD. Moody's also assigned a B2 rating to the proposed backed senior secured first lien credit facility (including a revolving credit facility and a term loan). The outlook remains stable. The upgrade reflects the proposed refinancing of the company's existing debt and the strong improvement in operating performance in 2025. Leverage levels are relatively moderate (3.8x as of Q4 2025, including Moody's standard adjustments) and Moody's projects leverage will decline modestly in 2026 driven by EBITDA growth. Free cash flow (FCF) was negative in 2025 and Moody's expects it will remain negative in 2026, but that it will turn positive in 2027 as transition and one time costs decline. AP Core will likely maintain a good liquidity position driven by significant cash on the balance sheet and access to a $150 million revolving credit facility. The revolver maturity is expected to be extended as part of this refinancing. The B3 rating on the existing backed senior secured first lien credit facility will be withdrawn after repayment. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. The upgrade of the ratings are contingent on the transaction being completed and all near term debt being refinanced as proposed. ESG considerations were a factor in the ratings, specifically governance. Moody's expects the company to continue to operate with a more moderate leverage profile following the significant improvement in results. RATINGS RATIONALE AP Core's B2 CFR reflect the company's: (i) relatively moderate leverage levels that are likely to continue to decrease in 2026; (ii) the company's scale as a leading online content aggregator with a very large online user base; (iii) diversified and personalized content offerings, including mail, search, finance, sports, news, and entertainment; and (iv) operating initiatives that have led to a significant improvement in operating performance, which is expected to continue in 2026. The credit profile also reflects (i) ongoing shifts in technology and consumer behavior driven by AI that will lead significant changes in the digital media landscape which may weigh on results and elevate volatility; (ii) significant related party transactions with College Parent (including the removal of AOL assets from the credit group); (iii) elevated dependence on desktop traffic; and (iv) highly competitive industry conditions against much larger companies, chiefly in search advertising and email. AP Core's liquidity is good as a result of about $341 million of pro forma cash on the balance sheet as of Q4 2025 and access to a $150 million revolving credit facility ($62 million of L/Cs outstanding). Free cash flow has been negative in recent years, but Moody's expects it will turn positive in 2027 driven by better operating results and lower restructuring and one time costs. The company also has a $360 million accounts receivable purchase agreement that has $188 million outstanding as of Q4 2025. AP Core has completed several modest sized acquisitions previously to improve its service offering in addition to dispositions of non core assets that provided an additional source of liquidity. The term loans are covenant lite. The revolver is expected to be subject to a 4.0x net first lien leverage ratio when more than 35% of the facility is drawn compared to a covenant calculated net leverage level of 1.9x as of Q4 2025. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the excess of (a) the sum of (i) the greater of $200,000,000 and 0.31x LTM EBITDA, and (ii) the greater of $260,000,000 and 0.40x LTM EBITDA, over (b) the sum of (i) the aggregate outstanding incremental term loans and incremental revolving facility commitments (with some exceptions) and (ii) the aggregate principal amount of debt outstanding under the general debt basket, plus unlimited amounts subject to 1.96x first lien net leverage ratio. There are 'blocker" provisions which prohibit the transfer of certain specified assets to unrestricted subsidiaries. There are lender protective provisions restricting an up-tiering transaction. The stable outlook reflects Moody's expectations of continued improvement in revenue and EBITDA following the migration to Google ad manager that has led to better monetization and lower costs. Results are also likely to benefit from upgrades to the company's service offering including search, mail, finance and sports and growth in native advertising. Moody's expects leverage to decrease modestly in 2026 and 2027. However, changes to the digital media industry due to new AI based service offerings have the potential to increase volatility in performance and negatively impact the company's competitive position that could lead to negative rating pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS AP Core's ratings could be upgraded if the company demonstrates organic revenue growth of at least the mid-single digit percentage range with expanding EBITDA margins. Leverage would also need to be sustained well below 3x (Moody's adjusted) and the company would have to maintain a good liquidity profile with an adjusted FCF to debt ratio of at least 10%. Confidence would also be needed that the company would pursue a prudent financial policy consistent with a higher rating and be able to successfully adapt to any material changes in the digital media environment. AP Core's ratings could be downgraded if leverage was expected to be sustained above 4x (Moody's adjusted) as a result of a leveraging transaction, a removal of assets from the credit group, or a weakening in the company's competitive position due to changes within the digital media industry. Declining organic revenue performance or a weakened liquidity position due to negative FCF or significant distributions to the parent could also lead to negative rating pressure. With offices in Mountain View, CA and New York, NY, AP Core Holdings II, LLC ("AP Core" d/b/a "Yahoo") is a subsidiary of College Parent, L.P. (College Parent). AP Core is a leading global online content aggregator and web services provider. The online portal's web properties include: Search, Consumer (Yahoo Mail, Yahoo Finance, Yahoo News, Yahoo Sports, Yahoo Entertainment and Yahoo Lifestyle). In September 2021, the assets of Verizon Media Group ("VMG"), which was a division of Verizon Communications Inc., were reorganized and purchased by Apollo Global Management, Inc. in a buyout transaction totaling approximately $4.6 billion. College Parent, L.P. was formed as a new holding company with no material assets other than the equity interests of its subsidiaries that own the reorganized VMG assets. Apollo and Verizon own approximately 90% and 10%, respectively of the College Parent's common equity. AP Core's revenue totaled approximately $3.9 billion LTM ended Q4 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AP CORE II: S&P Rates Proposed $700MM Senior Secured Notes 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to AP Core Holdings II LLC's proposed $700 million senior secured notes due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. The company plans to use the proceeds from this transaction, along with the proceeds from a recently announced new term loan B, to repay its existing term loan Bs maturing in 2027. S&P's 'B-' issuer credit rating and stable outlook on AP Core and parent College Parent L.P. are unchanged because the transaction is leverage neutral. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- AP Core, an operating subsidiary of College Parent, is the borrower of the $360 million ($188 million outstanding as of Dec. 31, 2025) trade receivables securitization facility (not rated), $150 million senior secured revolving credit facility due 2031, proposed $900 million senior secured term loan B due 2031, and proposed $700 million senior secured notes due 2031. -- Additional unrated debt at College Parent that sits outside the borrower and collateral group include a $375 million (outstanding) delayed-draw term loan due 2028 and a $300 million ($126 million outstanding) trade receivables securitization facility. -- For S&P's recovery analysis, it values AP Core as a stand-alone entity. S&P's emergence EBITDA represents only the EBITDA generated at AP Core and its subsidiaries. AP Core includes College Parent's consumer properties and search businesses and excludes its ad tech business. S&P's emergence EBITDA includes capitalized software development and labor costs because we view these as recurring operating expenses. -- Substantially all of AP Core's current and future direct and indirect domestic subsidiaries guarantee the debt. The debt has a secured pledge of all the assets and stock of the eligible subsidiaries at AP Core. However, the debt is not guaranteed by College Parent's remaining subsidiaries outside of AP Core. Simulated default assumptions -- S&P's simulated default scenario considers intense competition from the company's better-capitalized peers, pricing pressure, and a sharp decline in advertising and marketing spending. Eventually, AP Core's liquidity and capital resources would become strained to the point that it could not continue to operate absent a default in 2028. -- S&P assumes AP Core's $150 million revolving credit facility will be 85% drawn and the trade receivables securitization facility will be 60% drawn at default. -- All debt claims include six months of prepetition interest. -- S&P valued AP Core on a going-concern basis using a 6x multiple of our projected emergence EBITDA, which is in line with the multiples it uses for most of the other digital marketing and advertising companies S&P rates. Simplified waterfall -- EBITDA at emergence: $205 million -- EBITDA multiple: 6x -- Gross enterprise value: $1.2 billion -- Net enterprise value (after 5% administrative costs): $1.15 billion -- Estimated priority debt claims (trade receivable securitization facility): $220 million -- Value available for senior secured debt claims: $935 million -- Estimated senior secured debt claims: $1.8 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) API GROUP: S&P Assigns 'B+' Rating on Senior Unsecured Notes ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '6' recovery rating to U.S.-based life safety, security, and specialty services provider APi Group Corp.'s proposed new $500 million senior unsecured notes. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a default. At the same time, S&P assigned its 'BB' issue-level rating and '3' recovery rating to the company's proposed amended and extended $2.157 billion term loan B. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company will use the proceeds from the new issuance to fund a portion of its recently announced acquisitions of Onyx-Fire Protection Services Inc. and Wtech Fire Group that it expects to close later this year. The combined purchase price of both acquisitions not covered by the unsecured note proceeds will be funded with balance sheet cash. The purchase of Onyx-Fire will increase the company's presence in the Canadian fire and life safety markets with a focus on inspection, service, and monitoring revenue. The acquisition of Wtech will expand APi's geographic footprint in several European markets and broaden its capabilities in fire sprinkler and suppression services. On a combined basis, S&P expects the acquisitions will add approximately $400 million of revenue and $60 million of EBITDA on a full run rate basis. APi will use the proceeds from the amended and extended term loan to repay its existing term loan B due 2029, effectively extending the maturity of the facility to 2033. At the same time, the company expects to upsize its revolving credit facility (not rated) by $250 million to $1 billion in capacity, providing additional liquidity for the company. S&P said, "We expect the transaction to elevate the company's S&P Global Ratings-adjusted debt to EBITDA to about 3.0x as of the end of 2026 from 2.1x in 2025. While this level of acquisition spending is higher than our previous base-case assumption for 2026, APi's metrics remain in line with our expectations for the current rating. We believe the acquisitions are in line with the company's growth strategy and financial policy." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a payment default in 2031 following prolonged economic weakness and a material slowdown in the life safety, industrial, and energy and infrastructure markets. This would ultimately render the company unable to meet its fixed charges, which include interest expense and maintenance capital spending. -- S&P believes that if the company were to default, a viable business model would remain because of its good market position as the largest fire protection provider in North America. -- S&P values the company using an enterprise multiple approach and a 5x multiple, which is in line with the multiples we use for its engineering and construction peers. -- S&P assumes the revolver is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $449 million -- Valuation split (obligors/nonobligors): 75%/25% Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $2.14 billion -- Collateral value available to secured debt: $1.95 billion -- Secured first-lien debt claims: $2.98 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Collateral value available to unsecured debt: $187 million -- Senior unsecured claims: $2.17 billion --Recovery expectations: 0%-10% (rounded estimate: 5%) Notes: All debt amounts include six months of accrued interest. APM CONSTRUCTION: Gets OK to Tap Latham Luna as Bankruptcy Counsel ------------------------------------------------------------------ APM Construction Corp. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm services include: (a) advise as to the Debtor's rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $275 - $495 Other Attorneys $500 Junior Paraprofessionals $125 Prior to the commencement of this case, the Debtor paid an advance fee of $26,738 for services and expenses. Mr. Velasquez 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: Daniel A. Velasquez, Esq. Latham, Luna, den & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 About APM Construction Corp. APM Construction Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01510) on March 4, 2026, with up to $50,000 in assets and liabilities. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as counsel. ARCHDIOCESE OF NEW YORK: May File Bankruptcy to Manage Liabilities ------------------------------------------------------------------ Legal-Bay, a leading provider of settlement funding, pre-settlement funding, and lawsuit funding for plaintiffs, reported that the Archdiocese of New York is nearing a potential global settlement of approximately $800 million to resolve nearly 2,000 clergy sex abuse lawsuits. The development follows earlier indications that the Archdiocese was evaluating a possible bankruptcy filing as a strategy to manage mounting liabilities--an approach taken by several dioceses nationwide. However, sources close to the negotiations now suggest that church leadership, with involvement from former Cardinal Timothy Dolan, is working toward a negotiated resolution that could approach $1 billion, with expectations that the final figure will settle closer to $800 million. If finalized, the proposed settlement would represent one of the largest clergy abuse resolutions in the country and could result in an average gross recovery exceeding $600,000 per claimant, depending on the number of approved claims and the final distribution matrix used to evaluate severity. Chris Janish, CEO of Legal-Bay, stated, "A negotiated settlement would likely provide more favorable outcomes for survivors compared to the reduced payouts often seen in bankruptcy proceedings. Avoiding bankruptcy simplifies the process and may result in higher average compensation levels. This would be a win for all parties if finalized." If you're a lawyer or plaintiff involved in an active lawsuit and need an immediate cash advance against a pending settlement, visit Legal Bay at https://lawsuitssettlementfunding.com/?utm_source=prnewswire&utm_medium=referral&utm_campaign=pr or call toll-free at (877) 571-0405. The Archdiocese of New York serves Manhattan and the Bronx, along with several Hudson Valley counties including Westchester, Rockland, Orange, Putnam, Dutchess, Sullivan, and Ulster. Legal-Bay has extensive experience providing lawsuit cash advance solutions in clergy abuse cases tied to major bankruptcy proceedings and settlements nationwide. These include recent matters in Albany, Rockville Centre, Rochester, Syracuse, Buffalo, Camden, and New Orleans, many of which have involved complex trust distribution systems and extended timelines for payment. While negotiations appear to be progressing, any finalized agreement will still require time for claim validation and valuation. Industry sources indicate that a potential "quick-pay" option of approximately $250,000 may be offered to certain claimants seeking faster resolution, similar to structures used in other large-scale settlements. Further updates are expected as negotiations continue and additional details become available. Legal-Bay notes that pre-settlement funding and presettlement litigation funding can provide plaintiffs with financial flexibility during this process, allowing them to avoid early settlement decisions and potentially maximize long-term recovery. "This is in essence the value of the legal funding that we provide to plaintiffs," added Janish. "Don't settle for less if you can obtain a cash advance now to hold you over." If you're a lawyer or plaintiff involved in an active lawsuit and need an immediate cash advance against a pending settlement, please visit Legal Bay HERE or call toll-free at 877.571.0405. Legal Bay offers pre settlement funding, settlement funding, lawsuit loans, and loans on lawsuit settlements to help qualified plaintiffs access immediate cash advances against their anticipated lawsuit settlement. This financial support allows individuals to cover essential expenses while their attorneys continue to build their cases. Legal Bay works directly with plaintiffs and their attorneys to provide fast approvals for legal funding applications, often within 24 to 48 hours after receiving the necessary case documentation. The company offers litigation funding, lawsuit settlement funding, settlement loans, and loans on lawsuits for a wide range of claims including slip-and-fall accidents, premises liability lawsuits, personal injury cases, and wrongful death claims. Importantly, Legal Bay's funding programs are non-recourse, meaning plaintiffs only repay the advance if their case results in a successful settlement or verdict. If there is no recovery, there is no obligation to repay the funds, providing a no-risk option to obtain an early payout. The contact information to apply for pre settlement funding: Chris Janish, CEO Legal Bay, LLC Telephone: (877) 571-0405 Email: info@Legal Bay.com Website: www.Legal Bay.com About New York Archdiocese The Archdiocese of New York is an ecclesiastical district encompassing 296 parishes in the boroughs of Manhattan, the Bronx, and Staten Island in New York City and the counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. Sixth of New York's eight dioceses have filed for Chapter 11 bankruptcy after dealing with lawsuits dating to when New York temporarily suspended the statute of limitations to give victims of childhood abuse the ability to pursue even decades-old allegations against clergy members, teachers, Boy Scout leaders and others. New York dioceses that have sought bankruptcy are Ogdensburg, Syracuse, Buffalo, Rochester, Albany and Rockville Centre on Long Island. ASOCIACIÓN HOSPITAL: Gets Extension to Use BPPR's Cash Collateral ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico granted the eighth extension of the stipulation between Asociacion Hospital Del Maestro, Inc. and Banco Popular de Puerto Rico to use the secured creditor's cash collateral. The stipulation is extended from April 24 through May 15. During this period, the Debtor is authorized to use up to $226,768 in cash collateral strictly for operating expenses outlined in the budget. The use of funds is tightly controlled; expenditures must fall within defined categories and amounts, and any variance exceeding 10% requires justification and potential budget modification. The agreement also includes a requirement that the Debtor make a $50,000 payment to Banco Popular de Puerto Rico during the period, helping to safeguard the creditor against any decline in the value of its collateral. The authorization to use cash collateral automatically terminates at the end of the extension period or upon any default, and Banco Popular de Puerto Rico is not obligated to permit use beyond the agreed limits. The original stipulation, first approved in September 2025, allowed the Debtor to use the bank's cash collateral to fund operations under agreed conditions, but it has required multiple short-term extensions due to the ongoing nature of the Chapter 11 proceedings. Prior extensions -- seven in total -- were successively approved by the court, each continuing the Debtor's authority to use cash collateral for limited periods while maintaining protections for the bank's secured interests. A copy of the stipulation is available at https://urlcurt.com/u?l=pOSJHK from PacerMonitor.com. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. AT YOUR SERVICE PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------------------- On April 24, 2026, At Your Service Professional Movers, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About At Your Service Professional Movers, Inc. At Your Service Professional Movers, Inc. is a moving and relocation services company that provides residential and commercial moving, packing, and logistics support. At Your Service Professional Movers, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02957) on April 24, 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 Lori V. Vaughan handles the case. The Debtor is represented by Fanny H. Nater, Esq., of Nater Law Firm, PLLC. AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 28% Off -------------------------------------------------------------- Ares Capital Corp has marked its $3.6 million loan extended to Avalign Holdings, Inc. And Avalign Technologies, Inc. to market at $2.6 million or 72% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp is a participant in a first lien senior secured revolving loan extended to Avalign Holdings, Inc. And Avalign Technologies, Inc. The 1L Loan is on non-accrual status. The 1L Loan matures on December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Avalign Holdings, Inc. and Avalign Technologies, Inc. Avalign Holdings, Inc. and Avalign Technologies, Inc. are full-service contract manufacturers of medical device components serving the orthopedic original equipment manufacturer industry. AVALIGN HOLDINGS: Ares Capital Marks $40.3MM 1L Loan at 28% Off --------------------------------------------------------------- Ares Capital Corp. has marked its $40.3 million loan extended to Avalign Holdings, Inc. And Avalign Technologies, Inc. to market at $28.9 million or 72% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Avalign Holdings, Inc. And Avalign Technologies, Inc. The 1L Loan is on non-accrual status. The 1L Loan matures on December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Avalign Holdings, Inc. and Avalign Technologies, Inc. Avalign Holdings, Inc. and Avalign Technologies, Inc. are full-service contract manufacturers of medical device components serving the orthopedic original equipment manufacturer industry. BAART PROGRAMS: Ares Capital Marks $5.9MM 1L Loan at 17% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $5.9 million loan extended to Baart Programs, Inc., Medmark Services, Inc., And Canadian Addiction Treatment Centres LP to market at $4.9 million or 83% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Baart Programs, Inc., Medmark Services, Inc., And Canadian Addiction Treatment Centres LP. The 1L Loan is on non-accrual status. The 1L Loan matures on June 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Baart Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Baart Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP operate opioid treatment and addiction recovery clinics providing medication-assisted treatment and related services. BALKAN EXPRESS: US Trustee Asks Court to Dismiss Chapter 11 Case ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that the U.S. Trustee has asked a Texas bankruptcy judge to dismiss or convert the Chapter 11 proceedings of Balkan Express, saying the company has failed to file mandatory operating reports. The Trustee said the debtor's noncompliance raises serious concerns about oversight. In its filing, the Trustee's Office argued that Balkan Express has not provided adequate financial information to allow meaningful review of its business operations. It said the deficiencies hinder transparency and frustrate creditor participation in the case. The motion requests that the court either convert the case to Chapter 7 liquidation or dismiss it altogether. The bankruptcy judge will determine the appropriate remedy after reviewing the allegations, the report states. About Balkan Express Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BEACH ACQUISITION: S&P Upgrades Secured Notes Rating to 'BB' ------------------------------------------------------------ S&P Global Ratings raised the rating on Beach Acquisition Co. Parent LLC's (dba Skechers) first-lien debt to 'BB' from 'BB-' and revised the recovery rating to '2' from '3' on the proposed repricing of its term loans due in 2032, issued by wholly owned subsidiary Beach Acquisition BidCo LLC. The '2' recovery rating reflects our expectations for substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. S&P said, "The change in the first-lien debt recovery reflects our reevaluation of the company's enterprise value at emergence in a hypothetical bankruptcy scenario. We raised our gross enterprise value expectation to $5.3 billion from $4.6 billion, reflecting accreting junior debt cushion, no priority claims and anticipated EBITDA growth. "All other ratings, including our 'BB-' issuer credit rating on Beach Acquisition Co. Parent LLC, are unchanged. "We believe the proposed repricing transaction will be incrementally credit positive, reducing the interest rate 25-50 basis points, which translates into a $11 million-$15 million reduction in annual cash interest payments. In addition, we expect the total amount of the outstanding debt will remain the same. "We forecast S&P Global Ratings-adjusted leverage will fall just below 5x in 2026 as Beach Acquisition continues to expand its operations and improve adjusted EBITDA margin, supported by significant cost savings from supply chain improvements, improved buying power and corporate cost efficiencies." Issue Ratings--Recovery Analysis Key analytical factors -- Beach Acquisition Biddo LLC is the borrower with guarantees from all wholly owned material domestic restricted subsidiaries. Foreign subsidiaries in Jersey and Switzerland are also guarantors. -- The first-lien senior secured term loans and notes are secured by a first-lien security interest in substantially all tangible and intangible assets of the borrower and guarantors (including equity interests of all wholly owned domestic restricted subsidiaries and first-tier foreign subsidiaries. -- S&P's simulated default scenario considers a default in 2030 because of a steep decline in EBITDA from competitive pressures resulting in significant loss in market share, a reputation-damaging event, or a spike in input costs that cannot be passed to consumers. -- S&P's recovery analysis assumes the company will emerge as a going concern following a bankruptcy to maximize lenders' recovery prospects. -- S&P applies a 6.5x multiple to our projected emergence EBITDA to estimate enterprise value. This is modestly higher than the multiple it typically uses for branded nondurable goods, reflecting our view of Beach Acquisition's favorable business prospects. -- S&P assumes $1.35 million of principal borrowing will be outstanding under the revolving credit facility at default, reflecting 85% utilization of the commitment. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $818 million -- Implied enterprise value (EV) multiple: 6.5x -- Estimated gross EV at emergence: $5.32 billion Simplified waterfall -- Net EV after 5% administrative costs: $5.05 billion -- Valuation split (obligors/nonobligors): 50%/50% -- Collateral value available to secured claims and residual value from nonobligor claims: $4.02 billion --Recovery expectations: 70%-90% (rounded estimate: 70%) -- Collateral value available to unsecure notes: 717.4 million -- Total unsecured claims: $5.51 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) BIGFOOT PARADISE: Taps Kutner Brinen Dickey Riley as Legal Counsel ------------------------------------------------------------------ Bigfoot Paradise LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and 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 herein. The firm will be paid at these hourly rates: Jeffrey Brinen, Attorney $600 Jenny Fuijii, Attorney $440 Jonathan Dickey, Attorney $425 Keri Riley, Attorney $410 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer from the Debtor in the sum of $25,000. Mr. Dickey 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 Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Bigfoot Paradise LLC Bigfoot Paradise LLC is a hospitality and recreational property operator involved in lodging, tourism, or themed destination services. Bigfoot Paradise LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-12679) on April 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 Kimberley H. Tyson handles the case. The Debtor is represented by Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, PC. BLACKSTONE MORTGAGE: S&P Rates New $450MM Sr. Secured Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Blackstone Mortgage Trust Inc.'s (B+/Stable/--) proposed $450 million senior secured notes due 2031. S&P expects Blackstone Mortgage Trust Inc. (BXMT) will use the proceeds from the proposed notes for general corporate purposes, including paying down existing secured debt. This transaction is expected to be leverage neutral. For the first quarter of 2026, BXMT generated $539 million of investment activity, including $275 million of loan originations, with 82% of investments concentrated in industrial and data center loans, bank loans, and net lease properties. Since then, the company has had over $1.0 billion of new investments closed or in closing. As BXMT continues to deploy capital, S&P expects the company to maintain leverage around 4.6x, where it was as of Dec. 31, 2025 (up from 4.0x on Dec. 31, 2024). Its net loan portfolio was $16.4 billion, comprising 130 loans secured by institutional-quality assets and diversified across property types and geographies, with 51% secured by multifamily or industrial assets. This diversification stabilizes cash flow, and the recent focus on resilient sectors such as multifamily and industrial provides exposure to stronger demand and lower credit volatility than in challenged segments like office. Although BXMT's office exposure remains the highest among its rated peers (26% of the loan portfolio based on net loan exposure on March 31, 2026), the company has strategically shifted away from this sector to asset classes such as multifamily (26%) and industrial (25%). The company is also investing in Europe and Australia, further diversifying geographically. S&P said, "We expect BXMT to continue stabilizing asset quality in its loan portfolio as the commercial real estate market recovers, allowing lenders to resolve legacy troubled assets. As of March 31, 2026, net exposure to loans with internal ratings at BXMT of 5 (the greatest risk rating) was $285.8 million, down from $969.2 million for the same period in 2025. "While the number of these loans has fallen, the company made the REO acquisitions as part of its resolution process: REO increased to $1.3 billion (13 assets) in the first quarter 2026 from $680 million (8 assets) for the same period in 2025. The allowance for credit losses on loans receivable decreased to $291.6 million (including $84.9 million of asset-specific reserves) from $741.5 million (including $555.4 million of asset-specific reserves). We will continue to closely monitor the company's asset quality and resolution processes. "The stable outlook reflects our expectation that over the next 12 months--despite macroeconomic headwinds--BXMT will maintain adequate liquidity to meet its ongoing funding needs, experience no material deterioration in asset quality from current levels, and sustain leverage below 4.5x while it continues to expand origination activity." BOBBY DEE: Seeks to Use Cash Collateral --------------------------------------- Bobby Dee Presents, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor filed for bankruptcy primarily due to financial strain caused by high-interest merchant cash advance loans and difficulty servicing its secured debt. At the time of filing, the company had approximately $279,000 in cash and generated roughly $490,000 in monthly gross income from its combined entertainment and restaurant operations. However, its cash is subject to a secured lien held by FBB Bank, which financed the business through an SBA loan and claims an interest in the Debtor's cash collateral, including bank deposits. Because cash collateral cannot be used without either creditor consent or court approval, BDP requests permission to use these funds to cover essential operating expenses, as detailed in a proposed budget. The Debtor argues that without access to this cash, it would suffer immediate and irreparable harm, including the inability to pay routine expenses such as payroll, utilities, taxes, insurance, and loan obligations, which would likely force a shutdown of operations. Such a shutdown would significantly diminish the value of the business and harm all creditors. To address the secured creditor's concerns, BDP proposes providing adequate protection to FBB Bank, primarily through granting replacement liens on post-petition assets, including future cash proceeds and deposit accounts, as well as relying on projected positive cash flow to maintain the value of the collateral. The Debtor emphasizes that continued use of cash collateral will preserve its going concern value, which is critical to a successful reorganization under Chapter 11. BDP also seeks some flexibility in adhering to its budget, requesting permission to exceed individual expense categories by up to 10%, provided total deviations remain within an overall 10% cap. A court hearing is set for May 12. A copy of the motion is available at https://urlcurt.com/u?l=sqZBIN from PacerMonitor.com. About Bobby Dee Presents, Inc. Bobby Dee Presents, Inc. is a California-based company engaged in artist management, concerts, festivals, and restaurant operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Cal. Case No. 2:26-bk-13477-NB) on April 10, 2026. In the petition signed by Robert Drieslein, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Marc Aaron Goldbach, Esq., at Goldbach Law Group, represents the Debtor as legal counsel. BOTTOMLINE INK: Seeks 180-Day Extension of Plan Filing Deadline --------------------------------------------------------------- Bottomline Ink Corporation asked the U.S. Bankruptcy Court for the Northern District of Ohio to extend its exclusivity period to file a plan of reorganization for additional one-hundred eighty days. The Debtor explains that it requires an extension of the 120-day period and as for cause would assert that the Debtor's singular largest customer, the Red Cross is considering the proposal submitted by the Debtor through its request for proposal ("RFP") process. The Debtor's proposals have historically been approved by and accepted by the Red Cross and has been a key component in the business of the Debtor. The Debtor claims that the RFP process is a structured procurement method used to solicit bids by the Red Cross from vendors, typically taking 4-8 weeks and based on that the Debtor believed as the end of March and first part of April that such a decision would have been issued prior to the end of the exclusivity period. In addition, given that the Red Cross is the Debtor's singular largest customer, the continuation of this contract or the loss of this contract could alter the proposed plan and the Debtor would assert that such a factor is cause to increase the 120-day period to 180 days as it demonstrates the Debtor's need for sufficient time to prepare adequate information for whatever the outcome would be with respect to the decision of the Red Cross. The Debtor asserts that this request is made in good faith and is not an effort by the Debtor to delay or otherwise prejudice creditors of this case, as the Debtor has been in compliance with the order on use of cash collateral, timely in the filing of the Monthly Operating Reports and been paying debts as they have come due on the stipulations, agreements and orders in this case. Bottomline Ink Corporation is represented by: Steven L. Diller, Esq. Diller and Rice, LLC 124 E. Main Street Van Wert, OH 45891 Telephone: (419) 238-5025 Facsimile: (419) 238-4705 Email: Steven@drlawllc.com About Bottomline Ink, Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on Dec. 31, 2025. In its petition, the Debtor listed assets and debt of $1 million to $10 million. Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BOTTOMS UP: Seeks to Hire Tammy Proctor as Payroll Professional --------------------------------------------------------------- Bottoms Up Gentlemen's Club LLC filed with the U.S. Bankruptcy Court for the District of Maryland to hire a payroll professional to assist in its payroll and tax obligations. The firm's services include: a. calculating and reconciling payroll taxes from the Petition Date through the present; b. preparing and filing required federal and state payroll tax returns; c. preparing any outstanding or delinquent tax filings; d. assisting the Debtor with compliance with Internal Revenue Service requirements in bankruptcy; e. communicating and coordinating with taxing authorities, including the Internal Revenue Service and the Comptroller of Maryland; f. advising the Debtor regarding ongoing payroll and tax compliance obligations; and g. assisting with any necessary bankruptcy-related tax forms or reporting requirements. Ms. Proctor would charge a flat fee of $2,500. Ms. Proctor is a "disinterested person" within the meaning of 11 U.S.C Sec. 101(14) and does not hold or represent any interest adverse to the estate. Ms. Proctor can be reached at: Tammy Proctor, CPA PROCTOR, CPA, PC 1082 Harvey Point Road Hertford, NC 27944 Tel: (252) 426-9200 About Bottoms Up Gentlemen's Club LLC Bottoms Up Gentlemen's Club LLC is an adult entertainment venue operating in downtown Baltimore. Bottoms Up Gentlemen's Club LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17671) on August 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Law Office of Thomas J. Maronick Jr, LLC. BRAND BUGGY: Seeks Approval to Hire Swenson Law as Legal Counsel ---------------------------------------------------------------- Brand Buggy, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Evan M. Swenson, Esq. of Swenson Law Group, LLC to serve as legal counsel. Mr. Swenson will provide these services: (a) prepare schedules, statements, plan of reorganization; (b) prepare any necessary motions, answers, orders, and legal papers, attend related hearings and to perform all other legal services for the Debtor, which may be necessary herein; (c) advise the Debtor in connection with any potential sale of assets; (d) analyze claims and prosecuting any claim objections; and (e) render other services as may be necessary or beneficial in the representation of the Debtor or the development of the plan. Mr. Swenson will receive an hourly rate of $375, and an hourly rate of $125 is for paralegals. Swenson Law Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Evan M. Swenson, Esq. SWENSON LAW GROUP, LLC 118 E. Grand Avenue Eau Claire, WI 54701 Telephone: (715) 835-7779 Facsimile: (715) 835-2573 E-mail: evan@swensonlawgroup.com About Brand Buggy, LLC Brand Buggy, LLC, doing business as Genesis Recycling and Somerset Auto Repair, is a Somerset, Wisconsin-based company engaged in automotive repair and vehicle recycling activities, including salvage and scrap vehicle handling operations. Brand Buggy, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 26-10835) on April 16, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Catherine J Furay oversees the case. Swenson Law Group, LLC is Debtor's legal counsel. BRAND INDUSTRIAL: S&P Lowers ICR to 'CCC+' on Sustained Cash Burn ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Brand Industrial Services Inc. to 'CCC+' from 'B-'. The outlook is stable. S&P said, "At the same time, we lowered our issue-level ratings on the company's senior secured debt including its revolving credit facility, term loan B, and senior secured notes to 'CCC+' from 'B-'. The '4' recovery rating is unchanged (rounded estimate: 45%). "The stable outlook represents our expectation that the company will maintain adequate liquidity over the next 12 months despite expectations for cash burn in excess of $100 million, with leverage elevated at mid-8x in 2026. "The prolonged weakness in commercial construction has eroded U.S.-based Brand Industrial Services Inc.'s earnings and we anticipate a slowdown in oil gas turnaround activity will put incremental pressure. We believe the timing for a rebound is uncertain. "In 2026, we expect margins to remain depressed and free cash flow deficits to persist, keeping leverage at mid-8x despite modest revenue growth." Deteriorating operating performance has resulted in an unsustainable capital structure. The company reported S&P Global Ratings-adjusted EBITDA margins of 9.0% in 2025, a significant decline from 2024 and 80 basis points (bps) below S&P's previous forecast. This stemmed from continued weakness in key commercial end markets--particularly multifamily residential and office--historically higher-margin segments. Labor inflation, which the company couldn't fully pass through to customers, further pressured profitability. This weak performance led to reported FOCF deficits (before asset sales) of approximately $196 million, about $46 million worse than our expectations, which offset approximately $88 million in asset sales. Consequently, S&P Global Ratings-adjusted debt to EBITDA increased to 8.6x, up from 7.0x in 2024--a substantial weakening of the company's credit profile. S&P said, "We anticipate continued weak performance in 2026, with limited prospects for improvement in profitability or cash flow. We project modest revenue growth of 2%-3% in 2026, driven by expansion into new end markets (data centers, education, and health care). However, ongoing softness in core commercial markets and uncertainty in the petrochemical and refining sectors will largely offset this. These end markets account for approximately half of the company's total revenue base. "We expect margins to remain constrained at low-9%. The war in the Middle East is elevating commodity prices, which will likely reduce turnaround and maintenance activity. This and weakness in existing businesses will likely undercut gains from new markets. "We forecast FOCF deficits of $185 million-$205 million due to weak earnings and higher working capital outflows to fund growth in new end markets, however, this is partially alleviated due to our expectation for lower interest rates in 2026 resulting in a lower interest burden for the company. Therefore, we estimate S&P Global Ratings adjusted debt to EBITDA will remain elevated above 8x in 2026 and we consider Brand's capital structure is unsustainable in the long term with full reliance on its credit facilities to fund operations. The company's recurring asset sales, which we estimate in the $90 million-$100 million range, modestly alleviate liquidity pressures." The company maintains liquidity buffer. Brand ended 2025 with approximately $539 million in liquidity, comprised of $101 million in cash and $438 million available under its revolving credit facility and no availability under its receivables financing facility. S&P said, "We note that the company's covenant ratio was 6.0x at year end 2025, a full turn below its maximum leverage ratio of 7.0x. Under our current base-case, we expect the company will be able to draw its full revolver availability without violating the covenant. Our current forecast indicates the company can absorb three to four years of cash burn before liquidity becomes critically constrained. In addition, the recent extension of its fully utilized receivable financing facility to January 2029 alleviates near-term maturity risk." Moreover, the revolving credit facility matures in August 2028, and the company's ability to refinance or extend this facility before 2027 will be crucial to maintaining its liquidity profile. Failure to do so could result in a downgrade. S&P said, "The stable outlook represents our expectation that the company will maintain adequate liquidity over the next 12 months despite expectations for cash burn in excess of $100 million, with leverage elevated at mid-8x in 2026. "We could lower our ratings on Brand if the liquidity profile weakens, heightening the likelihood of payment default or a distressed exchange within the next 12 months." This could occur if: -- The company's margin profile deteriorates further or top-line growth turns negative, leading to higher cash burn than forecasted; or -- S&P believes it is unlikely the company can successfully refinance its revolving credit facility before it goes current in August 2028. S&P could raise its ratings on Brand if: -- The company's operating performance rebounds such that S&P believes it can sustain positive free cash flow generation; and -- The company addresses the maturity of its revolving credit facility in a timely fashion. BROOKDALE SENIOR: BlackRock Portfolio Holds 3.7% Equity Stake ------------------------------------------------------------- BlackRock Portfolio Management LLC disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 8,795,215 shares of Brookdale Senior Living Inc.'s Common Stock, representing 3.7% of the shares outstanding. This Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates, and does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with SEC Release No. 34-39538 (January 12, 1998). Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of Brookdale Senior Living Inc., though no one person's interest is more than five percent of the total outstanding common shares. BlackRock Portfolio Management LLC may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Tel: (212) 810-5800 A full-text copy of BlackRock Portfolio Management LLC's SEC report is available at: https://tinyurl.com/2zbue5tz About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of December 31, 2025, the Company had $5.95 billion in total assets, $6 billion in total liabilities, and $43.38 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BY HOTEL: Seeks Court Approval to Hire Lewis Brisbois as Counsel ---------------------------------------------------------------- BY Hotel SPE-3 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Lewis Brisbois Bisgaard & Smith LLP to serve as bankruptcy counsel. The firm will provide these services: (a) providing legal advice and services with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business, management of their business, management of their properties, and the potential sale of their assets; (b) providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of the Chapter 11 Cases; (c) preparing and pursuing confirmation of a plan (or plans) and approval of a disclosure statement (or disclosure statements); (d) preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, schedules, reports (including monthly operating reports and post-confirmation reports, as applicable), and other legal papers; (e) appearing in Court and protecting the interests of the Debtors before the Court; (f) performing various services in connection with the administration of the Chapter 11 Cases, including preparing agenda letters, certificates of no objection, certifications of counsel, notices of fee applications and hearings, monitoring the docket, maintaining critical dates memoranda, and handling inquiries from creditors and interested parties; and (g) performing all other services assigned by the Debtors. The firm's hourly rates include $1300 for Raphael Zahralddin and Scott Cousins, $600 for Minyao Wang, and $550 for Guy Macarol. The Debtors paid a prepetition retainer of $250,000, of which $200,000 has been paid. Lewis Brisbois was also paid $97,315 for prepetition legal work. Lewis Brisbois Bisgaard & Smith LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Rafael X. Zahralddin-Aravena, Esq. Scott D. Cousins, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP 500 Delaware Avenue, Suite 700 Wilmington, DE 19801 Telephone: (302) 985-6000 E-mail: Rafael.Zahralddin@lewisbrisbois.com Scott.Cousins@lewisbrisbois.com - and - Minyao Wang, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP 7 World Trade Center 250 Greenwich St., 11th Floor New York, NY 10007 Telephone: (212) 232-1300 E-mail: Minyao.Wang@lewisbrisbois.com 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 J. Kate Stickles oversees the case. BY HOTEL: Seeks to Hire Getzler Henrich as Financial Advisor ------------------------------------------------------------ By Hotel SPE-3 LLC and its affiliates seek approval from the United States Bankruptcy Court for the District of Delaware to hire Getzler Henrich & Associates LLC to serve as their financial advisor. The firm will provide these services: (a) assist with review and analysis of the Debtors' short-term and mid-term liquidity requirements, including cash flow forecasts and assumptions; (b) review the Debtors' business plan, projections, and underlying assumptions; (c) assist in communications with the secured lender; (d) assist in obtaining additional financing, if required; (e) assist in analyzing strategic operations and financial requirements; (f) assist in planning and implementing strategic courses of action selected by the board; (g) assist in preparation of business plans, financial projections, and alternative operating scenarios; (h) assess, recommend, and assist in restructuring, sale, or wind-down of the Debtors; (i) assist in development of a plan of reorganization; (j) assist with bankruptcy reporting requirements, including schedules, statements, and monthly operating reports; (k) assist with cash collateral budgets and DIP financing matters; (l) participate in court hearings and provide testimony if necessary; (m) consult with secured lenders, committees, and other parties-in-interest; (n) assist with claims analysis and reconciliation; (o) guide the Debtors through any section 363 sale process or alternative plan process; and (p) perform other services as reasonably requested by management or counsel. Getzler Henrich & Associates LLC will be compensated at hourly rates ranging from approximately $225 to $895 depending on professional level and will be reimbursed for reasonable out-of-pocket expenses. The firm also received a prepetition retainer increased to $83,291.38. Getzler Henrich & Associates LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Getzler Henrich & Associates, a Hilco Global Company 295 Madison Avenue, 20th Floor New York, NY 10017 Telephone: (212) 697-2400 Website: www.getzlerhenrich.com 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 J. Kate Stickles oversees the case. BYJU'S ALPHA: UK Exec. Seeks Alleged Fund Transfers Suit Dismissal ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a UK-based business executive on Tuesday, May 5, 2026, petitioned a Delaware bankruptcy judge to be dismissed from a lawsuit involving allegations that $533 million vanished from a Byju's affiliate. The executive is seeking to end his involvement in the high-stakes dispute over the education company's finances. According to court documents, he argues that the claims fail to demonstrate his direct participation in the disputed transfers and rely on theories of liability that are legally insufficient. The filing also disputes the applicability of Delaware jurisdiction to the alleged conduct. The motion seeks to remove the executive from the case entirely, narrowing the litigation as the court reviews broader allegations of financial misconduct tied to the Byju's group, the report states. