260528.mbx

260528.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 28, 2026, Vol. 30, No. 148 Headlines 1251 FOURTH STREET: Gets Extension to Access CNB's Cash Collateral 3-21 PINE: Seeks to Hire Charles Wertman as Bankruptcy Counsel ABBEY GROUP: Case Summary & 20 Largest Unsecured Creditors ACPRODUCTS HOLDINGS: Moody's Alters Outlook on Caa2 CFR to Positive ADIRONADACK STIRE: Seeks to Hire Goerz Platzer as Legal Counsel AFC ACQUISITION: Seeks to Use Cash Collateral Until June 30 AKIBAZ LLC: Case Summary & 20 Largest Unsecured Creditors ALL AMERICAN: Seeks to Hire Tittle Santiago as Bankruptcy Counsel AZZ INC: Fitch Hikes IDR to 'BB+' & Alters Outlook to Stable BESPOKE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors BIG DIGITAL: Swings to $610K Profit in Q1 2026; Going Concern Stays BLEU NOVO: Seeks Approval to Tap Kristen Amond as Special Counsel BOUND LOGISTICS: Taps Scura Wigfield Heyer Stevens as Counsel CARDIFF ONCOLOGY: Sues NMS Over Onvansertib License CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral CAROLINA SERVICES: Seeks to Tap Cole Hayes as Bankruptcy Counsel CERES ROASTING: Seeks to Tap Cairncross & Hempelmann as Counsel CIBUS INC: Loss Narrows to $21.2MM in Q1; Going Concern Persists CLICKSPRING DESIGN: Hires Allan D. NewDelman as Bankruptcy Counsel COSWMP LTD: Case Summary & 20 Largest Unsecured Creditors CREDIT SUITE: Court Extends Cash Collateral Access to June 24 D1 READY: Seeks Court Approval to Tap Keery McCue as Legal Counsel DALLAS MOTORS: Seeks to Hire Tittle Santiago as Legal Counsel DARE BIOSCIENCE: Loss Narrows to $3MM in Q1; Going Concern Persists DIRECT PLUMBING: Court Extends Cash Collateral Access to June 13 EAGLES INVESTMENTS: Seeks to Hire Russo White & Keller as Counsel ELEOS ABA: Gets Interim OK to Use Cash Collateral EMERA INC: Moody's Alters Outlook on Ratings to Stable FREEDOM FOREVER: Seeks to Hire Holland & Hart as Special Counsel FREEDOM FOREVER: Seeks to Hire Kroll as Administrative Advisor FREEDOM FOREVER: Seeks to Tap Landis Rath & Cobb as Special Counsel FREEDOM FOREVER: Taps Berkeley Research Group as Financial Advisor GROFF TRACTOR: Seeks Approval to Hire BDO USA as Tax Accountant HEALTHIER CHOICES: $5M Sabby Loan Supports Near-Term Liquidity Plan HEALTHY EXTRACTS: Going Concern Persists as Cash Flow Stays Neutral INNOVATE CORP: Q1 2026 Net Loss Narrows to $17.1MM INTERAQT CORP: Seeks to Hire OGC Solutions as Bankruptcy Counsel INTERTRADE HOLDINGS: Gets Interim OK to Use Cash Collateral JAK ENTERPRISES: Gets Extension to Access Cash Collateral JMKA LLC: Court Extends Cash Collateral Access to June 12 JOHN FITZGIBBON: Seeks Approval to Hire Huron as Financial Advisor K&W LEGACY: Seeks to Hire Ted I. Jones as Bankruptcy Counsel KARYOPHARM THERAPEUTICS: Posts $22.4MM Loss; Cites Bankruptcy Risk KBS REIT III: Q1 2026 Loss Narrows to $12MM; Going Concern Remains KRAIG BOCRAFT: Net Loss Jumps 67% to $1 Million in Q1 2026 LAW OFFICES OF TRAVIS: Gets Interim OK to Use Cash Collateral LIBERTY COMMUNICATIONS: Moody's Cuts CFR to Caa3, Outlook Negative LOCK 27 BREWING: Seeks to Hire Thomsen Law Group as Legal Counsel LOS ANGELES: Trustee Seeks to Tap LEA Accountancy as Accountant M&A INTERNATIONAL: Seeks to Tap Russo White & Keller as Counsel MAR ENTERPRISES: Seeks to Tap Marcos D. Oliva as Bankruptcy Counsel MERCER INTERNATIONAL: Fitch Lowers LongTerm IDR to 'CCC-' MIYOSHI AMERICA: Future Claimants' Rep Seeks to Tap Legal Counsel MOBIX LABS: Noteholder Converts $4 Million Into Shares MY SIZE: Posts $1.5M Net Loss in Q1 2026; Cash Deemed Insufficient NEW FAITH: Case Summary & One Unsecured Creditor NEXUS BUYER: $350MM Term Loan Add-on No Impact on Moody's 'B3' CFR ORAGENICS INC: Reports ONP-002 Trial Progress, CNS Device LOI ORLANDO INTERNATIONAL: Seeks to Hire Eck Conley as Special Counsel P3 HEALTH: Swings to $3M Profit in Q1 2026; Warns of Cash Crunch PAVMED INC: Swings to $60K Loss in Q1 2026; Going Concern Persists PERASO INC: Q1 2026 Net Loss Surges to $2.5M; Warns of Cash Crunch PLURI INC: Posts $6.2MM Net Loss in Fiscal Q3; Warns of Cash Crunch POST OFFICE: Seeks Approval to Tap Frances M. Caruso as Bookkeeper PPF GIN: Seeks to Hire Davidson Bogel Estate as Real Estate Broker QHSLAB INC: Net Loss Widens to $104K in Q1; Going Concern Remains QUARTZ ACQUIRECO: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable QUICK PRINTS: Seeks to Hire Tax Workout Group as General Counsel RAGUSE FAMILY: Case Summary & 20 Largest Unsecured Creditors RCP HOMES: Seeks to Hire Forbes Law as General Bankruptcy Counsel RECOLETA LLC: Seeks to Hire JPC Law Office as Bankruptcy Counsel RYVYL INC: Q1 2026 Loss Widens to $3.3MM; Liquidity Doubt Remains SA POOL: Cain & Skarnulis Represents Creditors SMARTZ INC: Court Extends Cash Collateral Access to June 6 SONORA HOLDINGS: Seeks to Hire Pena & Soma as Bankruptcy Counsel SPANISH BROADCASTING: Hires Kroll as Claims and Noticing Agent STARFIGHTERS SPACE: Names Arias VP of Space Operations SUMMER FUN: William Harris Named Subchapter V Trustee TEMPERED GLASS: Daniel Etlinger Named Subchapter V Trustee TRINSEO PLC: Gray Reed & Pallas Partners Advise Excluded Lenders UNIQUE REALTY: Lender Seeks to Prohibit Cash Collateral Access US TELEPACIFIC: Moody's Withdraws 'Caa2' Corporate Family Rating VERA HOLDINGS: Gets Approval to Hire Crippen & Co. as Accountant VERITONE INC: Posts $19.5M Net Loss for Q1 2026 VIOLET'S PUPPIES: Seeks to Tap Seese as General Bankruptcy Counsel VIVIC CORP: Net Loss Narrows to $51,815 in Q3; Going Concern Stays VOLITIONRX LTD: Posts $6.7 Million Net Loss in Q1 2026 WAIKOLOA VILLAGE: Case Summary & Seven Unsecured Creditors WHERE FAMILIES: Seeks to Hire Lex Nova Law as Bankruptcy Counsel WORKHORSE GROUP: Posts Q1 2026 Net Loss of $19.9 Million WORLD DEBT: Gets Interim OK to Use Cash Collateral Until June 29 XCEL BRANDS: Posts Q1 Net Loss of $2.5MM; Going Concern Doubt Stays [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1251 FOURTH STREET: Gets Extension to Access CNB's Cash Collateral ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between 1251 Fourth Street Investors, LLC and City National Bank, N.A. regarding the use of cash collateral. Under the stipulation, the parties agree to extend the Debtor's authority to use cash collateral through August 31 pursuant to the terms previously approved by the bankruptcy court. The stipulation follows an earlier motion filed on January 22 in which the Debtor requested authority to use cash collateral through May 31 pursuant to an agreement with CNB. That earlier motion was granted by court order entered on February 18. Under the Bankruptcy Code, a debtor may not use cash collateral unless its secured creditor consents or the court authorizes such use after notice and hearing. The Debtor said that CNB is presently the only non-debtor entity holding an interest in the cash collateral, particularly after two junior deeds of trust held by the George Gelsebach 2010 Trust were reconveyed and removed from the property records in March 2026. Under the new stipulation, the Debtor may use the cash collateral in accordance with a negotiated cash flow forecast and operating budget, with a permitted variance of 5% per line item. Any amendments to the budget require CNB's prior written consent unless otherwise ordered by the court. The budget projects beginning cash balances, rental income, interest income from a swap arrangement, and various business expenses from May through August. Monthly rental income is projected at approximately $92,667, while interest income from the swap arrangement is expected to generate an additional $22,687 per month. Total projected monthly revenue is approximately $115,354. The Debtor's largest recurring expense is its monthly payment obligation to CNB, which ranges from approximately $88,428 to $92,811 per month depending on the month. Additional projected expenses include insurance premiums, a Santa Monica business license fee, roof repair and painting costs, contingency expenses, and quarterly fees payable to the United States Trustee. The budget reflects an initial negative cash flow in May due largely to insurance and roof repair costs, followed by positive cash flow in subsequent months. Projected ending cash balances increase steadily from approximately $109,804 at the end of May to approximately $182,560 by the end of August. The agreement further incorporates all terms and protections previously granted to CNB under the earlier stipulation and court order. These protections include adequate protection liens on post-petition collateral and superpriority claims to compensate CNB for any diminution in value of its pre-petition collateral resulting from the Debtor's use of cash collateral, use or disposition of collateral, or the effects of the automatic bankruptcy stay. Any default under the prior stipulation automatically constitutes a default under the current agreement as well. A copy of the stipulation is available at https://urlcurt.com/u?l=U3yut1 from PacerMonitor.com. City National Bank, as secured creditor, is represented by: William B. Freeman, Esq. Arlen P. Moradi, Esq. Katten Muchin Rosenman, LLP 2121 Avenue of the Stars, Ste 1100 Los Angeles, CA 90067-5010 Telephone: (310) 788-4400 Facsimile: (310) 788-4471 bill.freeman@katten.com arlen.moradi@katten.com -- and -- Michaela C. Crocker, Esq. Katten Muchin Rosenman, LLP 2121 North Pearl St., Ste. 1100 Dallas, TX 75201-2591 Telephone: (214) 765-3600 Facsimile: (214) 765-3602 michaela.crocker@katten.com About 1251 Fourth Street Investors LLC Fourth Street Investors LLC is a single asset real estate company. The Debtor commenced its Chapter 11 case (Bankr. C.D. Cal. Case No. 25-20294) on November 18, 2025. Its petition reflects estimated assets and debts in the $10 million-$50 million range. Honorable Bankruptcy Judge Julia W. Brand presides over the case. The Debtor is represented by Gary E. Klausner, Esq., Levene, Neale, Bender, Yoo & Golubchik L.L.P. 3-21 PINE: Seeks to Hire Charles Wertman as Bankruptcy Counsel -------------------------------------------------------------- 3-21 Pine Crescent LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Charles Wertman PC to handle its Chapter 11 case. The firm's hourly rates are as follows: Attorneys $525 Paraprofessionals $150 Prior to the petition date, the firm received a retainer in the amount of $3,333, plus the filing fee of $1,738 per Debtor. Charles Wertman, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles Wertman, Esq. Law Offices of Charles Wertman PC 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 Email: charles@cwertmanlaw.com About 3-21 Pine Crescent LLC 3-21 Pine Crescent LLC is a limited liability company. 3-21 Pine Crescent LLC initiated Chapter 11 proceedings under the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46019) on December 16, 2025. The petition lists estimated assets and liabilities ranging from $100,001 to $1,000,000. The case is overseen by Honorable Bankruptcy Judge Jil Mazer-Marino. The Debtor is represented by Charles Wertman, Esq., at the Law Offices of Charles Wertman PC. ABBEY GROUP: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: The Abbey Group LLC d/b/a The Abbey on Butler Street 4635 Butler Street Pittsburgh, PA 15201 Business Description: The Abbey Group LLC, doing business as The Abbey on Butler Street, operates a hospitality venue in Pittsburgh, Pennsylvania. The company provides coffeehouse, bar, and dining services under one roof, with food and drink menus, reservations, events, private parties, and gift cards. Its venue includes The Coffeehouse, The Parlour Bar, The Vesper Room, and an outdoor dining area. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-21453 Debtor's Counsel: David Z. Valencik, Esq. CALAIARO VALENCIK 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Tel: 412-232-0930 Fax: 412-232-3858 E-mail: dvalencik@c-vlaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Eric W. Kukura as authorized representative. 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/5B7QFBQ/The_Abbey_Group_LLC__pawbke-26-21453__0001.0.pdf?mcid=tGE4TAMA ACPRODUCTS HOLDINGS: Moody's Alters Outlook on Caa2 CFR to Positive ------------------------------------------------------------------- Moody's Ratings affirmed ACProducts Holdings, Inc.'s (dba Cabinetworks) Caa2 corporate family rating, affirmed the Ca rating assigned to the remaining $4 million senior unsecured notes due May 2029, and downgraded the company's probability of default rating to D-PD from Caa2-PD following the completion of a distressed exchange transaction. Moody's will subsequently raise the PDR to be in line with Moody's forward looking view, Caa2-PD, after three business days. The Outlook has been changed to positive from stable. Concurrently Moody's assigned a B2 rating to the $100 million super senior secured first lien first out term loan (1L1O) due November 2031, a Caa2 rating to the $1.3 billion senior secured first lien second-out term loan (1L2O) due November 2031, and a Caa3 rating to the $498 million first lien third-out (1L3O) senior secured notes due May 2032. Furthermore, Moody's have withdrawn the Caa2 rating assigned to Cabinetworks' existing senior secured first lien term loan B due May 2028. As part of the transaction, the company's unrated asset-based revolving credit facility was downsized to $250 million from $275 million, and extended to May 2031. The rating action reflects the completed exchange of Cabinetworks' existing senior secured term loan due May 2028 into the exchanged 1L2O term loan due November 2031, with 100% participation from existing term loan lenders. The transaction closed on