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CALLAHAN ENTERPRISES: Michael Carmel Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for Callahan Enterprises, LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Callahan Enterprises LLC Callahan Enterprises, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04051) on April 24, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott H. Gan presides over the case. M. Preston Gardner, Esq., at Davis Miles, PLLC represents the Debtor as legal counsel. CANNABIST CO: Creditor Says Ch. 15 Could Advance Illegal Pot Sales ------------------------------------------------------------------ Ben Zigterman of Law360 reports that a secured creditor has urged a U.S. bankruptcy court to deny The Cannabist Co. Holdings Inc.'s request for Chapter 15 recognition of its Canadian insolvency proceedings, arguing that the relief would contravene public policy. The creditor says recognition would allow the company to profit from cannabis-related operations. The objection emphasizes that, despite legality in Canada, cannabis remains prohibited under U.S. federal law, and courts should not facilitate related transactions. The creditor argued that granting recognition would effectively support activities barred in the United States, the report states. The Cannabist Co. counters that Chapter 15 recognition is essential for an orderly restructuring process and to align proceedings in multiple jurisdictions. The case could influence how U.S. courts approach cross-border insolvencies involving regulated industries, according to report. 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. CARBON HEALTH: Pursues Additional $11MM in DIP Financing -------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Carbon Health Technologies said it requires another $11 million in debtor-in-possession financing to increase its total DIP facility to $30.5 million, citing an urgent need for liquidity. The company told the court it is close to exhausting its available cash. The additional funding, the debtor said, would help it bridge near-term financial gaps and continue operations while pursuing a restructuring strategy. Without the financing, Carbon Health warned it could face significant operational challenges. The request underscores the company's precarious financial position as it navigates Chapter 11 proceedings. Approval of the DIP funding will be critical to maintaining business continuity and protecting stakeholder interests, the report states. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARVER THEATER: Involuntary Chapter 11 Case Summary --------------------------------------------------- Alleged Debtor: Carver Theater, LLC 2101 Orleans Avenue New Orleans LA 70181 Business Description: Carver Theater, LLC holds real estate assets associated with the redevelopment of the historic Carver Theater in New Orleans, Louisiana. Involuntary Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 26-11058 Petitioners' Counsel: John M. Landis, Esq. STONE PIGMAN WALTHER WITTMANN L.L.C. 909 Poydras Street, Ste. 3150 New Orleans, LA 70112 Tel: 504-581-3200 E-mail: jlandis@stonepigman.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RIO5OVY/Carver_Theater_LLC__laebke-26-11058__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount By Equities, LLC Note Holder $2,352,781 10850 Wilshire Blvd., Suite 1250 Los Angeles, CA 90024 CATURUS ENERGY: S&P Upgrades ICR to 'B' on Increased Scale ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Caturus Energy LLC to 'B' from 'B-' and removed all the ratings on the company from CreditWatch, where S&P placed them with positive implications on April 13, 2026. S&P said, "At the same time, we raised our issue-level rating on the company's unsecured debt to 'B' from 'B-'. The '4' recovery rating is unchanged, indicating our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a default. "The stable outlook reflects our expectation that Caturus will maintain FFO to debt of about 40% and debt to EBITDA of 2x-3x while executing on its production growth plans by utilizing borrowings on its reserve-based lending (RBL) facility to fund free cash flow deficits." On April 30, 2026, Caturus Energy LLC closed its acquisition of SM Energy Co.'s Galvan Ranch assets for $950 million, with funding of about $525 million of equity from Caturus' financial sponsors and new 7.125% $600 million senior unsecured notes due 2031. The acquisition and Caturus' recent organic growth meaningfully increase operational scale and product mix diversification from greater liquids exposure. The upgrade reflects Caturus' enhanced operational scale and product mix diversification following the Galvan Ranch asset acquisition and recent organic growth. Caturus' expanded footprint and diversity place it in a stronger competitive position versus 'B-' rated peers and more in line with 'B' rated peers like BKV Corp. Caturus has focused on organic production growth over the last year, ending 2025 at more than 600 million cubic feet equivalent per day (MMcfe/d) from about 382 MMcfe/d at year-end 2024. Caturus is now producing more than 1 billion cfe/d following the close of the Galvan Ranch asset acquisition. S&P expects average 2026 production of about 860 MMcfe/d to increase to more than 1 billion cfe/d for full-year 2027. The transaction also adds product mix diversification, increasing the proportion of liquids to 15%-17% in 2026 and 2027 versus 10% in 2025. S&P said, "We expect Caturus could achieve some operational synergies--particularly with the contiguous Webb County position--though we have not incorporated this into our forecast." Higher debt from organic and inorganic growth offsets credit metric improvement from higher earnings. S&P expects S&P Global Ratings-adjusted debt of $1.6 billion at year-end 2026 and $1.7 billion at year-end 2027 versus about $1 billion at year end 2025. Higher adjusted debt is offsetting a meaningful portion of the higher earnings anticipated from production growth, with average FFO to debt remaining just below 40% and leverage of 2.2x for 2026-2027. These metrics are relatively flat compared to 2025's 35% and 2.4x, respectively. S&P said, "We expect Caturus will continue targeting organic growth and outspending operating cash flow over our forecast period. Specifically, we expect capital spending of $700 million-$800 million annually for 2026 and 2027 relative to projected cash flow from operations of $610 million and $640 million, respectively. Accordingly, we expect Caturus will continue to operate in a free cash flow deficit and utilize its RBL to fund the cash flow outspend." The Galvan Ranch acquisition adds debt, with a portion of the $950 million purchase price being funded with Caturus' new $600 million 7.125% senior unsecured notes due 2031. Caturus also received $525 million for the acquisition from owners Kimmeridge Energy Management and Mubadala. S&P expects Caturus will use the excess proceeds from its $600 million note offering to repay borrowings on its recently upsized $925 million RBL credit facility due 2029. The RBL was $463 million drawn as of Dec. 31, 2025. Further rating upside is constrained by sponsor ownership, absent additional material improvements to the business. S&P said, "Our assessment of Caturus' financial risk incorporates its financial sponsor ownership. We believe companies owned by financial sponsors tend to follow a more aggressive financial policy to achieve sponsors' desired returns over a typically finite holding period. Caturus' meaningful cash flow outspending, supplemented by incremental RBL drawings, demonstrates a moderately aggressive financial policy and increases the risk of potential releveraging above our expectations. Specifically, we expect a free operating cash flow deficit of about $150 million this year." Parent Caturus HoldCo LLC also maintains an investment in Commonwealth LNG, a pre-final investment decision liquefied natural gas export terminal project. S&P said, "We accordingly consider the credit profile of Caturus HoldCo in our analysis of Caturus Energy. While we view leverage at Caturus HoldCo to be relatively in line with that at Caturus Energy, there is risk of additional leverage within the group to fund Commonwealth LNG with no offsetting incremental cash flow. We don't expect the project to be operational until the end of the decade." This also supports our assessment of Caturus' financial risk as highly leveraged. Accordingly, S&P believes the most likely path to additional rating improvement is through further improvements to the company's scale or profitability. S&P said, "The stable outlook reflects our expectation that Caturus will maintain credit metrics appropriate for the current rating while executing its production growth plans by utilizing borrowings on its RBL to fund free cash flow deficits. For 2026-2027, we expect the company's average FFO to debt will be about 40%, with debt to EBITDA of 2x-2.5x. "We could lower our rating if we expect FFO to debt to approach 20% for a sustained period or if the company's liquidity position becomes constrained. This would most likely occur if commodity prices significantly decline below our price deck assumptions and the company doesn't reduce capital spending, or if the company pursues large, debt-funded acquisitions without offsetting incremental free cash flow. "Although unlikely in the next 12 months, we could raise our rating on Caturus again if it continues to expand its production footprint to increase its scale or if the recent production increase--along with the higher oil mix--improves profitability to levels comparable with those of its higher-rated peers. In addition to this, we would expect the company to maintain FFO to debt comfortably above 30% while generating positive free cash flow and adequate liquidity." CHEZ JOEY: Seeks to Hire Tammy Proctor as Payroll Professional -------------------------------------------------------------- Chez Joey, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ a payroll professional to assist in its payroll and tax obligations. The firm's services include: a. calculating and reconciling payroll taxes from the Petition Date through the present; b. preparing and filing required federal and state payroll tax returns; c. preparing any outstanding or delinquent tax filings; d. assisting the Debtor with compliance with Internal Revenue Service requirements in bankruptcy; e. communicating and coordinating with taxing authorities, including the Internal Revenue Service and the Comptroller of Maryland; f. advising the Debtor regarding ongoing payroll and tax compliance obligations; and g. assisting with any necessary bankruptcy-related tax forms or reporting requirements. Ms. Proctor would charge a flat fee of $2,500. Ms. Proctor is a "disinterested person" within the meaning of 11 U.S.C Sec. 101(14) and does not hold or represent any interest adverse to the estate. Ms. Proctor can be reached at: Tammy Proctor, CPA PROCTOR, CPA, PC 1082 Harvey Point Road Hertford, NC 27944 Tel: (252) 426-9200 About Chez Joey, LLC Chez Joey LLC is a Baltimore-based nightlife establishment located at 415 E. Baltimore Street. Chez Joey LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17669) on August 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Law Office of Thomas J. Maronick Jr, LLC. CHINO CENTRAL: Seeks to Tap Raines Feldman Littrell as Counsel -------------------------------------------------------------- Chino Central Group, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Raines Feldman Littrell LLP as counsel. The firm's services include: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect it; (b) assist the Debtor in preparing and filing its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the Chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with any refinance of the loans against the property or a sale of the property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a Chapter 11 plan of reorganization; (f) advise the Debtor concerning the rights and remedies of the estate and the Debtor in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will be paid at these hourly rates: Kyra Andrassy, Partner $850 Robert Yan, Counsel $795 Stephen Mott, Associate $595 Bambi Clark, Paralegal $325 - $495 Connie-Marie Santiago, Paralegal $325 - $495 The firm received a pre-petition retainer of $50,000 from the Debtor. Ms. Andrassy 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: Kyra E. Andrassy, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 About Chino Central Group LLC Chino Central Group LLC is a single asset real estate company. Chino Central Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10925) on March 24, 2026, with between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Kyra E. Andrassy, Esq., at Raines Feldman Littrell, LLP. CLICKSPRING DESIGN: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Clickspring Design, Inc. 330 West Palm Lane Phoenix, AZ 85003 Business Description: Clickspring Design is a design firm formed in 2006 by Erik Ulfers. The company provides broadcast design, experiential design, TV show set and graphics design, and branded environment design for consumer and broadcast use. Its work includes immersive, narrative-based environments and participatory, content-rich programs for contexts including broadcasters, cities, corporations, institutions, and individuals. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-04352 Judge: Hon. Madeleine C Wanslee Debtor's Counsel: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: 602-264-4550 E-mail: anewdelman@adnlaw.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Glenn Erik Ulfers as chief executive officer. 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/5YD6RYQ/CLICKSPRING_DESIGN_INC__azbke-26-04352__0001.0.pdf?mcid=tGE4TAMA CLOSURE SYSTEMS: Moody's Affirms 'B2' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Closure Systems International Group Inc.'s (CSI Group) B2 corporate family rating, B2-PD probability of default rating and B2 backed senior secured first-lien bank credit facility ratings which include a term loan and revolving credit facility. The outlook remains stable. The affirmation reflects the company's stable operating performance which Moody's expects will continue in 2026. The company has expanded its margins in 2025 despite volume headwinds, resulting in debt/EBITDA of about 4.5x as of year-end. FIFA World Cup–associated sales could provide some additional support to sales volumes in 2026. RATINGS RATIONALE CSI Group's B2 CFR reflects stable demand from large beverage companies, which supports sales volume, and CSI Group's solid position in the closures market in North America and Japan. The company can pass through increases in raw material costs under contracts and benefits from long-term relationships with global blue-chip beverage customers. These credit strengths are counterbalanced by CSI Group's small scale (with $600 million-$700 million of revenue) relative to its rated competitors that manufacture other packaging products in addition to closures, and low organic volume growth in the soft beverage end market. The credit profile is constrained by high customer concentration and a history of debt-funded dividend payments under private equity ownership. Moody's expects leverage to remain around 4.5x debt/EBITDA in 2026. Moody's expects CSI Group to have good liquidity in the next 12-18 months, with modest positive FCF and full availability under both the $120 million revolver and the JPY1.2 billion ($8 million) committed overdraft facility in Japan, which is collateralized by a building. The US and Japanese facilities expire in September 2028. The stable outlook reflects Moody's expectations that moderate earnings growth, successful pricing pass through when contractually permitted and modest positive free cash flow generation will support at least stable credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the company's credit rating if the company increases its scale and reduces its customer or product concentration. An upgrade would also require the company to continue expanding volumes, while maintaining strong credit metrics with debt/EBITDA below 5x, EBITDA/Interest above 3.5x, retained cash flow/net debt consistently above 10% and free cash flow/debt above 5%. Moody's could downgrade the company's rating if credit metrics weaken, liquidity deteriorates or the operating and competitive environment worsens. Significant debt-financed dividends could also lead to a downgrade. The ratings could also be downgraded if debt/EBITDA rises above 6x, EBITDA/interest falls below 2.5x or if the company fails to generate positive free cash flow. Headquartered in Indianapolis, Indiana, Closure Systems International Group Inc. (CSI Group) is a leading beverage closures manufacturer, with manufacturing locations spread across the US, Mexico, Costa Rica, China and Japan. CSI Group had sales of $594 million in 2025. The company was carved out from Reynolds Group Holdings Limited and acquired by an affiliate of Cerberus Capital Management, L.P. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CMN GROUP: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: CMN Group LLC d/b/a General Contractors National 8609 Westwood Center Dr. Vienna, VA 22182 Business Description: CMN Group LLC, doing business as General Contractors National is a minority-owned construction and infrastructure consultancy based in Tysons Corner, Virginia. The Company provides construction and program management, energy and infrastructure solutions, and restoration and risk mitigation services. Its services include ground-up construction, renovations and retrofits, project oversight, solar installations, energy efficiency upgrades, disaster recovery, damage restoration, structural repairs, and preventative maintenance. GCNAT serves commercial, government, and energy sectors. Founded from origins in specialized building and infrastructure projects in 1997, the company adopted new minority ownership in 2021. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Eastern District of Nevada Case No.: 26-11060 Debtor's Counsel: David C. Jones, Jr., Esq. LAW OFFICE OF DAVID C. JONES, JR. 10617 Jones Street, #301-A Fairfax, VA 22030 Tel: 703-273-7350 E-mail: davidcjonesjr@gmail.com Total Assets as of Dec. 31, 2025: $1,467,206 Total Liabilities as of Dec. 31, 2025: $1,203,502 The petition was signed by Renato Perez as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U2UKK6Y/CMN_Group_LLC__vaebke-26-11060__0001.0.pdf?mcid=tGE4TAMA COLD SPRING: NYAG Challenges "Perpetual" Chapter 11 Plan Stay ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the New York Attorney General has objected to a Chapter 11 plan proposed by Cold Spring Acquisition LLC, taking issue with a provision that would impose an ongoing automatic stay. The state argued the plan attempts to extend bankruptcy protections indefinitely, which it says is not permitted under federal law. According to the filing, the proposed stay would improperly shield certain entities from legal actions even after the bankruptcy case ends. The attorney general warned that this could interfere with the state’s ability to enforce laws and regulate the nursing home operator. The office is asking the court to deny confirmation of the plan unless the stay provision is removed or significantly revised. The dispute will factor into the court's determination of whether the plan meets confirmation standards, Law360 reports. About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. COMMUNITY HOUSE: Seeks to Hire Savills as Real Estate Broker ------------------------------------------------------------ The Community House Association, Birmingham, Michigan seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Savills Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at 380 South Bates Street, Birmingham, Michigan. The firm will provide these services: The hourly rates of the firm's counsel and staff are as follows: Partners $1,200 - $1,725 Counsel $950 - $1,200 Associates $750 - $950 Paralegals $400 - $600 The firm will receive a compensation of 3.50 percent of the gross sale price of the property. Gregory Bockart, Jr., vice chairman at Savills, 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: Gregory J. Bockart, Jr. Savills, Inc. 399 Park Ave., Fl. 11 New York, NY 10022 About The Community House Association, Birmingham The Community House Association, Birmingham, Michigan filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-43351) on March 26, 2026, with $1 million to $10 million in both assets and liabilities. Judge Thomas J. Tucker presides over the case. Jason W. Bank, Esq., at Kerr, Russell and Weber, PLC represents the Debtor as counsel. COREWEAVE INC: Fitch Rates New $3.1BB Term Loan 'BB+' ----------------------------------------------------- Fitch Ratings has published the instrument rating of 'BB+' with a Recovery Rating of 'RR2' on CoreWeave, Inc.'s proposed new 5.5-year $3.1 billion senior secured delayed draw term loan facility (DDTL 5.0). Proceeds from the DDTL will be used to support the acquisition and installation of graphic processing units (GPUs) and ancillary infrastructure to be deployed pursuant to take-or-pay contracts with certain customers. A subsidiary SPV of CoreWeave will be the borrower of this facility, which will carry a full recourse guarantee from CoreWeave, Inc. (the parent). CoreWeave's ratings reflect a robust business model with stable, recurring revenue. Near- to medium-term execution risk is limited because the company incurs capex only after it signs contracts. Despite high upfront capex, CoreWeave's cash flow has strong visibility, which supports financial stability. Leverage is high, but strong EBITDA growth with high visibility over the next few years supports a clear deleveraging path. Key Rating Drivers Elevated but Improving Credit Metrics: As of December 2025, CoreWeave's gross EBITDA leverage, excluding leases, was 7.0x with lease-adjusted gross leverage at 7.7x. In fiscal year 2026, Fitch expects leverage to remain relatively elevated, around 5.5x (with lease-adjusted leverage around 5.9x), while in subsequent years EBITDA leverage should improve to a range between 2.0x and 3.0x and lease-adjusted leverage to a range between 3.0x and 4.0x. Additional new debt issuance to support growth is expected to result in leverage remaining elevated through 2026. Fitch considers medium-term deleveraging achievable if EBITDA growth outpaces new debt issuance needs under a strategy requiring significant upfront capex. Fitch expects capital intensity to peak in 2026, following major contract wins, with cash flow benefits emerging over the medium term. High Customer Concentration: Microsoft accounted for approximately 67% of revenue in FY2025, and no other customer represented more than 10% in that period. Recently expanded multiyear commitments with OpenAI and Meta along with new commitments with Anthropic and Jane Street are expected to meaningfully expand the customer base, but revenue is likely to remain highly concentrated, reinforcing dependence on a few large counterparties. While multiyear contracts provide near-term visibility, concentration risk includes the possibility that customers do not sign incremental contracts during the term and may elect not to renew at expiry. Robust Revenue, Cash Flow Visibility: As of Dec. 31, 2025, CoreWeave had $60.7 billion in remaining performance obligations (RPOs), of which 43% should be recognized over the initial 24 months ending Dec. 31, 2027, 38% between months 25-48, and the balance between months 49-84. Committed contracts with take-or-pay provisions support predictable cash flows across operating conditions, although longer-term visibility is less certain. Longer-Term Visibility Less Clear: While management expects 81% of RPOs to be recognized over the next four years, clarity diminishes thereafter as CoreWeave will rely on contract renewals or replacements to maintain revenue growth. Customer concentration poses risks, including potential insourcing by hyperscalers, compounded by the company's relatively short operating history. In addition, the rapid evolution and nascent nature of AI technology contribute to the uncertainty of CoreWeave's sustainability over the longer term, as the company must continuously adapt to fast-changing technological advancements and market demands. Potential Lease Term Mismatch Risk: CoreWeave faces a potential risk due to the mismatch between the terms of its leases with data center suppliers and its contracts with customers. While its leases typically span between three and 15 years, its customer contracts generally have shorter durations of three to five years. This disparity creates challenges in aligning long-term obligations with shorter-term revenue streams, exposing CoreWeave to the risk of having to meet lease commitments without guaranteed customer income. The company typically manages this risk by building enough of a buffer into its contract terms to mitigate the impact of contract length mismatches. Strategic Differentiation and Market Leadership: CoreWeave's first-mover advantage, partnership with Nvidia, and top-tier performance metrics bolster its competitive position against hyperscalers and smaller, AI-focused cloud providers. Its AI specialization also helps it compete specifically against hyperscalers. Managed software and application services integrated into its technology stack further differentiate its offerings. However, the competitive landscape poses a significant risk over time as companies rapidly invest in their own infrastructure, potentially challenging CoreWeave's market position and requiring continuous innovation to maintain its leadership. AI Demand Supports Growth: CoreWeave is strategically positioned to benefit from the rising demand for AI and machine learning (ML) applications. According to various industry sources, global data center workload dedicated to AI could reach approximately 44 gigawatts (GW) in 2025 and grow to over 150 GW by 2030. This demand is driven by advancements in AI algorithms and data proliferation, increasing the need for CoreWeave's GPU infrastructure. As industries pursue AI-driven efficiency, CoreWeave's offerings align well with their needs, supporting strong performance potential and enabling it to capture a significant share of this expanding market. Peer Analysis CoreWeave operates within the digital infrastructure sector. Digital infrastructure peers include Equinix, Inc. (BBB+/Stable), Digital Realty Trust, Inc. (BBB/Stable), Iridium Communications Inc. (BB/Stable), and Viasat, Inc. (B/Stable). CoreWeave specializes in GPU-based cloud services supported by multiyear contracts, yet faces distinct challenges compared to its larger, more diversified counterparts. These challenges include shorter contract durations, uncertain renewal rates, heightened technology risks, and potential competition or insourcing from customers. In addition, CoreWeave's rapid growth and shorter operating track record set it apart from these established companies. Equinix and Digital Realty, both leading data center companies, can be considered together in comparison to CoreWeave due to their similar business models. They benefit from low churn rates, robust global platforms, and conservative financial policies. Their strategies predominantly involve the ownership and leasing of real estate, which contributes to their operational stability. By contrast, CoreWeave, with its technology-centric services and reliance on leased facilities, is more susceptible to rapid changes in customer demand and technological advancements, potentially resulting in higher volatility. Iridium and Viasat, as satellite operators, are comparable to CoreWeave in their leverage and technology focus. Both companies operate in capital-intensive sectors that require continuous innovation and adaptation to technological advancements. Iridium focuses on global satellite communications while Viasat specializes in broadband and satellite services, with both exhibiting leverage similar to Fitch's expectations for CoreWeave. This similarity underscores the importance of managing financial stability while navigating the challenges of rapid technological changes and maintaining competitive advantages in their respective markets. Fitch’s Key Rating-Case Assumptions - Total revenue growing to approximately $12.8 billion in fiscal 2026, approximately $22.4 billion in fiscal 2027 and $25.6 billion in fiscal 2028, with growth rates moderating thereafter, assuming recognition on existing RPOs along with incremental future contract wins; - EBITDA margins somewhat pressured in fiscal 2026 due to costs associated with new contract wins, expanding to the high 60% range thereafter, driven by operating leverage; - Capex of around $30 billion in fiscal 2026 and $13 billion in fiscal 2027, with capital intensity normalizing to around 30%-35% over the medium term, as capex is linked to specific future contracts; - Incremental future debt issuance to support capex associated with contract wins; - No debt repayment assumed beyond mandatory repayment schedules. 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 (b, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of 1 notch. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage (excluding leases) sustained above 4.0x or lease-adjusted leverage sustained above 5.0x; - Failure to achieve positive FCF over the medium to long term, leading to reliance on external financing and potential liquidity issues; - Continued reliance on a limited number of revenue sources or major contracts, increasing vulnerability to adverse changes in customer relationships or industry conditions; - Inability to access additional debt capital on favorable terms to support its growth strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage (excluding leases) sustained below 3.0x or lease-adjusted leverage sustained below 4.0x; - Expansion into new markets or services that diversify revenue streams and reduce dependence on a few large customers, improving business resilience; - Demonstrated ability to consistently renew or replace major customer contracts, ensuring stable revenue flow and minimizing disruption from contract expirations. Liquidity and Debt Structure Fitch expects CoreWeave to have sufficient liquidity. As of December 2025, the company had $3.1 billion in cash and equivalents and marketable securities, as well as $1.2 billion capacity available under its $2.5 billion RCF. Fitch expects that high capex in FY2026 and FY2027 will continue to pressure FCF, which will likely necessitate additional debt financing sources in 2026 and 2027 to support execution on the company's growth plans. Issuer Profile CoreWeave provides GPU-based cloud infrastructure for AI/ML, rendering, and other compute-intensive workloads. Its cloud platform combines proprietary software with managed services. As of December 2025, CoreWeave's footprint spanned 43 data centers, mainly accessed via long-term leases and hosting arrangements. 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 CoreWeave, Inc. ESG Considerations CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance Structure due to concentrated shareholder voting power and an organizational structure that is somewhat more complex than average. This 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 ----------- ------ -------- CoreWeave, Inc. senior secured LT BB+ Publish RR2 CORNERSTONE ONDEMAND: Ares Capital Marks $137.5M 2L Loan at 25% Off ------------------------------------------------------------------- Ares Capital Corp. has marked its $137.5 million loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. to market at $103.1 million or 75% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a second lien senior secured loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. The 2L Loan accrues interest at a rate of 10.28% SOFR (M) 6.50% per annum. The 2L Loan matures on Oct. 1, 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Cornerstone OnDemand, Inc. Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. are cloud-based human capital management software company headquartered in Santa Monica, California, providing learning management, talent management and workforce development platforms to enterprise customers. CORNERSTONE ONDEMAND: Ares Capital Marks $16.4MM 1L Loan at 27% Off ------------------------------------------------------------------- Ares Capital Corp. has marked its $16.4 million loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. to market at $11.9 million or 73% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. The 1L Loan accrues interest at a rate of 7.53% SOFR (M) 3.75% per annum. The 1L Loan matures on Oct. 1, 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Cornerstone OnDemand, Inc. Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. are cloud-based human capital management software company headquartered in Santa Monica, California, providing learning management, talent management and workforce development platforms to enterprise customers. CORNERSTONE ONDEMAND: Ares Capital Marks $8.4MM 1L Loan at 26% Off ------------------------------------------------------------------ Ares Capital Corp. has marked its $8.4 million loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. to market at $6.2 million or 74% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. The 1L Loan accrues interest at a rate of 6.78% SOFR (M) 3.00% per annum. The 1L Loan matures on Oct. 1, 2026. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Cornerstone OnDemand, Inc. Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. are cloud-based human capital management software company headquartered in Santa Monica, California, providing learning management, talent management and workforce development platforms to enterprise customers. CRESCENT ENERGY: Moody's Affirms 'Ba3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed Crescent Energy Finance LLC's (Crescent) Corporate Family Rating at Ba3, Probability of Default Rating at Ba3-PD, and senior unsecured notes ratings at B1 and B2. Crescent's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The outlook is stable. "The affirmation of Crescent's ratings reflects the scale and geographic diversification of its operating platform, underpinned by a demonstrated ability to execute and integrate acquisitions that have meaningfully enhanced scale, balanced against the financial risk of periodic temporary re-leveraging and the risks inherent in a growth through M&A strategy," commented Jonathan Teitel, a Moody's Ratings Vice President and Senior Analyst. RATINGS RATIONALE Crescent's Ba3 CFR reflects its large operating scale and diversified, multi-basin footprint, which supports capital allocation flexibility and mitigates single-basin concentration risk, balanced against an acquisitive track record that introduces periodic temporary re-leveraging and execution uncertainty. The company has expanded meaningfully through acquisitions, most recently in the December 2025 acquisition of Vital Energy, Inc. (Vital), following earlier transactions that increased its presence in the Eagle Ford Basin. Crescent benefits from a substantial proved developed reserves base and depth to its inventory. Through-the-cycle cash margins are constrained by a relatively high-cost structure, though the company has shown improving operating efficiencies including through the realization of synergies. Crescent targets long-term net leverage of 1.0x but has stated willingness to increase leverage up to 1.5x to fund acquisitions. The company has used asset divestitures to support post-acquisition debt reduction, including following the Vital transaction. In 2026, Crescent transferred certain mineral interests to Crescent Royalty Finance LLC (Crescent Royalties, unrated), an affiliated entity outside the credit group supporting the rated notes, increasing structural complexity but only modestly reducing the asset base available to these creditors. Crescent's SGL-1 rating reflects very good liquidity. As of December 31, 2025, the revolver had $772 million in outstanding borrowings, with $714 million in restricted cash from divestiture proceeds subsequently applied to reduce revolver balances. The facility has $2.0 billion of elected commitments and a $3.9 billion borrowing base. It matures in October 2030, subject to a springing maturity 91 days ahead of any senior notes with more than $100 million outstanding, with the nearest being the July 2029 senior notes. Financial covenants include a maximum leverage ratio of 3.5x and a minimum current ratio of 1.0x, both of which Moody's expects Crescent to remain in compliance with. Substantially all of Crescent's senior unsecured notes are rated B1, except for the stub senior notes due July 2029 and October 2030 that were assumed from Vital and not exchanged, which are rated B2. The lower rating on these notes reflects their structural subordination with respect to most subsidiaries that are guarantors of the other notes. All notes are effectively subordinated to the large, secured revolver. For the B1-rated notes, Moody's views this rating as more appropriate than that suggested by Moody's LGD framework, in part due to the potential for increased revolver borrowings to support further acquisitions and expectation that future Crescent notes will not be structurally subordinated. Crescent Energy Company has issued convertible notes due 2031 (unrated) that are subordinated to the Crescent senior notes and revolving credit facility. Crescent Royalties also carries its own debt, and neither Crescent Energy Company, Crescent, nor Crescent Royalties provide guarantees of each others' obligations. The stable outlook reflects Moody's expectations that Crescent will reduce debt to manage leverage within its stated target range, maintain strong liquidity, and continue executing its operational and growth strategies without materially increasing financial or structural risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include consistent generation of positive free cash flow; meaningful post-acquisition debt reduction and sustained low leverage; maintenance of strong liquidity and conservative financial policies; retained cash flow (RCF) to debt sustained above 50%; and maintenance of production and reserves replacement at competitive returns on investment. Factors that could lead to a downgrade include debt and leverage not reduced as expected; a meaningful decline in production; RCF/debt below 35%; an LFCR approaching 1.0x; or deterioration in liquidity. Crescent is a subsidiary of publicly traded Crescent Energy Company, a Houston-based independent exploration and production company operating primarily across the Eagle Ford, Uinta, and Permian Basins. KKR & Co. Inc., through an indirect subsidiary, holds an ownership interest in Crescent Energy Company and provides operational management services. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DANLERIE FREIGHT: Gregory Jones Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Danlerie Freight Inc. Mr. Jones will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424) 214-7010 Email: gjones@stradlinglaw.com About Danlerie Freight Inc. Danlerie Freight Inc. is a transportation and logistics company engaged in freight hauling and related shipping services. Danlerie Freight filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-14061) on April 27, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $500,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Kevin Tang, Esq., at Tang & Associates. DIGICERT INC: Ares Capital Marks $20.3M 2L Loan at 25% Off ---------------------------------------------------------- Ares Capital Corp has marked its $20.3 million loan extended to Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. to market at $15.3 million or 75% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp is a participant in a second lien senior secured loan extended to Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. The 2L Loan accrues interest at a rate of 10.67% SOFR (M) 7.00% per annum. The 2L Loan matures on Feb. 1, 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Digicert, Inc. Digicert, Inc. and its affiliated entities provide internet security tools and solutions, including digital certificates and related cybersecurity services for online communications and data protection. DLIGHT REFINERS: 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 DLight Refiners, LLC. 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 DLight Refiners LLC DLight Refiners, LLC is a precious metal refining company with locations in Hallandale Beach, Florida, and West Bloomfield, Michigan. The company assays, purchases, processes, reclaims, and settles precious metal scrap, including gold, silver, platinum, and palladium materials. It serves the jewelry industry, including jewelry manufacturers, repair shops, retail chains, goldsmiths, pawnbrokers, coin dealers, and dental labs. DLight Refiners provides insured shipping labels and offers in-person pickup by appointment in select states. DLight Refiners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44709) on April 24, 2026, with $10,351 in assets and $2,906,797 in liabilities. Dawn Light, president of DLight Refiners, signed the petition. Lynn M. Brimer, Esq., at Strobl, PLLC represents the Debtor as legal counsel. DR DELICACY: Seeks to Hire Baker & Associates as Legal Counsel -------------------------------------------------------------- DR Delicacy, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Reese W. Baker of Baker & Associates to serve as its legal counsel. Mr. Baker will provide these services: (a) analyze the Debtor's financial situation and provide legal advice and assistance; (b) advise the Debtor regarding its duties as a debtor-in-possession; (c) prepare and file all necessary petitions, schedules of assets and liabilities, statements of financial affairs, answers, motions, and other legal documents; (d) represent the Debtor at the meeting of creditors and other required bankruptcy proceedings; (e) represent the Debtor in all court proceedings, including adversary proceedings and other litigation affecting the Debtor's rights; (f) prepare and file a Disclosure Statement, if required, and a Chapter 11 Plan of Reorganization; and (g) provide assistance in all other matters arising in or related to the bankruptcy case. Mr. Baker will be compensated in accordance with the firm's normal billing practices. Reese W. Baker's hourly rate is $595, with paralegal rates ranging from approximately $135 to $195 per hour, plus reimbursement of reasonable and necessary expenses. All compensation is subject to approval by the Bankruptcy Court. Baker & Associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and holds no adverse interest to the Debtor or its estate. The firm can be reached at: Reese W. Baker, Esq. BAKER & ASSOCIATES 950 Echo Lane, Suite 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 About DR Delicacy, LLC DR Delicacy LLC, based in Houston, operates a gourmet food retail and distribution business specializing in luxury culinary ingredients, including caviar, truffles, specialty mushrooms, foie gras, and related pantry items sourced from domestic and international suppliers. The company serves chefs, restaurants, and individual consumers through its online platform and warehouse store, offering seasonal products and curated selections for high-end dining and gifting. DR Delicacy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32815-H5-11) on April 23, 2026. At the time of filing, the Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $1,000,001 to $10 million. The case is a Subchapter V proceeding in the Houston Division. Judge Jeffrey P. Norman oversees the case. Baker & Associates is Debtor's legal counsel. EAST HEMPSTEAD: Commences Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On May 1, 2026, East Hempstead Partners, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on June 8, 2026 at 01:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About East Hempstead Partners, Inc. East Hempstead Partners, Inc. is a business entity typically engaged in investment and property-related activities, including real estate ownership and asset management. East Hempstead Partners, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42167) on May 1, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Michael L. Previto, Esq. ECO-GREEN SUPPLIER: Initiates Chapter 11 Bankruptcy in Florida -------------------------------------------------------------- On April 26, 2026, Eco-Green Supplier Diversity Group, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 2, 2026 at 08:30 AM by TELEPHONE. About Eco-Green Supplier Diversity Group, Inc. Eco-Green Supplier Diversity Group, Inc. is a business focused on supplier diversity initiatives and environmentally conscious sourcing solutions, supporting organizations in sustainable procurement practices. Eco-Green Supplier Diversity Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15243) on April 26, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Brian K. McMahon, Esq. EDGEWATER PROPERTY: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------------- On April 27, 2026, Edgewater Property Maintenance, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Edgewater Property Maintenance, LLC Edgewater Property Maintenance, LLC is a property services company that provides maintenance, repair, and upkeep solutions for residential and commercial properties. The company focuses on preserving property value through routine servicing and operational support. Edgewater Property Maintenance, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01851) on April 27, 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 Jacob A. Brown handles the case. The Debtor is represented by Kevin B. Paysinger, Esq. of Lansing Roy, PA. ELIZABETH I LLC: Seeks to Hire Bowditch & Dewey as Legal Counsel ---------------------------------------------------------------- Elizabeth I LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Bowditch & Dewey, LLP as counsel. The firm will render these services: (a) advise the Debtor with its rights, powers and duties; (b) represent the Debtor at all hearings and matters pertaining to its affairs; (c) prepare, on the Debtor's behalf, all necessary documents, and review all financial and other reports filed in this Chapter 11 case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements and related transactions; (e) review and analyze the nature and validity of any liens asserted against the Debtor's property and advise it concerning the enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (g) advise and assist the Debtor in connection with the potential sale of the Debtor's assets and prepare documents and related pleadings concerning same; (h) assist the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; (i) review and analyze the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (j) prepare, on the Debtor's behalf, and advise it with respect to any plan of reorganization or liquidation and all pleadings and documents related thereto; (k) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 estate or otherwise further the goal of effectuating its reorganization other than with respect to matters to which the Debtor retains special counsel; and (l) perform all other legal services and provide all other necessary legal advice to the Debtor which may be necessary in its bankruptcy proceeding. The firm's counsel will be paid at these hourly rates: Partners $395 - $900 Of-Counsel $365 - $580 Associates $275 - $475 Paralegals $150 - $325 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Christopher Condon, Esq., an attorney at Bowditch & Dewey, 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 M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street, Suite 1000 Boston, MA 02110 Telephone: (617) 757-6513 Email: ccondon@bowditch.com About Elizabeth I LLC Elizabeth I LLC is a single asset real estate company. Elizabeth I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10563) on March 17, 2026, listing up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Christopher M. Condon, Esq., at Bowditch & Dewey, LLP serves as the Debtor's counsel. EP PURCHASER: Ares Capital Marks $49.9M 1L Loan at 37% Off ---------------------------------------------------------- Ares Capital Corp. has marked its $49.9 million loan extended to EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. to market at $31.4 million or 63% of the outstanding amount, according to Ares Capital's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on April 28, 2026. Ares Capital Corp. is a participant in a first lien senior secured loan extended to EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. The 1L Loan accrues interest at a rate of 8.29% SOFR (Q) 4.50% per annum. The 1L Loan matures in November 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. are borrowers associated with a provider of entertainment workforce and production management solutions serving film, television and live event productions. FAT BRANDS: Creditors Say Sale Plan Excludes $195MM Claims ---------------------------------------------------------- Emily Lever of Law360 reports that a group of creditors has objected to a proposed bankruptcy sale plan of Fat Brands, arguing it disregards approximately $195 million in claims. They say the plan undervalues creditor interests by failing to incorporate those liabilities. According to the objection, the sale structure improperly excludes significant financial obligations that should be addressed before any transaction is approved. The creditors warned this could lead to inequitable recoveries. They are urging the court to require revisions to the sale process so that all outstanding claims are properly recognized and accounted for, 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. FGB BIG TOP: Food Court Operator Seeks Chapter 11 Bankruptcy ------------------------------------------------------------ Jenelle Vannoy of 8newsnow.com reports that a Las Vegas Strip food court operator is turning to bankruptcy protection as it faces financial headwinds. Feel Good Brands (FGB), which manages dining areas within several major resorts, has filed for Chapter 11 in an effort to reorganize its business. FGB Big Top, LLC filed its petition in Nevada on April 16, 2026, according to court documents. The company disclosed assets between $1 million and $10 million and liabilities within the same range, with a creditor count of 1 to 49. The filing enables continued operations while the company works through a restructuring process. The firm operates food courts at high-profile locations including Circus Circus, Treasure Island, and Excalibur. Challenges were already evident before the filing, highlighted by a temporary closure of the Circus Circus location tied to unpaid rent. The slowdown in activity there reflected reduced visitor traffic, which directly impacts food court performance, the report states. The situation comes as Las Vegas experiences softer tourism trends, with declines in visitation and hotel occupancy reported in recent periods. Businesses dependent on consistent foot traffic are particularly exposed to these changes. While FGB's operations remain open, the case illustrates how evolving visitor patterns are reshaping the Strip's economic landscape, the report states. About FGB Big Top, LLC FGB Big Top, LLC, based in Las Vegas, Nevada, operates food and beverage services within hospitality and entertainment venues. The company is part of the Feel Good Brands corporate structure and functions as an operating entity within a group that includes multiple restaurant-related businesses. FGB Big Top, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-12403) on April 16, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Ryan A. Andersen, Esq. of ANDERSEN BEEDED WEISENMILLER. FGB BIG: Seeks to Tap Andersen Beeds Weisenmiller as Legal Counsel ------------------------------------------------------------------ FGB Big Top, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Andersen Beede Weisenmiller as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the Chapter 11 case; (c) take all necessary action to protect and preserve the bankruptcy estate; (d) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (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 any sale of assets; (g) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the bankruptcy estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its Chapter 11 case. The firm will be paid at these hourly rates: Ryan Andersen, Attorney $690 Mike Beede, Attorney $650 Mark Weisenmiller, Attorney $650 Tali Frey, Attorney $350 Paralegals $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $20,000 from the Debtor. Mr. Andersen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan A. Andersen, Esq. Andersen Beede Weisenmiller 3199 E. Warm Springs Rd., Ste. 400 Las Vegas, NV 89120 Telephone: (702) 522-1992 Facsimile: (702) 825-2824 Email: ryan@abwfirm.com About FGB Big Top LLC FGB Big Top, LLC, based in Las Vegas, Nevada, operates food and beverage services within hospitality and entertainment venues. The company is part of the Feel Good Brands corporate structure and functions as an operating entity within a group that includes multiple restaurant-related businesses. FGB Big Top sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-12403) on April 16, 2026. In the petition signed by Wm. Lincoln Spoor, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor tapped Ryan A. Andersen, Esq., at Andersen Beede Weisenmiller as counsel. FLOURISH RESTAURANTS: Seeks to Tap Jones & Walden as Legal Counsel ------------------------------------------------------------------ Flourish Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ the law firm of Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with the Debtor and represent it with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm's counsel will be paid at these hourly rates: Attorneys $225 - $500 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. Thomas McClendon, Esq., a partner at Jones & Walden, 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: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: TMcClendon@joneswalden.com About Flourish Restaurants LLC Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55162) on April 17, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Sandra Toledo, manager, signed the petition. Judge Jonathan W. Jordan presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as counsel. FORT DEFIANCE: Seeks to Tap Mesch Clark Rothschild as Legal Counsel ------------------------------------------------------------------- Fort Defiance Housing Corporation, doing business as Sandstone Housing, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Mesch Clark Rothschild as counsel. The firm's services include: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation and management of its property; (b) take necessary actions to recover certain property (c) prepare on behalf of the Debtor the necessary legal documents; and (d) perform all other legal services that the Debtor deems necessary. The firm will be paid at these hourly rates: Frederick Petersen, Attorney $450 Isaac Rothschild, Attorney $450 Other Attorneys $300 - $450 Paraprofessionals $125 - $265 In addition, the firm will seek reimbursement for expenses incurred. Mr. Rothschild 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: Isaac D. Rothschild, Esq. Mesch Clark Rothschild 259 North Meyer Avenue Tucson, AZ 85701 Telephone: (520) 624-8886 Facsimile: (520) 798-1037 Email: irothschild@mcrazlaw.com About Fort Defiance Housing Corporation Fort Defiance Housing Corporation, doing business as Sandstone Housing Corp., is an Albuquerque, New Mexico-based nonprofit housing organization that owns, manages and operates affordable housing projects on the Navajo Nation in Arizona and New Mexico. Organized in the late 1960s, it serves low-and moderate-income families and works with HUD, USDA and NAHASDA programs. Fort Defiance Housing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03754) on April 17, 2026. In the petition signed by Shelby Garcia, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Paul Sala oversees the case. Frederick J. Petersen, Esq., at Mesch Clark Rothschild, represents the Debtor as counsel. FREE SPEECH: Texas SC Urged to Restore Infowars Lease to The Onion ------------------------------------------------------------------ Aaron Keller of Law360 Bankruptcy Authority reports that the families of Sandy Hook victims have urged the Texas Supreme Court to permit a receiver to lease Alex Jones' Infowars platform to an entity tied to The Onion. The proposal is aimed at maintaining the value of the media assets during ongoing legal proceedings. According to the filing, the lease would generate income that could be used to satisfy judgments against Jones, while also preventing the assets from losing value. The victims argued that delaying or blocking the arrangement could harm their ability to recover damages. The issue arises as courts continue to oversee efforts to monetize Infowars assets following defamation rulings tied to Jones' false claims about the 2012 school shooting. A decision from the state's high court will determine whether the lease can move forward, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FREEDOM FOREVER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Freedom Forever, LLC received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use the cash collateral of its secured creditors to fund operations. Under the interim order, the Debtor is authorized to use the cash collateral of SolarEdge Technologies, Inc. and Tesla, Inc. to pay the expenses set forth in its budget. The Debtor needs access to cash collateral to continue operations as its large U.S. residential solar installation business depends on completing projects to generate revenue. Without it, operations would cease, undermining reorganization efforts and reducing collateral value and creditor recoveries. As of the petition date, the Debtor had about $155 million in pre-bankruptcy debt, including roughly $105 million owed to SolarEdge (secured by a first-priority lien on most assets); $23 million to Tesla (secured by liens on inventory and receivables); and additional amounts to EnFin Corp. and other creditors, all closely tied to its ability to complete solar installation projects. To protect their interests, SolarEdge and Tesla will receive replacement liens on pre-petition collateral and post-petition assets, with the same extent and priority as before the Chapter 11 filing. These replacement liens do not apply to Chapter 5 claims and causes of action and are subject to the fee carveout. As additional protection, SolarEdge will receive superpriority administrative expense claims senior to other administrative expense claims but junior to the carveout. Both creditors have the right to request additional or alternative forms of protection. The Debtor's right to use cash collateral terminates upon appointment of a Chapter 11 trustee or examiner or upon conversion of the Debtor's bankruptcy case to one under Chapter 7. The court will hold a final hearing on May 14. The order is available at https://is.gd/ztDJgB from PacerMonitor.com. SolarEdge, as first-lien lender, is represented by: Stuart M. Brown, Esq. Roxanne M. Eastes, Esq. DLA Piper LLP (US) 1201 North Market Street, Suite 1200 Wilmington, DE 19801 Telephone: (302) 468-5700 Facsimile: (302) 394-2341 stuart.brown@us.dlapiper.com roxanne.eastes@us.dlapiper.com -- and -- C. Kevin Kobbe, Esq. DLA Piper LLP (US) 650 South Exeter Street, Suite 1100 Baltimore, MD 21202 Telephone: (410) 580-4189 Facsimile: (410) 580-3189 kevin.kobbe@us.dlapiper.com Tesla, as junior lienholder, is represented by: Jody C. Barillare, Esq. Morgan, Lewis & Bockius, LLP 1201 N. Market Street, Suite 2201 Wilmington, DE 19801 Telephone: (302) 574-3000 Facsimile: (302) 574-3001 jody.barillare@morganlewis.com -- and -- Stephan E. Hornung, Esq. Morgan, Lewis & Bockius LLP 101 Park Avenue New York, NY 10178 Telephone: (212) 309-6000 Facsimile: (212) 309-6001 stephan.hornung@morganlewis.com -- and -- Melissa Y. Boey, Esq. Morgan, Lewis & Bockius LLP 1400 Page Mill Road Palo Alto, CA 94304 Telephone: (650) 843-4000 Facsimile: (650) 843-4001 melissa.boey@morganlewis.com About Freedom Forever LLC Freedom Forever, LLC is a Temecula, California-based residential solar installation company that serves homeowners in more than 30 states. It operates as an engineering, procurement and construction platform, providing solar panel installation, energy storage and financing services through employees and independent authorized dealers. It also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. In the petition signed by Brett Bouchy, manager, the Debtor disclosed assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. Judge Brendan Linehan Shannon oversees the case. Curtis S. Miller, Esq., at Morris, Nichols, Arsht & Tunnell, LLP, represents the Debtor as legal counsel. Kroll Restructuring Administration, LLC is the Debtor's claims and noticing agent. FRESHREALM INC: Proposes Timeline for Chapter 11 Asset Sale ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that FreshRealm, a provider of meal kits and food services, has asked a New Jersey bankruptcy court to approve bidding and sale procedures aimed at completing an asset sale by mid-June. The motion outlines a structured process to attract buyers and finalize a transaction within a tight timeframe. The proposed procedures include selecting a stalking horse bidder, setting deadlines for competing offers, and holding an auction if multiple bids emerge. FreshRealm said the approach balances the need for speed with the goal of achieving the highest value for its assets, the report states The debtor is seeking prompt court approval so it can move forward with the sale process. A hearing to approve the winning bid would take place shortly after the auction, as the company works to conclude its Chapter 11 restructuring, according to Law360. About FreshRealm Inc. FreshRealm, Inc. is a food technology company focused on producing and distributing fresh meal kits and ready-to-eat meals for retailers and consumer brands. FreshRealm, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14656) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities in the range of $100 million to $500 million. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Warren A. Usatine, Esq. and Michael D. Sirota, Esq. of Cole Schotz P.C. FRESHREALM INC: Taps Kroll Restructuring as Administrative Advisor ------------------------------------------------------------------ FreshRealm, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Kroll Restructuring Administration LLC to serve as administrative advisor. The firm will provide these services: (a) provide consulting services regarding legal noticing, claims, management, and reconciliation; (b) assist with among other things, the preparation of confidential online workspaces and data rooms; (c) assist with, among other things, the preparation of the Debtors' Schedules and Statements and the gathering of data in conjunction therewith; (d) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties-in-interest, including, if applicable, brokerage firms, bank back-offices, and institutional holders; (e) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (f) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (g) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the Claim Agent Application, as may be requested from time to time by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. Prior to the Petition Date, the Debtors provided Kroll an advance in the amount of $50,000, which Kroll seeks to hold as security for payment of its final invoice. The claims and noticing hourly rates of the firm are: Analyst $30 - $50 Technology Consultant $55 - $95 Consultant $75 - $165 Senior Consultant $175 Director $175 - $185 Kroll Restructuring Administration LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors' estates, according to court filings. The firm can be reached at: Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 Telephone: (212) 257-5450 E-mail: Legal@kbs.kroll.com About FreshRealm Inc. FreshRealm, Inc. is a food technology company focused on producing and distributing fresh meal kits and ready-to-eat meals for retailers and consumer brands. FreshRealm, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14656) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities in the range of $100 million to $500 million. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Warren A. Usatine, Esq. and Michael D. Sirota, Esq. of Cole Schotz P.C. GAV REST: Hires Morrison-Tenenbaum PLLC as Bankruptcy Counsel ------------------------------------------------------------- GAV Rest. Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison-Tenenbaum, PLLC as its counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor-in- possession in the management of its estate; b. assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; c. negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; e. appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and f. performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive these hourly rates: Partners $550 to $895 per hour Senior Counsel $595 per hour Associates $380 per hour Paraprofessionals $250 per hour The firm received a retainer in the amount of $4,500. The firm is a "disinterested party" within the meaning of Secs. 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About GAV Rest. Corp. GAV Rest. Corp. operates in the restaurant industry. GAV Rest. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45403) on November 11, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Lawrence Morrison, Esq. GEDDO CORPORATION: Hires Winthrop Golubow Hollander as Counsel -------------------------------------------------------------- Geddo Corporation and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Winthrop Golubow Hollander LLP as general insolvency counsel. The firm's services include: 1. advising and assisting the Debtors with respect to compliance with the requirements of the Office of the U.S. Trustee; 2. advising the Debtors regarding matters of bankruptcy law, including the rights and remedies of the Debtors in regard to their assets and the claims of their creditors; 3. representing the Debtors in any proceedings or hearings in this Court and in any proceedings in any other court where the Debtors' rights under the Bankruptcy Code may be litigated or affected; 4. conducting examinations of witnesses, claimants, or adverse parties and preparing, and assisting the Debtors in the preparation of, reports, accounts, and pleadings related to the Debtors' cases; 5. advising the Debtors concerning the requirements of the Bankruptcy Code, the Bankruptcy Rules, and LBR; 6. filing any motions, applications, or other pleadings appropriate to effectuate the Debtors' reorganization; 7. reviewing claims filed in the Debtors' cases, and, if appropriate, preparing and filing objections to disputed claims; 8. assisting the Debtors in the negotiation, formulation, confirmation, and implementation of their Chapter 11 plan; 9. taking such other action and performing such other services as the Debtors may require of the Firm in connection with their cases; and 10. addressing any other bankruptcy-related issues that may arise in the Debtors' cases. The firm will be paid as follows: Attorneys Marc J. Winthrop $995 Robert E. Opera $995 Sean A. O’Keefe, Of Counsel $995 William N. Lobel, Of Counsel $995 Richard H. Golubow $895 Garrick A. Hollander $895 Peter W. Lianides $895 Jordyn M. Paperny $695 Paralegals/Legal Assistants Jeannie Martinez $325 Silvia Villegas $225 The firm had originally received a prepetition retainer of $270,000. Winthrop Golubow Hollander, LLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Garrick A. Hollander, Esq. Winthrop Golubow Hollander, LLP 1301 Dove Street, 5th Floor Newport Beach, CA 92660 Phone: (949) 720-4150 Email: ghollander@wghlawyers.com About Geddo Corporation Geddo Corporation is a business entity operating in the United States, though specific operational details were not disclosed in initial filings. Geddo Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11022) on March 31, 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 Mark D. Houle handles the case. The Debtor is represented by Garrick A. Hollander, Esq., of Garrick A. Hollander, LLP. GENERACION MEDITTERRANEA: Commences Exchange Offer for 2031 Notes ----------------------------------------------------------------- Generacion Mediterranea S.A. and Central Termica Roca S.A. announced the commencement of an offer to holders thereof to exchange any and all of the Companies' outstanding 11.000% Senior Secured Notes due 2031 for the Companies' newly issued Senior Secured Fixed Rate Step-Up Notes due 2034and Value Recovery Notes due 2036: * Title of Existing Notes(1): 11.000% Senior Secured Notes due 2031 * CUSIP/ISIN: * 36875KAJ0 / US36875KAJ07 (Regulation S) * 46214AG0 / USP46214AG00 * Principal Amount of Existing Notes(2): US$353,963,822 * Exchange Consideration(3) (Early): * New Notes Consideration(4): US$1,000 in principal amount of New Notes * VRI Notes Consideration(6): US$156 in principal amount of VRI Notes * Exchange Consideration(3) (Late): * New Notes Consideration(4): US$950 in principal amount of New Notes * VRI Notes Consideration(6): US$148 in principal amount of VRI Notes * Cash Consideration(5): US$5 Notes: 1. The Existing Notes are currently listed on BYMA and traded on A3 Mercados (each as defined herein). 2. No scheduled amortizations, voluntary redemptions or repurchases have been made in respect of the Existing Notes since the first issue date thereof. 3. Per US$1,000 principal amount of the Existing Notes validly tendered, and not validly withdrawn and accepted for exchange in the Exchange Offer. 4. If the restructuring of the Existing Notes is consummated pursuant to the Exchange Offer, claims of holders of Existing Notes shall include the following (such aggregate amount, the "Total Claims"): (i) the principal amount of Existing Notes, plus (ii) the full aggregate amount of accrued and unpaid interest at the non-default rate of interest under the Existing Notes from (and including) the first date of issuance of the Existing Notes (which was October 30, 2024) to (but excluding) the applicable Settlement Date (as defined in the Exchange Offer Memorandum and Solicitation Statement), less (iii) any and all amounts of interest paid out of the collateral enforcement proceeds starting from October 2025 to (but excluding) the applicable Settlement Date (as defined in the Exchange Offer Memorandum and Solicitation Statement). As a result, Eligible Holders that validly tender and do not validly withdraw their Existing Notes on or prior to the Early Participation Date (as defined herein) shall receive a principal amount of New Notes equal to 100% of their Total Claims. Eligible Holders that validly tender and do not validly withdraw their Existing Notes after the Early Participation Date shall receive New Notes in an aggregate principal amount equal to 95% of their Total Claims. As of the date of the Exchange Offer Memorandum and Solicitation Statement (i) an amount equal to US$58,836,653.08 corresponds to accrued and unpaid interest on the outstanding Existing Notes (or US$166 per US$1,000 principal amount of Existing Notes) since the first issue date thereof, and (ii) an aggregate amount equal to US$12,382,101.15 (or US$34 per US$1,000 principal amount of Existing Notes) has been applied towards accrued and unpaid interest on the Existing Notes in connection with the collateral enforcement actions taken by holders of Existing Notes. The aggregate amount of accrued interest at the non-default rate of interest under the Existing Notes and the aggregate amount of collateral enforcement actions in respect of the Existing Notes shall be rounded down to the nearest US$1.00 principal amount of such New Notes. These amounts shall be adjusted (i) per diem based on the actual Settlement Date (considering that the Companies may elect to exercise the Early Settlement Right (as defined herein) or may elect to extend the Expiration Date), and (ii) based on collections related to the collateral enforcement actions in respect of the Existing Notes after the date of the Exchange Offer Memorandum and Solicitation Statement to (but excluding) the actual Settlement Date. As a result, an additional principal amount of New Notes equal to US$0.31 per US$1,000 principal amount of Existing Notes per diem shall be received for interest accruing on the Existing Notes after the date of the Exchange Offer Memorandum and Solicitation Statement (subject to adjustments based on any collections related to the collateral enforcement actions as set forth above). Collateral enforcement proceeds for April were converted to U.S. dollars for illustrative purposes using the exchange rate of Ps.1,391 per US$1.00, which is the exchange rate published by the Central Bank of the Argentine Republic ("BCRA") (Communication "A" 3500 of the BCRA, as amended) as of April 30, 2026. Actual amount in U.S. dollars applied by the collateral agent of the Existing Notes may differ. 5. Per US$1,000 principal amount of the Existing Notes validly tendered, and not validly withdrawn and accepted for exchange in the Exchange Offer. Payment of the Cash Consideration is subject to satisfaction of the Minimum Participation Condition (as defined herein). The Cash Consideration corresponds to a portion of unpaid defaulted interest under the Existing Notes accrued until the Settlement Date. No payment of any additional default interest under the Existing Notes is expected to be made or recognized by the Companies. 6. The VRI Notes, together with the VRI Local Notes will be issued in an initial aggregate principal amount of up to US$60,000,000, allocated on a pro rata basis between the aggregate principal amount of the Existing Notes and the Reference Local Notes (as defined in the Exchange Offer Memorandum and Solicitation Statement). Eligible Holders of Existing Notes that validly tender on or prior to the Early Participation Date shall receive a principal amount of VRI Notes equal to US$156 per US$1,000 principal amount of Existing Notes. Eligible Holders that validly tender and do not validly withdraw their Existing Notes after the Early Participation Date shall receive a principal amount of VRI Notes equal to US$148 per US$1,000 principal amount of Existing Notes. The Early VRI Notes Consideration and the Late VRI Notes Consideration (as such terms are defined herein) per US$1,000 principal amount of the Existing Notes validly tendered and not validly withdrawn, have been calculated by dividing such maximum principal amount of VRI Notes by the total outstanding principal amount of the Existing Notes as of the date of the Exchange Offer Memorandum and Solicitation Statement. Eligible Holders validly tendering (and not validly withdrawing) their Existing Notes (x) (i) on or prior to the Early Participation Date will be eligible to receive (A) US$1,000 in principal amount of New Notes per each US$1,000 principal amount of Existing Notes (the "Early New Notes Exchange Consideration"), and (B) US$156 in principal amount of VRI Notes per each US$1,000 principal amount of Existing Notes (the "Early VRI Notes Consideration," and together with the Early New Notes Consideration, the "Early Exchange Consideration"), or (ii) after the Early Participation Date but on or prior to the Expiration Date will be eligible to receive (A) US$950 in principal amount of New Notes per each US$1,000 principal amount of Existing Notes (the "Late New Notes Consideration"), and (B) US$148 in principal amount of VRI Notes per each US$1,000 principal amount of Existing Notes (the "Late VRI Notes Consideration," and together with the Late New Notes Consideration, the "Late Exchange Consideration") and (y) at any time on or before the Expiration Date will be eligible to receive on the applicable Settlement Date, an amount in cash equal to US$5.00 per each US$1,000 in principal amount of Existing Notes (the "Cash Consideration," and together with the Early Exchange Consideration or the Late Exchange Consideration, as applicable, the "Exchange Consideration").. In addition to the applicable Exchange Consideration, if the restructuring of the Existing Notes is consummated pursuant to the Exchange Offer, Eligible Holders that validly tender and do not validly withdraw their Existing Notes (x) on or prior to the Early Participation Date, shall receive New Notes in an aggregate principal amount equal to 100% of the accrued and unpaid interest at the non-default rate of interest under the Existing Notes through (but excluding) the applicable Settlement Date, less any and all amounts of interest paid out of the collateral enforcement proceeds starting from October 2025 through (but excluding) the applicable Settlement Date, and (y) after the Early Participation Date, shall receive New Notes in an aggregate principal amount equal to 95% of the accrued and unpaid interest at the non-default rate of interest under the Existing Notes through (but excluding) the applicable Settlement Date, less any and all amounts of interest paid out of the collateral enforcement proceeds starting from October 2025 through (but excluding) the applicable Settlement Date. The aggregate amount of accrued interest at the non-default rate of interest under the Existing Notes and the aggregate amount of collateral enforcement actions in respect of the Existing Notes shall be rounded down to the nearest US$1.00 principal amount of such New Notes. The Companies are also soliciting consents of the holders of the Existing Notes (the "Consent Solicitation") to amend certain provisions of the Existing Notes Indenture (as defined in the Exchange Offer Memorandum and Solicitation Statement) and terminate or amend the Collateral Documents (as defined in the Existing Notes Indenture, the "Existing Collateral Documents") in order to (i) substantially eliminate the restrictive covenants and certain events of default with respect to the Existing Notes (the "Proposed Indenture Amendment"), (ii) change the governing law of the Existing Notes Indenture to the laws of England and Wales (which amendment shall only be implemented to the extent the Exchange Offer is not consummated pursuant to its terms and the Companies and the Ad Hoc Group (as defined in the Exchange Offer Memorandum and Solicitation Statement) decide to pursue an English scheme of arrangement (the "Scheme") under Part 26 of the Companies Act 2006, filed with the Companies Court, Chancery Division of the High Court of Justice of England and Wales) (the "Proposed Scheme Amendment"), and (iii) release all of the collateral securing the Existing Notes, direct each of the Existing Notes Trustee, the Argentine Collateral Agent and the Onshore Trustee to release all of the collateral securing the Existing Notes and execute all documents necessary to release all of the collateral securing the Existing Notes, including amendments to and/or terminations of the Existing Collateral Documents (the "Proposed Amendment to Release Collateral" and together with the Proposed Indenture Amendment and the Proposed Scheme Amendment, the "Proposed Amendments"). The consummation of the Exchange Offer requires a participation of holders representing at least 85% of the aggregate principal amount of the Existing Notes then outstanding (the "Minimum Participation Condition"). In accordance with the Restructuring Support Agreement (as defined below), the Minimum Participation Condition can only be waived with the consents required thereunder. Holders of the Existing Notes that are not party to the Restructuring Support Agreement are not beneficiaries of the rights set forth therein. In accordance with the Existing Notes Indenture, if holders of 85% in aggregate principal amount of the outstanding Existing Notes consent to the Proposed Amendment to Release Collateral, the collateral securing the Existing Notes may be released. In such case, upon the release of such collateral, if the Companies determine that the applicable majorities required by the Argentine Bankruptcy Law No. 24,522 and its amendments (Ley de Concursos y Quiebras) to request judicial approval of an Companies' out-of-court reorganization agreement (acuerdo preventivo extrajudicial or "APE") may be met, the Companies may take any actions required to call a special bondholders' meeting to consider the inclusion of any Existing Notes that remain outstanding in the APE that is being sought under the Concurrent Unsecured Offerings (as defined in the Exchange Offer Memorandum and Solicitation Statement). On March 20, 2026, we entered into a restructuring support agreement (the "Restructuring Support Agreement") with certain holders of Existing Notes which as of the date of the Exchange Offer Memorandum and Solicitation Statement hold approximately 43.45% in aggregate principal amount of the outstanding Existing Notes (including holders of Existing Notes that have joined the Restructuring Support Agreement after its execution date, the "Supporting Noteholders"), whereby the Supporting Noteholders agreed to tender all of their Existing Notes in the Exchange Offer and provide their consents in the Consent Solicitation at or prior to the Expiration Date, subject to the terms and conditions of the Exchange Offer Memorandum and Solicitation Statement. The Exchange Offer and the Consent Solicitation are referred to herein as the "Offer and Solicitation." The Offer and Solicitation is being made pursuant to the terms set forth in a confidential Exchange Offer Memorandum and Solicitation Statement, dated May 4, 2026 (the "Exchange Offer Memorandum and Solicitation Statement"). Only holders of Existing Notes who have returned a duly completed eligibility letter (the "Eligibility Letter") certifying that such holder is either (1) an institutional accredited investor (of the type specified in Rule 501(a)(1), (2), (3), (7) or (8) of Regulation D under the U.S. Securities Act of 1933, as amended (the "Securities Act")) that is also "qualified institutional buyers" as defined in Rule 144A under the Securities Act; or (2) a person other than "U.S. persons" (as defined in Rule 902 of Regulation S under the Securities Act) and who are not acquiring New Notes or VRI Notes for the account or benefit of a U.S. person, in an offshore transaction in compliance with Regulation S under the Securities Act, are authorized to receive and review the Exchange Offer Memorandum and Solicitation Statement and to participate in the Offer and Solicitation (such holders, the "Eligible Holders"). The Offer and Solicitation will expire at 5:00 p.m. (New York City time) on June 2, 2026, unless extended (such time and date, as it may be extended, the "Expiration Date"). The Early Participation Date is at or prior to 5:00 p.m. (New York City time) on May 19, 2026, unless extended (the "Early Participation Date"). Eligible Holders may not tender their Existing Notes without delivering their consents pursuant to the Consent Solicitation and may not deliver their consents without tendering their Existing Notes pursuant to the Exchange Offer. The valid tender of Existing Notes by an Eligible Holder pursuant to the Exchange Offer will be deemed to constitute the valid delivery of a consent by such Eligible Holder to the Proposed Amendments in the Consent Solicitation. No separate consent payment or fee is being offered or will be paid to Eligible Holders in the Consent Solicitation or otherwise be paid to holders to compensate them for the unavailability to dispose of their Existing Notes. Any Existing Notes that have been validly tendered pursuant to the Exchange Offer may be validly withdrawn, and the related consents to the Proposed Amendments that have been validly delivered may be validly revoked, at any time at or prior to 5:00 p.m. (New York City time) on May 19, 2026 (the "Withdrawal and Revocation Date"), but not thereafter, except as may be required by applicable law. The New Notes and the VRI Notes will be issued under the Companies' existing US$1,300,000,000 program for the issuance of non-convertible notes and pursuant to the terms and conditions approved by the shareholders and board meetings of the Companies (the "Notes Program"). The Companies' Notes Program was approved by their shareholders on August 8, 2017, February 4, 2019, August 5, 2020, April 19, 2022, May 16, 2023 and December 11, 2025, by their board of directors on August 10, 2018, February 4, 2019, August 5, 2020, February 19, 2021, April 19, 2022, May 22, 2023, January 14, 2024, and December 11, 2025, and authorized by the CNV by Resolution No. RESFC-2017-18947-APN-DIR#CNV, dated September 26, 2017, Resolution No. RESFC-2019-20111-APN-DIR#CNV dated March 8, 2019, Disposition No. DI-2020-43-APNGE# CNV dated September 10, 2020, Disposition No. DI-2021-2-APN-GE#CNV dated February 23, 2023, Disposition No. DI-2022-28-APN-GE#CNV dated June 2, 2022, Disposition No. DI-2023-31-APN-GE#CNV dated July 5, 2023, Disposition No. DI2024-11-APN-GE#CNV dated February 23, 2024, and Disposition No. DI2026-11-APN-GE#CNV dated January 29, 2026. The CNV authorization of the Argentine Prospectus (as defined hereinafter) means only that the information contained in the Argentine Prospectus relating to the public offering of the notes (obligaciones negociables) under the Notes Program complies with the information requirements of the CNV. In Argentina, the New Notes and the VRI Notes will be offered under the Notes Program prospectus dated November 27, 2025, as amended by the addendum dated February 20, 2026 (the "Argentine Prospectus"), a prospectus supplement dated April 30, 2026 (the "Argentine Supplementary Prospectus"), a prospectus supplement and consent solicitation dated on or about the date of the Exchange Offer Memorandum and Solicitation Statement (the "Argentine Prospectus Supplement" and, together with the Argentine Prospectus and the Argentine Supplementary Prospectus, the "Argentine Offering Documents"), in the Spanish language. The CNV has not rendered and will not render any opinion with respect to the accuracy of the information contained in the Argentine Offering Documents or the Exchange Offer Memorandum and Solicitation Statement. The Exchange Offer Memorandum and Solicitation Statement is not intended for Eligible Holders in Argentina. Eligible Holders in Argentina are urged to read, must follow the procedures set forth in, and must rely exclusively on, the Argentine Offering Documents. The Argentine Offering Documents are substantially similar in all material respects to the Exchange Offer Memorandum and Solicitation Statement, other than with respect to the description of U.S. securities and tax laws that are relevant to the New Notes and the VRI Notes, and that the Argentine Offering Documents contain certain additional information in compliance with CNV requirements. The Argentine Offering Documents will be available on the websites of the Companies, the CNV, the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos S.A., or "BYMA") and A3 Mercados S.A., formerly known as Mercado Abierto Electronico S.A. ("A3 Mercados"). Banco de Servicios y Transacciones S.A.U. and SBS Trading S.A. have been appointed as Argentine information agents by the Companies (the "Argentine Information Agents"), under the local agency agreement, and related to the participation in the Offer and Solicitation directed to Eligible Holders who are Argentine residents, answering questions and providing assistance to such holders, in coordination with the Global Coordinator, Dealer Manager and Solicitation Agent's efforts outside Argentina. Eligible Holders that hold Securities through Euroclear S.A./N.V. ("Euroclear"), Clearstream Banking, societe anonyme ("Clearstream") or Caja de Valores S.A. ("Caja de Valores") must also comply with the applicable procedures of Euroclear, Clearstream or Caja de Valores, as applicable, in connection with a tender of Existing Notes, including arranging for a direct participant in Euroclear, Clearstream or Caja de Valores to submit their tenders and deliver consents by delivering a valid electronic instruction, to Euroclear, Clearstream or Caja de Valores, as applicable, in accordance with the procedures and deadlines specified by Euroclear, Clearstream or Caja de Valores, as applicable, at or prior to the relevant times and dates set forth under the terms of the Offer and Solicitation. Each of Euroclear, Clearstream and Caja de Valores is an indirect DTC participant. The Argentine Information Agents will not participate in such process, nor will they be authorized to receive, process or execute instructions from Eligible Holders, or to intervene in the settlement, crediting or transfer of securities, and will not assume any liability in connection with such processes. Only Eligible Holders of Existing Notes are authorized to receive and review the Exchange Offer Memorandum and Solicitation Statement and to participate in the Offer and Solicitation. The Exchange Offer Memorandum and Solicitation Statement will be distributed only to Eligible Holders of Existing Notes who validly complete and submit an Eligibility Letter certifying that they satisfy the eligibility requirements for purposes of the Exchange Offer. Eligible Holders who desire to complete an electronic eligibility letter should access the website https://projects.sodali.com/albanesi2031 (the "Exchange Offer Website") operated by Morrow Sodali International LLC, trading as Sodali & Co, the information and exchange agent's website for the Offer and Solicitation (the "Information and Exchange Agent"). The Exchange Offer Memorandum and Solicitation Statement and other documents related to the Offer and Solicitation are available to Eligible Holders at the Exchange Offer Website. The New Notes and VRI Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom. The Companies' obligation to accept and exchange the Existing Notes of any series validly tendered in the Offer and Solicitation is conditioned upon, among other conditions, the satisfaction of the Minimum Participation Condition. In accordance with the Restructuring Support Agreement, the Minimum Participation Condition can only be waived with the consents required thereunder. Holders of the Existing Notes that are not party to the Restructuring Support Agreement are not beneficiaries of the rights set forth therein. The Companies have the right, at their sole discretion, to elect, at any time following the Withdrawal and Revocation Date but on or prior to the Expiration Date, to accept for exchange the Existing Notes validly tendered, and not validly withdrawn, at or prior the Expiration Date, and issue the corresponding amount of New Notes and VRI Notes in exchange for such Existing Notes; provided that all conditions of the Offer and Solicitation and the Restructuring Support Agreement have been satisfied or, to the extent applicable, waived by us (the "Early Settlement Right"). If the Companies exercise the Early Settlement Right, the date the New Notes and VRI Notes will be issued and the Cash Consideration will be paid is expected to be the tenth business day after the date on which the Early Settlement Right is exercised (the "Early Settlement Date"). If the Early Settlement Date has occurred prior to the Expiration Date, the date additional New Notes and the additional VRI Notes will be issued, and the applicable Exchange Consideration will be delivered in exchange for any Existing Notes validly tendered, and not validly withdrawn, on or prior to the Expiration Date, and accepted for exchange (such date, the "Final Settlement Date"). If no Early Settlement Date has occurred prior to the Expiration Date, the initial date on which the New Notes and the VRI Notes will be issued, and the Exchange Consideration will be delivered in exchange for any Existing Notes validly tendered, and not validly withdrawn, on or prior to the Expiration Date, and accepted for exchange (such date, the "Settlement Date"). THE NEW NOTES AND THE VRI NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. THE EXCHANGE OFFER IS BEING MADE, AND THE NEW NOTES ARE BEING OFFERED ONLY TO HOLDERS OF EXISTING NOTES (1) IN THE UNITED STATES, WHO ARE "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) AND (2) OUTSIDE THE UNITED STATES AND CHILE, WHO ARE PERSONS OTHER THAN "U.S. PERSONS" (AS DEFINED IN RULE 902 UNDER THE SECURITIES ACT) IN OFFSHORE TRANSACTIONS IN RELIANCE UPON THE EXEMPTIONS AFFORDED BY REGULATION S UNDER THE SECURITIES ACT. Any questions or requests for assistance in connection with the Offer and Solicitation may be directed to the Information and Exchange Agent via email to albanesi@investor.sodali.com, or at the telephone numbers +1 (203) 658-9457 (New York, United States) or +44 (20) 4513-6933 (London, United Kingdom). Eligible Holders may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer and Solicitation. BCP Securities, Inc. is acting as global coordinator and dealer manager for the Exchange Offer and solicitation agent for the Consent Solicitation (the "Global Coordinator, Dealer Manager and Solicitation Agent"). None of the Companies, the Information and Exchange Agent, the Global Coordinator, Dealer Manager and Solicitation Agent, the Argentine Information Agents nor any of their respective directors, officers, employees or affiliates, makes any recommendation as to whether Eligible Holders should tender or refrain from tendering all or any portion of their Existing Notes in response to the Offer and Solicitation. None of the Companies, the Information and Exchange Agent, the Global Coordinator, Dealer Manager and Solicitation Agent, the Argentine Information Agents nor any of their respective affiliates, directors, officers, employees or, has authorized any person to give any information or to make any representation in connection with the Offer and Solicitation other than the information and representations contained in the Exchange Offer Memorandum and Solicitation Statement. GENESIS HEALTHCARE: Chapter 11 Stay Extension Overturned on Appeal ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a Texas federal judge has overturned a bankruptcy court order in Genesis Healthcare’s Chapter 11 proceedings that protected nondebtor affiliates from lawsuits, citing “several errors” in the original ruling. The decision removes an extension of the automatic stay that had temporarily blocked claims against related parties. According to the judge, the bankruptcy court failed to properly apply the legal framework required to justify extending protections beyond the debtor. The opinion noted that such relief is considered exceptional and must be supported by clear and specific findings. With the order vacated, affiliated entities may now face litigation that had been paused during the bankruptcy case. The matter will return to the bankruptcy court, where further consideration will be required in light of the appellate ruling, 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. GENTLEMAN'S CAVE: Seeks to Tap Charles Tyler Sr. as Legal Counsel ----------------------------------------------------------------- The Gentleman's Cave Luxury Barber Lounge seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Charles Tyler., Sr., Esq., an attorney practicing in Akron, Ohio, as counsel. The attorney will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation; (b) prosecute any necessary litigation on behalf of the Debtor; (c) represent the Debtor in connection with all matters that may be filed in this Court; (d) prepare on behalf of Debtor all legal papers and pleadings; and (e) perform all other legal services for the Debtor which may be necessary in this proceeding. The hourly rates of the firm's counsel and staff are as follows: Charles Tyler Sr., Attorney $250 Paralegal/Paraprofessional $75 The firm received a retainer in the amount of $10,000 from the Debtor. Mr. Tyler, Sr. 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 Tyler, Sr., Esq. 137 S. Main Street, Suite 206 Akron, OH 44308 Telephone: (330) 665-0910 Facsimile: (330) 665-0718 Email: Charles.tyler@tylerlawoffice.com About The Gentleman's Cave Luxury Barber Lounge The Gentleman's Cave Luxury Barber Lounge sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10854) on March 2, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Judge Suzana Krstevski Koch oversees the case. The Debtor is represented by Charles Tyler, Sr., Esq. GLOBAL BUSINESS: S&P Places 'BB-' ICR on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings placed all its ratings on Global Business Travel Group Inc. (dba Amex GBT), including its 'BB-' issuer credit rating, on CreditWatch with negative implications. The CreditWatch reflects a high likelihood S&P could lower its ratings on Amex GBT given its expectation for higher leverage under financial-sponsor ownership. On May 4, 2024, Amex GBT announced it agreed to be acquired by Long Lake Management Inc., with support from General Catalyst and Alpha Wave in an all-cash transaction at an enterprise value of $6.3 billion. S&P said, "Our CreditWatch negative placement follows Amex GBT's acquisition agreement. Long Lake Management would acquire the company for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion. Although we do not yet have all details regarding the company's capital structure following close in the second half of 2026, we regard Long Lake as a financial sponsor likely to employ a more aggressive financial policy. Amex GBT may carry higher debt than it did under public ownership. Therefore, we will likely reassess Amex GBT's financial risk profile, which could lead to a downgrade. The 'BB-' issuer credit rating reflects our expectation that S&P Global Ratings-adjusted debt to EBITDA will remain below 4x and discretionary cash flow to debt in the 5%-10% area. "The deal is subject to regulatory and shareholder approvals. We understand that Long Lake has secured common and preferred equity and debt financing commitments, including $2.5 billion of debt to finance the transaction. "The CreditWatch with negative implications reflects our view that we will likely lower the issuer credit rating on Amex GBT by one or more notches upon close, which we anticipate to occur in the second half of 2026. We plan to resolve the CreditWatch once the capital structure and financial policy under new ownership becomes clear and is finalized." GLOBAL ENTERPRISE: Hires Tax Workout Group as Bankruptcy Counsel ---------------------------------------------------------------- Global Enterprise of South Florida, Inc., doing business as Global Enterprise Disaster Restoration, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Tax Workout Group, PA as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Andrew Kamensky, Esq., an attorney at Tax Workout 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: Andrew Kamensky, Esq. Tax Workout Group, PA Boca Raton, FL 33432 Telephone: (888) 282-9333 Facsimile: (866) 511-2384 Email: akamensky@twg.law About Global Enterprise of South Florida Global Enterprise of South Florida, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14885) on April 17, 2026, listing under $1 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. Andrew Kamensky, Esq., at Tax Workout Group, PA represents the Debtor as counsel. GLOBAL MEDICAL: S&P Places 'B' ICR on CreditWatch Positive ---------------------------------------------------------- S&P Global Ratings placed all its ratings on Global Medical Response Inc. (GMR), including its 'B' issuer credit rating and 'B' issue-level rating on its senior secured facilities, on CreditWatch with positive implications. S&P plans to resolve the CreditWatch when the IPO transaction is executed and it is able to assess the company's financial policy and leverage levels as a public company. On May 4, 2026, GMR Solutions Inc., parent of Global Medical Response Inc. (GMR) publicly filed an amended S-1 and is closer to executing its intended IPO. The company expects to use proceeds from the new equity offering to pay down outstanding debt. S&P Global Ratings anticipates the proposed IPO will enable the company to reduce its debt leverage well below 5x. GMR plans to use the proceeds of its IPO and private placement of about $1.1 billion to deleverage. The company plans to use $750 million of gross proceeds from the IPO and $350 million of proceeds from private placements to repay about $770 million of its senior secured term loan and redeem $299 million of its 15% dividend accruing preferred equity. Additionally, the company's sponsor, KKR, has agreed to exchange the remaining preferred equity for common. Thus, we expect GMR's S&P Global Ratings-adjusted leverage to improve to 3.8x in 2026 and free operating cash flow (FOCF)/debt to improve to about 10% from the lower term loan and redemption of preferred equity. GMR's 2025 operating performance outperformed S&P's expectations due to favorable increase in net revenue per transport (NRPT), increase in air requests, and exit from less-profitable markets. S&P continues to expect strong operating performance and that GMR will maintain its leverage below 5x and FOCF/debt of over 10% from 2026 onwards. S&P said, "An upgrade is also dependent on our view of GMR's financial policies as a public company. In resolving the CreditWatch placement we will review the company's stated leverage targets and tolerances, and the influence of its private-equity sponsors, which will remain its largest shareholders following the close of the transaction. At that time, S&P expects to upgrade GMR by one notch, to 'B+', largely depending on our confidence that it will generally maintain S&P Global Ratings-adjusted leverage of below 5x. "The CreditWatch positive placement indicates our uncertainty around the timing and success of GMR's IPO, as well as the amount of proceeds it will generate. We expect to resolve the CreditWatch once the company has completed the IPO, we learn the final amount of the offering, and it has finalized the repayment of its debt. At that time, we expect to upgrade GMR by one notch to 'B+'." GOURMET FRUIT: Commences Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On May 1, 2026, Gourmet Fruit Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under 341(a) meeting to be held on June 1, 2026 at 02:15 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 8185618. About Gourmet Fruit Inc. Gourmet Fruit Inc. is a company engaged in the distribution and sale of fresh and specialty fruit products, typically serving retail or wholesale markets. Gourmet Fruit Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42162) on May 1, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by counsel not disclosed in the filing. GRANDE ISLE TOWERS: Section 341(a) Meeting of Creditors on June 4 ----------------------------------------------------------------- On April 27, 2026, Grande Isle Towers I & II Condominium Association, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 4, 2026 at 02:00 PM. U.S. Trustee (Ft. Myers) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 7420722#. About Grande Isle Towers I & II Condominium Association, Inc. Grande Isle Towers I & II Condominium Association, Inc. is a residential condominium association responsible for the management, maintenance, and administration of a multi-unit residential property, including common areas, building operations, and community services for unit owners. Grande Isle Towers I & II Condominium Association, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00951) on April 27, 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 handles the case. The Debtor is represented by Kristopher E. Aungst, Esq. of Paragon Law, LLC. GRAVITY CONSTRUCTION: Hires BFSNG Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Gravity Construction US Inc. 