May 08, 2026. The exchange of the existing senior unsecured notes due May 2029 into the exchanged 1L3O notes due May 2032 is expected to close on May 18, 2026, with more than 99% support from existing noteholders. Following the launch of Cabinetworks' new $100 million super senior 1L1O term loan, the company used proceeds to repay roughly $60 million of revolver borrowings, pay transaction related fees and expenses ($38 million), with the remaining proceeds of about $2 million providing incremental cash. As part of the transaction, participating lenders and noteholders will be protected by an enhanced collateral package and tightened covenants, including materially tighter limitations on restricted payments, permitted investments, incremental debt capacity, and future liability management transactions. The exchanged term loan and notes will be secured by substantially all assets of the business, while the exchanged senior secured note (due May 2032) benefits from improved positioning in the capital structure. Governance considerations are material to the rating, reflecting the company's distressed exchange. RATINGS RATIONALE The affirmation of the CFR at Caa2 reflects incremental liquidity of about $62 million and an extended maturity profile as a result of the debt restructuring, countered by a higher interest burden and unchanged debt load. Moody's expects operating performance will remain constrained over the next 12 to 18 months as a result of continued soft demand for discretionary building products such as cabinets. A significant improvement in key credit metrics will hinge on a sustained improvement in end-market demand and profitability. On a pro forma basis, debt/EBITDA (including Moody's standard adjustments) increases modestly to above 9x from 8.8x as of the period ended December 2025. Moody's expects Cabinetworks' liquidity will remain weak but sufficient over the next 12-15 months if the company can sustain recent improvements in profitability and reduce its negative free cash flow. On a pro forma basis the company's cash balance stands at $62 million, while availability on the $250 million ABL due 2031 was roughly $122 million. Moody's expects the company will generate negative free cash flow over the next 12-18 months, resulting in greater reliance on the company's revolver to fund working capital. The rating positively considers Cabinetworks' market position as a national manufacturer and distributor of kitchen and bathroom cabinetry with a diversified sales channel. Management's efforts to improve asset utilization and optimize its workforce have started to bear fruits, evidenced by adjusted EBITA margin improving to 11% in 2025 from 5% in 2024 despite a continued decline in revenue. The positive outlook reflects the company's extended debt maturity profile as a result of the debt exchange, as well as Moody's expectations of modestly improving credit metrics and free cash flow generation if demand returns and the company can sustain recent profitability improvements. ACProducts Holdings, Inc. is the borrower and issuer of the audited financial statements. The company's $1.3 billion 1L2O exchange term loan due November 2031 is rated Caa2, the same as the corporate family rating (CFR), reflecting the preponderance of debt within the capital structure. The $100 million 1L1O new money term loan due November 2031 is rated B2, three notches above the company's Caa2 CFR, reflecting its payment priority position on cash flows and enforcement proceeds in the event of a foreclosure or liquidation. The exchanged $498 million 1L3O senior secured note due May 2032 is rated Caa3, reflecting its junior payment position. As a result of the distressed exchange, 100% of existing term loan B (due May 2028) lenders exchanged into the 1L2O exchange TL due 2031, while about 99% of existing senior unsecured note (due May 2029) lenders exchanged into the 1L3O exchanged senior secured note due 2032. Roughly $4 million remain outstanding on the existing senior unsecured note due May 2029, which is rated Ca and which reflects its junior position in the capital structure behind all other financial debt. The "first out / second out / third out" distinction affects payment priority, not the collateral scope. If the loans are accelerated, 1L1O claims must be paid in full before any other amounts flow to the 1L2O exchange term loan, followed by the 1L3O senior secured note. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings over time if the company returns to positive sales growth on a sustained basis supporting improvements in operating performance, and if the company can maintain an adequate liquidity profile. Moody's could downgrade the ratings if there is an increased likelihood of weaker recovery in the event of a default, or if the company's liquidity profile deteriorates further. The principal methodology used in these ratings was Manufacturing published in September 2025. Cabinetworks' Caa2 CFR is two notches below the scorecard-indicated outcome of B3 for the 12 month period ended December 2025, and two notches below the scorecard-indicated outcome of B3 for the 12-18 month forward view. The difference reflects the company's weak liquidity profile and weak credit metrics . Cabinetworks Group, headquartered in Livonia, MI, is a national manufacturer and distributor of kitchen and bathroom cabinetry. Platinum Equity Advisors, LLC is the primary sponsor of the company. As of the 12 month period ended December 2025, Cabinetworks generated about $1.6 billion in revenue. ADIRONADACK STIRE: Seeks to Hire Goerz Platzer as Legal Counsel --------------------------------------------------------------- Adironadack Stire & Gallery, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Goetz Platzer LLP as counsel. The firm will render these services: (a) analyze the Debtor's financial situation and advise regarding its obligations and responsibilities after filing a petition in bankruptcy; (b) prepare and file any schedules, statements of financial affairs, and plan which may be necessary or appropriate; (c) represent the Debtor at any and all meetings; (d) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (e) advise the Debtor on the conduct of this Chapter 11 case; (f) conder and negotiate with the United States Trustee, representatives of the Debtor's creditors, landlords, and other parties in interest on various issues as they arise; (g) prepare, on behalf of the Debtor, pleadings in connection with this Chapter 11 case; (h) advise the Debtor in connection with sales or other disposition of its assets; (i) advise the Debtor in connection with sales or other disposition of its assets; (j) represent the Debtor in adversary proceedings and other contested bankruptcy matters; (k) appear before the court and any appellate court to represent the interests of the Debtor's estate; (l) take any necessary action on behalf of the Debtor to negotiate, prepare, and obtain confirmation of a Chapter 11 plan and all documents related thereto; (m) analyze the Debtor's executory contratcs and the assumption, assumption and assignment, or rejection thereof; (n) advise the Debtor on corporate, litigation, tax, employee, and other matters; and (o) perform all other legal services for the Debtor which may be necessary or appropriate herein. The firm will be paid at these hourly rates: Partners $600 - $900 Associates/Of Counsel $300 - $780 Clifford Katz, Attorney $750 Paraprofessionals $190 - $265 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,198.69 from the Debtor. Mr. Katz 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: Clifford Katz, Esq. Goetz Platzer LLP 1325 Avenue of the Americas, 14th Fl. New York, NY 10019 Telephone: (212) 695-8100 About Adironadack Stire & Gallery Inc. Adironadack Stire & Gallery, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-10275) on March 18, 2026, listing under $1 million in both assets and liabilities. Judge Patrick G. Radel oversees the case. Clifford Katz, Esq., at Goetz Platzer LLP serves as the Debtor's counsel. AFC ACQUISITION: Seeks to Use Cash Collateral Until June 30 ----------------------------------------------------------- AFC Acquisition Corporation asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral and provide adequate protection. The Debtor identifies two creditors with asserted interests in the cash collateral. The first is the U.S. Small Business Administration, which is owed approximately $1.91 million arising from an Economic Injury Disaster Loan. The SBA holds a perfected security interest in the debtor’s accounts, deposit accounts, and related assets through a UCC-1 financing statement originally filed in April 2021 and later continued in December 2025. The second creditor is BOKF, N.A., doing business as Bank of Albuquerque, which is owed approximately $120,000 under a business loan agreement and promissory note executed in 2018. Although BOKF's primary collateral is a mortgage on property not owned by the debtor, BOKF also has a security interest in the Debtor's bank accounts maintained with the bank. The