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 hourly rates: Partners $600 to $725 per hour Of Counsel $500 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 $18,262 plus $1,738 filing fee in this matter. Heath S. Berger, Esq., a partner 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 Gravity Construction US Inc. Gravity Construction US Inc. is a construction contractor that provides general contracting services including carpentry, masonry, concrete work, demolition, flooring, and painting for building projects. The company operates in the nonresidential building construction industry and works on commercial and mixed-use development projects in the New York area, with operations based in College Point, New York. Gravity Construction US Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41059) on March 5, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Bo Lin as president. Judge Elizabeth S Stong handles the case. Heath S. Berger, Esq. at BFSNG LAW GROUP, LLP serves as the Debtor's counsel. HALSEY & HALSEY: Hires Lesnick Prince Pappas & Alverson as Counsel ------------------------------------------------------------------ Halsey & Halsey LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Lesnick Prince Pappas & Alverson LLP as counsel. The firm's services include: (a) advise the Debtor regarding its rights, responsibilities, powers and duties in the continued management and operation of its business and properties; (b) advise the Debtor with respect to the rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors and other parties in interest; (c) represent the Debtor in all hearings and proceedings in the Bankruptcy Court involving its estate, and in all related meetings and negotiations with representatives of the creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) take any necessary action on behalf of the Debtor to negotiate, prepare on its behalf and obtain approval of Chapter 11 plans and all related documents; (f) prepare employment and fee applications for professionals; (g) prepare and file or furnish all pleadings and other court filings; (h) represent the Debtor in connection with obtaining authorized use of cash collateral; (i) advise the Debtor in connection with any potential sale of its assets or business; (j) appear before the Court and any appellate courts to represent the interest of the Debtor's estate; (k) object to claims or interests of creditors or other stakeholders as a situation may necessitate; and (l) perform all other necessary or otherwise beneficial legal services for the Debtor in connection with the prosecution of its Chapter 11 case. The firm will be billed at these hourly rates: Christopher Prince, Attorney $775 Matthew Lesnick, Attorney $775 Lisa Patel, Attorney $485 Paralegals $19 In addition, the firm will seek reimbursement for expenses incurred. On or about April 3, 2026, the firm received a retainer in the total amount of $10,000. Mr. Prince 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 E. Prince, Esq. Lesnick Prince Pappas & Alverson LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 Email: cpricne@lesnickprince.com About Halsey & Halsey LLC Halsey & Halsey LLC, a company based in Paso Robles, California, is classified under NAICS 237210 for land subdivision. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10470) on April 6, 2026, with $1 million to $10 million in assets and liabilities. Ryan C. Halsey, member, signed the petition. Christopher E. Prince, Esq., at Lesnick Prince Pappas & Alverson, LLP represents the Debtor as counsel. HAWAII BREWERY: Seeks to Hire 808 BK LLLC as Associate Counsel -------------------------------------------------------------- Hawaii Brewery Development Co., Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Hawaii to hire 808 BK LLLC as associate counsel. The firm will render these services: (a) assist lead counsel with compliance with local standards; (b) communicate with the Debtor's owner; (c) participate in court hearings; and (d) represent the Debtor in court hearings when lead counsel was not available. The firm will be paid at these hourly rates: Lars Peteson $450 Paralegals $160 The firm received an initial retainer of $7,500 from the Debtor. Lars Peterson, Esq., an attorney at 808 BK, 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: Lars Peterson, Esq. 808 BK LLLC 745 Fort St. Mall, Ste. 801 Honolulu, HI 96813 Telephone: (808) 589-1010 Facsimile: (888) 797-7471 Email: lars@808bk.com About Hawaii Brewery Development Co. Inc. Hawaii Brewery Development Co., Inc. is a beverage industry development company engaged in brewery-related real estate, infrastructure, and commercial operations. Hawaii Brewery Development Co., Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 26-00311) on April 16, 2026. In its petition, the Debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor is represented by Lars Peterson, Esq. HAWTHORNE RACE: Comm. Taps Province LLC as Sale Process Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Hawthorne Race Course, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Province, LLC as sale process advisor. The firm's services include: a. executing or assisting in monitoring and sale or capital raise process, review bidding procedures, stalking horse bids, asset purchase agreements, interfacing with the Debtors' professionals, and advising the Committee regarding the process; b. participating in calls, meetings, and negotiations with prospective bidders regarding potential sale transactions; c. assisting the Debtors' advisors in identifying potential buyers in respect of a sale transaction or restructuring of the Debtors' existing operations; d. evaluation any Indication of Interest, bids or other proposals received in respect of a sale transaction or restructuring of the Debtors' existing operations; e. provide expert witness testimony in respect of a sale transaction; and f. undertaking additional necessary activities in furtherance of a successful sale transaction. Province shall receive 50% of the Success Fee upon closing of a successful sale transaction. Adam Rosen, a partner at Province, 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 Rosen Province, LLC 2360 Corporate Circle, Suite 340 Hendersn, NV 89074 Phone: (702) 685-5555 About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HAWTHORNE RACE: Hires Hilco Real Estate as Real Estate Broker ------------------------------------------------------------- Hawthorne Race Course, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Hilco Real Estate, LLC as its real estate broker. The firm's services include: a. meeting with the Debtors to ascertain the Debtors' goals, objectives and financial parameters in selling the Properties; b. soliciting interested parties for the sale of the Properties, and marketing the Properties for sale through an accelerated sales process; c. at the Debtors' direction and on the Debtors' behalf, negotiating the terms of the sale of the properties. Hilco will receive compensation as at these rates: (a) Hilco will be reimbursed for reasonable and necessary expenses; (b) in the event any properties are sold, Hilco shall earn a fee equal to 1.75% of the Transaction Value up to $100,000,000 and shall earn 2% of any incremental Transaction Value above $100,000,000. The total fee will be split 50% to Hilco and 50% to Province as the retained Investment Banker. As disclosed in the court filings, Hilco represents no interest adverse to the Debtors or to their estates in the matters for which Hilco is proposed to be retained and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Azuse Hilco Real Estate, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 Phone: (847) 418-2703 Email: jazuse@hilcoglobal.com About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HAYDEE'S CAFE: Tamara Miles Ogie Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Haydee's Cafe, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Haydee's Cafe LLC Haydee's Cafe, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20624) on April 24, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. HERNANDEZ-LOPEZ & SONS: Taps Law Office of Carl M. Barto as Counsel ------------------------------------------------------------------- Hernandez-Lopez & Sons, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Law Office Of Carl M. Barto as counsel. The firm will render these services: a. analyze the financial situation and render advice and assist the Debtor; b. advise the Debtor with respect to its duties as Debtor; c. prepare and file all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; d. represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; e. represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; f. prepare and file of a disclosure statement and Chapter 11 Plan of Reorganization; and g. assist the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid at these rates: Carl M. Barto $400 per hour Maria Lilia C. Barto $400 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000 as a retainer and $1,738 for filing fees. As disclosed in the court filings, Law Office Of Carl M. Barto is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Carl M. Barto, Esq. Law Office Of Carl M. Barto 817 Guadalupe Laredo, TX 78040 Office: (956) 725-7500 Fax: (956) 722-7639 Email: cmblaw@netscorp.net About Hernandez-Lopez & Sons, Inc. Hernandez-Lopez & Sons, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-50020) on February 20, 2026, listing up to $50,000 in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Carl M. Barto, Esq. at Law Office Of Carl M. Barto serves as the Debtor's counsel. HILLSIDE APARTMENTS: Trustee Taps Cushman & Wakefield as Broker --------------------------------------------------------------- Scott Sackett, the Chapter 11 trustee for Hillside Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Cushman & Wakefield U.S., Inc. as his real estate broker. The firm will market and sell the Debtor's property located at 120-unit apartment building located at 6267 Martin Luther King Jr. Blvd., Sacramento, CA 95824. Cushman has agreed to perform the Services in return for a commission of 2% of the total sales price Cushman is a "disinterested person" within the meaning of Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Michael Mathios Cushman & Wakefield US, Inc. 400 Capitol Mall, Suite 1800 Sacramento, CA 95814 Office: (916) 288-4522 About Hillside Apartments LLC Hillside Apartments, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). Its primary property is a 120-unit apartment building located at 6267 Martin Luther King Jr. Blvd., in Sacramento, California. Hillside Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26602) on November 24, 2025, with between $10 million and $50 million in both assets and liabilities. Asad Khan, manager, signed the petition. Judge Christopher M. Klein oversees the case. Jonathan Madison, Esq., at The Madison Firm, represents the Debtor as legal counsel. HILLVIEW DAIRY: Hires Heartland Trophy Properties as Realtor ------------------------------------------------------------ Hillview Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Heartland Trophy Properties as realtor. The firm will assist the Debtor in its cases with the marketing and sale of land it will require an experienced realtor. Chad Kenyon of Heartland Trophy Properties has agreed to accept 5% of the gross sales price as compensation for his services. Mr. Kenyon assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Chad Kenyon Heartland Trophy Properties 315 E. Maple Street Centerville, IA 52544 Phone: (641) 895-3979 Email: chad@htp.land About Hillview Dairy, Inc. Hillview Dairy, Inc., based in Ollie, Iowa, is a family-owned agricultural operation that originally focused on dairy farming and now encompasses multiple business lines, including beef production, cattle genetics, and landscaping services. Hillview Dairy, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 26-00239) on February 20, 2026, listing $1,486,547 in assets and $1,737,970 in liabilities. The petition was signed by Robert Wonderlich as president. Judge Lee M Jackwig presides over the case. John VanDeVelde, Esq. at BUCKROP & VANDEVELDE, P.C. serves as the Debtor's counsel. HOMES SWEET: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: Homes Sweet Chicago, LLC 10857 S Avenue C Chicago IL 60617 Business Description: Homes Sweet Chicago, LLC is a privately held company that leases real estate properties. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-07530 Debtor's Counsel: David Herzog, Esq. DAVID R HERZOG 53 W. Jackson Blvd., Suite 1442 Chicago IL 60604 Tel: 312-977-1600 E-mail: drh@dherzoglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Miguel Perea as managing member. A copy of the Debtor's list of its four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FYYLYSQ/Homes_Sweet_Chicago_LLC__ilnbke-26-07530__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WOUZH6Y/Homes_Sweet_Chicago_LLC__ilnbke-26-07530__0001.0.pdf?mcid=tGE4TAMA HOMESLEEP LLC: Seeks to Hire Wayne F. Cebollero as Accountant ------------------------------------------------------------- HomeSleep, Limited Liability Company seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Wayne F. Cebollero, CPA PC to serve as its accountant. The firm will provide these services: (a) preparation of monthly operating reports; and (b) preparation of K-1's and 1099's. Wayne F. Cebollero will receive compensation at these rates: preparation of monthly operating reports - $675 per report preparation of Federal 1065 and NJ Partnership Return - $1,200 plus $100 per K-1 Wayne F. Cebollero, CPA PC "does not hold an adverse interest to the estate," "does not represent an adverse interest to the estate," and "is a disinterested person under 11 U.S.C. Sec. 101(14)," according to court filings. The professional can be reached at: Wayne F. Cebollero, CPA WAYNE CEBOLLERO, CPA PC About HomeSleep LLC 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13360) on March 27, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Jonathan Perrone, managing member and chief executive officer, signed the petition. Judge Hon. Mark E. Hall oversees the case. Kenneth L. Baum, Esq. at the Law Offices of Kenneth L. Baum, LLC represents the Debtor as bankruptcy counsel. HOMETOWN CHIROPRACTIC: Seeks to Employ Johnson & Spezia as Counsel ------------------------------------------------------------------ Hometown Chiropractic, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Johnson & Spezia, PLLC to serve as legal counsel. The firm will provide these services: (a) rendering legal advice with respect to the rights, power, and duties of the Debtor in the management of its property; (b) investigating and, if necessary, instituting legal action on behalf of the Debtor to collect and recover assets of the estate of the Debtor; (c) preparing all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assisting and counseling Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) representing Debtor as may be necessary to protect its interests; and (f) performing all other legal services that may be necessary and appropriate in the general administration of Debtor's estate. Johnson & Spezia, PLLC will receive an hourly rate of $500 for attorneys, and $150-$250 for paralegals. Johnson & Spezia, PLLC is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Michelle L. Spezia, Esq. Jennifer L. Johnson, Esq. JOHNSON & SPEZIA, PLLC 302 42nd Avenue North Nashville, TN 37209 Telephone: (615) 386-0075 Facsimile: (615) 864-8419 E-mail: ecfmail@tennessee-bankruptcy.com About Hometown Chiropractic LLC Hometown Chiropractic, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01799) on April 17, 2026. In the petition signed by Anne Peters, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Charles M. Walker oversees the case. Michelle L. Spezia, Esq., at Johnson & Spezia, PLLC, represents the Debtor as legal counsel. HOMETOWN CHRIPRACTIC: Seeks to Hire Johnson & Spezia as Counsel --------------------------------------------------------------- Hometown Chiropractic, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Johnson & Spezia, PLLC as counsel. The firm will provide these services: (a) render legal advice with respect to the rights, power, and duties of the Debtor in the management of its property; (b) investigate and, if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assist and counsel the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) represent the Debtor as may be necessary to protect its interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of the Debtor's estate. The firm's attorneys will be paid at these hourly rates: Attorneys $500 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $30,000 from the Debtor. Michelle Spezia, Esq., an attorney at Johnson & Spezia, 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: Michelle L. Spezia, Esq. Johnson & Spezia, PLLC 302 42nd Avenue North Nashville, TN 37209 Telephone: (615) 386-0075 Facsimile: (615) 864-8419 Email: ecfmail@tennessee-bankruptcy.com About Hometown Chiropractic LLC Hometown Chiropractic, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01799) on April 17, 2026. In the petition signed by Anne Peters, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Charles M. Walker oversees the case. Michelle L. Spezia, Esq., at Johnson & Spezia, PLLC represents the Debtor as counsel. HOUSE CRAFT HOMES: Seeks Chapter 7 Bankruptcy in Florida -------------------------------------------------------- On April 29, 2026, House Craft Homes Residential & Commercial, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 2, 2026 at 09:40 AM at Zoom - Bender: Meeting ID 332 456 9217, Passcode 7942049339, Phone 1 850 888 7651. About House Craft Homes Residential & Commercial, LLC House Craft Homes Residential & Commercial, LLC is a construction and contracting company engaged in residential and commercial building projects, including new construction, renovations, and property improvements. House Craft Homes Residential & Commercial, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10137) on April 29, 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 Karen K. Specie handles the case. The Debtor is represented by Kenneth D. Herron, Jr., Esq. of Herron Hill Law Group, PLLC. HUBBARD CONCRETE: Case Summary & 10 Unsecured Creditors ------------------------------------------------------- Debtor: Hubbard Concrete PT, LLC 435 Canal Street, Suite 205 New Smyrna Beach, FL 32168 Business Description: Hubbard Concrete PT LLC is a New Smyrna Beach, Florida-based concrete contractor. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03216 Judge: Hon. Tiffany P. Geyer Debtor's Counsel: Kathleen Disanto, Esq. BUSH ROSS, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Tel: 813-224-9255 E-mail: kdisanto@bushross.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Hubbard as president and manager. A copy of the Debtor's list of its 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YBNT4II/Hubbard_Concrete_PT_LLC__flmbke-26-03216__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3YTUFOA/Hubbard_Concrete_PT_LLC__flmbke-26-03216__0001.0.pdf?mcid=tGE4TAMA HUDSON PACIFIC: Vanguard Portfolio Management Holds 5.29% Stake --------------------------------------------------------------- Vanguard Portfolio Management disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 2,872,618 shares of Hudson Pacific Properties Inc.'s Common Stock, representing 5.29% of the shares outstanding. The Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates or business divisions: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, and includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions indicated above exercise dispositive and/or voting power, in accordance with SEC Release No. 34-39538 (January 12, 1998). Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein, with no one other person's interest exceeding 5%. Vanguard Portfolio Management may be reached through: Ashley Grim, Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-6148 A full-text copy of Vanguard Portfolio Management's SEC report is available at: https://tinyurl.com/228935wk About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. HUGHES LOGISTICS: Commences Chapter 7 Bankruptcy in California -------------------------------------------------------------- On May 2, 2026, Hughes Logistics, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern 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 Hughes Logistics, LLC Hughes Logistics, LLC is a transportation and logistics company that likely provides freight, delivery, or supply chain services to commercial clients. Hughes Logistics, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40940) on May 2, 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 William J. Lafferty handles the case. HYDROBLOX TECHNOLOGIES: Case Summary & Eight Unsecured Creditors ---------------------------------------------------------------- Debtor: HydroBlox Technologies Inc. 200 Mercer Street Meadville, PA 16335 Business Description: HydroBlox Technologies Inc is a Meadville, Pennsylvania-based company that manufactures drainage and water-management products made from 100% recycled plastic. The company's products include Hydroplanks, Stormwater Systems, and Hyronoodles, which are designed to move water from wet areas to dry areas. Its products are used in residential applications including yards, retaining walls, pavers, and stormwater management. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-10242 Debtor's Counsel: Shawn N. Wright, Esq. LAW OFFICE OF SHAWN N. WRIGHT 7240 McKnight Road Pittsburgh, PA 15237 Tel: 412-920-6565 Fax: 412-226-5216 E-mail: shawn@shawnwrightlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Edward Grieser as president. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/34FCWXQ/HydroBlox_Technologies_Inc__pawbke-26-10242__0001.0.pdf?mcid=tGE4TAMA IMPAC MORTGAGE: Chapter 11 Bankruptcy Shields $1.4B Tax Assets -------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Impac Mortgage Holdings Inc. secured emergency approval to limit stock trading as part of efforts to protect up to $1.4 billion in tax-related assets during its bankruptcy proceedings. The court-approved measures are intended to avoid ownership changes that could invalidate the company's ability to use tax losses and credits under applicable regulations, the report states. Impac said preserving these attributes is a key priority in its Chapter 11 case, as they may provide significant value in a restructuring or future business strategy. About Impac Mortgage Holdings, Inc. Impac Mortgage Holdings, Inc. is a financial services company primarily engaged in mortgage lending, servicing, and related real estate activities in the United States. Impac Mortgage Holdings, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10593) on April 26, 2026. In its petition, the Debtor reports estimated assets and liabilities each ranging from $10 million to $50 million. INNOVATIVE INDUSTRIAL: Guarantees $20MM IL Subsidiary Term Loan --------------------------------------------------------------- Innovative Industrial Properties, Inc. disclosed in a regulatory filing that IIP-IL 2 LLC, an indirect subsidiary of the Company, issued a promissory note in favor of Generations Bank evidencing a $20 million secured term loan maturing on April 22, 2029. The Note bears interest at a fixed rate of 9% per annum (subject to the maximum rate permitted by law and adjustment upon an event of default). For the first 12 months, the Borrower is required to make interest-only monthly payments, after which the Loan amortizes based on a 20-year schedule, with a balloon payment due at maturity. The Loan is secured by, among other things, mortgages and security interests in the Borrower's real and personal property located in Kankakee County and Will County, Illinois, assignments of leases and rents, and certain deposit accounts maintained with the Lender. The Loan is made pursuant to a Loan and Security Agreement between the Borrower and the Lender, which contains customary representations, warranties, covenants, events of default, and security arrangements. The Company has guaranteed the Borrower's obligations under the Loan. A full text copy of the Note is available at https://tinyurl.com/359cdepa About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of December 31, 2025, the Company had $2.4 billion in total assets, $522.9 million in total liabilities, and $1.8 billion in total stockholders' equity. INNOVATIVE INDUSTRIAL: Vanguard Portfolio Holds 9.73% Stake ----------------------------------------------------------- Vanguard Portfolio Management disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 2,739,672 shares of Innovative Industrial Properties Inc.'s Common Stock, representing 9.73% of the shares outstanding. This Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates or business divisions: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, and includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions indicated above exercise dispositive and/or voting power, in accordance with SEC Release No. 34-39538 (January 12, 1998). Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein, with no one other person's interest exceeding 5%. Vanguard Portfolio Management may be reached through: Ashley Grim, Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-6148 A full-text copy of Vanguard Portfolio Management's SEC report is available at: https://tinyurl.com/46x899m3 About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of December 31, 2025, the Company had $2.4 billion in total assets, $522.9 million in total liabilities, and $1.8 billion in total stockholders' equity. INSULET CORP: Product Recall No Impact on Moody's 'Ba2' CFR ----------------------------------------------------------- Moody's Ratings commented that Insulet Corporation's ("Insulet") Omnipod(R)5 Pods recall is credit negative but does not currently affect the ratings. On April 29, the US Food and Drug Administration (FDA) issued an update to the regulatory classification related to the previously announced voluntary medical device correction involving Insulet's Omnipod(R)5 Pods, which the company announced on March 12, 2026. The recall relates to certain Omnipod(R)5 Pods that may experience insulin under-delivery due to a manufacturing defect. Product recalls are an industry-wide risk in the medical device sector. This risk is more pronounced for Insulet given its concentration in a single product line, which heightens exposure to issues affecting its primary product. Following Insulet's initial recall announcement in March and subsequent expanded outreach to affected patients in April, the FDA reclassified the action as a Class I recall, reflecting the agency's assessment of patient risk. In response to the FDA's April 29 website update, the company clarified that the FDA's reference to a significantly higher number of reports (476 serious injuries) reflects Medical Device Reports rather than confirmed Serious Adverse Events, and reaffirmed that the expansion of affected lots does not change its previously communicated estimated financial impact (up to $40 million of associated costs). On April 30, the FDA updated its website with a modified reference to the number of serious injuries. It now notes that there were 29 serious injuries reported. While the Omnipod(R)5 recall is credit negative, there is no change to the company's ratings at this time including the company's Ba2 Corporate Family Rating, Ba1 Senior Secured Bank Credit Facility rating, B1 Senior Unsecured rating and stable outlook. Headquartered in Acton, Massachusetts, Insulet Corporation is a leading provider of wearable insulin management systems. Insulet generated revenue of more than $2.7 billion in 2025. INTERNATIONAL UNION: Hires Van Horn Law Group, P.A. as Counsel -------------------------------------------------------------- International Union of Police Associations Local 6020 seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A. as counsel. The firm can be reached through: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare 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; (e) represent the debtor in negotiation with its creditors in the preparation of a plan. Chad Van Horn, Esq., the primary attorney in this representation, will be paid at his hourly rate of $500. The hourly rates of law clerks, paralegals, and associates range from $150 to $450. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000, plus 2,500 as filing fee. Mr. Horn 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: Chad Van Horn, Esq. Van Horn Law Group, PA 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About International Union of Police Associations Local 6020 International Union of Police Associations Local 6020 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14757) on April 16, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Chad T Van Horn, Esq. serves as the Debtor's counsel. JOHN FITZGIBBON: Taps Epiq Bankruptcy as Claims and Noticing Agent ------------------------------------------------------------------ John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Epiq Bankruptcy Solutions, LLC as noticing, claims, and balloting agent. Epiq 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 Epiq an advance in the amount of $25,000. Kathryn Tran, a senior director at Epiq, 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 Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 About John Fitzgibbon Memorial Hospital, Inc. John Fitzgibbon Memorial Hospital, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40689) on April 21, 2026. In the petition signed by Angela P. Littrell, president and chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Cynthia A. Norton oversees the case. Zachary R.G. Fairlie, Esq., at Spencer Fane, represents the Debtor as legal counsel. JOSHUA CABINETRY: Employs The Premier Property as Seller's Broker ----------------------------------------------------------------- Joshua Cabinetry LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Premier Property Group to serve as the exclusive seller's broker in connection with the marketing and sale of Debtors' property. Among other properties, the Debtor owns 1/4 interest in Condominium Unit #313, 885 Seascape Drive, Miramar Beach, Florida 32550 (the "Property"). The other co-owners of the Property are family members of the Debtor. The Debtor desires to market the Property for sale in order to generate funds with which to pay its creditors. The firm will provide these services: (a) market the Property to the public; and (b) assist in connection with the sale of the Property pursuant to the Exclusive Brokerage Listing Agreement. The agreement provides for compensation in the amount of 5% of the total purchase price due to Seller's Broker upon the closing of the sale of the Property. If there is a buyer's broker, then the Seller's Broker may offer compensation to the buyer's broker in the amount of 2.5% of the total purchase price to be paid from the commission otherwise due to the Seller's Broker. The Premier Property Group 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: Trent Clark THE PREMIER PROPERTY GROUP 90 Seascape Drive, #102 Miramar Beach, FL 32550 Telephone: (850) 337-1555 About Joshua Cabinetry LLC Joshua Cabinetry LLC, headquartered in Georgia, provides expert cabinetry and woodworking services with a focus on customization and craftsmanship. The firm designs and installs superior-quality cabinets for residential and commercial projects, offering solutions such as kitchen and bathroom cabinetry, built-in furnishings, and other tailored wood creations. Joshua Cabinetry LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62270) on October 23, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Judge Jeffery W Cavender oversees the case. The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece Marr, PC. Newtek Small Business Finance, LLC, as lender, is represented by: Beth E. Rogers, Esq. ROGERS LAW OFFICES 9040 Roswell Road, Ste. 205 Atlanta, GA 30350 Telephone: (770) 685-6320 Email: distribution@berlawoffice.com JW COLE INVESTMENTS: Stanley Bond Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 13 appointed Stanley Bond as Subchapter V trustee for JW Cole Investments, 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 JW Cole Investments LLC JW Cole Investments, LLC, a company based in Kensett, Arkansas, provides funeral home and crematory services under the names Ascension Crematory, Sullivan Funeral Care, and Cole Funeral Home & Crematory, LLC. The company offers burial and cremation services, immediate-need arrangements, and veteran services. It serves families in White County and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-11591) on April 21, 2026, with $1 million to $10 million in assets and liabilities. James Wesley Cole, member, signed the petition. Judge Bianca M. Rucker presides over the case. Vanessa Cash Adams, Esq., at the Law Office of Vanessa Cash Adams, Inc., represents the Debtor as bankruptcy counsel. KAIMUKI REALTY: Unsecured Creditors Will Get 2% of Claims in Plan ----------------------------------------------------------------- Kaimuki Realty Co., LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated April 24, 2026. The Debtor is an owner of a residential property in Plant City, Florida. Morris Williams is the Managing Member of the Debtor. The Debtor purchased the building in 2022. However, due to hurricane damage and other problems, the Debtor fell behind on its financial obligations. The Debtor attempted a variety of forbearance and modification solutions prior to filing this bankruptcy. The Debtor has retained attorney Samantha L. Dammer to represent it in these proceedings. The Debtor will be making adequate protection payments and it has maintained occupancy of the building. The proposed distributions under the Plan are discussed in this Disclosure Statement. General unsecured creditors are classified in Class 2, and will receive an approximate distribution of 2% of their allowed claims, to be distributed as follows: Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. Class 2 consists of General allowable unsecured claims. The Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. This Class is impaired. Class 3 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. Payments and distributions under the Plan will be funded by the income received through the continued business operations of the Debtor or Reorganized Debtor. The Debtor's principal will contribute as needed to ensure there are no shortfalls on plan payments. The Debtor intends to retain its current management and will continue to implement changes in its business model for more cost-effective operations. The Post-Confirmation Manager of the Debtor, and their compensation, shall be as follows: Morris Williams is Managing Member, and he does not draw a salary. The Plan Proponent must also show that it will have enough cash over the life of the Plan to make the required Plan payments. While the Debtor has four units vacant, full occupancy is expected soon as the building is in a good location and the rents are competitive for the area. Attached as Exhibit 5 is the Debtor's five-year projections which show that the Debtor has the ability to make plan payments once it is back in full operation. A full-text copy of the Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=iz3jrG from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About Kaimuki Realty Co. LLC Kaimuki Realty Co. LLC is a single-asset real estate company that holds a residential property in Plant City, Florida, valued at $685,000. Kaimuki Realty Co. LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00988) on Feb. 9, 2026. In the petition signed by Morris Williams, manager, the Debtor disclosed $685,000 in total assets and $1,091,421 in total liabilities. Samantha Dammer, Esq., at Bleakley Bavol Denman & Grace, serves as the Debtor's counsel. KBHS ACQUISITION: Ares Capita Marks $4.4MM 1L Loan at 48% Off ------------------------------------------------------------- Ares Capital Corp. has marked its $4.4 million loan extended to KBHS Acquisition, LLC (d/b/a Alita Care, LLC) to market at $2.3 million or 52% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to KBHS Acquisition, LLC (d/b/a Alita Care, LLC). The 1L Loan is on non-accrual status. The 1L Loan matures on March 31, 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About KBHS Acquisition, LLC (d/b/a Alita Care, LLC) KBHS Acquisition, LLC (d/b/a Alita Care, LLC) is a provider of behavioral health services. KELHAM VINEYARD: Trustee Taps Rincon Law LLP as Special Counsel --------------------------------------------------------------- Michael G. Kasolas, Chapter 11 Trustee of Kelham Vineyard & Winery, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Rincon Law, LLP as special counsel. The firm will review the claim filed by Holland & Knight in the amount of $280,284.21 and process an objection, if necessary. The firm will bill $600 per hour for the services rendered by its attorneys. In addition, the firm will seek reimbursement for expenses incurred. Charles Maher, Esq., an attorney at Rincon Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles P. Maher, Esq. Rincon Law, LLP 268 Bush Street, Suite 3335 San Francisco, CA 94104 Telephone: (415) 840-4199 Facsimile: (415) 680-1712 Email: cmaher@rinconlawllp.com About Kelham Vineyard & Winery, LLC Kelham Vineyard & Winery, LLC is a family-owned and operated vineyard in St. Helena, Calif. On July 20, 2023, creditor Main Street Cottage, LLC filed involuntary Chapter 11 petition against Kelham Vineyard & Winery (Bankr. N.D. Calif. Case No. 23-10384). The petitioning creditor is represented by Rebekah Parker, Esq., a practicing attorney in Oceanside, Calif. Judge William J. Lafferty, III oversees the case. Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy attorney. KIITOS BREWING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Kiitos Brewing, LLC received interim approval from the U.S. Bankruptcy Court for the District of Utah, Central Division, to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget from April 25 to May 11. The Debtor said it lacks unencumbered funds and requires cash collateral to operate. The Debtor's cash collateral consists of operating cash primarily derived from credit card receipts, checks, and direct deposits, subject to liens held by secured creditors, Mountain West Bank and the U.S. Small Business Administration. The Debtor offers to protect both creditors through regular monthly payments and replacement liens on post-petition assets and their proceeds, with the same validity, priority, and extent as their pre-petition liens, subject only to any superior pre-petition liens. Additional protections include compliance with insurance and loan covenants, access to business premises, and adherence to budgetary controls. The Debtor's authority to use cash collateral terminates upon case dismissal or conversion, business cessation or unresolved default. The order is available at https://is.gd/77zbSS from PacerMonitor.com. The court will hold a final hearing on April 11. Kiitos Brewing's financial distress stemmed from sharply increased lease costs and declining revenues at its brewing and tavern operations. After unsuccessful lease renegotiations, the Debtor plans to close one operating location while continuing a remaining bar operation in an effort to reduce costs and reorganize successfully. It believes that restructuring through Chapter 11 will allow it to stabilize operations and maximize creditor recovery. About Kiitos Brewing LLC Kiitos Brewing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22348) on April 24, 2025. In the petition signed by Andrew Dasenbrock, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. Andres Diaz, Esq., at Diaz & Larsen, represents the Debtor as legal counsel. KINGDOM REAL: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On April 24, 2026, Kingdom Real Estate Holdings, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Kingdom Real Estate Holdings, LLC Kingdom Real Estate Holdings, LLC is a real estate holding company that typically manages and invests in property-related assets and ventures. Kingdom Real Estate Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03489) on April 24, 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 Luis Ernesto Rivera II handles the case. The Debtor is represented by Jake C. Blanchard, Esq., of Blanchard Law, P.A. KNIFE RIVER: S&P Lowers Senior Unsecured Notes Rating to 'B+' ------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Knife River Corp.'s senior unsecured notes to 'B+' from 'BB' and revised the recovery rating to '6' from '4' to reflect the increased amount of secured debt in its assumed recovery waterfall for the company, which reduces the collateral available to its unsecured lenders in a simulated default scenario. The '6' recovery rating indicates S&P's expectation for negligible (0%-10%; rounded estimate: 5%) recovery in a hypothetical default scenario. Earlier, Knife River issued a $300 million fungible add-on to its existing $500 million term loan B due 2032. The company intends to use the proceeds from this add-on to help fund its recent acquisitions of Tex Crete, Morgan Asphalt, and Donaldson Brothers Ready Mix as well as future acquisitions. Pro forma for the proposed financing transaction, Knife River's capital structure comprises: -- A $500 million revolving credit facility due 2030 (not rated); -- A $275 million ($260 million outstanding) term loan A due 2030 (not rated); -- An $800 million ($796 million outstanding) term loan B due 2032; and -- $425 million of senior unsecured notes due 2031. S&P said, "Our 'BB' issuer credit rating and stable outlook on the company are not affected by the proposed transaction. We expect the proposed financing will be leverage neutral and improve Knife River's liquidity." Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "We rate Knife River's $800 million term loan B due 2032 'BBB-', two notches above our issuer credit rating. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default." -- S&P said, "We rate Knife River's $425 million senior unsecured notes due 2031 'B+' with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default." -- S&P's assessment of Knife River's recovery prospects contemplates a reorganization value of about $1.5 billion, which reflects an emergence EBITDA estimate of about $256 million and a 6x EBITDA multiple. -- S&P said, "Our emergence EBITDA assumption contemplates a significant rebound in profitability following the sharp cyclical downturn that we believe is required for the company to default under the proposed capital structure. Therefore, our EBITDA assumption does not represent Knife River's default-level EBITDA, which we think could be substantially lower." -- The 6x multiple is in the 5x-6x range that S&P generally uses for building products companies. Simulated default assumptions -- Year of default: 2031 -- EBITDA at emergence: $256 million -- Implied enterprise valuation (EV) multiple: 6x -- Gross EV: $1.5 million Simplified waterfall -- Net EV (after 5% administrative costs): $1.5 billion -- Estimated senior secured claims: 1.5 billion --Recovery expectation: 90%-100% (rounded estimate: 95%) -- Remaining enterprise value from excess collateral: $31 million -- Senior unsecured notes claims: $425 million --Recovery expectation: 0%-10% (rounded estimate: 5%) KOMAL-MILAN LLC: Seeks to Tap Paul Reece Marr as Legal Counsel -------------------------------------------------------------- Komal-Milan, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, PC as counsel. The firm will render these services: (a) provide the Debtor with legal advice regarding its powers and duties in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm will be paid at these hourly rates: Paul Reece Marr, Attorney $500 Paralegal $295 In addition, the firm will seek reimbursement for 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 through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About Komal-Milan LLC Komal-Milan, LLC is a limited liability company engaged in commercial business operations, potentially including retail, hospitality, or service-based activities. The company focuses on managing day-to-day operations and maintaining business assets within its sector. Komal-Milan, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54669) on April 7, 2026. In its petition, the Debtor reports between $100,001 and $1,000,000 in both estimated assets and liabilities. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Paul Reece Marr, Esq., at Paul Reece Marr, PC. KROSKOB BROS: Gets Interim OK to Use Cash Collateral Until May 29 ----------------------------------------------------------------- Kroskob Bros Farms & Trucking, Inc. on May 5 received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget from April 22 through May 29. The Debtor must not exceed budgeted expenses by more than 5% in total. The Debtor said it has no unencumbered funds or alternative financing sources, making cash collateral its only viable source of liquidity. Mountain Valley Bank, the Debtor's primary secured lender, holds about $11.8 million in secured debt, backed by liens on substantially all of the Debtor's assets, including cash collateral. Mountain Valley Bank will be granted protection through a monthly payment of $5,000 and a replacement lien on all of the Debtor's post-petition receipts and revenues. This replacement lien does not apply to Chapter 5 causes of action. In case of any diminution in the value of its collateral, the lender will receive a superpriority administrative claim. The Debtor's authority to use cash collateral ends on May 29 or upon an event of default, including budget noncompliance; failure to meet obligations; appointment of a trustee or examiner with expanded powers; case conversion or dismissal; stay relief for assets or obligations over $25,000; granting senior or equal liens on collateral to anyone other than the lender; and any plan or order that modifies the lender's rights. The order is available at https://is.gd/tgBeXR from PacerMonitor.com. The court will hold a final hearing on May 28. Kroskob, a Colorado-based farming and trucking business, filed for bankruptcy on April 22 and continues to operate its business under court supervision. Its operations are highly cash-intensive and seasonal, requiring ongoing expenditures for payroll, fuel, agricultural inputs, equipment maintenance, insurance, and logistics. Mountain Valley Bank, as secured lender, is represented by: Chad S. Caby, Esq. Womble Bond Dickinson (US), LLP 1601 19th Street, Suite 1000 Denver, CO 80202 Tel: 303-628-9583 Fax: 303-623-9222 Chad.Caby@wbd-us.com About Kroskob Bros Farms & Trucking Inc. Kroskob Bros Farms & Trucking, Inc. operates an agricultural business focused on hay and crop production along with trucking services supporting farm logistics. The company manages cultivation and transportation of agricultural products through its farm and trucking operations. Kroskob sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-12777) on April 22, 2026, with up to $50 million in both assets and liabilities. Kroskob President Brandon Kroskob signed the petition. Judge Thomas B. McNamara oversees the case. Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, represents the Debtor as legal counsel. LEES EARN: Seeks to Hire Powerhouse Real Estate Group as Broker --------------------------------------------------------------- Lees Earn Portfolio LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Powerhouse Real Estate Group as real estate broker. The Debtor needs a realtor to market and sell its property located at 955 Delmar Avenue, Parma, Idaho. Amy Hazen, a real estate agent at Powerhouse Real Estate 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: Amy Hazen Powerhouse Real Estate Group 621 S. 17th St. Boise, ID 83702 Telephone: (208) 920-5966 About Lees Earn Portfolio LLC Lees Earn Portfolio LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on Sept. 18, 2025, listing up to $10 million in both assets and liabilities. Judge Peggy Hunt oversees the case. The Debtor tapped Argus Law Group, PC and Neeleman Law Group, PC as counsel. LEES EARN: Seeks to Hire Windermere Real Estate North as Broker --------------------------------------------------------------- Lees Earn Portfolio LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Windermere Real Estate/North, Inc. as real estate broker. The Debtor needs a broker to market and sell its property at 22803 NE 19th Drive, Arlington, Washington. Tony Tye, a real estate agent at Windermere Real Estate/North, 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: Tony Tye Windermere Real Estate/North, Inc. 4211 Alderwood Mall Blvd., Suite 110 Lynnwood, WA 98036 Telephone: (425) 776-1119 Facsimile: (425) 776-5680 Email: lynnwood@windermere.com About Lees Earn Portfolio LLC Lees Earn Portfolio LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on Sept. 18, 2025, listing up to $10 million in both assets and liabilities. Judge Peggy Hunt oversees the case. The Debtor tapped Argus Law Group, PC and Neeleman Law Group, PC as counsel. LEO'S TRIM: Hires Ivey McClellan Siegmund as Bankruptcy Counsel --------------------------------------------------------------- Leo's Trim, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as attorneys. The firm's services include: (a) assist in investigating and examining financing statements and other related documents to determine the validity of such; (b) determine the rights and priorities of lienholders, if any; (c) advise in preserving the Debtor's properties and assets; and (d) generally assist the Debtor in administering this estate. The hourly rates of the firm's counsel and staff are: Samantha Brumbaugh, Attorney $475 Dirk Siegmund, Attorney $475 Charles Ivey, III, Attorney $500 Darren McDonough, Attorney $475 Melissa Murrell, Paralegal $150 Tabitha Harper, Paralegal $150 Janice Childers, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,875.50 from the Debtor. Ms. Brumbaugh 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: Samantha K. Brumbaugh, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP P.O. Box 3324 Greensboro, NC 27402 Telephone: (336) 274-4658 Email: skb@iveymcclellan.com About Leo's Trim LLC Leo's Trim, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10273) on April 15, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. LESLIE WESSINGER: Taps Grier Wright Martinez as Litigation Counsel ------------------------------------------------------------------ Leslie Wessinger, DDS, PA seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Grier Wright Martinez, PA as litigation counsel. The Debtor needs a litigation counsel to investigate and pursue avoidance actions on behalf of the estate following confirmation of the Reorganization Plan. Michael Martinez, Esq., the main attorney in this representation, will be billed at his hourly rate of $495 plus reimbursement. Mr. Martinez 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 L. Martinez, Esq. Grier Wright Martinez, PA 521 E. Morehead St., Suite 440 Charlotte, NC 28202 Telephone: (980) 467-2855 About Leslie Wessinger DDS PA Leslie Wessinger, DDS PA, doing business as Leslie Wessinger, DDS, PLLC, operates Biltmore Avenue Family Dentistry, a dental practice providing comprehensive family dental services. The practice offers preventive care, including cleanings, oral exams, x-rays, fluoride treatments, and periodontal assessments, as well as restorative and cosmetic procedures such as fillings, crowns, bridges, dental implants, and teeth whitening. It provides specialized pediatric preventive care, including sealants and fluoride varnish, and manages conditions such as bruxism through bite and night guards. Leslie Wessinger, DDS PA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-10178) on September 29, 2025. In its petition, the Debtor reports total assets of $1,663,808 and total liabilities of $3,319,659. Honorable Bankruptcy Judge George R. Hodges handles the case. The Debtor tapped Richard S. Wright, Esq., at Moon Wright & Houston, PLLC as bankruptcy counsel and Michael L. Martinez, Esq., at Grier Wright Martinez, PA as litigation counsel. LIGHTHOUSE PSYCHIATRY: Case Summary & Eight Unsecured Creditors --------------------------------------------------------------- Debtor: Lighthouse Psychiatry & Behavioral Health Clinic, LLC 8215 Madison Blvd. Suite 150 Madison, AL 35758 Business Description: Lighthouse Psychiatry & Behavioral Health Clinic, headquartered in Madison, Alabama, provides behavioral health services including therapy, medication management, cognitive behavioral therapy, telehealth, and GeneSight testing. The clinic serves patients dealing with conditions and concerns such as autism, anxiety disorders, ADHD, depression, PTSD, stress, trauma, and related behavioral or mood issues. It accepts insurance from providers including Blue Cross Blue Shield, Cigna, United Healthcare, Aetna, American Behavioral / Uprise, Behavioral Health Systems, and Tricare. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-80999 Judge: Hon. Clifton R Jessup Jr. Debtor's Counsel: Stuart Maples, Esq. THOMPSON BURTON PLLC 200 Clinton Ave. W Huntsville, AL 35801 Tel: (256) 489-9779 Email: smaples@thompsonburton.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Katy Cousart as owner and nurse practitioner. A copy of the Debtor's list of its eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PMZIOLA/Lighthouse_Psychiatry__Behavioral__alnbke-26-80999__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PAK735Q/Lighthouse_Psychiatry__Behavioral__alnbke-26-80999__0001.0.pdf?mcid=tGE4TAMA LISA PARK: Seeks to Hire Hayward PLLC as Bankruptcy Counsel ----------------------------------------------------------- Lisa Park OD, PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Hayward PLLC to handle the bankruptcy proceedings. The firm's current hourly rates are: Partners $500 Associates $275 to $500 Paralegal $215 The firm received a retainer in the amount of $15,000. Melissa Hayward, a partner of Hayward PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Melissa S. Hayward, Esq. HAYWARD PLLC 10501 North Central Expy., Suite 106 Dallas, TX 75231 Tel: (972) 755-7100 Email: MHayward@HaywardFirm.com About Lisa Park OD PLLC Lisa Park OD, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tax. Case No. 26-41152) On April 3, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Brenda T Rhoades oversees the case. The Debtor is represented by: Melissa S. Hayward, Esq. Hayward PLLC Tel: (972) 755-7100 Email: mhayward@haywardfirm.com LITTLE CREEK: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Little Creek CRE, LLC 7454 Old Hickory Blvd Whites Creek, TN 37189 Business Description: Little Creek CRE, LLC owns commercial real estate at 7412, 7450 and 7452 Old Hickory Blvd. in Whites Creek, Tennessee, with an estimated value of $25 million. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-02072 Judge: Hon. Randal S Mashburn Debtor's Counsel: Michael G. Abelow, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 E-mail: mabelow@srvhlaw.com Total Assets: $25,000,000 Total Liabilities: $0 Justin Ward signed the petition as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4NLD34Y/Little_Creek_CRE_LLC__tnmbke-26-02072__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stonebriar Commercial Finance, LLC Unknown 5525 Granite Parkway Suote 1800 Plano, TX 75024 2. Stonebriar Commercial $0 Finance, LLC 5525 Granite Parkway Suote 1800 Plano, TX 75024 3. The Ward Organization, LLC $0 7454 Old Hickory Blvd Whites Creek, TN 37189 LITTLE CREEK: Seeks to Tap Sherrard Roe Voigt as Legal Counsel -------------------------------------------------------------- Little Creek CRE, 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 will provide these services: (a) render legal advice with respect to the rights, powers, and duties of Debtor in the management of its property; (b) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other legal services as may be necessary or proper herein; (c) assist and counsel 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. Sherrard Roe will be compensated on an hourly basis, with rates ranging from $410 to $1,060 for attorneys and $300 to $390 for paralegals. Attorneys Michael G. Abelow and Brettson J. Bauer will be paid hourly rates of $720 and $460, respectively. Sherrard Roe Voigt & Harbison, PLC 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: Michael G. Abelow, Esq. Brettson J. Bauer, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Telephone: (615) 742-4532 E-mail: mabelow@srvhlaw.com bbauer@srvhlaw.com About Little Creek CRE, LLC Little Creek CRE, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tenn. Case No. 3:26-bk-02072) on April 30, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $0 and $50,000. Judge Randal S. Mashburn oversees the case. Sherrard Roe Voigt & Harbison, PLC is Debtor's legal counsel. LOVE CHURCH: Seeks to Hire HallerColvin P.C. as Bankruptcy Counsel ------------------------------------------------------------------ Love Church of Fort Wayne Indiana Inc. seeks approval from the U.S. Bankruptcy Court for the HallerColvin P.C. to handle its Chapter 11 case. H. Faith Welch, Esq., a member at HallerColvin, 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: H. Faith Welch, Esq. Scot T. Skekloff, Esq. HallerColvin PC 444 E. Main St. Fort Wayne, IN 46802 Telephone: (260) 426-0444 Facsimile: (260) 422-0274 Email: fwelch@hallercolvin.com About Love Church of Fort Wayne Indiana Inc Love Church of Fort Wayne Indiana Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 26-10490) on April 20, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Scot T. Skekloff, Esq. at Haller & Colvin, PC serves as the Debtor's counsel. LUFLAW INVESTMENTS: F. Myers Property Sale to Olimpio & Silva OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Meyers Division, has granted Arthur Blumer & Associates Inc., Foreign Representative of Luflaw Investments Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Foreign Representative has located and is in possession of certain real property (Real Property) located at 4814 Bluefish Ct, Fort Myers, Florida 33919 owned by 1014 43rd Terrace, LLC. The Debtor Luflaw Investments Inc., is the sole remaining member of 1014 43rd Terrace, LLC. On February 27, 2026, the Foreign Representative entered into an "AS IS" Residential Contract for Sale and Purchase (Sale Contract) with Eloisa Olimpio and Ronald Silva (Purchasers), who are not insiders of the Debtors, to purchase the Real Property. The purchase price for the Real Property is $99,999. The Purchasers have deposited $1,000.00 into escrow with the closing agent, First Title Junction LLC, as an initial deposit with the remaining balance of $98,999 due at closing. The Court has granted the Foreign Representative to sell the Property to Eloisa Olimpio and Ronald Silva. The Court held that the Foreign Representative, the Purchasers and their respective representatives, attorneys and advisors have acted in good faith in all respects relating to the sale and purchase of the Real Property and the Purchasers are entitled to the protection. Neither the Foreign Representative nor its officers, employees or agents, have colluded with the Purchasers, their officers, employees, or agents, or in any manner whatsoever violated the provisions of Section 363(n). At the closing, the Real Property shall be sold, conveyed, assigned, transferred, and delivered to the Purchasers free and clear of all liens, mortgages, pledges, security interests, restrictions, prior assignments, liabilities, obligations, encumbrances, charges, claims, and interests of any and every kind, nature, and description whatsoever. About Luflaw Investments Inc. Luflaw Investments Inc. is doing business at 900-1134 rue Sainte-Catherine O Montreal Quebec H3B1H4, Canada. Luflaw Investments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.Flo. Case No.:25-02470) on December 11, 2025. Judge Luis Ernesto Rivera II presides over the case. The Foreign Representative is Arthur Blumber & Associates Inc., represented by Carmen Contreras-Martinez, Esq., at SAUL EWING LLP, in Miami, Florida. LYNSKEY PERFORMANCE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Lynskey Performance Products, LLC 3911 Volunteer Drive Chattanooga, TN 37416 Business Description: Lynskey Performance Designs LLC manufactures and sells handcrafted titanium bicycle frames and complete bicycles, including gravel, mountain and road models, as well as related bicycle parts and merchandise. The company, based in Chattanooga, Tennessee, serves cyclists seeking titanium bicycles and components for performance, durability and recreational riding. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-11156 Judge: Hon. Nicholas W. Whittenburg Debtor's Counsel: W. Thomas Bible, Jr. TOM BIBLE LAW 6112 Shallowford Road Chattanooga, TN 37421 Tel: (423) 424-3116 Fax: (423) 499-6311 E-mail: tom@tombiblelaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Lynskey as authorized member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UTWIHMQ/Lynskey_Performance_Products_LLC__tnebke-26-11156__0001.0.pdf?mcid=tGE4TAMA MAFIA INC: Seeks to Tap Bradford Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ The Mafia, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Bradford Law Offices to handle its Chapter 11 case. The firm will be paid at these hourly rates: Attorney time outside court $600 Attorney time in court $600 Paralegal time $185 The firm received $16,738 for attorney's fees and the court filing fee. Danny Bradford, Esq., an attorney at Bradford Law Offices, 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: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About The Mafia, Inc. The Mafia, Inc., doing business as Huckle Burger and HWY 55 Burgers, Shakes and Fries, operates a casual dining restaurant in Washington, North Carolina. The company serves burgers, shakes, fries and related menu items through its restaurant operations. The Mafia, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01779) on April 21, 2026, listing $117,959 in assets and $2,190,277 in liabilities. The petition was signed by Nicholas Fritz as president. Judge Joseph N Callaway handles the case. Danny Bradford, Esq. at PAUL D. BRADFORD, PLLC represents the Debtor as counsel. MAKHANI PROPERTIES: To Sell Texas Properties to SmartRise Capital ----------------------------------------------------------------- Makhani Properties, LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 3080 TX Hwy 16, Tilden, Texas 78072 and the real property and improvements located at 1045 US Highway 83, Carrizo Springs, Texas 78834 (Properties). The Debtor owns a 55% interest in the Properties. The remaining 45% interest in the Properties is owned by Amigos Houston Properties, LLC – an entity controlled by the Debtor's principal, Aminmohamed Makhani. The Debtor is a Texas limited liability company with its principal place of business in Bulverde, Texas. Debtor was established on August 17, 2018 for the purpose of owning real estate, including convenience stores. Debtor owns multiple properties and improvements, including a majority interest in the two properties which are the subject of the Sale Motion. Convenience stores are operated at four of the properties by non-debtor entities, including one such property which is being sold under a contract for deed. The Debtor employs Marcus & Millichap Real Estate Services as real estate broker. The Debtor receives an offer from buyer SmartRise Capital, LLC to purchase the properties. Counsel for the Buyer and Debtor negotiated, and the parties executed, a purchase and sale agreement for the Properties on February 5, 2026. The Tilden Property is valued at $1,487,514 by the McMullen County Appraisal District. The Carrizo Springs Property is valued at $2,111,751 by the Dimmit County Appraisal District. The Debtor valued the Tilden Property at $6,000,000 in its Schedules and the Carrizo Springs Property at $12,000,000. The Buyer has agreed to purchase the Properties for a combined amount of $16,300,000. The lienholders of the Properties are PTCAA Texas, L.P., Security State Bank & Trust, Dimmit County, and ad valorem real estate taxes. Overview of the leases that affect the Properties is also provided. The Debtor also requests that the Court find the Agreements and Restrictive Covenants do not establish a valid restrictive covenant on the land and are void under applicable Texas law. The Debtor's counsel has ensured that each of the foregoing creditors and parties-in interest are listed on the certificate of service and will receive notice of the Sale Motion. The Debtor also requests that the Sale Order provide that at Closing, the Title Company closing the Sales shall pay the full amount of taxes or assessments due and owing to the following governmental entities, pro-rated to the date of closing: (A). Dimmit County (B). McMullen County The Debtor further requests that the remainder of the proceeds from the Sales be paid by the Title Company to Security State Bank & Trust towards satisfaction of the sums due on the Debtor's loan with the Bank which is secured by the Properties. The Agreement was negotiated, proposed and entered into by the Debtor and the Buyer without collusion, in good faith and from arms'-length bargaining positions. Both parties' were represented by their own selected real estate brokers and counsel. The Buyer is not an "insider" or "affiliate" of the Debtor as those terms are defined in the Bankruptcy Code. The Buyer is purchasing the Property in good faith and is a good faith buyer within the meaning of section 363(m) of the Bankruptcy Code. After being adequately exposed to the market, the price submitted by the Buyer is the highest or otherwise best offer for the Properties. The Buyer is not a mere continuation of the Debtor or its estate and there is no continuity of enterprise between the Buyer and the Debtor. About Makhani Properties LLC Makhani Properties, LLC is a real estate holding company that owns and manages a portfolio of commercial and residential properties across Texas, including land parcels, residential real estate, and income-producing truck stop and convenience store assets. The company's holdings are located in Moore, Bulverde, Cottonwood Shores, Junction, Carrizo Springs, Tilden, and Dilley, comprising both fee simple interests and an equitable interest under a contract for deed arrangement. Its portfolio includes highway-adjacent development land and operating retail fuel and truck stop properties, with an aggregate estimated value of approximately $28.2 million. Makhani Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50525) on March 1, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 to $50 million and liabilities of between $10,000,001 to $50 million. Judge Michael M. Parker oversees the case. The Law Office of H. Anthony Hervol is Debtor's legal counsel. MANDS ELECTRIC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: MANDS Electric NC LLC d/b/a McGarity & Son's 845 Village Road NE Leland, NC 28451 Business Description: MANDS Electric NC LLC, doing business as McGarity & Son's, provides electrical contracting services for new-construction residential projects in North Carolina. The Leland, North Carolina-based company works with home builders on electrical wiring installation and related services for new and remodeled houses. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-01997 Judge: Hon. David M Warren Debtor's Counsel: Ciara L. Rogers, Esq. WALDREP WALL BABCOCK & BAILEY PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Tel: 984-480-2005 E-mail: notice@waldrepwall.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Anthony McGarity as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5HV6CVI/MANDS_Electric_NC_LLC__ncebke-26-01997__0001.0.pdf?mcid=tGE4TAMA MAVIS TIRE: Moody's Rates New $775MM First Lien Term Loan 'B2' -------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Mavis Tire Express Services TopCo, Corp.'s ("Mavis") proposed $775 million senior secured first lien term loan. All other ratings, including the B3 corporate family rating, B3-PD probability of default rating, the B2 ratings on the company's $800 million senior secured first lien revolving credit facility due May 2028 and the $3,666 million senior secured first lien term loan due May 2028, along with the Caa2 rating on the $720 million 6.5% senior unsecured notes due May 2029 remain unchanged. The stable outlook remains unchanged. Proceeds from the senior secured first lien term loan will be used to redeem Mavis' existing convertible preferred equity (unrated) in full and pay for transaction fees and expenses with a modest amount of cash to be added to the balance sheet. Although credit metrics will weaken as a result of the incremental debt, ratings are not impacted as Moody's expects leverage and coverage to improve over time. In addition, Mavis' liquidity, pro forma for the transaction, is good with $71 million of cash on the balance sheet plus $645 million available under its revolving credit facility as of September 2025. Pro forma for the transaction, Mavis' debt/EBITDA increases to 8.1x from 7.2x for the twelve month period ended September 2025 while EBITA/interest decreases to 1.2x from 1.4x. Over the next 12-18 months, Moody's expects the company's debt/EBITDA to modestly improve to the mid 7x range and EBITA/interest to remain in the low 1x range owing to increased debt service obligations. The company's acquisition of Midas in June 2025, which is a fully franchised model and higher margin, should contribute to improvement in Mavis' EBITDA margin over the next 12-18 months. Apart from contribution of Midas, Moody's expects Mavis' operating performance to improve over the next 12-18 months on the back of new greenfield locations, favorable economies of scale as well as modest tuck-in acquisitions. RATINGS RATIONALE Mavis' B3 CFR reflects its high leverage driven by periodic debt-funded acquisitions, the aggressive financial policies of its financial sponsor and its reliance on external sources of capital to fund its capital spend. The rating also reflects the company's brand strength, improving operating performance supported by positive same store sales, ramping of greenfield locations, ongoing improvements at acquired locations and geographic expansion to offer its services at a national level in a difficult consumer environment. Mavis also has an experienced management team with operations over multiple economic cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded should debt/EBITDA be sustained below 6.25x and if EBITA/interest is sustained around 1.5x. Other factors supporting an upgrade include financial strategies that support credit metrics remaining at these levels as well as good liquidity, including consistent internal funding of growth investments. Ratings could be downgraded if liquidity weakens, debt/EBITDA is maintained above 8.0x or if EBITA/interest is maintained below 1.0x. Headquartered in Melville, New York, Mavis Tire Express Services TopCo, Corp. is the parent company of Mavis Tire Express Services Corp., which includes Mavis Discount Tire and Express Oil Change & Tire Engineers. Mavis is owned by affiliates of BayPine and TSG Consumer as well as by Co-CEOs David and Stephen Sorbaro. Mavis operates through 3,500+ owned and franchised locations across the US and Canada and generated $4.2 billion of revenue for the twelve month period ended September 30, 2025. The principal methodology used in this rating was Retail and Apparel published in September 2025. MILE HIGH: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Mile High Recovery Center LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., 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. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Mile High Recovery Center LLC Mile High Recovery Center, LLC provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Mile High Recovery Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-12796) on April 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Brice Hancock, president of Mile High Recovery Center, signed the petition. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. MU HOLDINGS: Gets Approval to Hire Dal Lago Law as Legal Counsel ---------------------------------------------------------------- MU Holdings, LLC, doing business as Blackjack Pizza and Salads, doing business as Westshore Pizza, received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Dal Lago Law as counsel. The firm's services include: (a) advise as to the Debtor's rights and duties in the case; (b) prepare pleadings related to the case; and (c) take any and all other necessary actions incident to the proper preservation and administration of the estate. The firm will be paid at these hourly rates: Michael Dal Lago, Attorney $485 Christian Garret Haman, Attorney $410 Jennifer Duffy, Attorney $380 Kim Christian, Paraprofessional $240 Fatema Bravo, Paraprofessional $210 Frances Vazquez, Paraprofessional $210 Alexia Blakley, Paraprofessional $200 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of this case, Dal Lago Law received an advanced fee in the amount of $26,738 from the Debtor. Ms. Dal Lago 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 Dal Lago, Esq. Dal Lago Law 999 Vaderbilt Beach Road, Suite 200 Naples, FL 34108 Telephone: (239) 571-6877 Email: mike@dallagolaw.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. 26-00637) on March 23, 2026, with up to $50,000 in assets and up to $1 million in liabilities. Michael Ulizio, president of MU Holdings, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as counsel. MULFORD CONSTRUCTION: Baker Donelson Advise Deere and VFS --------------------------------------------------------- In the Chapter 11 bankruptcy cases of Mulford Construction Co., Inc. and its debtor-affiliates, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC filed with the United States Bankruptcy Court for the District of Maryland, Greenbelt Division, a Verified Disclosure pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents multiple creditors. Baker Donelson represents John Deere Construction & Forestry Company, Deere & Company, and John Deere Financial, f.s.b. in the Chapter 11 bankruptcy cases. The Deere entities are secured creditors of debtor Mulford Construction, Inc., based on certain pre-petition obligations secured by equipment used in the Debtor's business operations. Baker Donelson represents VFS US LLC in the Chapter 11 bankruptcy cases. VFS is a secured creditor of the Debtor based upon certain pre-petition obligations secured by equipment used in the Debtor’s business operations. According to the Verified Statement: 1. Deere and VFS, and the respective collateral securing the pre-petition obligations of each, have no relationship to one another. 2. Upon information and belief, no conflicts arise out of Baker Donelson's representation of Deere and VFS in this Chapter 11 case. 3. Deere and VFS are aware of Baker Donelson's representation of multiple parties in the Chapter 11 bankruptcy cases and have consented to the same. Attorneys for John Deere Construction & Forestry Company, Deere & Company, John Deere Financial, f.s.b. and VFS US LLC: John David Folds, Esq. Emmit F. Kellar, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 901 K Street N.W., Suite 900 Washington, DC 20001 Tel: (202) 508-3441 Fax: (202) 508-3402 E-mail: dfolds@bakerdonelson.com ekellar@bakerdonelson.com - and - Jill C. Walters, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 2235 Gateway Access Point, Suite 220 Raleigh, NC 27607 Tel: (984) 844-7919 E-mail: jwalters@bakerdonelson.com About Mulford Construction Co., Inc. Mulford Construction Company, Inc., based in Prince Frederick, Maryland, the construction company 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. Mulford Construction Co., Inc., in Prince Frederick, MD, sought relief under Chapter 11 of the Bankruptcy Code, filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 26-13271) on March 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kurt Fowler, as the CEO, signed the petition. TYDINGS ROSENBERG LLP serves as the Debtor's legal counsel. MUNAWAR LAW: U.S. Trustee Appoints Lori Jones as Ch. 11 Trustee --------------------------------------------------------------- William Harrington, the United States Trustee for Region 2, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to appoint Lori Lapin Jones, Esq., an attorney practicing in Great Neck, New York, as trustee in the Chapter 11 case of Munawar Law Group, PLLC. Ms. Jones' current hourly rate is $700 and beginning July 1, 2026, her hourly rate will be $725. Ms. Jones disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Lori Lapin Jones, Esq. Lori Lapin Jones PLLC 98 Cutter Mill Road, Suite 255 South Great Neck, NY 11021 Telephone: (516) 466-4110 About Munawar Law Group PLLC Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. MY VAPE ORDER: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------- On April 29, 2026, My Vape Order, Inc. commenced a Chapter 11 case in the U.S. Bankruptcy Court for the Middle District of Florida. Court documents indicate the Debtor owes between $1 million and $10 million to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on May 27, 2026 at 11:30 AM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About My Vape Order, Inc. My Vape Order, Inc. operates in the vaping products market, offering a range of electronic nicotine delivery systems, accessories, and related merchandise through online and retail channels. My Vape Order, Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01900) on April 29, 2026. The filing lists assets estimated between $100,001 and $1,000,000 and liabilities ranging from $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Jacob A. Brown. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler NAM TAI: Affirms 12-Month Liquidity Sufficiency in FY2025 Filing ---------------------------------------------------------------- Nam Tai Property Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, reporting a net loss from operations of $10 million for the year ended December 31, 2025, compared to a net loss from operations of $19.5 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, increased to $48 million, compared to $29.2 million in the prior period. Liquidity The Company's primary sources of liquidity have been cash provided by operating activities, its cash and cash equivalents, long-term bank loans and short-term bank and third party loans. For the years ended December 31, 2023, 2024 and 2025, net cash used in operating activities was $32.3 million, $114.9 million and $23.9 million respectively. As of December 31, 2023, 2024 and 2025, the Company had cash and cash equivalents of $8.3 million, $26.9 million and $43.5 million, respectively. In 2025, the Company refinanced its Nam Tai Technology Center property by securing a new 10-year construction loan of RMB700 million from Shenzhen Rural Commercial Bank at a blended interest rate of approximately 4.7%. This loan replaced a higher-cost RMB450 million loan from the Bank of Guangzhou, for which the Company incurred a prepayment penalty of RMB13.7 million. Additionally, the Company obtained a new loan of RMB600 million with a blended all-in interest rate of 4.3% per annum, which replaced a previous loan from Bank of China with improved terms. Furthermore, the Company closed an eight-year mortgage loan of RMB110 million with Shenzhen Rural Commercial Bank at a blended annual rate of about 4.4%. This mortgage is secured by the Company's Nam Tai Inno Valley property located in the Bao'an District of Shenzhen. During each of the years of 2023, 2024 and 2025, the Company's primary uses of cash were payments related to the development of its real estate projects. In January 2026, the Company reassessed the development plan for Tower C of Nam Tai Technology Center and transitioned Tower C from a leasing model to a sales model. This strategic adjustment is expected to accelerate cash conversion and enhance the Company's overall liquidity position. With its cash and cash equivalents, anticipated operating cash flows, available financing arrangements, and its continued management of supplier payment terms in the ordinary course of business, the Company believes its existing liquidity is sufficient to meet its cash requirements for at least 12 months from April 29, 2026, the date of which the Annual Report was filed. A full text copy of the Company's Form 20-F is available at https://tinyurl.com/4xte2b72 About Nam Tai Property Nam Tai Property Inc., a Company incorporated in the British Virgin Islands and governed by BVI law, owns certain subsidiaries, which own and operate commercial real estate projects across the People's Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao'an, Shenzhen. As of December 31, 2025, the Company had $473.2 million in total assets, $291.5 million in total liabilities, and $181.7 million in total stockholders' * * * This concludes the Troubled Company Reporter's coverage of Nam Tai Property Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. NATIONAL CONTRACTORS: Seeks to Hire Barclay Damon LLP as Attorney ----------------------------------------------------------------- National Contractors LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Barclay Damon LLP as attorneys. The firm will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. represent the Debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof; c. represent the Debtor in any adversary proceedings and other contested bankruptcy matters; d. prepare on behalf of the Debtor, as Debtor-in-Possession, necessary applications, answers, reports, orders, and other legal papers; and e. perform all other legal services for the Debtor, as Debtor-in-Possession, which may be necessary herein, including but not limited to litigation services. The firm will be paid at these rates: Attorneys $315 to $660 per hour Paraprofessionals $215 to $290 per hour Since December 2025, $5,048 has been paid to Barclay Damon LLP by the Debtor and $10,000 has been paid to Barclay Damon LLP by Debtor's members on behalf of Debtor in respect of its preparation for a Chapter 11 filing. Jeffrey Dove, Esq., a partner at Barclay Damon, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Dove, Esq. Scott L. Fleischer, Esq. BARCLAY DAMON LLP Barclay Damon Tower 125 East Jefferson Street Syracuse, NY 13202 Telephone: (315) 425-2700 Email: jdove@barclaydamon.com About National Contractors LLC National Contractors, LLC provides project management and construction consulting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30260) on April 3, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Peter Teller, president and secretary, signed the petition. Judge Wendy A. Kinsella presides over the case. Jeffrey A. Dove, Esq., at Barclay Damon, LLP represents the Debtor as legal counsel. NFN8 GROUP: Committee Taps Buchalter LLP as Bankruptcy Counsel -------------------------------------------------------------- The official committee of unsecured creditors of NFN8 Group, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Buchalter, LLP as its counsel. The firm will render these services: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtors to the Committee; (c) analyze and negotiate the budget and the terms and use of the Debtors' debtor-in-possession financing and cash collateral arrangement; (d) assist in the Debtors' efforts to market and sell their assets in a manner that maximizes value for creditors; (e) assist the Committee in negotiations with the Debtors and other parties in interest on any proposed chapter 11 plan and/or exit strategy for these cases; (f) confer with the Debtors' management, counsel, and financial advisor and any other retained professional; (g) confer with the principals, counsel, and advisors of the Debtors' lenders and equity holders; (h) review the Debtors' schedules, statements of financial affairs, and business plan; (i) advise the Committee as to the ramifications regarding all of the Debtors' activities and motions before this Court; (j) review and analyze the Debtors' financial advisors' work product and report to the Committee; (k) investigate and analyze certain of the Debtors' prepetition conduct, transactions, and transfers; (l) provide the Committee with legal advice in relation to the chapter 11 cases; (m) prepare various pleadings to be submitted to the Court for consideration; and (n) perform such other legal services for the Committee as may be necessary or proper in these proceedings. The firm's current adjusted hourly rates are: Jeffrey Garfinkle, Shareholder $850 Jason Blackstone, Shareholder $850 Matthew Yarborough, Shareholder $850 John Baxter, Associate $650 In addition, the firm will seek reimbursement for expenses incurred. Mr. Garfinkle 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 Garfinkle, Esq. Buchalter, A Professional Corporation 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612 Telephone: (949) 760-1121 Facsimile: (949) 720-0182 Email: jgarfinkle@buchalter.com About NFN8 Group, Inc. NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NIED OWNERSHIP: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Nied Ownership LLC 1250 Marden Road Suite 1 Apopka, FL 32703 Business Description: Nied Ownership LLC is a Delaware limited liability company that owns and operates multifamily residential properties in Central Florida. The company is based in Apopka, Florida, and lists MDN Ownership LLC as its Class A member and manager and DBN Ownership LLC as a Class A member. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03232 Debtor's General Bankruptcy Counsel: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Blvd., Suite 1165 Tampa, FL 33602 Tel: (813) 498-3400 E-mail: amayer@bergersingerman.com Estimated Assets: $500 million to $1 billion Estimated Liabilities: $100 million to $500 million The petition was signed by Michael Niederst, who serves as manager of MDN Ownership LLC, the Debtor's Class A member and manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BRVGYQY/Nied_Ownership_LLC__flmbke-26-03232__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Momentum Bank Loan Guaranty $41,290,904 4830 W. Kennedy Boulevard Suite 200 Tampa, FL 33609 Jerilyn H. Reed, Esq. Email: jerilyn.reed@hwhlaw.com Phone: 813-221-3900 2. Egger, Steven $1,000,000 2640 Covington Place Avon, OH 44011 Steven Egger Email: steve.egger@lpenergy.com NORTH FLORIDA FIBER: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------------- On April 28, 2026, North Florida Fiber, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About North Florida Fiber, Inc. North Florida Fiber, Inc. is a company engaged in fiber-related services, including recycling, processing, or distribution of fiber materials used in manufacturing and industrial applications. The company supports supply chains tied to paper, packaging, and related industries. North Florida Fiber, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01879) on April 28, 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 Jerry A. Funk handles the case. The Debtor is represented by Jerrett M. McConnell, Esq. of McConnell Law Group, P.A. NOSTRUM LABORATORIES: Court Converts Chapter 11 to Chapter 7 ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge has converted Nostrum Laboratories Inc.'s Chapter 11 case to Chapter 7, citing the company's failure to submit operating reports and its admission that it is no longer viable as an ongoing business. The ruling effectively transitions the case from reorganization to liquidation. The court emphasized that the debtor's noncompliance with reporting requirements undermined the integrity of the bankruptcy process. Without timely financial information, creditors and the court were unable to properly assess the company's position or prospects, the report states. Under Chapter 7, a trustee will oversee the liquidation of Nostrum's assets and the distribution of funds to creditors. The decision signals that reorganization is no longer feasible for the company, according to Law360. About Nostrum Laboratories Inc. Nostrum Laboratories Inc. operates as a pharmaceutical company. The Company offers sucralfate, and theophylline extended release (ER) tablets, as well as piroxicam capsules, and carbamazepine ER capsules. Nostrum Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-19611) on Sept. 30, 2024. In the petition filed by James Grainer, as chief financial officer, the Debtor estimated assets between $50,000 and $100,000 and estimated liabilities between $10 million and $50,000. The Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by David L. Bruck, Esq. at GREENBAUM, ROWE, SMITH & DAVIS LLP, in Iselin, New Jersey. NYA CAPITAL: Seeks to Sell Battle Creek Property at Auction ----------------------------------------------------------- Lori Patton, duly appointed Chapter 7 Trustee for NYA Capital Inc., seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property located at 300 Hidden Forest Lane, Battle Creek, Michigan 49014 and is a residential home. The Debtor employs Ewald Auctions as part of an online-only auction. The Auctioneer will conduct a marketing campaign. The Trustee seeks authority for a marketing budget of up to $7,500 for all estate properties included in the same auction event. The Auction will open on June 14, 2026 at 12:00p.m. (ET) and will close on June 22, 2026 at 12:00p.m. (ET). To bid on the Property, a bidder must provide a $50,000 deposit to Ewald Auctions. Alternatively, a $100,000 deposit is required to register and bid on all estate real properties included in the auction. Fully executed contracts must be delivered by 5:00p.m. (ET) on June 23, 2026. A deposit equal to 10% of the purchase price will be collected on June 23, 2026, and held in escrow pending closing. Closing shall occur within 14 days after entry of a final sale order. The Property will be sold "as is, where is," with no representations or warranties and no contingencies (including inspection or financing contingencies). The purchaser will be responsible for all real estate taxes (without proration) and all closing costs. Ewald Auctions may designate a back-up bidder and accept the next highest bid if the successful bidder fails to close. HIG Mortgage and SIG Cap Group, LLC are the lienholder of the Property. The Auction will facilitate a sale that is in the best interest of the creditors of the bankruptcy estate. As such, the Trustee, in the exercise of her business judgment, submits that the sale price resulting from the Auction will be fair and reasonable. The Trustee asserts that the sale of the Property pursuant to the Auction will utilize a competitive and transparent marketplace that facilitates an arm’s-length sale without fraud or collusion. About NYA Capital Inc. NYA Capital Inc. operates in the real estate industry. NYA Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07489) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $10 millionâ€“$50 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Raymond J. Rotella, Esq., of Kosto & Rotella PA. NYA CAPITAL: Seeks to Sell Lehigh Acres Property at Auction ----------------------------------------------------------- Lori Patton, duly appointed Chapter 7 Trustee for NYA Capital Inc., seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property, by virtue of a deed, located at 1303 Johns Ave., Lehigh Acres, Florida and the Property is a vacant land. The Debtor scheduled the Property as having a value of $50,000.00. The Trustee is not aware of any liens or encumbrances against the Property, other than real estate taxes in the amounts of $523.55 for tax year 2024 and $595.75 for tax year 2025. Although the Trustee is not aware of any properly recorded liens or encumbrances, the Trustee seeks, out of an abundance of caution, authority to sell the Property free and clear of any interest that may appear in the public records between the Petition Date and the recording of the Trustee's Deed. The Trustee, through Ewald Auctions, intends to offer the Property for sale following a marketing campaign, with a marketing budget of up to $7,500 for all estate properties approved for sale through the same auction. The Auction will be conducted ON-LINE ONLY and will open on June 14, 2026 at 12:00p.m. (ET) and closing on June 22, 2026 at 12:00p.m. (ET). To bid on the Property, prospective bidders must provide a cash deposit or cashier's check in the amount of $10,000 to Ewald Auctions. Alternatively, a $100,000 deposit is required to register and bid on all estate real properties authorized for sale in the auction. Fully executed contracts must be delivered by 5:00pm. (ET) on June 23, 2026. A deposit equal to 10% of the purchase price will be collected on June 23, 2026, and held in escrow pending closing, which shall occur within 14 days following entry of the Order approving the sale. The Property will be sold on an "as is, where is" basis, with no representations or warranties, and with no contingencies of any kind, including inspections or financing. The Trustee makes no representations. The Buyer will be responsible for all real estate taxes and all closing costs. (There is no pro-rating of taxes.) Ewald Auctions may designate a back-up bidder and accept the second highest bid if the successful bidder fails to complete the transaction. The Auction will facilitate a sale that is in the best interest of the creditors of the bankruptcy estate. As such, the Trustee, in the exercise of her business judgment, submits that the sale price resulting from the Auction will be fair and reasonable. About NYA Capital Inc. NYA Capital Inc. operates in the real estate industry. NYA Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07489) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $10 million to $50 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Raymond J. Rotella, Esq., of Kosto & Rotella PA. NYA CAPITAL: Seeks to Sell Orlando Property at Auction ------------------------------------------------------ Lori Patton, duly appointed Chapter 7 Trustee for NYA Capital Inc., seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property located at N. Hiawassee Rd., Orlando, Florida 32818 and is a vacant land. The Trustee is not aware of any street number being assigned by Orange County, Florida to the Property. The Debtor scheduled the Property as having a value of $10,000.00. Real estate taxes in the amounts of $489.87 for tax year 2024 and $418.86 for tax year 2025 are due and owing. The Trustee requests the entry of an order pursuant to Section 363 of the Bankruptcy Code approving the sale of the Property by Auction, using the services of Ewald Auctions, free and clear of all liens, claims, encumbrances, and interests. The Trustee, through Ewald Auctions, intends to offer the Property for sale following a marketing campaign, with a marketing budget of up to $7,500 for all estate properties approved for sale through the same auction. The Auction will be conducted ON-LINE ONLY and will open on June 14, 2026 at 12:00p.m. (ET) and closing on June 22, 2026 at 12:00p.m. (ET). To bid on the Property, prospective bidders must provide a cash deposit or cashier's check in the amount of $10,000 to Ewald Auctions. Alternatively, a $100,000 deposit is required to register and bid on all estate real properties authorized for sale in the auction. Fully executed contracts must be delivered by 5:00p.m. (ET) on June 23, 2026. A deposit equal to 10% of the purchase price will be collected on June 23, 2026, and held in escrow pending closing, which shall occur within 14 days following entry of the Order approving the sale. The Property will be sold on an "as is, where is" basis, with no representations or warranties, and with no contingencies of any kind, including inspections or financing. The Trustee makes no representations. The Buyer will be responsible for all real estate taxes and all closing costs. Ewald Auctions may designate a back-up bidder and accept the second highest bid if the successful bidder fails to complete the transaction. The Auction will facilitate a sale that is in the best interest of the creditors of the bankruptcy estate. As such, the Trustee, in the exercise of her business judgment, submits that the sale price resulting from the Auction will be fair and reasonable. About NYA Capital Inc. NYA Capital Inc. operates in the real estate industry. NYA Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07489) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $10 millionâ to $50 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Raymond J. Rotella, Esq., of Kosto & Rotella PA. OMNICARE LLC: GenieRx Wins in Chapter 11 Sale Process ----------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Omnicare has selected a $250 million bid from GenieRx Holdings LLC as the winning offer in its Chapter 11 sale process, the company told a Texas bankruptcy judge. The stalking horse bidder ultimately prevailed following an auction aimed at securing the highest value for the estate. In its filing, Omnicare said the GenieRx proposal offers a compelling combination of financial value and deal certainty. The transaction is a central element of the company’s restructuring strategy as it works to address its debt and streamline operations. The sale is subject to court approval, which will determine whether the transaction can move forward. If approved, it will represent a major step toward resolving Omnicare’s bankruptcy case and distributing proceeds to creditors, the report states. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. OUISI INC: Gets Interim OK to Use Cash Collateral Until May 21 -------------------------------------------------------------- OuiSi Incorporated received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 21 in accordance with an approved budget. The Debtor said it needs immediate access to cash collateral to continue operations, meet payroll, pay vendors, maintain insurance, and fund restructuring expenses. The Debtor's cash collateral consists primarily of receivables generated from its e-commerce operations and related payment processing systems. CFT Clear Finance Tech Corp. (Clearco) is the sole pre-petition secured creditor with a security interest in the Debtor's future receivables arising primarily from Shopify-based sales. Under a 2025 cash advance agreement, Clearco provided approximately $27,860 in funding, plus finance charges, and in return receives weekly payments tied to a percentage of the Debtor's revenue processed through Shopify and Stripe, with remaining outstanding debt alleged to be about $11,432. As protection for any diminution in the value of its collateral, Clearco will be granted a replacement and rollover security interest in and liens on all of the Debtor's post-petition collateral, subject to a carveout. The order is available at https://is.gd/2nQzsE from PacerMonitor.com. The final hearing is set for May 19. Any responses or objections must be filed no later than seven days before the hearing. About OuiSi Incorporated OuiSi Incorporated operates a business focused on designing, developing, marketing, and distributing visually interactive photo-based games in both digital and physical formats, with production facilities located across Canada, the United States, and the United Kingdom. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35436) on April 24, 2026. In the petition signed by Paul Brillinger, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Kyu Young Paek oversees the case. Justin S. Krell, Esq., at Bond, Schoeneck & King, PLLC, represents the Debtor as legal counsel. PACIFIC RIM: Hires Tarter Krinsky & Drogin as Bankruptcy Counsel ---------------------------------------------------------------- Pacific Rim Winemakers, Inc. seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Eastern District of New York to hire Tarter Krinsky & Drogin LLP as its general bankruptcy counsel. The firm will render these services: (a) provide advice to the Debtors with respect to their powers and duties as debtor-in-possession in its continued management of the Debtors' property; (b) negotiate with the Debtors' creditors and to the extent necessary the subchapter V trustee in furtherance of a plan and to take the necessary legal steps in order to consummate a plan, including, if need be, negotiations in financing a plan; (c) prepare on behalf of the Debtors, necessary applications, answers, orders, reports and other legal papers; (d) appear before the bankruptcy judge and to represent and protect the interests of the Debtors in all pending matters; and (e) perform all other legal services for the Debtors that may be necessary to preserve and protect the Debtors' business. The firm's current hourly rates are: Partners $600 to $975 Counsel $425 to $795 Associates $425 to $575 Paralegals $300 to $410 The firm received a retainer in the amount of $50,000. As disclosed in the court filings, Tarter Krinsky & Drogin LLP is a disinterested person as that term is defined in §101(14) of the Bankruptcy Code. The firm can be reached through: Alex Spizz, Esq. Jill Makower, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Phone: (212) 216-8000 Email: aspizz@tarterkrinsky.com Email: jmakower@tarterkrinsky.com About Pacific Rim Winemakers, Inc. Pacific Rim Winemakers, Inc. doing business as Pacific Rim & Company, is a West Richland, Washington-based wine producer that makes Riesling-focused wines ranging from dry to dessert styles. A member of Banfi Vintners' U.S. portfolio, the company produces labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven, and Thick Skinned from grapes sourced in the Columbia and Yakima valleys. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71230) on March 30, 2026. In the petition signed by Cristina Mariani-May, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Alex Spizz, Esq., at TARTER KRINSKY & DROGIN LLP, represents the Debtor as legal counsel. PACIFIC RIM: Taps Tippett Company as Exclusive Real Estate Agent ---------------------------------------------------------------- Pacific Rim Winemakers, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Tippett Company of Washington, LLC as its exclusive real estate agent. The firm will provide these services: (a) advertise and promote the sale of the real property located in West Richland, Benton County, Washington through its network of contacts and database; (b) vet any potential buyers; (c) conduct all property tours of the Property; (d) assist in price negotiations; and (e) provide real-time updates, no less than twice per month, regarding marketing efforts and feedback from potential buyers. Tippett Company of Washington will receive compensation consisting of 3% of the sales price, or 5% of the sales price if the buyer is not represented by a buyer brokerage firm, and 3% of the sales price to a cooperating broker representing the buyer. Tippett Company of Washington, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Tippett Company of Washington LLC PO Box 3027 Pasco, WA 99302 Telephone: (509) 545-3355 Facsimile: (509) 545-1689 About Pacific Rim Winemakers, Inc. Pacific Rim Winemakers, Inc. doing business as Pacific Rim & Company, is a West Richland, Washington-based wine producer that makes Riesling-focused wines ranging from dry to dessert styles. A member of Banfi Vintners' U.S. portfolio, the company produces labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven, and Thick Skinned from grapes sourced in the Columbia and Yakima valleys. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71230) on March 30, 2026. In the petition signed by Cristina Mariani-May, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Alex Spizz, Esq.,at TARTER KRINSKY & DROGIN LLP, represents the Debtor as legal counsel. PARADISE LAND: Hires Thompson Burton PLLC as Bankruptcy Counsel --------------------------------------------------------------- Paradise Land LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Thompson Burton PLLC as counsel. The firm's services include: (a) prepare pleadings and applications and conduct examinations incidental to any related proceedings or to the administration of this case; (b) develop the relationship of the status of the Debtor to the claims of creditors in this case; (c) advise the Debtor of its rights, duties, and obligations in operating under Chapter 11 of the Bankruptcy Code; (d) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and (e) advise and assist the Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. The firm's hourly rates are as follows: Stuart Maples, Esq. $530 Other Associates $300 - $475 Mr. Maples 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: Stuart M. Maples, Esq. Thompson Burton PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, AL 35801 Telephone: (256) 489-9779 Facsimile: (256) 489-9720 Email: smaples@thompsonburton.com About Paradise Land LLC Paradise Land LLC operates Paradise Homes Park, a residential mobile home park in Boaz, Alabama that provides lots and mobile home housing with common areas, security cameras, designated storage, and enclosed space. The community also offers water, sewer, and electricity connections, paved roads, and housing financing arrangements through Zippy Home Loans and Triad Financial Services. Paradise Land LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80915) on April 21, 2026, listing $2,268,238 in assets and $1,983,478 in liabilities. The petition was signed by Anthony D. Moreno Bernabel as partner. Judge Clifton R Jessup Jr presides over the case. Stuart Maples, Esq. at THOMPSON BURTON PLLC represents the Debtor as counsel. PAREX RESOURCES: Fitch Assigns 'B+' LongTerm Foreign Currency IDR ----------------------------------------------------------------- Fitch Ratings has assigned Parex Resources Inc. first-time Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B+'. The Rating Outlook is Stable. Fitch also assigned a 'B+' rating with a Recovery Rating of 'RR4' for Parex's proposed benchmark size unsecured notes. Net proceeds will be used to fund the acquisition of Frontera Energy's Colombian E&P business, capex, working capital, or general corporate purposes. Parex's ratings reflect stronger operating scale after the announced acquisition. Fitch expects pro forma production to rise to about 84,000 boed in 2026 and 88,000 boed thereafter. The ratings also reflect Parex's low-cost operating profile, limited integration risk and healthy pro forma leverage of about 1.4x in 2026 and 1.3x thereafter. The rating remains constrained by Parex's modest reserve base, with 1P reserves expected near 200 mmboe, and its full concentration in Colombia, which exposes it to regulatory, political, security and macroeconomic risks. Key Rating Drivers Expanding Colombian Operations: Parex has agreed to acquire Frontera Energy's (FEC) Colombian E&P business for up to USD500 million, consisting of an upfront cash consideration of USD500 million payable at closing and USD25 million in contingent consideration. The transaction is subject to customary regulatory approvals and expected to close in 2H26. Parex plans to fund the acquisition with proceeds from a bond issuance and will assume FEC's existing net debt of USD 225 senior unsecured notes due in 2028. Fitch expects the acquisition will enhance Parex's operational scale. On proforma basis, production is expected to reach 84,000 boed in fiscal 2026, a level more consistent with the 'BB' rating category. However, reserves are expected to reach 210 mmboe, well below the 400 mmboe threshold typically associated with the 'BB' category, which constrains the rating and keeps it firmly in the 'B' category. Fitch forecasts post-acquisition production to average 84,000 boed in 2026 and 88,000 boed thereafter, with 1P reserve life of around seven years. Limited Geographic Footprint: Parex operates only in Colombia, which limits geographic diversification and growth opportunities. Colombia's limited unconventional hydrocarbon development also constrains the company's expansion. The country's volatile political and macroeconomic environment also raises operating risk. This concentration increases exposure to country-specific risks and limits Parex's overall business scale, including EBITDA generation. The transaction increases scale but does not improve geographic diversification, as the combined company remains fully exposed to Colombia's regulatory, political, security and macro-economic risks. Low-cost producer: Fitch expects Parex to maintain a low-cost operating profile, which supports cash flow resilience through commodity price cycles. The company benefits from its established position in Colombia's onshore oilfields, where existing expertise and infrastructure support operational efficiency and limit execution risk. Parex's Fitch-estimated half-cycle cost was USD 23.4/boe, and full-cycle cost USD 43.36/boe. Lifting cost excluding transportation was USD 13.86/boe, all in line with peers. Fitch expects the acquired assets to be broadly consistent with Parex's existing operating base, supporting cost efficiency and limiting integration risk. Consistently Positive Free Cash Flow: Fitch estimates Parex's cash flow will be positive throughout the cycle. Cash flow from operations is expected to cover capex by 1.8x on average through the rating horizon. In 2026, Fitch estimates USD 192 million of FCF generation, and USD 161 million in 2027, covering short-term obligations and supporting Parex's deleveraging strategy. A strong pricing environment, combined with low-cost production, and manageable interest expense supports cash flow generation for the issuer. Robust Liquidity and Healthy Leverage: On a proforma basis, Fitch projects Parex's EBITDA leverage will be close to 1.4x in 2026 and 1.2 in 2027, remaining at around 1.3x through the rating horizon. Fitch also projects debt/1P will be at or below USD 5/boe, which compares favorably with the peer average, assuming 100% replacement rate. Despite being mostly debt-funded, the acquisition will accelerate deleveraging, due to the new asset's proven cash flow generation capacity. Parex has a committed revolving facility totaling USD240 million of which at YE 2025 USD33 million was utilized and comprised all of Parex's debt, which further supports the company's liquidity position. Peer Analysis Parex's credit and business profile is comparable to other small independent oil producers in Latin America, particularly in Colombia. The ratings of SierraCol Energy Limited (B+/Stable), Geopark Limited (B+/Stable), and Gran Tierra Energy Inc. (B+/Stable) are all constrained to the 'B' category, given the inherent operational risk associated with the small scale and low diversification of their oil and gas production. Brava Energia S.A.'s (BB-/Positive) gas-focused business and robust reserves above 400 million boe differentiate it from the independent producers in Colombia. Vista Energy Argentina S.A.U. (BB-/Stable) and Tecpetrol S.A.(BB-/Stable) have production of 150,000 and 190,000 boed, and 1P reserves above 600 million boe, which hplaces them in firmly in the 'BB' range for operational metrics. Parex's production profile compares favorably with other 'B' category peers in Colombia. Over the rating horizon, Fitch expects Parex's production will be between 84,000 boed and 88,000 boed, compared with SierraCol's expected production at 43,000 boed, Geopark's at 30,000 boed, and Gran Tierra's at 60,000 boed. Parex's 1P RLI is expected to remain above seven years over the rating horizon, in line with its Colombian peers. Parex's half-cycle cost of $23.4/boe and full-cycle cost of $43.4/boe are in line with the range for producers in the region. Fitch’s Key Rating-Case Assumptions - Average Brent prices from 2026 to 2029 (USD/bbl): 70, 63, 60, 60; - Proforma Average production of 84,000 boed in 2026; average of 87,000 boed between 2027-2029; - Aggregate capex of USD1.4 billion between 2026-2029; - Production cost per boe of USD14 in 2026-2029; - Average SG&A plus selling expenses per boe of 3.5 between 2026-2029; - Reserve replenishment ratio annual average of 1P of 100% - Dividends of USD 105 million per year Quality of Access Limited - Acquisition totalling USD 810 million including cash consideration and assumption of Frontera's USD 310 million bond - Issuance of up to USD 650 million five-year bond to fund the acquisition of Frontera's upstream assets; Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b, Higher), Profitability (b+, Moderate), Financial Structure (aa, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 10% weight for the latest historical year 2025, 50% 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 'bb' results in no adjustment. - The SCP is 'b+'. Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis The recovery analysis assumes that Parex would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim. - The GC EBITDA is estimated at $752 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of Parex. - EV multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior unsecured notes is in the 'RR3' band. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. The Recovery Rating for the senior unsecured notes is therefore 'RR4' with 50% recoveries in a hypothetical event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to complete the acquisition of Frontera`s upstream assets in Colombia; - Sustainable production falling below 30,000 boed; - Reserve life decline below 7 years on a sustained basis; - Significant deterioration of total debt/EBITDA to 3.0x or more. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net production consistently above 75,000 boed on a sustained basis while maintaining reserve life of at least 10 years; - Increase of 1P reserves to at least 400 million boe; - Maintenance of conservative financial profile with gross leverage of 2.5x or below; - Diversification of operations beyond Colombia. Liquidity and Debt Structure Fitch views Parex's liquidity as strong. The company had USD103 million in cash available as of December 2025 and USD207 million in committed credit lines available. To fund Frontera's acquisition, the company will issue senior unsecured notes. Liquidity ratios remain strong through the rating horizon, reflecting the company's conservative approach to indebtedness and stable cash generation from the operation of mature assets. Issuer Profile Parex is the largest E&P company in Colombia with producing assets in the Llanos, Magdalena and Putumayo basins. During 2025 the company recorded production of 48,600, and by the end of the year the company had 113 million barrels of oil of proved (1P) reserves. 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 Climate.VS at 2035 for Parex is 52. The results of its Climate.VS screener is elevated for Parex. However, this does not affect the current ratings, given the long-time horizon over which the transition is expected to occur. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. 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 ----------- ------ -------- Parex Resources Inc. LT IDR B+ New Rating senior unsecured LT B+ New Rating RR4 PATHWAY VET: Ares Capital Marks $85.9M 2L Loan at 35% Off --------------------------------------------------------- Ares Capital Corp. has marked its $85.9 million loan extended to Pathway Vet Alliance LLC and Jedi Group Holdings LLC to market at $55.9 million or 65% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a second lien senior secured loan extended to Pathway Vet Alliance LLC and Jedi Group Holdings LLC. The 2L Loan is on non-accrual status. The 2L Loan matures on June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Pathway Vet Alliance LLC and Jedi Group Holdings LLC Pathway Vet Alliance LLC and Jedi Group Holdings LLC operate a network of veterinary hospitals, providing medical and health services for companion animals. PAXTON & ASSOCIATES: Gets OK to Use Cash Collateral Until May 27 ---------------------------------------------------------------- Paxton & Associates Trucking, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral through May 27. Under the interim order, the Debtor is authorized to use up to $190,000 in cash collateral to pay its expenses in accordance with an approved budget The Debtor's cash collateral -- primarily consisting of cash on hand and accounts receivable -- is its only available source of liquidity, as it has been unable to secure alternative debtor-in-possession financing on better or more favorable terms. The Debtor's financial obligations are largely tied to secured lending relationships with Commercial Credit Group, Inc. and Equify Financial, LLC, both of which hold liens on its equipment and may also claim interests in accounts receivable and other proceeds. CCG is owed approximately $1.82 million across multiple equipment loans, while Equify is owed roughly $741,000. In addition, several merchant cash advance lenders may assert claims against the Debtor's cash collateral. Because these creditors assert security interests in substantially all of the Debtor's cash and receivables, the Debtor cannot use these funds without either consent or court approval. To the extent of any diminution in value of their collateral, the creditors determined to have a valid security interest in the Debtor's pre-petition assets will be granted replacement liens on collateral of the same type as such creditor has a valid pre-petition lien. The replacement liens will have the same validity, priority, and extent as the creditors' pre-petition liens. The order is available at https://is.gd/l5pabS from PacerMonitor.com. The next hearing is set for May 26. Objections are due by May 21. About Paxton & Associates Trucking LLC Paxton & Associates Trucking, LLC, based in Uniontown, Ohio, operates as a trucking company providing general freight transportation services. It serves commercial customers and operates on local and intrastate routes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-50678) on April 23, 2026. In the petition signed by John Chafe, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alan M. Koschik oversees the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. PBF HOLDING: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has revised the outlook of PBF Holding Company LLC (PBF) to stable from negative and affirmed PBF's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 senior unsecured notes ratings. PBF's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-3. "The affirmation of PBF's ratings and revision of the outlook to stable reflects Moody's expectations that wider refining margins and improving operational performance will drive a meaningful recovery in EBITDA, support debt reduction, and a return to a more sustainable leverage profile," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE PBF's Ba3 CFR reflects the scale and geographic diversification of its refining system, balanced against the inherent cyclicality of the refining sector and history of earnings volatility. The company operates six refineries across the East Coast, Gulf Coast, Mid-Continent, and West Coast, with aggregate capacity exceeding one million barrels per day, providing broad exposure to multiple end markets and mitigating single-region concentration risk. However, PBF's east and west coast refineries, in particular, could face risk to securing competitively priced crude oil while global flow remains disrupted. Moody's expects operating performance to improve meaningfully over the course of 2026, supported by wider crack spreads reflecting product tightness, higher utilization as refinery operations normalize, and ongoing cost reduction initiatives. These factors are expected to drive a significant recovery in EBITDA and support debt reduction. However, capital spending will remain elevated, with turnarounds planned at five refineries, and cash flow outcomes will depend in part on capital requirements in fully restoring Martinez refinery operations, and the timing and amount of additional insurance recoveries related to the Martinez incident, which could affect the pace of debt reduction. This represents a significant improvement from 2025, when operational challenges pressured results and led to incremental debt that bolstered liquidity but increased leverage. Performance was adversely affected by an extended outage at the Martinez refinery following a February fire, the temporary shutdown at the Torrance refinery due to weather-related events, elevated turnaround spending, lower throughput, and higher interest expense. These headwinds were partially offset by significant insurance recoveries related to repair costs and business interruption losses. PBF Logistics LP, an affiliate outside the credit group supporting the rated notes, carries no debt and represents a potential source of cash to support PBF Energy Inc.'s dividends or PBF's capital requirements, providing modest additional financial flexibility. PBF's SGL-3 rating reflects adequate liquidity. As of March 31, 2026, PBF Energy Inc. held $542 million in cash and PBF had over $1.9 billion of borrowing availability under its $3.5 billion ABL revolving credit facility, with $750 million of outstanding borrowings and $197 million in letters of credit. The revolver matures in August 2028, subject to a borrowing base reduction of $802 million if the senior notes due February 2028 remain outstanding within three months of their maturity. The facility includes a springing minimum fixed charge coverage ratio of 1.0x, triggered when excess availability falls below the greater of (1) 10% of the lesser of the borrowing base and lender commitments and (2) $100 million, a threshold which Moody's do not expect to be breached. PBF's senior unsecured notes are rated B1, one notch below the CFR, reflecting their effective subordination to the secured ABL revolver. Given the size of the revolver relative to the capital structure, the notes ratings could face pressure if revolver utilization exceeds expectations or if committed capacity is expanded. The notes are not guaranteed by PBF Energy Inc. or PBF Logistics LP. The stable outlook reflects Moody's expectations that wider margins and higher throughput will support improved operating performance and cash flow generation, enabling debt reduction and a rebuilding of cash balances. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include sustained improvement in operating performance; consistent generation of positive free cash flow; and substantial debt reduction supporting maintenance of lower leverage through the cycle. Conservative financial policies are also important, including a pace of shareholder returns that preserves substantial cash balances and strong liquidity across market conditions. Factors that could lead to a downgrade include a deterioration in operating performance; negative free cash flow and increased debt; or a weakening of liquidity. Aggressive financial policies such as with respect to shareholder returns could also pressure ratings. PBF, with headquarters in Parsippany, NJ, is a subsidiary of publicly traded PBF Energy Inc. The company owns and operates six petroleum refineries across the US. PBF Energy Inc. also owns PBF Logistics LP, which primarily operates midstream infrastructure supporting PBF's refining operations. The principal methodology used in these ratings was Refining and Marketing 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. PELCO BUILDERS: Hires Ciardi Ciardi & Astin as Bankruptcy Counsel ----------------------------------------------------------------- Pelco Builders, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties; (b) prepare, on behalf of the Debtor, any necessary legal papers; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) prepare and file a Plan of Reorganization. The firm will be paid at these hourly rates: Albert Ciardi, III, Attorney $625 Jennifer McEntee, Attorney $475 Sarah A. Moynihan, Attorney $375 Stephanie Frizlen, Paralegal $150 Mr. Ciardi 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: Albert Ciardi, III, Esq. Ciardi Ciardi & Astin 2005 Market Street, Suite 1930 Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Pelco Builders, Inc. Pelco Builders, Inc., based in Coatesville, Pennsylvania, is a general contractor founded in 1975 that provides sitework, foundations, and shoring services in the Philadelphia area. The company undertakes multifamily and commercial mixed-use projects. Pelco Builders, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11608) on April 16, 2026, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Leonard Pelullo as president. Judge Ashely M Chan handles the case. Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN serves as the Debtor's counsel. PERENNIAL REAL: Seeks to Hire Michael A. King as Legal Counsel -------------------------------------------------------------- Perennial Real Estate Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Michael King, an attorney practicing in Brooklyn, New York, as counsel. The attorney's services include: (a) assist and advise the relative to the administration of this proceeding; (b) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (c) represent the Debtor before the Bankruptcy Court and advise it on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist the Debtor in preparing all legal papers necessary to the administration of the estate; (h) confer with other professionals retained by the Debtor and other parties in interest; (i) negotiate and prepare the Debtor's Chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on its behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The attorney will be paid at a flat rate of $4,000 plus reimbursement. Mr. King 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 firm can be reached through: Michael A. King, Esq. 41 Schermerhorn Street, Suite 228 Brooklyn, NY 11201 Telephone: (646) 824-9710 Email: Romeo1860@aol.com About Perennial Real Estate Group Inc. Perennial Real Estate Group, Inc. is a real estate company engaged in property investment, development, and management activities. Perennial Real Estate Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41134) on March 10, 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 Jil Mazer-Marino handles the case. The Debtor is represented by Michael A. King, Esq. PEREZ MENENDEZ: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Perez Menendez HNOS, Inc. a/k/a Farmacia Garden Hills Plaza Garden Hills Plaza Local 1379 Guaynabo, PR 00966 Business Description: Perez Menendez HNOS, Inc., also known as Farmacia Garden Hills Plaza, operates a retail pharmacy in Guaynabo, Puerto Rico, providing pharmacy services to customers in the area. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01990 Judge: Hon. Mildred Caban Flores Debtor's Counsel: Juan C Bigas, Esq. JUAN C. BIGAS LAW P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 E-mail: cortequiebra@yahoo.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mayra Menendez Rosado as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GO3YF6A/PEREZ_MENENDEZ_HNOS_INC__prbke-26-01990__0001.0.pdf?mcid=tGE4TAMA PHIL KEAN: Hires Berger Singerman as Special Litigation Counsel --------------------------------------------------------------- Phil Kean Designs Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Berger Singerman LLP as litigation counsel. The Debtor seeks to employ a special litigation counsel in connection with an adversary complaint filed by Daniel and Patricia Stasny in the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, Case Number 6:25-ap-00046-LVV to determine dischargeability of the Debtor's obligations to Daniel and Patricia Stasny. The firm will be paid at these hourly rates: Attorneys $470 - $1,000 Nicolette Vilmos, Attorney $600 Marc Levine, Attorney $600 Paralegals $275 - $495 Mr. Levine 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: Marc I. Levine, Esq. Berger Singerman LLP 313 N Monroe St, Ste 301 Tallahassee, FL 32301 About Phil Kean Designs Inc. Phil Kean Designs, Inc., provides integrated architecture, interior design, and residential construction services, specializing in luxury custom homes for clients in Central Florida and surrounding coastal areas. It is based in Winter Park, Florida. Phil Kean Designs filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07667) on Nov. 25, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Tommy Watkins, president of Phil Kean Designs, signed the petition. Daniel A. Velasquez, at Latham, Luna, Eden & Beaudine, LLP is the Debtor's counsel. PHONEIC INC: Unsecured Creditors to Split $25K in Plan ------------------------------------------------------ PhoneIC Inc. filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business dated April 24, 2026. The Debtor is a corporation. Since 2013, the Debtor has been in the business of operating a technology company that has developed an Artificial Intelligence (AI) assistant for cellular telephone calls, which among other things, takes notes, creates tasks, and schedules events for the operator. However, on August 7, 2025, a disgruntled former Board Member and in-house attorney for the Debtor (Andrew Won) commenced litigation against the Debtor, its founder (Enlai Chu), its former Chief Executive Officer (Stephan Noll), its secured lender (Scopus Ventures Fund I LP) and the managing partner of the lender fund (Bahram Nour-Omid) (collectively, the "State-Court Litigation"). Debtor strongly believes that the State-Court Litigation is non meritorious, as it was commenced almost immediately in a retaliatory manner after the Debtor refused Mr. Won's demands for issuance of an extraordinary grant of common shares. Nevertheless, given the infancy of its AI Application, the Debtor does not generate sufficient income on a monthly basis to maintain normal business operations and also retain an experienced litigation firm to defend against the State-Court Litigation and related indemnity claims of its officers and directors, and as a result, the Debtor sought relief under Title 11, Chapter 11, Sub Chapter V of the United States Code to reorganize its business affairs. The final Plan payment is expected to be paid on or before July 31, 2026, which is anticipated to be 1 month after the Effective Date. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of assets. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 2.99 cents on the dollar, consistent with the liquidation analysis in Exhibit A and projected disposable income in Exhibit B. This Plan also provides for the payment of administrative and priority claims. Class 3(A) consists of all holders of Simple Agreement for Future Equity (SAFE) Contracts. Class 3(A) is impaired by this Plan. All holders of Simple Agreement for Future Equity (SAFE) Contracts shall receive on the Effective Date a pro-rata share of a fund estimated to total $25,000.00, in addition to any overbid amount received from the sale of the Assets, which shall be shared pro-rata with all holders of Class 3(B) claims. Class 3(B) consists of non-priority unsecured claims excluding those in Class 3(A). Class 3(B) is impaired by this Plan. All allowed non priority non-disputed general unsecured claims shall receive on the Effective Date a pro-rata share of a fund totaling $25,000.00, in addition to any overbid amount received from the sale of the Assets, which shall be shared pro-rata with all holders of Class 3(A) claims. The allowed unsecured claims total $850,406.37. Class 4 consists of equity security holders of the Debtor. Class 4 is not impaired by this Plan. The holders of equity (shares) interest in the Debtor will not receive any distributions under the Plan. However, this Plan does not cancel any shares of the Debtor, all shareholders shall retain their shares, and all shareholders shall retain any and all legal, equitable, and contractual rights provided for in all agreements with the Debtor under applicable nonbankruptcy law. The Debtor shall sell the Assets to PAI, and on or before the Effective Date, PAI shall tender the Payment to the Debtor. The Payment shall be distributed as follows in the following priority: (i) full satisfaction of all administrative claims provided for in Article 3 of the Plan; (ii) full satisfaction of all Class 1 claims; (iii) full satisfaction of all Class 2 claims; (iv) appropriate reserves to fund wind-up and dissolution expenses; and (v) thereafter, a ratable dividend for all Class 3(A) (the "Class 3(A) Dividend") and Class 3(B) claims. The sale of the Assets shall be subject to overbid and auction. A full-text copy of the Plan of Reorganization dated April 24, 2026 is available at https://urlcurt.com/u?l=IeFeUL from PacerMonitor.com at no charge. The firm can be reached at: Brent D. Meyer, Esq. FINESTONE HAYES LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Telephone: (415) 765-1588 Facsimile: (415) 762-5277 E-mail: bmeyer@fhlawllp.com About PhoneIC Inc. PhoneIC, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30051) on Jan. 20, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Dennis Montali presides over the case. Brent D. Meyer, at Meyer Law Group, LLP, is the Debtor's bankruptcy counsel. PLURALSIGHT LLC: Ares Capital Virtually Writes Off $23.1M 1L Loan ----------------------------------------------------------------- Ares Capital Corp. has marked its $23.1 million loan extended to Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC to market at $1.3 million or 6% of the outstanding amount, according to Ares Capital's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on April 28, 2026. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. The 1L Loan is on non-accrual status. The 1L Loan matures in August 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Pluralsight, LLC, Pluralsight Holdings, LLC and Paradigmatic Holdco LLC Pluralsight, LLC and its affiliates operate an online education learning platform that provides technology and skills training content to individual and enterprise customers. PORKY'S LLC: Unsecureds Will Get 42% of Claims over 60 Months ------------------------------------------------------------- Porky's, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Small Business Plan of Reorganization dated April 24, 2026. The Debtor operates as a restaurant and bar with one location at 34 Bridge Street, Pittsburgh, PA 15223. In or around November 25, 2022, the Debtor began experiencing financial distress due to water damage on the Debtor's property and by delays in the insurance company in paying for the same. The water damage was caused by a historic freeze and required significant repairs from June 2023 to mid-November 2023, which kept the business shut down for an extended period. On or around June 25, 2025, in an effort to ease its financial distress, the Debtor began borrowing money from merchant cash advance lenders, specifically Funding Futures LLC, Forward Financing LLC, Velocity Capital Group, LLC, and Specialty Capital (collectively, the "MCA Lenders"), which subjected the Debtor to the MCA Lenders' high-interest rates and aggressive collection practices. The bankruptcy was precipitated by the MCA Lenders' high-interest rates and aggressive collection practices. The Debtor anticipates a successful restructuring if it is not required to make the bi weekly payments to the MCA Lenders and the payments to other unsecured creditors, as the Debtor believes it has sufficient cash flow to pay its operating expenses and to make adequate protection payments to the SBA and it can cure any delinquency to the SBA under a plan. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 42% will be paid on account of general unsecured claims pursuant to the Plan. Class 6 consists of General Unsecured Claims. Undisputed, known Class 6 General unsecured Claims total $144,972.58. The Debtor shall make distribution of $1,003.68 per month that shall be divided and paid pro-rata to all allowed Class 6 claims. Payments shall begin on or before the last day of the third month following the effective date of the Plan. Subsequent payments shall be made by the Debtor on a monthly basis on or before the last day of the month for a total of 60 monthly payments. Total payment to Class 6 creditors shall be $60,220.80, which will pay all allowed and currently known General Unsecured Creditors approximately 42% of their allowed claims. Class 7 consists of Equity Interest Holders. Upon the Effective Date of the Plan, Nicholas Weiss, Chad Jockel, and Drew Ritchie will retain their respective ownership interests in the Debtor in the same amounts and in the same voting class as existed on the Petition Date. The income generated from the Debtor's operation of the restaurant and bar will serve as the funding source for distribution to the (i) holders of Administrative Claims, (ii) Bankers Healthcare Claim in Class 1, (iii) SBA Claim in Class 2; (iv) holders of Allowed, undisputed Unsecured Claims in Class 3; and (iv) holders of Priority Tax Claims. A full-text copy of the Plan of Reorganization dated April 24, 2026 is available at https://urlcurt.com/u?l=dPu8gU from PacerMonitor.com at no charge. Counsel to the Debtor: Michael A. Shiner, Esq. Tucker Arensberg, P.C. 300 Corporate Center Drive Suite 200 Camp Hill, PA 17011 Tel: (717) 234-4121 Fax: (717) 232-6802 E-mail: harrisburginfo@tuckerlaw.com About Porky's LLC Porky's, LLC, is a Pennsylvania limited liability company operating a single-location restaurant and bar. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20222) on January 26, 2026. In the petition signed by Nicholas Weiss, financial manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Joanna D. Studeny, at Tucker Arensberg, P.C., is the Debtor's legal counsel. PROFESSIONAL DIVERSITY: Reduces Streeterville Commitment to $8-Mil. ------------------------------------------------------------------- Professional Diversity Network, Inc. announced in a regulatory filing that it entered into a Global Amendment with Streeterville Capital, LLC, a Utah limited liability company, which amends that certain securities purchase agreement, dated September 5, 2025, and the other Transaction Documents (as defined in the Global Amendment), as previously disclosed in the Company's Current Report on Form 8‑K filed with the Securities and Exchange Commission on September 5, 2025. Pursuant to the Global Amendment, the parties agreed to amend the defined term "Commitment Amount" throughout the Transaction Documents from $20,000,000 to $8,000,000. In addition, the Global Amendment modifies the calculation of the Minimum Balance Amount. As amended, for every $1.00 that the Company pays toward the outstanding balance of a Pre‑Paid Purchase, the Minimum Balance Amount may be reduced by $0.70, and such corresponding amount may be released from the Deposit Account to the Company upon the Company's written request to the Investor. Each Release must be in an amount equal to or greater than $50,000. Except as expressly modified by the Global Amendment, the Securities Purchase Agreement and the other Transaction Documents remain in full force and effect in accordance with their respective terms. A full text copy of the Global Amendment is available at https://tinyurl.com/57jwrjdu About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. Hong Kong-based SR CPA & Co., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $17,867,569 in total assets, $6,685,309 in total liabilities, and total stockholders' equity of $11,182,260. QVC GROUP: Asymmetry Point Exits Full Series A Common Stake ----------------------------------------------------------- Asymmetry Point LP, Asymmetry Point Capital LLC, and Mr. Aviv Argaman disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of April 16, 2026, they no longer beneficially own shares of QVC Group, Inc.'s Series A Common Stock. Asymmetry Point Capital LLC is the General Partner of Asymmetry Point LP, and Mr. Aviv Argaman is the fund manager of Asymmetry Point LP and the President and Secretary of Asymmetry Point Capital LLC. Asymmetry Point LP may be reached through: Aviv Argaman, President and Secretary 100 Biscayne Blvd, Floor 12 Miami, Florida 33132 Tel: 248-622-2848 A full-text copy of Asymmetry Point LP's SEC report is available at: https://tinyurl.com/3tavj3h2 About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group is represented by Simpson Thacher & Bartlett LLP. QVC GROUP: Cleary Gottlieb & McKool Smith Advise Cygnus Capital --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of QVC Group, Inc. and its debtor-affiliates, Cleary Gottlieb Steen & Hamilton LLP and McKool Smith, PC, as Counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock. According to the Verified Statement: 1. The Preferred Shareholders have retained Counsel to represent them in connection with the possible appointment of an official preferred equity committee in the Chapter 11 Cases. 2. By filing this Verified Statement, neither Counsel nor the Preferred Shareholder makes any representation regarding the validity, amount, allowance, or priority of the interests and reserves all rights with respect thereto. 3. As of the date of this Verified Statement, Counsel represent only the Preferred Shareholders and do not represent or purport to represent any entities other than the Preferred Shareholders in connection with the Chapter 11 Cases. In addition, the Preferred Shareholders do not represent, or purport to represent, the interests of any other member, or other person, in connection with the Chapter 11 Cases. In addition, each Preferred Shareholder A. does not assume any fiduciary or other duties to any other Preferred Shareholder or any other person, and B. does not purport to act or speak on behalf of any other Preferred Shareholder or any other person in connection with these Chapter 11 Cases. 4. Counsel submit this Verified Statement out of an abundance of caution, and nothing herein should be construed as an admission that A. the requirements of Bankruptcy Rule 2019 apply to Counsel's representation of the Preferred Shareholders or B. the Preferred Shareholders constitute a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d 5(b)(1) under the Securities Exchange Act of 1934, as amended or any successor provision). 5. Nothing contained in this Verified Statement (or Exhibit A hereto) should be construed as a limitation upon, or waiver of, each Preferred Shareholder's right to assert, file or amend any claims or proofs of interest in accordance with applicable law and any orders entered in these Chapter 11 Cases, including any order establishing procedures for filing proofs of claim or interests, or to be heard on any other matter in these Chapter 11 Cases. 6. Counsel reserve the right to amend or supplement this Verified Statement in accordance with the requirements outlined in Bankruptcy Rule 2019 (including, if and to the extent they become counsel to any additional Preferred Shareholders). The names and addresses of each Preferred Shareholder, and the nature and amount of all disclosable economic interests in relation to the Debtor, provided to Counsel by the applicable Referred Shareholder, are: 1. Cygnus Capital 3060 Peachtree Road NW Suite 1080 Atlanta, GA 30305 Preferred Stock 1,248,003 shares Class A Common Stock5 1,800 shares 2. William Pulman Preferred Stock 150,000 shares 3. Kevin Barnes Preferred Stock 20,000 shares Counsel to Cygnus Capital, William Pulman and Kevin Barnes: Margie Venus, Esq. John J. Sparacino, Esq. MCKOOL SMITH, PC 600 Travis Street, Suite 7000 Houston, TX 77002 Tel: (713) 485-7300 Fax: (713) 485-7344 E-mail: mvenus@mckoolsmith.com jsparacino@mckoolsmith.com - and - David H. Botter, Esq. Luke A. Barefoot, Esq. Joshua Brody, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, NY 10006 Tel: (212) 225-2000 Fax: (212) 225-3999 E-mail: dbotter@cgsh.com lbarefoot@cgsh.com jbrody@cgsh.com About QVC Group, Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Co nerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosen man LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Ward well LLP. The RCF Lender Group is represented by Simpson Thacher & Bartlett LLP. QVC GROUP: Glenn Agre & Kane Russell Advise Grossman and Gui ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of QVC Group, Inc. and its debtor-affiliates, Glenn Agre Bergman & Fuentes LLP and Kane Russell Coleman Logan PC, as Counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock. According to the Verified Statement: 1. On or around April 27, 2026, the Preferred Shareholder Group retained Glenn Agre to represent them in connection with the Chapter 11 Cases. Glenn Agre subsequently arranged for the Preferred Shareholder Group to engage KRCL as its local counsel. 2. As of the date of this Verified Statement, Counsel represents the Preferred Shareholder Group and does not represent or purport to represent any entities other than the Preferred Shareholder Group in connection with the Chapter 11 Cases. In addition, neither the Preferred Shareholder Group nor any member of the Preferred Shareholder Group represents or purports to represent any other entities in connection with these cases. 3. The members of the Preferred Shareholder Group have indicated to Counsel that they hold disclosable economic interests or act as investment managers or investment advisors to funds and/or accounts that hold disclosable economic interests in relation to the Debtors. 4. Additional Preferred Shareholders may become members of the Preferred Shareholder Group, and certain members of the Preferred Shareholder Group may cease to be members in the future. Counsel reserves the right to amend or supplement this Verified Statement in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Preferred Shareholder Group in relation to the Debtors, are: 1. Adam Gui 1750 W. Ogden #4106 Naperville, IL 60540 Preferred Stock 15,000 2. Kenneth Grossman 18 Norfolk Rd. Great Neck, NY 11020 Preferred Stock 39,331 Counsel to the Preferred Shareholder Group: Mark C. Taylor, Esq. KANE RUSSELL COLEMAN LOGAN PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Tel: (512) 487-6650 E-mail: mtaylor@krcl.com - and - Andrew K. Glenn, Esq. Kurt A. Mayr, Esq. Agustina G. Berro, Esq. 1185 Avenue of the Americas New York, NY 10036 Tel: (212) 970-1601 E-mail: aglenn@glennagre.com kmayr@glennagre.com aberro@glennagre.com About QVC Group, Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Co nerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosen man LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Ward well LLP. The RCF Lender Group is represented by Simpson Thacher & Bartlett LLP. RAMANUJAN GROUP: Seeks to Hire Raines Feldman Littrell as Counsel ----------------------------------------------------------------- Ramanujan Group LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Raines Feldman Littrell LLP as counsel. The firm's services include: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect the Debtor; (b) assist the Debtor in preparing and filing its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the Chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with refinance of the loans or a sale of the property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a Chapter 11 plan of reorganization or, if appropriate, seeking a structured dismissal of the case; (f) advise the Debtor concerning its rights and remedies and the estate in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will be paid at the following hourly rates: Kyra Andrassy, Attorney $850 Robert Yan, Attorney $795 Stephen Mott, Associate $595 Bambi Clark, Paralegal $325 - $495 The firm received a retainer of $50,000 from the Debtor. Ms. Andrassy 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: Kyra E. Andrassy, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 Email: kandrassy@raineslaw.com About Ramanujan Group LLC Ramanujan Group LLC is a Newport Beach, California-based real estate investment firm that owns Blackhawk Plaza, an open-air shopping center in Danville, California. Ramanujan Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10832) on March 18, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Kyra E. Andrassy, Esq. at Raines Feldman Littrell LLP. RAYMOND GROUP: Seeks to Tap Raines Feldman Littrell as Counsel -------------------------------------------------------------- Raymond Group, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Raines Feldman Littrell LLP as counsel. The firm's services include: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect it; (b) assist the Debtor in preparing and filing its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the Chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with refinance of the loans or a sale of the property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a Chapter 11 plan of reorganization or, if appropriate, seek a structured dismissal of the case; (f) advise the Debtor concerning its rights and remedies and the estate in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will be paid at these hourly rates: Kyra Andrassy, Attorney $850 Robert Yan, Attorney $795 Stephen Mott, Associate $595 Bambi Clark, Paralegal $325 - $495 The firm received a retainer of $50,000 from the Debtor. Ms. Andrassy 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: Kyra E. Andrassy, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 Email: kandrassy@raineslaw.com About Raymond Group LLC Raymond Group, LLC owns and leases real property at 104-172 North Raymond Avenue in Fullerton, California. Raymond Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10834) on March 18, 2026. In the petition signed by Ioannis Xilikakis, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Kyra E. Andrassy, Esq., at Raines Feldman Littrell LLP serves as the Debtor's counsel. REALTY-BUY-DESIGN: Sale Proceeds & Business Operations to Fund Plan ------------------------------------------------------------------- Realty-Buy-Design Inc. and Hey Vacay Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for Joint Chapter 11 Plan dated April 24, 2026. Realty-Buy-Design Inc. is a development company that purchases, leases, builds, and renovates residential single-family homes. Hey Vacay Inc. manages short term rental properties and collects management income. The Debtors, directly and through trusts, own and operate ten properties (the "Properties"). The Debtors have faced the adverse consequences of rising inflation and high interest rates affecting housing prices and demand. After evaluating alternatives, the Debtors determined that a chapter 11 filing would provide a venue in which to effectively address their current debts and best serve the interests of their creditors. The Debtors will utilize the chapter 11 process to reorganize their financial affairs and make distributions to creditors efficiently and effectively. The Debtors' primary secured creditor is HFMC which asserts liens on the Properties. Prior to the Petition Date, HFMC filed lawsuits in which they sought to foreclose on the Properties and seek judgment on guaranty agreements. HFMC asserts it is owed approximately $6.5 million. The Debtors assert that HFMC is owed approximately $5.9 million. The Plan proposes to sell certain of the properties owned by realty Buy Design and continue paying on certain mortgages. Hey Vacay will continue to service the debt secured by mortgages on its properties through new loan documents as further described in the Plan. Such payments will be funded through rental income. Class 7A is comprised of all General Unsecured Claims against Realty Buy Design not otherwise classified under the Plan. Each holder of an Allowed Unsecured Claim in Class 7A shall receive their pro rata share of net proceeds after payment of Claims in Classes 2 and 3A and Allowed Administrative Expenses Claims. Class 7A is Impaired under the Plan and the holders of Allowed Claims in Class 7A are entitled to vote to accept or reject the Plan. Class 7B is comprised of all General Unsecured Claims against Hey Vacay Inc. not otherwise classified under the Plan. Each holder of an Allowed Unsecured Claim in Class 7B shall receive their pro rata share of the Unsecured Annual Payments. Class 7B is Impaired under the Plan and the holders of Allowed Claims in Class 7B are entitled to vote to accept or reject the Plan. Class 8 is comprised of all Equity Interests. The holders of Equity Interests shall retain their Interests in the Reorganized Debtors. Class 8 is Unimpaired under the Plan and the holders of Equity Interests are presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. As shown in the Projections, the Debtors anticipate that cash flow from the business operations will steadily increase over time and will be sufficient to fund the distributions anticipated by the Plan. The Debtors believe that the Plan will provide greater recoveries to creditors than in a chapter 7 liquidation, as shown in the Liquidation Analysis. As set forth in the Plan, the holders of Allowed General Unsecured Claims will receive the Unsecured Annual Payments, consisting of their pro rata share of $5,000 paid annually over a period of five years. A full-text copy of the Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=hJCXwb from PacerMonitor.com at no charge. About Realty-Buy-Design Inc. Realty-Buy-Design Inc. is a development company that purchases, leases, builds, and renovates residential single-family homes. Realty-Buy-Design sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01150) with $1,000,001 to $10 million in both assets and liabilities. Judge Caryl E Delano oversees the case. The Debtor is represented by: Edward J. Peterson, III, Esq. Clay B. Roberts, Esq. Berger Singerman LLP 101 E. Kennedy Boulevard, Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 Fax (813) 527-3705 Email: epeterson@bergersingerman.com RIVER SPRINGS: Moody's Cuts Rating to Ba3 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings has downgraded to Ba3 from Ba1 the revenue rating of River Springs Charter School, CA. and changed the outlook to negative from stable. The charter school network has approximately $92.7 million in outstanding revenue-backed debt. The rating downgrade and negative outlook are driven by the charter school's weakened fiscal 2026 operating performance which is likely to result in an event of default related to noncompliance with bond covenants. RATINGS RATIONALE The downgrade to Ba3 reflects the high likelihood of a covenant breach driven by materially weakened operating performance in fiscal 2026. Financial underperformance is projected to reduce fiscal 2026 year-end spendable liquidity to approximately 54 days cash on hand and annual debt service coverage to roughly 0.3x, well below the covenant thresholds in the school's bond documents. The deterioration is attributable to operating revenues falling short of budget despite enrollment growth, mandatory spenddown of one time state grant funds, and faster than anticipated expenditure growth, particularly for special education services and contracted costs. River Springs continues to benefit from its expanding enrollment, supported by favorable demographic service area trends. The school's distinctive independent study and non traditional instructional offerings support ongoing demand. However, the school's growth has outpaced its ability to contain spending, contributing to widening operating imbalances. Governance is a key driver of the downgrade. Successful right sizing of staffing, services, and cost structures will be critical to stabilizing financial performance and preventing further credit deterioration. Bondholder security is partially supported by the monthly intercept of state aid directly to the trustee, which provides a priority of funds feature for debt service payment and reduces reliance on issuer level cash flow timing. Nonetheless, the intercept does not mitigate the fundamental operating weakness or eliminate the risk of prolonged covenant noncompliance. The school's debt burden will remain high as it may need additional borrowing to support continued growth, which could further constrain financial flexibility. River Springs has an established track record of successful charter renewals with its Riverside County authorizer. RATING OUTLOOK The negative outlook reflects the school's need to materially improve operating performance and restore compliance with financial covenants in the near term. Failure to stabilize operating performance could result in further downward rating pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material strengthening of spendable liquidity to at least 75 days cash on hand -- Sustained improvement in operating performance and debt service coverage -- Reduction in debt and overall leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Failure to receive bondholder waiver for covenant breach -- Continued operating deficits or failure to restore covenant compliance -- Enrollment declines or weakening demand for instructional programs -- Additional debt issuance that further constrains financial flexibility PROFILE River Springs Charter School operates under a countywide benefit charter authorized by Riverside County (Aa2 stable), with the current charter term extending through June 30, 2026. The school operates 17 student centers and offers a diversified instructional model, including seat-based, independent study, virtual, and homeschool programs serving grades K-12. Current enrollment is approximately 8,500 students, of whom about 40% participate in homeschool and virtual academy programs, with the remaining 60% enrolled in hybrid classroom-based and independent study offerings. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. RIVERDALE ASSEMBLY: Court Confirms Subchapter V Plan ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California confirmed Riverdale Assembly of God Inc.'s Subchapter V Plan of Reorganization. The Debtor's Subchapter V Plan of Reorganization, dated April 14, 2026 is confirmed pursuant to 11 U.S.C. Sec. 1191(b). To clarify statements made in the Plan, it is confirmed that the treatment of various parties under Class 6 – Tort Claims: a. does not determine the amount or allowance of any particular claim within the class, b. does not impair the rights of any insurance company that may or may not have provided insurance coverage for any potential claim within this class, c. does not alter, amend, or change any insurance policy that may or may not have provided insurance coverage for any potential claim within this class, and d. does not have the effect of providing the Debtor coverage under an insurance policy for which the Debtor is not an insured Proof of Claims 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, and 25, were determined to be timely filed by Order of this Court, and therefore are part of Class 6. A copy of the Court's Order dated April 30, 2026, is available at https://urlcurt.com/u?l=Qgbq25 from PacerMonitor.com. Attorney for RIVERDALE ASSEMBLY OF GOD, INC. RIVERDALE, CALIFORNIA Debtor in Possession: Peter L. Fear, Esq. Gabriel J. Waddell, Esq. Peter A. Sauer, Esq. FEARWADDELL,P.C. 7650 North Palm Avenue, Suite 101 Fresno, CA 93711 Tel: (559) 436-6575 Fax: (559) 436-6580 E-mail: pfear@fearlaw.com gwaddell@fearlaw.com psauer@fearlaw.com About Riverdale Assembly of God Inc. Riverdale Assembly of God Inc. is a Pentecostal church in Riverdale, California, providing religious services, community events, and operating Riverdale Christian Academy at 2813 W Mt Whitney Ave. Riverdale Assembly of God Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13513) on Oct. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Rene Lastreto II handles the case. The Debtor is represented by Peter Fear, Esq. of FEAR WADDELL, P.C. RMG ERECTORS: Seeks to Hire Ciardi Ciardi & Astin as Legal Counsel ------------------------------------------------------------------ RMG Erectors & Constructors of Montana, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Ciardi Ciardi & Astin as counsel. The firm will render these services: (a) give legal advice to the Debtor with respect to its powers and duties; (b) prepare all legal papers; and (c) perform all other bankruptcy services for the Debtor. The firm's counsel will be paid at these hourly rates: Partners $625 Associates $375 - $475 Of Counsels 4525 - $575 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Albert Ciardi III, Esq., an attorney at Ciardi Ciardi & Astin, 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: Albert A. Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 Email: aciardi@ciardilaw.com About RMG Erectors Erectors & Construction of Montana RMG Erectors Erectors & Construction of Montana, LLC is a construction-related company specializing in pre-engineered metal building erection and installation across the United States, with prior work for major commercial clients. It also engages in related activities involving equipment and technology tied to paintball and defense-related applications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14283) on April 17, 2026. In the petition signed by Robert Mesmer, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin oversees the case. RYVYL INC: Appeals Nasdaq Notice, RTB Deal to Add $20MM in Equity ----------------------------------------------------------------- RYVYL Inc. announced in a regulatory filing that it has filed a request for an appeal hearing with the Nasdaq Hearings Panel as of April 29, 2026, in response to a written notice received on April 23, 2026 regarding non-compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on the Nasdaq Capital Market under Rule 5550(b)(1). The Company's "appeal" stays the suspension of the Common Stock from trading pending the Panel's decision. Pending Merger Expected to Resolve Non-Compliance As previously announced, the stockholders approved the proposed merger with RTB Digital, Inc., a Nevada corporation, at a special meeting of stockholders held on April 1, 2026. Upon the closure of the merger, the post-merger company will have more than $20 million in stockholder equity resulting from RTB's additive stockholders' equity, bringing the Company into compliance with the minimum stockholders' equity requirement for continued listing and for its Common Stock to continue to trade on the Nasdaq Capital Market. The Company and RTB expect that upon the merger the combined companies will be fully compliant with all Nasdaq listing criteria. The Company believes the merger will be completed prior to the appeal hearing, and therefore the Company's non-compliance will be fully remedied. The Company will timely submit the plan to regain compliance to the Panel, which is simply completing the merger. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. Rowland Heights, CA-based Simon & Edward, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 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 has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $13.1 million in total assets, $12.4 million in total liabilities, and $668,000 in total stockholders' equity. RYVYL INC: Clears SEC Matter Without Fine, Admission of Wrongdoing ------------------------------------------------------------------ RYVYL Inc. announced in a regulatory filing that the U.S. Securities and Exchange Commission has approved the terms of the settlement originally disclosed in July 2025, resolving all potential legal claims by the SEC against the Company. The complaint and related materials filed by the SEC memorialize that resolution (SEC v. RYVYL Inc., et al., Case No. 3-26-cv-02672-WQH-MMP (S.D. Cal.)). A full text copy of the Consent and final judgment is available at https://tinyurl.com/mrx49vv6 The settlement includes no monetary penalty and no admission of wrongdoing. The SEC's complaint does not contain any new or unresolved claims against the Company; it is the memorialization of an already resolved matter. The final step in closing the matter is for the District Court to endorse the filed agreed judgment, which the Company expects to occur shortly. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. Rowland Heights, CA-based Simon & Edward, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 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 has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $13.1 million in total assets, $12.4 million in total liabilities, and $668,000 in total stockholders' equity. SAICP HOTEL: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: SAICP Hotel, LLC d/b/a Le Meridien Pasadena Arcadia 130 W Huntington Drive Arcadia, CA 91006 Business Description: SAICP Hotel, LLC, doing business as Le Meridien Pasadena Arcadia, operates a hotel in Arcadia, California located at 130 W. Huntington Drive. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14338 Judge: Hon. Barry Russell 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 Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jia Liu as member. The Debtor identified Robert & Renee Ho Retirement as its sole unsecured creditor, listing an address at 503 E. Camino Real Ave. in Arcadia, California, and a $100,000 claim tied to a loan. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MVMHTLY/SAICP_Hotel_LLC__cacbke-26-14338__0001.0.pdf?mcid=tGE4TAMA SAKS GLOBAL: Ch.11 Plan Advances with $700M Liquidity at Emergence ------------------------------------------------------------------ Saks Global Enterprises LLC, a leading multi-brand luxury retail company, received approval on May 1. 2026, from the U.S. Bankruptcy Court for the Southern District of Texas of the Disclosure Statement accompanying its Plan of Reorganization, allowing the Company to begin soliciting votes on the Plan soon and advance toward confirmation and emergence this summer. Importantly, the Plan has the support of the Company's capital partners and the Unsecured Creditors' Committee, which includes leading luxury brands, as part of an agreed framework reached by the parties that resolves all outstanding items among them. Through the solicitation process, the Company expects to secure the necessary support from creditors eligible to vote prior to its Court hearing to confirm the Plan. Court approval of the Disclosure Statement marks another key milestone in Saks Global's restructuring process and follows amendment of the initial Plan-related materials filed last month to provide greater detail on the proposed go-forward financial structure to position Saks Global for success. "Today's significant step forward demonstrates our continued momentum toward emergence this summer with a strong foundation for long-term growth," said Geoffroy van Raemdonck, CEO of Saks Global. "We have made remarkable progress over the past three and a half months, and I am grateful for the dedication and focus of our talented teams. As we execute our business plan to achieve our financial targets, we will keep our customers at the center of everything we do. Saks Global's enduring role within the luxury ecosystem remains anchored in offering a true luxury shopping experience and providing our brand partners with unparalleled access to the luxury customer. We appreciate the confidence in our Plan by key financial stakeholders and look forward to garnering additional support." The filings include core components of the Company's five-year business plan, which outlines Saks Global's projected financial performance through FY30 as it aims to realize its full potential as the leading multi-brand luxury retailer. The Plan includes steps to: Fuel Saks Global with sufficient liquidity to fulfill obligations to stakeholders and power its transformation: At emergence, the Company anticipates having nearly $700 million of liquidity, which Saks Global expects to increase over time as it drives continued momentum and positive cash flow. Accelerate sales growth to generate $9 billion in total Gross Merchandise Value by FY30: Saks Global is positioned to achieve sustainable top-line growth by doubling down on the strength of its integrated retail model and customer relationships to drive overall sales. Deliver double-digit adjusted EBITDA by FY30 to drive long-term value: Since mid-January, the Company has successfully executed on a number of strategic actions to pave the way for long-term success, including strengthening brand partner relationships, optimizing its operational footprint and corporate structure, sharpening its focus on luxury and full-price selling, and exiting non-core businesses to ensure priorities align with Saks Global's go-forward strategy. van Raemdonck added, "We are building a stronger, more focused company that is positioned to serve as the premier gateway to the U.S. luxury customer and be a stronger partner to our brand partners and other key stakeholders. The committed capital we have secured, along with the growing momentum across our business, sets the stage for a successful future. With adequate resources to invest in our capabilities, customer experience and merchandise assortment, we are confident in our ability to drive profitable growth for Saks Global and sustained revenue growth for our partners in the years ahead." The Company continues to meet all of the required milestones in the chapter 11 process as it moves toward emergence, including having executed a Restructuring Support Agreement under which the Company's capital partners committed to provide $500 million in exit financing. Advisors Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group.  About Saks Global 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. Texas 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 to an ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., 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 Jan. 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 retained Morrison & Foerster LLP as counsel; Cole Schotz, PC as local counsel; Houlihan Lokey Capital, Inc. as investment banker; and AlixPartners, LLP as financial advisor. SAKS GLOBAL: Plan Disclosures Win Conditional Approval ------------------------------------------------------ Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the Disclosure Statement for the Amended Joint Chapter 11 Plan of Saks Global Enterprises LLC and its Global Debtor Affiliates. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Plan, Disclosure Statement (including all applicable exhibits thereto), the Solicitation Package, and the Non-Voting Package provide Holders of Claims, Holders of Equity Interests, and other parties in interest with sufficient notice of the injunction, exculpation, and Third-Party Release provisions in Article XI of the Plan in satisfaction of the requirements of Bankruptcy Rule 3016(c). The following dates and deadlines are established, subject to modification, with respect to the Solicitation Procedures, for objecting to the final approval of the Disclosure Statement and/or confirmation of the Plan, in each case as discussed further in this Order or the Motion: * Voting Record Date - April 28, 2026 (Prevailing Central Time)Solicitation Date - 3 days after entry of this Order, or as soon as reasonably practicable thereafter * Publication Date - 3 Business Days after entry of this Order or as soon as reasonably practicable thereafter * Deadline to File Claims Objections for Plan Voting Purposes - May 20, 2026 * Deadline to File Bankruptcy Rule 3018 Motions for Plan Voting Purposes - May 22, 2026 at 4:00 p.m. (Prevailing Central Time) * Deadline to File Plan Supplement - May 26, 2026 * Voting Deadline (including the deadline to submit Release Opt-Out * Forms and Release Opt-In Forms) - June 1, 2026 at 4:00 p.m. (Prevailing Central Time) * Combined Objection Deadline - June 1, 2026 at 4:00 p.m. (Prevailing Central Time) * Deadline for Solicitation Agent to File Plan Voting Report - June 4, 2026 * Deadline to Reply to Combined Objections - June 4, 2026 * Combined Hearing - June 5, 2026 at 9:00 a.m. (Prevailing Central Time) A copy of the Court's Order dated May 1, 2026, is available at https://urlcurt.com/u?l=HBie12 from PacerMonitor.com. About Saks Global 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. Texas 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 to an ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., 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 Jan. 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 retained Morrison & Foerster LLP as counsel; Cole Schotz, PC as local counsel; Houlihan Lokey Capital, Inc. as investment banker; and AlixPartners, LLP as financial advisor. SAKS GLOBAL: Unsecureds to Get Share of Liquidation Trust Interest ------------------------------------------------------------------ SO5 Digital Debtor, debtor affiliates of Saks Global Enterprises LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Plan of Liquidation dated April 24, 2026. Saks Global Enterprises LLC and each of the other Global Debtors (collectively, "Saks Global") is the largest multi-brand luxury retailer in the world, comprised of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, Neiman Marcus Last Call, Bergdorf Goodman, and Horchow. In 2021, Saks OFF 5TH's e-commerce business ("SO5 Digital") entered into a series of agreements that resulted in the SO5 Digital Debtors effectively operating as a standalone company within the broader Saks corporate group. The SO5 Digital Debtors are approximately 80% owned by the Global Debtors, with the remaining equity owned by funds affiliated with Insight Partners. On January 22, 2026, the SO5 Digital Debtors filed the Emergency Motion for Entry of Interim and Final Orders (I) Approving and Authorizing the SO5 Digital Debtors to Enter Into and Perform Under the Liquidation Sale Consulting Agreement and (II) Granting Related Relief (the "Liquidation Motion"). The SO5 Digital Debtors filed the Liquidation Motion in connection with milestones under their cash collateral order, as well as the decision to engage in liquidation of its online inventory. On January 29, 2026, the SO5 Digital Debtors announced the wind-down of SaksOFF5TH.com and the SO5 Digital business. On February 16, 2026, the Bankruptcy Court entered orders approving the Liquidation Motion on a final basis. Online closing sales commenced on January 30, 2026, and the closing sales and wind-down have since concluded. At the outset of these Chapter 11 Cases, the SO5 Digital Debtors intended to conduct an orderly sale process to maximize value for stakeholders. Based on preliminary market feedback and the operational structure of the business, the SO5 Digital Debtors believed an inventory monetization strategy was the most likely to optimize recoveries. However, the SO5 Digital Debtors also explored various proposals to enhance value through alternative transactions, and continue to do so. Class 5 consists of the General Unsecured Claims against the SO5 Digital Debtors, including any unsecured deficiency Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the SO5 Digital Debtors (prior to the Effective Date, subject to the consent of the Committee) or the Liquidation Trustee (after the Effective Date), as applicable, agree to less favorable treatment for such Holder, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of the Liquidation Trust Interests. Class 5 is Impaired. Class 7 consists of all SO5 Digital Debtor Interests in the SO5 Digital Debtors. On the Effective Date, all SO5 Digital Debtor Interests shall be either reinstated, or canceled, released, extinguished, and of no further force or effect without any distribution as determined by the SO5 Digital Debtors, Wind-Down Debtors, or Plan Administrator, as applicable. Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions, releases, and other benefits provided pursuant to the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise of Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a creditor or an Interest Holder may have with respect to any Allowed Claim or Interest or any distribution to be made on account of such Allowed Claim or Interest. Subject to the provisions of the Plan concerning the Professional Fee Reserve or the WindDown Budget, distributions under the Plan shall be funded by (i) Cash on hand, including any amounts that may be owed by third parties on account of security deposits or refunds; (ii) the proceeds, if any, from prosecution or settlement of the Retained Causes of Action; and (iii) proceeds from any property of the Estates, including any tax credits or refunds. Following the Effective Date, the Wind-Down Debtors, Liquidation Trust, Plan Administrator, or Liquidation Trustee, as applicable, may monetize the Wind-Down Debtors' assets or Liquidation Trust Assets, as applicable, and may enter into one or more Sale Transactions without further order of or notice to the Bankruptcy Court, the proceeds of which shall be used to fund Wind-Down Transactions, including, without limitation, Plan Distributions and the WindDown Budget, in accordance with the terms of the Plan. A full-text copy of the Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=ARYVF8 from Stretto Inc., claims agent. Counsel to the Debtors: BRADLEY ARANT BOULT CUMMINGS LLP Jarrod B. Martin, Esq. Michael K. Riordan, Esq. 600 Travis Street, Suite 5600 Houston, TX 77002 Telephone: (713) 576-0300 Facsimile: (713) 547-0301 Email: jbmartin@bradley.com mriordan@bradley.com James B. Bailey, Esq. 1819 Fifth Avenue N. Birmingham, AL 35203 Telephone: (205) 521-8000 Facsimile: (205) 488-6913 Email: jbailey@bradley.com Alexandra E. Dugan, Esq. 1221 Broadway, Suite 2400 Nashville, TN 37203 Telephone: (615) 252-4638 Facsimile: (615) 252-4705 Email: adugan@bradley.com 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. Texas 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 to an ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., 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. SF OAKLAND: Hires Reuben Junius & Rose as Special Counsel --------------------------------------------------------- SF Oakland Bay LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Reuben, Junius & Rose, LLP as special counsel. The firm will render these services: a. review of the Master Association governing documents (CC&Rs and related materials); b. review of applicable sub-association documents for residential or mixed-use components c. review of recorded easements, reciprocal easement agreements, license agreements, and any parking-related agreements affecting the garage parcels; d. review of existing subdivision maps, condominium plans, and parcel configurations; e. review of applicable Planning approvals, conditions of approval, and any use or transfer restrictions affecting the parking facilities; f. identify required approvals (including association, lender, and governmental approvals, as applicable); g. prepare a summary of key issues, risks, and potential paths forward. The firm's hourly rate is $775. Reuben, Junius & Rose, LLP is a "disinterested person" as defined by Sec. 101(14), as modified by § 1107(b), according to court filings. The firm can be reached through: Jay F. Drake Reuben, Junius & Rose, LLP One Bush St, Suite 600 San Francisco, CA 94104 Phone: (415) 567-9000 Email: jdrake@reubenlaw.com About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SHAYN REALTY: Retains Northgate Real Estate as Real Estate Advisor ------------------------------------------------------------------ Shayn Realty LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as their real estate advisor. The firm will provide these services: (a) market and sell the Debtors' properties or assist in refinancing, recapitalization, or other disposition transactions; (b) negotiate business terms of purchase and sale agreements subject to Debtors' approval; (c) cooperate with other licensed real estate brokers representing prospective purchasers; and (d) assist the Debtors in achieving a prompt, efficient, and cost-effective sale or restructuring of the properties. Northgate Real Estate Group will be compensated at these fees: — a 4% commission of the gross purchase price upon the sale of the properties; — a $75,000 fee if the secured lender completes a credit bid transaction; — a 4% fee in connection with any refinancing or recapitalization; or — a $75,000 flat fee in the event of an alternative outcome other than a sale or refinancing. Northgate Real Estate Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and, according to court filings and supporting declarations, does not hold or represent any interest adverse to the Debtors or their estates. The firm can be reached at: Greg Corbin, President Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 About Shayn Realty LLC Shayn Realty LLC is a single asset real estste company. Shayn Realty LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40286) on January 21, 2026. In its petition, Shayn Realty reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP. SLOAN SCHOOL: Seeks to Hire Wolff & Orenstein as General Counsel ---------------------------------------------------------------- Sloan School of Music, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Wolff & Orenstein, LLC as counsel. The firm's services include: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) represent the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; (c) prepare any necessary applications, motions, answers, orders, reports and other pleadings, and appear on the Debtor's behalf in proceedings instituted by or against it; (d) assist the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that it may be required to file in this case; (e) assist the Debtor in the preparation of a plan of reorganization; (f) represent the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; (g) assist the Debtor with all bankruptcy legal work or other legal services that may be necessary or desirable in the course of this case. The firm's attorneys will be paid at these hourly rates: Jeffrey Orenstein, Attorney $325 Matthew Abbott, Attorney $325 Paralegal/Legal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer in the amount of $16,000 from the Debtor. Mr. Orenstein 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 M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, MA 20850 Telephone: (301) 250-7232 About Sloan School of Music Sloan School of Music, LLC is a Maryland-based music store and lesson provider with locations in Hagerstown and Frederick. Founded in 2019, it offers private lessons, group classes, master classes and bands, while also retailing instruments and accessories from brands including Fender, Yamaha and PRS Guitars. The company also operates an online store. Sloan School of Music sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-14152) on April 17, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. David Sloan, co-founder and chairman, signed the petition. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC is the Debtor's counsel. SMILEY AESTHETICS: Taps Dunham Hildebrand Payne Waldron as Counsel ------------------------------------------------------------------ Smiley Aesthetics Holdco, LLC and Smiley Aesthetics of Tennessee, LLC seek approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm will provide these services: (a) render legal advice with respect to the rights, power, and duties of the Debtors in the management of their assets; (b) investigate and, if necessary, institute legal action on behalf of the Debtors to collect and recover assets of their estates; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assist and counsel the Debtors in the preparation, presentation, and confirmation of plans of reorganization; (e) represent the Debtors as may be necessary to protect their interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of Debtors' estates. The firm will be paid at these hourly rates: Attorneys $525 - $575 Paralegals $175 - $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received a combined retainer of $33,476 for its representation of the Debtors. R. Alex Payne, Esq., an attorney at Dunham Hildebrand Payne Waldron, 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. Alex Payne, Esq. Dunham, Hildebrand Payne Waldron, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Telephone: (629) 777-37027 Email: alex@dhnashville.com About Smiley Aesthetics HoldCo LLC Smiley Aesthetics HoldCo, LLC operates a multi-channel medical aesthetics platform that includes treatment locations, provider education, and support services, generating multiple revenue streams. Smiley Aesthetics HoldCo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01834) on April 20, 2026. In the petition signed by Carla Pierson, chief of business and operations, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC represents the Debtor as counsel. SOLARIS ENERGY: S&P Assigns 'BB-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned a 'BB-' issuer credit rating to Texas-based Solaris Energy Infrastructure, LLC (Solaris). S&P also assigned a 'BB-' issue-level rating to the proposed notes based on a '3' recovery rating, indicating its expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P said, "The stable outlook reflects our expectation that Solaris will continue to execute on its contracts on time. We expect S&P Global Ratings-adjusted debt to EBITDA will improve to 3.9x-4.4x in 2027 from 5.6x-6.1x in 2026 as it begins to recognize cash flows from these contracts. We also forecast funds from operations (FFO) to debt of 12%-20% through 2027." Solaris, an operating subsidiary of Solaris Energy Infrastructure, Inc., issued $1.3 billion senior unsecured notes due in 2031 and established a $650 million commitment senior secured revolving credit facility (RCF) due in 2031. It will use the proceeds of the senior unsecured notes for general corporate purposes, including refinancing existing debt and funding growth capital expenditure (capex) to support capacity expansion and the execution of recently awarded contracts. S&P Global Ratings expects Solaris' leverage ratios will be higher in 2026, because elevated capital spending and prefunding the spending with debt will drive a sizable free cash flow deficit and increase leverage prior to any cash flow conversion. Surging power demand from data centers and grid limitations drives tailwinds in the power segment. Increasing demand, driven by rapid expansion in cloud computing and AI applications, is intensifying strain on the already constrained U.S. power grid. As utilities grapple with capacity limitations and reliability challenges, data center operators are increasingly turning to behind-the-meter (BTM) power generation solutions--offered by companies like Solaris--to ensure energy security and operational continuity. This shift is creating strong growth tailwinds for Solaris, which is positioned to benefit from rising demand for faster, flexible, scalable, and resilient energy infrastructure. S&P expects this to support revenue and cash flow expansion and potentially strengthen the company's credit profile given its proven modular natural gas turbines. This is supported by the two 10-year take-or-pay contracts the company signed with investment grade hyperscalers in 2026. In addition, commentary from U.S. policymakers is increasingly supportive of hyperscaler-led self-generation to mitigate grid strain and protect ratepayers. That said, the landscape and market rule for BTM power is still in its infancy with no observed deeply liquid market, and there potentially could be exposure to regulatory intervention such as emissions and grid integration. It is also noteworthy that despite being a market leader in providing BTM services, Solaris has a limited track record, as it is currently transitioning from its original focus on wellsite completion equipment for the oil and gas sector to serving hyperscale data centers and industrial users. The power segment is projected to account for 90% of its EBITDA by 2029, up from 70% as of the end of 2025. Solaris has a favorable contract profile, but customer base is concentrated. S&P expects earnings visibility given that the company's expected revenue are largely underpinned by long-term take-or-pay contracts that average about eight years with investment grade hyperscalers and have no exposure to merchant power price volatility. In addition, our expectation of high utilization by these data centers and the take-or-pay nature of the contracts should insulate the company from utilization risk. These contracts have stringent termination terms that makes it disadvantageous for Solaris' customers to opt out, because the company is guaranteed a minimum return based on a high penalty rate. Further, the contracts transfer all commodity risk and gas sourcing risk to its customers, leaving Solaris with a consistent stream of revenues and cash flow. These attributes are offset by its customer concentration, as three customers are responsible for a large portion of Solaris' forecast earnings. At Solaris level cashflows, two recently signed contracts with hyperscalers will be responsible for over 80% of the power segment revenue in 2027. As a result, there is counterparty risk given negotiation power imbalance and substantial cash flow declines if one or more of these contracts are not renewed. Another drawback is the logistics segment's exposure to commodity price fluctuations due to the absence of long-term contracts with its oilfield customers--with the ones rated investment-grade responsible for about half of the segment's cashflows. Revenue growth is exposed to execution risks associated with the company deploying and operating natural gas turbines capacity in line with contract terms. One key competitive advantage of BTM power compared with grid connection is the prompt deployment of equipment (six to twelve months) relative to the current four-year average wait time to access the grid. As a result, any delay beyond agreed timelines could lead to contract termination, modification, or deferred operations commencement. This could also hinder Solaris' reputation and affect future contract negotiations with new and existing customers. Further, data centers require high performance standards (e.g., 99.9% uptime) which, if unmet, could lead to the aforementioned outcomes. Given the modular deployment model for these turbines, this leads to standardized, repeatable systems that reduce installation complexity and improve deployment efficiency. Ultimately, this partially offsets the execution risk of recently signed contracts. Also, the company has an operational, albeit short, track record of delivering AI-compatible 99.9%+ uptime. S&P said, "Our analysis does not include debt at the Stateline Power, LLC (Stateline) joint venture (JV). Solaris and a hyperscaler customer entered a 50.1%/49.9% JV to own the about 900 megawatts of nameplate power generation capacity assets at the customer's data center. As of the end of the first quarter of 2026, the JV has drawn $260 million of the $550 million committed debt, with further draws expected through 2026 to fund capex at the JV. This debt does not have recourse to Solaris, and we deem the company insulated from any bankruptcy at the JV. As a result, we have not considered the committed JV debt in our analysis of Solaris. Simultaneously, we have stripped the JV assets and earnings from our analysis. Instead, we utilized the equity method of accounting to recognize Solaris' investments in the JV. "Leverage will be elevated in 2026, although we expect a material decline in 2027. Following the issuance of the $1.3 billion notes, Solaris' S&P Global Ratings-adjusted debt to EBITDA will spike to 5.6x-6.1x in 2026 from 3.6x in 2025. As the company begins to recognize cash flows from newly signed contracts that, under our base case, should commence in the first quarter of 2027, we anticipate EBITDA will grow to $530 million-$540 million in 2027 from $370 million-$380 million in 2026. This is also supported by distributions received from the JV. As a result, we anticipate S&P Global Ratings-adjusted debt to EBITDA will decline to under 4.5x in 2027. "Growth capex will constrain free operating cash flow (FOCF) in 2026 and 2027. We forecast capital spending of $1.3 billion-$1.4 billion for 2026 and $800 million-$900 million for 2027, primarily due to the growth projects that expand the company's capacity, leading to an FOCF deficit in those years. We anticipate a material decline in capital spending in subsequent fiscal periods, leading to a surplus FOCF beginning 2028. The capital spending is primarily to fund natural gas turbine purchases, refurbishment, and balance of plant configuration for new project deployments that raises total power generation capacity to about 3.1 gigawatts by 2029, up from 780 megawatts by the end of 2025. "The stable outlook reflects our expectation that Solaris will continue to execute on its contracts on time, supported by the predictability and stability of its earnings from take-or-pay contracts. We expect S&P Global Ratings-adjusted debt to EBITDA will improve to 3.9x-4.5x in 2027 from 5.6x-6.1x in 2026 as it begins to recognize cashflows from these contracts. Also, we forecast FFO to debt of 12%-20% through 2027. "We could lower our ratings on Solaris if we expect the company's S&P Global Ratings-adjusted debt to EBITDA to remain above 5x or FFO to debt below 12% on a consistent basis." This could occur if: -- The company is unable to execute on its contracts, resulting in contract termination, modification, or significant operations commencement delay; or -- It secures new large, long-term contracts that require substantial capex that is majorly debt funded. Although unlikely in the near term due to its elevated capital spending needs, S&P could consider a positive rating action if Solaris shows an excellent track record of executing on its contracts and achieves S&P Global Ratings-adjusted debt to EBITDA below 4.0x and FFO to debt above 20% on a consistent basis while improving the customer and geographic diversification of its earning streams through additional long-term contracts with investment-grade counterparties. SPIRIT AIRLINES: Ceases Operations in Immediate Wind-Down --------------------------------------------------------- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC announced that the Company has started an orderly wind-down of operations, effective May 5. All Spirit flights have been cancelled, and Spirit Guests should not go to the airport. The wind-down follows the Company's extensive and comprehensive efforts to restructure the business and pursue transactions to strengthen Spirit's financial position and create a sustainable path forward. Unfortunately, despite the Company's efforts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit's financial outlook. With no additional funding available to the Company, Spirit had no choice but to begin this wind-down. "For more than 30 years, Spirit Airlines has played a pioneering role in making travel more accessible and bringing people together while driving affordability across the industry," said Dave Davis, Spirit's President and Chief Executive Officer. "In March 2026, we reached an agreement with our bondholders on a restructuring plan that would have allowed us to emerge as a go-forward business. However, the sudden and sustained rise in fuel prices in recent weeks ultimately has left us with no alternative but to pursue an orderly wind-down of the Company. Sustaining the business required hundreds of millions of additional dollars of liquidity that Spirit simply does not have and could not procure. This is tremendously disappointing and not the outcome any of us wanted." "I want to thank the Administration, in particular Secretary Howard Lutnick and the U.S. Department of Commerce, for their extraordinary efforts to try to preserve jobs and service across the country, along with the U.S. Department of Transportation for their assistance to minimize the disruption to our Guests in the days and weeks ahead," Davis continued. "Many stakeholders have stepped up for Spirit through our restructuring. We are grateful to our labor union partners, aircraft lessors, other business partners and our financial stakeholders including Citadel, Cyrus Capital and Ares Management Corp, for working with us on tangible solutions to restructure our business." "Most of all, we are grateful to our relentless Spirit team for their tremendous effort during our restructuring," Davis added. "They have tirelessly provided a safe, affordable and award-winning option to the traveling public." Spirit will automatically process refunds for any flights purchased through Spirit with a credit or debit card to the original form of payment. Guests who booked flights via a travel agent should contact the travel agent directly to request a refund. Compensation for Guests who booked flights using any other methods, including a voucher, credit or Free Spirit points, will be determined at a later date through the bankruptcy process. Guests can visit https://spiritrestructuring.com for more information about Spirit's wind-down process. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. STARCO BRANDS: Director Bharat Vasan Steps Down from Board ---------------------------------------------------------- Starco Brands, Inc. announced in a regulatory filing that Bharat Vasan notified the Board of Directors of his resignation from the Board, effective April 27, 2026. Mr. Vasan's departure is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board thanks Mr. Vasan for his contributions during his service to the Company. About Starco Brands Santa Monica, Calif.-based Starco Brands, Inc. (OTCQB: STCB) -- starcobrands.com -- invents consumer products with behavior-changing technologies that spark excitement. Starco Brands identifies whitespaces across consumer product categories. Starco Brands publicly trades on the OTCQB stock exchange so that retail investors can invest in STCB alongside accredited individuals and institutions. Irvine, California-based Macias, Gini, and O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 14, 2026 attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficit of approximately $1.4 million and an accumulated deficit of approximately $102.3 million at December 31, 2025, including the impact of its net loss of approximately $20.7 million for the year ended December 31, 2025. As of December 31, 2025, the Company had $35.9 million in total assets, $21.7 million in total liabilities, and $14.2 million in total stockholders' equity. STORM TEAM: Unsecureds Will Get 14% of Claims over 36 Months ------------------------------------------------------------ Storm Team Construction, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated April 24, 2026. The Debtor is a Georgia company was formed in 2008 as a roof repair company operating in the southeast United States. Its primary business operation has been in Florida through 2025. Due to the lack of storms in 2025, sales were reduced to just over $2,000,000. The Debtor's principal loaned the company over $600,000.00 during 2025 to keep the company operating. In the past few months, the company has shifted its focus to buying, rehabilitating and re-selling residential properties. This is commonly referred to as "flipping houses". The Debtor has made arrangements with an unrelated company to purchase homes that needed refurbishing. The Debtor would then refurbish the homes and sell at a higher price. The Debtor hopes to sell 1-2 homes per month under this business model. The Debtor's ability to fully fund the plan and make payments is dependent on the company's ability to continue to purchase and refurbish homes and dependent projects caused by tropical storms and hurricanes. This Plan of Reorganization proposes to pay creditors of the Debtor from the operation of its business. This Plan provides for two classes of secured claims, and one class of general unsecured claims. This Plan also provides for the payment of administrative claims. Class 3 consists of general unsecured creditors. The total unsecure claims total $928,796.00. The unsecured creditors will be share in the pro rata distribution of $2,000.00 per month for the first 24 months and then $3,000.00 per month for 36 months. The class of unsecured creditors will receive a total of $132,000.00 or 14% of their claims. This class is impaired. The owner of the Debtor shall retain all property of the estate. A full-text copy of the Plan of Reorganization dated April 24, 2026 is available at https://urlcurt.com/u?l=H2F7yx from PacerMonitor.com at no charge. Counsel to the Debtor: Bryan K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 Email: brian@bkmbankruptcy.com About Storm Team Construction Inc. Storm Team Construction, Inc. is a Georgia company was formed in 2008 as a roof repair company operating in the southeast United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10886) on Jan. 25, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mindy A. Mora presides over the case. Brian K. McMahon, Esq., is serving as the Debtor's legal counsel. STROMA MEDICAL: Seeks Approval to Tap Bayard as Bankruptcy Counsel ------------------------------------------------------------------ Stroma Medical Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bayard, P.A. as bankruptcy counsel. The firm's services include: a. assisting the Debtor with preparation of all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtor's estate; b. negotiating, drafting, pursuing, and assisting the Debtor in its preparation of all documents, reports, and papers necessary for the administration of this Case; c. providing legal advice with respect to the powers and duties of the Debtor as debtor in possession in this Case in the continued operation of its business and management of its property, including with respect to a potential sale of the Debtor's assets; d. appearing in court and protecting the interests of the Debtor before the Court in its capacity as bankruptcy counsel; e. attending meetings and negotiating with representatives of creditors, the U.S. Trustee, and other parties in interest; and f. performing all other legal services for the Debtor which may be necessary and proper in this proceeding including, but not limited to, advice in areas such as bankruptcy law, corporate law, corporate governance, employment, transactional, litigation, intellectual property, and other issues to the Debtor in connection with the Debtor's ongoing business operations. Bayard's ordinary hourly rates range from $450 to $1,875 per hour for attorneys and $275 to $385 per hour for paraprofessionals. The firm's counsel and staff will be paid at these hourly rates: Ericka F. Johnson $895 Daniel N. Brogan $795 Kevin G. Collins $775 Steven D. Adler $625 Ashly L. Riches $475 Rebecca Hudson (paralegal) $385 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $35,000 from Gregg Homer, a third-party. Ms. Johnson 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: Ericka F. Johnson, Esq. Bayard, PA 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 Facsimile: (302) 658-6395 About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on Dec. 8, 2025, with $1 million to $10 million in assets and liabilities. Gregg Homer, executive chairman, signed the petition. Judge J. Kate Stickles oversees the case. The Debtor tapped Jamie Lynne Edmonson, Esq., at Robinson & Cole LLP as bankruptcy counsel and Ericka F. Johnson, Esq., at Bayard, PA as conflicts counsel. SUPERIOR INDUSTRIES: Moody's Withdraws 'Caa3' Corp. Family Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Superior Industries International, Inc. (Superior), including the Caa3 corporate family rating, the Caa3-PD probability of default rating, the B2 priority senior secured revolving credit facility rating and the Caa3 ratings on the senior secured term loan and the senior secured delayed draw term loan. Prior to the withdrawal, the outlook was negative. The SGL-4 speculative grade liquidity rating was also withdrawn. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). Superior Industries International, Inc. designs and manufactures aluminum wheels for automotive original equipment manufacturers in North America and Europe and to the aftermarket in Europe. The company is one of the world's largest suppliers of cast aluminum wheels. Revenue for the twelve months ended September 30, 2025 was approximately $1 billion. SYMPLR SOFTWARE: Ares Capital Marks $6.2M 1L Loan at 29% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $6.2 million loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. to market at $4.4 million or 71% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. The 1L Loan accrues interest at a rate of 9.50 % Base Rate (Q) 2.75 % per annum. The 1L Loan matures on December 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. operate a software-as-a-service platform focused on healthcare compliance solutions. SYMPLR SOFTWARE: Ares Capital Marks $800,000 1L Loan at 25% Off --------------------------------------------------------------- Ares Capital Corp. has marked its $800,000 loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. to market at $600,000 or 75% of the outstanding amount, according to ARCC's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. The 1L Loan accrues interest at a rate of 7.42 % SOFR (Q) 3.75 % per annum. The 1L Loan matures on December 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. operate a software-as-a-service platform focused on healthcare compliance solutions. SYNCUBE CONTAINERS: Seeks to Hire Daudi & Kroll as Legal Counsel ---------------------------------------------------------------- Syncube Containers, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Daudi & Kroll, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Attorney $395 Associate $250 Paralegal $150 The firm received a retainer of $950 from the Debtor. Adil Daudi, Esq., a member at Daudi & Kroll, 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: Adil Daudi, Esq. Daudi & Kroll, PC 2575 S. Haggerty Rd., Suite 400 Canton, MI 48188 Telephone: (734) 249-6310 About Syncube Containers LLC Syncube Containers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40806) on January 27, 2026, with $100,001 to $500,000 in assets and liabilities. Adil Daudi, Esq., at Daudi & Kroll, PC represents the Debtor as counsel. TAWR PROPERTY: Gets OK to Employ Stout's Douglas J. Brickley as CRO ------------------------------------------------------------------- TAWR Property Owner, Ltd. obtained approval from the United States Bankruptcy Court for the Northern District of Texas to employ Douglas J. Brickley as chief restructuring officer and Stout Risius Ross, LLC as financial advisor for the Debtors effective as of the petition date. The CRO's services include: a. advising the Debtors and their estates during these Chapter 11 Cases; b. assisting with negotiations regarding any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; c. investigating and preparing the Debtors' go-forward business and restructuring strategies; d. providing advice and recommendations regarding direction and conferring with retained estate professionals, including Debtors' legal counsel, investment banker, and/or financial advisors; e. communicating with creditors and meeting with representatives of constituencies and/or statutorily appointed committees; f. preparing statements of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtors are otherwise obligated to prepare and provide; g. reviewing payments or transfers by or for the benefit of Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; h. assisting with negotiations regarding bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; i. advise on formulating and assist with prosecuting any plan of reorganization or liquidation for the Debtors; j. retaining additional estate professionals as the CRO deems advisable in furtherance of the foregoing, subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; and k. taking any and all other actions that are necessary or appropriate to manage and operate the Debtors pursuant to the Bankruptcy Code, the Bankruptcy Rules, Local Rules, Complex Case Procedures, and applicable orders of the Court. Additionally, the firm's services include: a. providing financial advisory and consulting services to the Debtors; b. assisting with negotiations regarding the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; c. investigating and preparing the Debtors' go-forward business and restructuring strategies; d. providing real estate valuation, appraisal, and related consulting services, including, without limitation, performing asset-level and enterprise-level valuation analyses; preparing valuation reports and presentations; assisting in determining going-concern and liquidation values; supporting negotiations with secured lenders and other parties in interest; and providing expert witness testimony, if necessary, in connection with contested matters, plan confirmation, asset sales, or other proceedings before this Court; e. providing advice and recommendations regarding direction and conferring with retained estate professionals, including Debtors' legal counsel, investment banker, and/or financial advisors; f. communicating with creditors of Debtors and meeting with representatives of such constituencies; g. preparing statements of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtors are otherwise obligated to prepare and provide; h. reviewing payments or transfers by or for the benefit of Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; i. assisting with negotiations regarding bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; j. providing advice and recommendations on formulating and prosecuting any plan of reorganization or liquidation for the Debtors; k. assisting in the review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; l. reviewing the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; m. reviewing and analyzing of the reporting regarding cash collateral and any debtor-in-possession financing arrangements and budgets; n. assisting with reviewing any potential cost containment opportunities proposed by the Debtors; o. assisting with reviewing any potential asset redeployment opportunities proposed by the Debtors; p. reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; q. reviewing and analyzing the Debtors' proposed business plans and the business and financial condition of the Debtors generally; r. assisting in evaluating reorganization strategy and alternatives available, including any asset sale transactions; s. reviewing and analyzing the Debtors' financial projections and assumptions; t. assisting in preparing documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; u. advising and assisting the Debtors in negotiations and meetings with creditors and other parties-in-interest; v. assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; w. providing forensic accounting and litigation consulting services and expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and x. other such functions as requested by the Debtors to assist in these Chapter 11 Cases. Stout's hourly rates are: Managing Director $800 to $950 Director $600 to $700 Manager/Senior Manager $475 to $575 Analyst/Associates $300 to $450 Administrative Personnel $125 to $275 Prior to the Petition Date, the firm received a retainer from Debtors in the total amount of $215,662 paid in installments of $100,000 on Jan. 23, 2026, and $115,662 on Jan. 30, 2026. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas Brickley, a managing director at Stout Risius 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: Douglas J. Brickley Stout Risius Ross LLC 1000 Main Street, Suite 3200 Houston, TX 77002 tel: (713) 225-9580 Fax: (713) 225-9588 Email: dbrickley@stout.com A copy of the Court's Order dated May 1, 2026, is available at https://urlcurt.com/u?l=WLqDlm from PacerMonitor.com. About TAWR Property Owner Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. TERRASTRAT GROUP: Taps Strip Hoppers and Singh Law as Co-Counsel ---------------------------------------------------------------- Terrastrat Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA and and Singh Law Firm P.A. as bankruptcy co-counsel. The firms will render these services: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) assist and advise the Debtor in connection with the administration of this case; (c) analyze the claims of the creditors in this case, and negotiate with such creditors; (d) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and the Debtor's business; (e) advise and negotiate with respect to the sale of any or all assets of the Debtor; (f) investigate, file and prosecute litigation of behalf of the Debtor; (g) propose an amended plan of reorganization; (h) appear and represent the Debtor at hearings, conferences, and other proceedings; (i) prepare and/or review motions, applications, orders, and other filings filed with the Court; (j) institute or continue any appropriate proceedings to recover assets of the estate; and (k) perform any and all such other legal services as may be required that are in the best interest of the estate or its creditors. Strip will be paid at these rates: Myron N. Terlecky $460/hour John W. Kennedy $430/hour Loni R. Fultz $290/hour Paraprofessionals $160/hour Singh Law's current hourly rates are: Jaitegh Singh $600/hour Emily Garner $450/hour Amy Gillen $450/hour Law Clerk $200/hour The firms shall receive a post-petition retainer in the amount of $7,500. As disclosed in the court filings, Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA and Singh Law Firm P.A. are disinterested persons as required by 11 U.S.C. Sec. 327 and as defined in 11 U.S.C. Sec. 101(14). The counsels can be reached through: Myron N. Terlecky, Esq. John W. Kennedy, Esq. Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA 575 South Third Street Columbus, OH 43215-5759 Telephone: (614) 228-6345 Facsimile: (614) 228-6369 Email: mnt@columbuslawyer.net jwk@columbuslawyer.net - and - Jaitegh Singh, Esq. Singh Law Firm P.A. 8045 Leesburg Pike, Ste. 510 Tysons, VA 22182 Telephone: (866) 746-4452 Facsimile: (212) 656-1524 Email: jsingh@singhfirm.com About Terrastrat Group LLC Terrastrat Group LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data-driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Terrastrat Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55664) on December 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Tami Hart Kirby, Esq. of Porter Wright Morris & Arthur LLP. TOTAL PLUMBING: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------- On April 24, 2026, Total Plumbing and Construction II, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Total Plumbing and Construction II, LLC Total Plumbing and Construction II, LLC is a construction and plumbing services company that provides installation, repair, and maintenance solutions for residential and commercial projects. Total Plumbing and Construction II, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02972) on April 24, 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 Lori V. Vaughan handles the case. The Debtor is represented by J. Craig Bourne, Esq. of Law Office of J. Craig Bourne. TPG RE FINANCE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'BB' to TPG RE Finance Trust, Inc. (TRTX). The Rating Outlook is Stable. Fitch has also assigned a secured debt rating of 'BB(EXP)' to the proposed Term Loan B issuance. The Term B facility will be $400 million and mature seven years after close. The coupon will be determined at the time of issuance. The transaction is expected to be leverage neutral as proceeds from the issuance will be used to repay the existing 2022-FL5 CRE CLO. The transaction also includes a new $100 million revolving line of credit and an incremental $350 million upsize of the existing secured credit facility, of which $156 million will be drawn at close. Key Rating Drivers Platform Affiliation Benefits: TRTX's rating reflects its affiliation with TPG Inc. (TPG; A-/Stable) and its external manager, TPG RE Finance Trust Management, L.P. This relationship provides TRTX with investment and asset management resources, risk management tools, and bank relationships as part of one of the largest global real estate platforms. The rating also reflects TRTX's solid asset quality, appropriate leverage, adequate liquidity, and well-laddered maturity profile. Secured Funding Profile: TRTX's rating is constrained by its fully secured funding profile and narrow focus on the cyclical U.S. commercial real estate (CRE) market. The rating is also constrained by its real estate investment trust (REIT) distribution requirements that limit its ability to retain capital. Strong Asset Quality: TRTX had no impaired loans at 1Q26, YE25, and YE24, which compares favorably to peers. Fitch uses risk-rated five loans (on a scale of one to five, with one representing the lowest risk) as a proxy for the impairment ratio, although risk-rated five loans include both impaired loans and loans where TRTX expects losses but are not necessarily impaired. Management addressed problem loans promptly amid the elevated interest rate environment, which allowed the company to resume loan originations ahead of peers. Real estate owned (REO) represented 5.4% of gross loans at 1Q26, compared with 5.5% and 7.8% of gross loans at YE25 and YE24, respectively. Improving Profitability: TRTX reported a pre-tax return on average assets (ROAA) of 1.6% for trailing 12 months ended 1Q26. That was above the four-year average of 0.0% for 2022-2025, which was within Fitch's 'ccc or below' category earnings benchmark range of less than 0% for balance-sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Earnings in 2024 and 2025 improved due to limited credit losses compared with 2023 and 2022 when credit losses of $189.9 million and $172.9 million, respectively, drove pre-tax losses. Fitch expects that continued solid loan performance, portfolio growth, and resolution of REO assets should support positive earnings momentum. Adequate Leverage: TRTX's leverage, measured by gross debt-to-tangible equity, including non-recourse securitizations and giving 50% equity credit to preferred shares, was 3.2x at 1Q26. The Term Loan B transaction is expected to be leverage-neutral. This leverage is lower than rated peers and is within Fitch's 'bbb' category benchmark range of 0.75x-4.0x for balance-sheet-intensive finance and leasing companies with a SROE score in the 'bbb' category. TRTX targets net leverage below 3.75x, which is net of unrestricted cash. On this basis, leverage was 3.1x at 1Q26. Fitch expects TRTX's leverage to increase in the near term as the company continues to grow its loan portfolio. Weak Funding Flexibility: As of 1Q26, TRTX had a fully secured funding profile, which Fitch believes constrains funding, liquidity, and coverage assessments as a high proportion of encumbered assets reduces financial flexibility, particularly in times of stress. The lack of unsecured funding aligns with Fitch's 'b' category benchmark range of 0%-10% for balance-sheet-heavy finance and leasing companies. The firm has historically relied on secured financing facilities, non-recourse securitizations, and a secured revolver for funding. The addition of an unsecured funding component would be positive for the credit profile. Limited Mark-to-Market Exposure: At 1Q26, 78% of TRTX's debt facilities were non-mark-to-market, up from 14% at YE17, reducing liquidity risk from capital market volatility. Margin calls on its secured credit agreements are limited to collateral-specific credit marks, which Fitch expects will limit liquidity risk, even during periods of market stress. Adequate Liquidity: As a REIT, TRTX must distribute at least 90% of its annual net taxable income to shareholders, which constrains the firm's ability to build equity and Fitch's assessment of its liquidity. Coverage of distributable earnings (DE) was 101% in 1Q26 and 99% in 2025, above the average of negative 9% from 2022-2025. At 1Q26, TRTX's liquidity included $92 million of cash and equivalents and $39.7 million of undrawn capacity on its facilities, which Fitch believes is sufficient to address funding needs, including loan funding commitments in the near term. Stable Outlook: The Stable Outlook reflects Fitch's view that TRTX's leverage will be managed in a manner consistent with the company's risk profile, earnings will continue to trend positively, and asset quality issues will remain limited. Fitch also expects TRTX to appropriately manage its debt maturity profile, sustain diversified, largely non-MTM funding, and maintain solid liquidity and achieve full dividend coverage. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in credit performance, resulting in an increase in impairments, meaningful provision expenses and higher potential credit losses; - A sustained increase in Fitch-calculated leverage above 5.0x; - A sustained reduction in pretax ROAA; - An inability to maintain sufficient liquidity relative to covenants, debt maturities, and unfunded commitments; - A sustained inability to cover dividend distributions with cash earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Addition of an unsecured funding component approaching 25% of total debt; - Maintenance of a strong liquidity profile relative to near-term debt maturities and unfunded commitments; - Continued stable credit performance that differentiates the firm from peers in terms of impaired loan levels and realized credit losses; - Improved loan portfolio granularity; - Sustained maintenance of Fitch-calculated leverage at-or-below 3.5x; - Enhanced consistency of pretax ROAA; - Enhanced consistency of cash earnings coverage of the dividend at-or-above 100%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected rating on the secured debt is equalized with the Long-Term IDR of TRTX, reflecting the fully secured funding profile and Fitch's expectation for average recovery prospects. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt expected rating is sensitive to changes in the Long-Term IDR as well as changes in the firm's funding mix and collateral coverage for secured debt. The addition of an unsecured funding component that enhances collateral coverage and recovery prospects for secured debtholders could result in a one-notch upgrade of the secured debt ratings relative to TRTX's Long-Term IDR. The final rating is contingent upon closing of the transaction and receipt of final documentation in line with that reviewed by Fitch. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Concentrations; asset performance (negative). The Earnings & Profitability score has been assigned above the implied score due to the following adjustment reason: Historical and future metrics (positive). 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 ----------- ------ TPG RE Finance Trust, Inc. LT IDR BB New Rating senior secured LT BB(EXP) Expected Rating TRANSITIONAL HOUSING: Appoints Starks Development Group as Realtor ------------------------------------------------------------------ Transitional Housing & Work Program of Davidson County seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to appoint Starks Development Group as realtor. The Debtor owns certain real property located at 109 Cude Lane, Madison, TN 37115 and 421 Montague Way, Madison, TN 37115. The firm's services include: (a) selling the property; (b) marketing the property; (c) conducting showings; (d) negotiating offers; (e) coordinating inspections and appraisals; and (f) facilitating the closing process. Starks Development Group will receive a total commission of 6% of the gross sales price upon successful sale of the property, to be paid at closing. Starks Development Group does not hold or represent an interest adverse to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Derrick Starks STARKS DEVELOPMENT GROUP 4928 Linksland Dr Suite 100 Holly Springs, NC 27540 Telephone: (919) 285-4009 About Transitional Housing & Work Program of Davidson Co Transitional Housing & Work Program of Davidson Co sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00743) on February 24, 2025, listing $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Charles M Walker oversees the case. Keith D. Slocum, Esq., at Slocum Law represents the Debtor as bankruptcy counsel. TREE LANE: Court Confirms Chapter 11 Plan of Liquidation -------------------------------------------------------- The Hon. Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California confirmed the Chapter 11 Plan of Liquidation proposed by Debtor Tree Lane LLC and Skylark (UK) Servicer, LLC. On March 18, 2026, the Bankruptcy Court entered the Disclosure Statement Order, which, among other things, (a) approved the Disclosure Statement as containing adequate information within the meaning of section 1125 of the Bankruptcy Code and Bankruptcy Rule 3017, (b) approved the Solicitation and Notice Procedures, (c) approved the Solicitation Packages, (d) set April 13, 2026, as the Objection Deadline and the Voting Deadline, respectively, and (e) set April 23, 2026 at 10:00 a.m. (prevailing Pacific Time), as the date and time for the Confirmation Hearing. The period during which the Debtor solicited acceptances to the Plan is a reasonable and adequate period of time for holders of Claims in the Voting Classes to have made an informed decision to accept or reject the Plan. The Disclosure Statement contains extensive material information regarding the Debtor so that parties entitled to vote on the Plan could make informed decisions regarding the Plan. The Disclosure Statement contains "adequate information" within the meaning of section 1125 of the Bankruptcy Code and complies with any additional applicable requirements of the Bankruptcy Code, the Bankruptcy Rules, and non-bankruptcy law. The Plan is confirmed under section 1129 of the Bankruptcy Code. The terms of the Plan (including the Plan Supplement) shall be effective and binding as of the Effective Date. No objections were filed to the Plan. To the extent that any objections (including any reservations of rights contained therein) to Confirmation of the Plan exist and have not been withdrawn, waived, or settled before entry of this Confirmation Order, all such objections (including any reservation of rights contained therein) are overruled in their entirety and on the merits in all respects. The Plan provides for the liquidation of the Debtor. As a result, the Debtor is not entitled to a discharge pursuant to section 1141(d)(3) of the Bankruptcy Code. The Sale of the Purchased Assets to the Buyer is approved. The Sale is on an "as is, where is" basis and without representations of any kind, nature, or description by Debtor or its estate except as specifically accepted and agreed to by Debtor in the Purchase Agreement. All of Debtor's right, title and interest in the Purchased Assets will be transferred to the Buyer free and clear of all claims and interests of creditors, and equity security holders, in accordance with section 1141(c) of the Bankruptcy Code. Without limiting the generality of the foregoing sentence, the Sale of the Purchased Assets shall be free and clear of the Liens and Security Interests set forth on Exhibit A. All proceeds of the Sale shall be distributed as set forth in the Plan. Nothing in the Plan or Confirmation Order shall release, discharge or affect (a) any Lien or Security Interest to the extent (and only to the extent) that it encumbers real property owned by any person or entity other than the Debtor, including Zachary Vella (it being understood that such Lien or Security Interest shall be released and discharged to the extent that it encumbers the Purchased Assets) or (b) any Claim relating to the Purchased Assets that may be held by Luisa World LLC and/or its successor that (i) arises after the Effective Date or (ii) arises before the Effective Date and (A) is not a claim against the Debtor or derivative of a Claim against the Debtor, and (B) is not subject to the Exculpation. As shared by the Troubled Company Reporter, Tree Lane LLC and Skylark (UK) Servicer, LLC, senior secured lender, submitted a Disclosure Statement describing Chapter 11 Plan of Liquidation dated March 16, 2026. The Debtor's main asset is a parcel of undeveloped land referred to in the Plan as the "Tree Lane Parcel." The Debtor has unsuccessfully attempted to sell the Tree Lane Parcel for over one year. As part of the Plan, the Debtor engaged in a marketing process to sell the Tree Lane Parcel. The marketing process that was designed to produce the most value to creditors under the circumstances. Skylark Servicer, the Debtor's senior secured prepetition lender and DIP lender, agreed to serve as a stalking horse in connection with the marketing process. Skylark Servicer, the Debtor's senior secured prepetition lender and DIP lender, agreed to serve as a stalking horse in connection with the marketing process. Skylark Servicer made a "Stalking Horse Bid" in the following amount: (a) a credit bid of the DIP Facility (in the full principal amount of approximately $9,250,000), (b) payment of $1 million to the Estate (the "Estate Contribution") to fund wind down activities and distributions to Allowed General Unsecured Creditors, (c) payment of back property taxes and association fees and (d) payment of closing costs, including broker's commissions. The Stalking Horse Bid was subject to higher and better offers, which could have improved recoveries to junior creditors, including Allowed General Unsecured Creditors. Class 4 consists of the Allowed Secured Claim of Cruz Concrete & Stone, Inc. which is Secured by a mechanic's lien against the Tree Lane Parcel. The Holder of the Allowed Secured Claim of Cruz Concrete & Stone, Inc. (the "Class 4 Claim") shall receive, until its Allowed Secured Claim is paid in full, and in full satisfaction, compromise, settlement and release of and in exchange for, such Allowed Secured Claim, all Sale Proceeds after the payment of (i) the DIP Facility Claim, (ii) the Skylark Secured Claim, (iii) the Stalking Horse Cash Amount and (iv) all senior Allowed Secured Claims. The Debtor does not believe that there will be any Sale Proceeds available to pay the Class 4 Claim because no competing bids have been received by the Debtor and the Buyer will be Skylark Servicer pursuant to the Stalking Horse Bid. As a result, the Holder of the Class 4 Claim will receive no distribution on account of its Allowed Class 4 Claim. The Holder of the Class 4 Claim shall, however, have a General Unsecured Claim which shall receive the treatment set forth in Class 8. Class 5 consists of the Secured Claim of HD Supply Construction/White Cap LP. The Holder of the Allowed Secured Claim of HD Supply Construction/White Cap LP (the "Class 5 Claim") shall receive, until its Allowed Secured Claim is paid in full, and in full satisfaction, compromise, settlement and release of and in exchange for, such Allowed Secured Claim, all Sale Proceeds after the payment of (i) the DIP Facility Claim, (ii) the Skylark Secured Claim, (iii) the Stalking Horse Cash Amount and (iv) all senior Allowed Secured Claims. The Debtor does not believe that there will be any Sale Proceeds available to pay the Class 5 Claim because no competing bids have been received by the Debtor and the Buyer will be Skylark Servicer pursuant to the Stalking Horse Bid. As a result, the Holder of the Class 5 Claim will receive no distribution on account of its Allowed Class 5 Claim. The Holder of the Class 5 Claim shall, however, have a General Unsecured Claim which shall receive the treatment set forth in Class 8. Class 6 consists of the Secured Claim of Lydda Lud which is Secured by the Tree Lane Parcel. The Holder of the Allowed Secured Claim of Lydda Lud (the "Class 6 Claim") shall receive, until its Allowed Secured Claim is paid in full, and in full satisfaction, compromise, settlement and release of and in exchange for, such Allowed Secured Claim, all Sale Proceeds after the payment of (i) the DIP Facility Claim, (ii) the Skylark Secured Claim, (iii) the Stalking Horse Cash Amount and (iv) all senior Allowed Secured Claims. The Debtor does not believe that there will be any Sale Proceeds available to pay the Class 6 Claim because no competing bids have been received by the Debtor and the Buyer will be Skylark Servicer pursuant to the Stalking Horse Bid. As a result, the Holder of the Class 6 Claim will receive no distribution on account of its Allowed Class 6 Claim. The Holder of the Class 6 Claim shall, however, have a General Unsecured Claim which shall receive the treatment set forth in Class 8. Class 7 consists of the Secured Claim of Waterproofing Systems Corp. dba Kazemi & Assoc. Construction which is Secured by the Tree Lane Parcel. The Holder of the Allowed Secured Claim of Waterproofing Systems Corp. dba Kazemi & Assoc. Construction (the "Class 7 Claim") shall receive, until its Allowed Secured Claim is paid in full, and in full satisfaction, compromise, settlement and release of and in exchange for, such Allowed Secured Claim, all Sale Proceeds after the payment of (i) the DIP Facility Claim, (ii) the Skylark Secured Claim, (iii) the Stalking Horse Cash Amount and (iv) all senior Allowed Secured Claims. The Debtor does not believe that there will be any Sale Proceeds available to pay the Class 7 Claim because no competing bids have been received by the Debtor and the Buyer will be Skylark Servicer pursuant to the Stalking Horse Bid. As a result, the Holder of the Class 7 Claim will receive no distribution on account of its Allowed Class 7 Claim. The Holder of the Class 7 Claim shall, however, have a General Unsecured Claim which shall receive the treatment set forth in Class 8. Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim will receive a beneficial interest in the Liquidating Trust which will allow it to receive its Pro Rata share of Distributions made to Holders of General Unsecured Claims from the Liquidating Trust; provided, that Skylark Servicer shall not be entitled to receive Distributions funded by the Estate Contribution. The Debtor anticipates that Holders of Allowed General Unsecured Claim except the Skylark Servicer will receive a pro rata distribution of 2% to 16% of such Allowed General Unsecured Claim. The Distribution to Allowed General Unsecured Claims depends on the outcome of the Retained Causes of Action. Class 9 Claims are Impaired under the Plan. The Debtor estimates the Allowed General Unsecured Claims to total approximately $22,000,000 (excluding the portion of the Allowed Skylark Servicer Claim in the amount of $19.9 million remaining after the Sale). Depending on the success of objections to Claims the range of total general unsecured claims (excluding the portion of the Allowed Skylark Servicer Claim in the amount of $19.9 million remaining after the Sale) is anticipated to be $16.8 million to $43.7 million. After Confirmation, the Debtor shall consummate the sale of the Tree Lane Parcel to the Buyer (which is expected to be Skylark Servicer pursuant to the Stalking Horse Bid) in accordance with the terms of the Definitive Agreements, the Plan, the Confirmation Order and the Bidding Procedures (the "Sale"). The Sale of the Purchased Assets shall be on an "as is, where is" basis and shall be free and clear of all claims, liens (including the Boston Lien) and interests to the fullest extent permitted by the Bankruptcy Code, including the liens set forth on Exhibit A to the Plan. The Purchased Assets shall not include any Excluded Assets. The Debtor has marketed the Purchased Assets through the Marketing Date and no Qualified Bids were received. As a result, absent the consent of Skylark Servicer, no Auction will be conducted in accordance with the Bid Procedures Order. If a Qualified Bidder makes a Qualified Bid in the future and Skylark Servicer agrees to reopen the marketing process, the Debtor shall hold the Auction at such time as may be agreed to by Skylark Servicer and the Debtor. The Debtor does not expect that any Qualified Bidder or Qualified Bid will materialize. Further, there is no guarantee that Skylark Servicer will agree to reopen the marketing process even if a Qualified Bid was received from a Qualified Bidder. A full-text copy of the Disclosure Statement dated March 16, 2026 is available at https://urlcurt.com/u?l=slvoDb from PacerMonitor.com at no charge. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated April 27, 2026, is available at https://urlcurt.com/u?l=h5BBwx from PacerMonitor.com. Attorneys for Proponent Skylark (UK) Servicing, LLC: Roberto J. Kampfner, Esq. Jacob Gaynor, Esq. WHITE & CASE LLP 555 S. Flower Street, Suite 2700 Los Angeles, CA 90071-2433 Telephone: (213) 620-7700 Facsimile: (213) 452-2329 E-mail: rkampfner@whitecase.com jacob.gaynor@whitecase.com Attorneys for Proponent Tree Lane LLC: Robyn B. Sokol, Esq. STINSON LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, CA 90067 Telephone: (310) 730-7020 Facsimile: (310) 730-7019 E-mail: robyn.sokol@stinson.com About Tree Lane LLC Tree Lane LLC, a limited liability company organized and existing under the laws of the State of California, is in the business of luxury residential real estate development. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Cal. Case No. 2:24-bk-13201-BB) on April 25, 2024. At the time of the filing, the Debtor listed assets and liabilities between $10 million and $50 million. Judge Sheri Bluebond oversees the case. Stinson LLP is the Debtor's legal counsel. TRINITY AUTO: Plan Exclusivity Period Extended to Aug. 2 -------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey extended Trinity Auto LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 2 and Oct. 1, 2026, respectively. In a court filing, the Debtor explains that a stalking horse bidder was designated in this Chapter 11 case on February 5, 2026. The Debtor thereafter received a Qualified Bid that was determined to be the highest or otherwise best bid. The order authorizing the sale was entered on March 5, 2026. The Debtor is currently navigating the completion of the sale process. The Debtor claims that it has spent considerable time and effort negotiating with the Buyer. The anticipated sale of the Debtor's assets will substantively affect a potential plan of reorganization. There will be insufficient time before the current exclusivity period expires to finalize a plan of reorganization or orderly liquidation. Therefore, additional time is necessary. The Debtor cites that it is progressing through the final stages of the sale of its assets to the Buyer. Once the sale is completed, the Debtor’s will be able to present an appropriate plan. The Debtor asserts that this Chapter 11 Case is approximately three months old and this is the first request for relief of this nature. The Debtor is well within the time permitted by the Code to make such a request. The Debtor further asserts that it is not seeking an extension of the exclusive period to pressure creditors to submit to any demands. The Debtor anticipates that the substantive terms around which a plan will be proposed will be reached shortly. To the best of the Debtor's knowledge there are no significant unresolved contingencies that would substantially disrupt the Debtor's ability to satisfy its obligations to file a plan within the time period provided for by the Code. Trinity Auto LLC is represented by: Daniel M. Stolz, Esq. Donald W. Clarke, Esq. Susan A. Long, Esq. Jaclynn N. McDonnell, Esq. GENOVA BURNS LLC 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Phone: (973) 467-2700 Email: dstolz@genovaburns.com dclarke@genovaburns.com slong@genovaburns.com jmcdonnell@genovaburns.com About Trinity Auto LLC Trinity Auto LLC, doing business as Trinity Cadillac, operates an automotive dealership in Englewood Cliffs, New Jersey, selling new and pre-owned Cadillac vehicles and offering related services. The Company provides vehicle maintenance and repair, parts, and financing services to customers in the northern New Jersey area. Trinity Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bnakr. D.N.J. Case No. 25-10018) on Jan. 2, 2026, listing $1,549,669 in assets and $14,824,684 in liabilities. The petition was signed by Jose Collado as dealer principal and managing partner. Judge Stacey L Meisel presides over the case. Daniel M. Stolz, at GENOVA BURNS LLC, serves as the Debtor's counsel. U S SKYLINE: Amends Collin Property Sale to Mahmood Verani ---------------------------------------------------------- The U S Skyline Inc. and its affiliate, Loan Ranger Capital Investments LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, in amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 7G Wyndsor Pointe, Frisco, Collin, Texas 75034. On January 6, 2025, Debtor filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Eastern District of Texas, Sherman Division, thereby commencing the chapter 11 case. The confirmed plan of reorganization provides that if Loan Ranger Capital received a contract acceptable to it, it shall file a motion to sell property free and clear of liens with the bankruptcy court. Loan Ranger has received a contract from Mahmood Verani for $1,050,000, a copy of which is attached hereto. Following inspection, the buyer requested a $15,000.00 concession. Loan Ranger has determined that the contract should be accepted as amended. The Debtor previously valued the property at $1.500,000. However, Loan Ranger does not believe that this estimate fairly reflects the fair market value of the property. The contract provides for a 3.0% broker’s commission and up to $50,000 in buyer expenses. Based upon these expenses, the estate should net at least $953,500.00. Loan Ranger Capital was owed $899,420.35 as of the petition date. With the accrual of post-petition interest and costs, it is unlikely that the sale would satisfy junior creditors. About U S Skyline Inc. U S Skyline Inc. is a construction company in Texas. U S Skyline Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40046) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Gary G. Lyon, Esq. represents the Debtor as counsel. UNITY FABRICATION: Case Summary & 14 Unsecured Creditors -------------------------------------------------------- Debtor: Unity Fabrication, LLC 5510 Brystone Dr Houston, TX 77041-7011 Business Description: Unity Fabrication, LLC is a Houston, Texas-based manufacturing company founded in 2018. The company provides CNC turning, CNC milling, CNC programming, prototype manufacturing, production manufacturing, and quality assurance inspection services. Unity Fabrication began as a small CNC shop and has served the oil and gas industry. Chapter 11 Petition Date: April 30, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-33074 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr., Suite 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $1,295,205 Total Liabilities: $2,556,373 The petition was signed by Thach Nguyen as CEO. 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/EHB42XY/Unity_Fabrication_LLC__txsbke-26-33074__0001.0.pdf?mcid=tGE4TAMA VANGUARD CUSTOM: Hires William J. Factor Ltd as Bankruptcy Counsel ------------------------------------------------------------------ Vanguard Custom Woodwork Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire The Law Office of William J. Factor, Ltd. as its general bankruptcy counsel. The firm's services include: a. advising the Debtor concerning its rights, duties, and obligations as debtor in possession; b. preparing and prosecuting motions, applications, and other pleadings; c. representing the Debtor in contested matters and other proceedings; d. advising the Debtor concerning the use of cash collateral, executory contracts and leases, claims, and other chapter 11 matters; e. assisting the Debtor in formulating and prosecuting a plan of reorganization or other exit strategy; and f. providing such other legal services as are necessary in connection with this chapter 11 case. The firm will be paid as follows: William J. Factor $450 per hour Lars A. Peterson $400 per hour Legal Assistants $150 per hour In addition, the firm will seek reimbursement for expenses incurred. FactorLaw received a $25,000 advance payment retainer. As disclosed in the court filings, FactorLaw is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Factor, Esq. Lars A. Peterson, Esq. FACTORLAW 105 W. Madison Street, Suite 2300 Chicago, IL 60602 Tel: (312) 878-6976 Fax: (847) 574-8233 Email: wfactor@wfactorlaw.com lpeterson@wfactorlaw.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 bankruptcy counsel. W/L PROPERTIES: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: W/L Properties L.L.C. 982 Jerome Avenue Bristol, CT 06010 Business Description: W/L Properties L.L.C. is a single-asset real estate company that owns The Shoppes at Larson Farm, a 59,201-square-foot retail plaza at 1379 Farmington Avenue in Bristol, Connecticut. The property has an estimated value of $13.49 million. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court District of Connecticut Case No.: 26-20444 Debtor's Counsel: Edward P. Jurkiewicz, Esq. LAWRENCE & JURKIEWICZ, LLC 932 East Main St Torrington, CT 06790 Tel: 860-264-1551 E-mail: avonoffice1004@gmail.com Total Assets: $13,582,367 Total Liabilities: $10,413,156 Stephen C. Larson signed the petition as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JLBCF2Y/WL_Properties_LLC__ctbke-26-20444__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stephen Wasley Loan $800,013 39 Dorset Lane Farmington, CT 06032 2. USA Mechanical & Energy Servic Trade Debt $13,955 15-D International Drive East Granby, CT 06026 WHITE RHINO: Stephen Gray Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Gray of Gray & Company, LLC as Subchapter V trustee for White Rhino Productions, Inc. Mr. Gray will be paid an hourly fee of $950 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Gray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen S. Gray Gray & Company, LLC 207 Union Wharf Boston, MA 02109 (617) 875-6404 Email: ssg@grayandcompanyllc.com About White Rhino Productions Inc. White Rhino Productions, Inc. is a marketing and digital firm founded in 1996. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10909) on April 22, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Daniel Greenwald, president of White Rhino Productions, signed the petition. Jesse Redlener, Esq., at Ascendant Law Group, LLC, represents the Debtor as legal counsel. WHITEWATER MATTERHORN: S&P Downgrades ICR to 'BB-' on Debt Add-On ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on WhiteWater Matterhorn Holdings LLC (WWMH) to 'BB-' from 'BB'. S&P said, "At the same time, we lowered our issue-level rating on the company's senior secured term loan B to 'BB-' from 'BB'. The '3' recovery rating is unchanged, indicating our expectation for average (50%-70%; rounded estimate: 55%) recovery in a payment default scenario. "The stable outlook reflects the continued predictability and stability of Matterhorn Express Pipeline's (MXP) cash flows, which are underpinned by long-term minimum volume commitments and our expectation that EXP will be constructed on time and within budget." WWMH announced its intent to upsize its existing senior secured term loan B with a $143 million add-on, bringing the total loan amount to $1.018 billion. It will use proceeds from the add-on to prefund its portion of capital expenditure at the recently announced Eiger Express Pipeline LLC (EXP) and pay debt issuance fees. S&P now expects S&P Global Ratings-adjusted debt to EBITDA to remain above 6.5x for a prolonged period. S&P said, "We expect WWMH's leverage ratios to weaken based on the additional debt, keeping leverage above 6.5x in the near term. The add-on provides flexibility for WWMH to fund EXP capital commitments given the considerable construction time associated with EXP. The future cash flows from EXP are a net positive to WWMH, providing it with strategic assets that will help aid future debt repayment. "That said, although total debt will increase over the near term, the company will not benefit from any additional cash flows until EXP is operational. As a result, we now forecast leverage will remain higher than previously expected and run-rate leverage will not materially improve until mid-2028. As a result, we lowered our assessment of the financial risk profile to highly leveraged. "We expect stable cash flows and capitalization of supply-push markets, due to WWMH's ownership in MXP and EXP. EXP reached its final investment decision in August 2025, and the recently announced pipeline would span approximately 450 miles and have a capacity of 3.7 billion cubic feet per day (bcf/d). The project's first phase is expected to be in service as early as the second quarter of 2028, with an expansion piece coming online in the fourth quarter of 2028. The total costs associated with this project are expected to exceed $4 billion." Currently, 100% of both MXP and EXP's capacity is contracted, boasting a combined weighted-average contract life of just over 10 years. These contracts, once fully online between both assets, will provide WWMH with cash flow stability and a predictable pathway toward deleveraging. Over 75% Of these contracts are with investment-grade counterparties. The company also benefits from an excess cash flow sweep that is applicable at different percentages as long as consolidated total net leverage is above 4.5x. S&P said, "We account for EXP and its associated distributions to WWMH under the equity accounting method. WWMH currently owns a proportionate 45.5% interest in EXP, compared with 65% in MXP. In comparison to MXP, we do not view WWMH as exerting considerable influence over EXP, so we do not proportionately consolidate EXP's financials to WWMH in the same way we do MXP. "Instead, we are accounting for forecasted EXP distributions under the equity method. The outstanding EXP asset-level debt is also nonrecourse to WWMH and MXP. Given WWMH's status as a developer manager of its assets, we believe this does not necessarily incentivize it to hold assets for long periods of time or provide support in all scenarios. Because of this, we recognize EXP as an equity method investment. "Our stable outlook reflects the predictability and stability of WWMH's cash flows due to its significant percentage of contracted volumes stemming from MXP. We expect S&P Global Ratings-adjusted debt to EBITDA will rise to and remain above 7x through 2027 and run-rate leverage will be above 6x by the end of 2027. We expect leverage to fall below 6x in 2028 in conjunction with our expectation of EXP coming online around mid-2028. "We could consider a negative rating action if the company pursues a more aggressive financial policy such that we expect leverage to be greater than 6x on a consistent basis. This could happen as a result of delays associated with the construction of EXP or if distributions to WWMH from the operating companies are lower than anticipated. "Although unlikely over the next 12 months, we could consider a positive rating action if we expect WWMH's S&P Global Ratings-adjusted debt to EBITDA to be lower than 6x on a run-rate basis by the end of 2027 and remain below this level. This could occur as the excess cash flow sweep reduces outstanding debt and the company adopts a more conservative financial policy." WORKSPORT LTD: Projects Seven-Figure Tri-State Revenue in Near Term ------------------------------------------------------------------- Worksport Ltd. announced that it has secured Tri-State Enterprises, Inc. as a new cross-regional distribution partner for Worksport's growing tonneau cover lineup, including the Company's recently launched Nexus cover. Last week, the Company received two initial purchase orders with a broad spectrum of SKUs and quantity, with another order anticipated in the coming days tied to near-term sales activity. This early traction reflects immediate demand following onboarding and signals strong momentum as Worksport expands its U.S. distribution footprint. Projected Account Growth Worksport projects the new Tri-State account to generate seven-figure revenue in the near term, with the potential to evolve into a recurring multi-million-dollar contributor to net sales growth. This outlook is supported by expanding product availability, increasing customer adoption, and deeper penetration of Worksport's premium tonneau cover lineup across Tri-State's distribution footprint. Tri-State is a family-operated automotive aftermarket distributor headquartered in Fort Smith, Arkansas, with locations across Arkansas, Missouri, Oklahoma, and Texas. The company operates approximately one million square feet of warehouse space and is a member of both the Pronto Network and The AAM Group. Tri-State maintains a strong service advantage across its regions, offering "same-day" delivery to select locations within its network of thousands of wholesale customers – a key capability that may position Worksport to access just-in-time demand across key markets. Truck bed covers are among Tri-State's top product categories, making this relationship a highly aligned and strategic addition to Worksport's expanding dealer and distributor network. Big Money Show Accelerates Nexus Exposure On April 25, 2026, Worksport attended Tri-State's Big Money Show to introduce its product lineup directly to a broader customer base, with particular focus on Worksport's Nexus tonneau cover, following its recent commercial launch. Nexus is designed to address a key market gap in premium hard folding tonneau covers by offering a proprietary single-side opening system, allowing users to operate the cover from either side of the truck. This cover continues to gain significant traction and was a contributing factor to landing the Tri-State account. The Company believes this direct selling event provided both near-term revenue opportunity and meaningful brand exposure among active aftermarket buyers. Worksport views the event as an important step in accelerating Nexus adoption through distribution and professional aftermarket channels. Strategic Distribution Expansion This new relationship supports Worksport's broader 2026 strategy to expand its U.S. dealer and distributor network, increase sell-through velocity, and build recurring revenue from high-volume regional accounts. The Company believes Tri-State's established customer relationships, warehouse capacity, and strong presence in the South and Central U.S. create a scalable distribution channel for Worksport's tonneau cover portfolio. As Worksport continues ramping production and widening availability of its recently launched products, management expects distributor-led sales to play an increasingly important role in achieving its 2026 revenue objectives. "We believe that a relationship with Tri-State is an important commercial win because it places Worksport products into a highly relevant, high-volume aftermarket distribution channel," said Steven Rossi, Chief Executive Officer of Worksport. "The initial purchase orders are encouraging, but the larger opportunity is the account's projected annual volume and the ability to introduce Nexus to a broader customer base at the exact time we are scaling production and distribution. We believe relationships like this can help convert product innovation into repeatable revenue, stronger brand recognition, and long-term shareholder value." Worksport expects to continue expanding its distributor base throughout 2026 as it advances commercialization of Nexus, its broader tonneau cover lineup, and its clean energy product ecosystem. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 26, 2026, saying "The Company has experienced recurring net losses that raise substantial doubt about the Company's ability to continue as a going concern. Upon analysis of the Company's current financial situation and projected outlooks, we believe there is substantial doubt about the Company's ability to continue as a going concern." As of December 31, 2025, the Company had $30,714,074 in total assets and $7,837,853 in total liabilities, and total shareholders' equity of $22,876,221. XANDRIA HOLDINGS: Seeks to Hire Katlin Cloud as Property Manager ---------------------------------------------------------------- Xandria Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Katlin Cloud as property manager. The property manager will provide these services: (a) assist the Debtor in the collection of rent; (b) assist the Debtor with tenant communication and rental issues; and (c) assist counsel in protecting the interests of the Debtor. Ms. Cloud will be paid at her hourly rate of $17. Ms. Cloud disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Xandria Holdings LLC Xandria Holdings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12980) on March 11, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Zohair Sultan, president, signed the petition. David W. Langley, Esq., represents the Debtor as counsel. [] WSP and Wharton Launch Program for Restructuring Professionals ----------------------------------------------------------------- Wall Street Prep, the world's leading financial training company, and Wharton Online announced the launch of the Restructuring & Distressed Investing Certificate Program -- expanding their collaboration into one of the most specialized and consequential areas of finance. The new certificate is the fifth program in the partnership's growing portfolio, following programs in Private Equity, Real Estate Investing, Financial Planning & Analysis, and Applied Value Investing. The launch comes as nearly $3 trillion in leveraged loans and high-yield bonds remain outstanding, private credit navigates its first real stress cycle, and AI continues to disrupt business models across industries -- creating unprecedented demand for professionals who understand how distress actually works. "Corporate restructuring and distressed investing demand expertise across valuation, bankruptcy law, negotiation, and capital structure dynamics," said Michael Gatto, Honorary Program Chair and Partner at Silver Point Capital. "This program examines distress from every perspective -- preparing investors and advisors to execute complex transactions and turnaround professionals to guide companies through financial recovery." About the Program Over eight weeks, learners cover the full lifecycle of financial distress -- from diagnosing decline and managing liquidity through Chapter 11 processes, distressed M&A, and advanced investment strategies. Each cohort combines self-paced video modules with live weekly office hours, one-on-one tutoring, and access to local study groups. Upon completion, learners receive a digital certificate from Wall Street Prep and Wharton Online. "This is not a theoretical program," said Bilge Yilmaz, Academic Director of Wharton's Harris Family Alternative Investments Program. "Learners get the analytical frameworks and academic foundation that Wharton is known for, alongside instruction from practitioners who have been in the room on some of the most significant transactions of the last twenty years. That combination is simply not available anywhere else." The program is designed for professionals across restructuring advisory, distressed investing, private credit, bankruptcy law, and corporate finance -- at any stage of their career. "Restructuring and distressed investing crosses finance, law, operations, and negotiation -- and most professionals only ever see it from one seat at the table," said Matan Feldman, Founder and CEO of Wall Street Prep. "This program brings all those seats together -- distressed investors, restructuring advisors, bankruptcy attorneys, and private credit professionals learning alongside each other and building the relationships that define long careers in this space." The first cohort begins June 8, 2026 and runs through August 2, 2026. Early enrollment tuition is $4,800 (application fee waived before May 11). Tuition assistance is available. For more information and to enroll, visit the certificate program website: https://wallstreetprep.wharton.upenn.edu/restructuring-distressed-investing-certificate/?utm_source=press_release&utm_medium=referrals&utm_campaign=pr_rdicohort&utm_content=post_1 About Wall Street Prep Established in 2004 by investment bankers, Wall Street Prep is the leading provider of corporate training to the world's most recognized private equity firms, investment banks, and financial institutions. Trusted by thousands of students and finance professionals, the instructor-led and online training programs help students bridge the gap between academia and practical, real-world skills needed to succeed on the job. Programs currently serve 130+ blue-chip corporates, 125+ universities, and 12,000+ individual learners. Since its founding, Wall Street Prep has helped over 300,000 finance professionals build critical job skills. About Wharton Online Wharton Online, the Wharton School's digital learning platform, makes high-quality business education available to learners anytime and anywhere. From certificate programs that issue Continuing Education Units to specializations across a variety of business and management topics, Wharton Online's offerings equip learners to advance their careers. With 100K certificate-earning learners and more than one million total learners who have accessed courses, Wharton Online has built a global network of business leaders. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***