Debtor seeks authority to use cash collateral through June 30, pursuant to an updated interim budget attached to the motion. It explains that emergency authority to use cash collateral had already been granted pending a final hearing. However, during an April 22 hearing, the U.S. Trustee identified deficiencies in notice because several creditors listed on the Debtor's schedules had incorrect addresses. The Debtor subsequently corrected the addresses, supplemented the motion with updated budget information, and provided proper notice to affected creditors. At a later hearing held on May 6, the Debtor informed the court that it was downsizing operations by closing its Comanche location and submitted a revised budget reflecting the reduced operational footprint. The court then directed the Debtor to file the present second amended motion incorporating the updated budget. The Debtor states that access to cash collateral is necessary to maintain relationships with vendors, suppliers, customers, and employees, satisfy ongoing operational expenses, and preserve employee morale. It further contends that without immediate access to cash collateral, it would be forced to cease operations abruptly, which would severely damage the value of the estate, harm creditors and employees, and eliminate the possibility of either a going-concern sale or a successful reorganization plan. To provide adequate protection to the secured creditors, the Debtor proposes several safeguards. For the SBA, the proposed order provides monthly adequate protection payments of $9,580 beginning April 2 and continuing on the second day of each month during the interim period. For BOKF, the Debtor agreed to maintain its bank accounts with the bank and continue making monthly payments of $1,516 pursuant to the existing promissory note. In addition to periodic payments, the proposed order grants replacement liens in favor of the cash collateral creditors. These liens would attach to all categories of the Debtor's existing and future-acquired property in which the creditors held pre-petition liens, together with all proceeds, rents, and income generated from such property. The replacement liens would maintain the same validity, extent, and priority as the pre-petition liens and would become effective automatically as of the petition date without requiring additional documentation or filings. The liens are intended to protect the creditors against any diminution in value of their collateral resulting from the Debtor's continued operations, including depreciation, depletion, sale, or other use of collateral during the bankruptcy case. A copy of the motion is available at https://urlcurt.com/u?l=Kbw7ji from PacerMonitor.com. About AFC Acquisition Corporation AFC Acquisition Corporation, doing business as American Home Furniture, sells living room, dining room, and bedroom furniture, mattresses, and home decor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 4, 2026. In the petition signed by Kenton Van Harten, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert H. Jacobvitz oversees the case. Chris Gatton, Esq., at Gatton & Associates, P.C., represents the Debtor as legal counsel. AKIBAZ LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Akibaz LLC d/b/a Wamatek 9701 Valley View Rd Eden Prairie MN 55344 Business Description: Akibaz LLC, doing business as Wamatek, is an electronics retailer located in Eden Prairie, MN, that has operated since 2018. The company sells phones, computers, networking equipment, software, accessories, PC parts, home essentials, and pro business products. It also provides device- related services including recycling, phone trade-in, phone and computer repair, diagnostics, data backup and recovery, data migration, and device upgrades. Chapter 11 Petition Date: May 19, 2026 Court: United States Bankruptcy Court District of Minnesota Case No.: 26-41647 Judge: Hon. William J Fisher Debtor's Counsel: David Tanabe, Esq. MESSERLI & KRAMER P.A. 50 South 6th Street 2300 Minneapolis, MN 55402 Tel: 612-672-3600 E-mail: dtanabe@messerlikramer.com Total Assets: $290,734 Total Liabilities: $3,350,796 The petition was signed by Vivi Majeste Wandji Nkaptouo 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/3IS3ADA/Akibaz_LLC__mnbke-26-41647__0001.0.pdf?mcid=tGE4TAMA ALL AMERICAN: Seeks to Hire Tittle Santiago as Bankruptcy Counsel ----------------------------------------------------------------- All American Worldwide, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Tittle Santiago, PLLC as counsel. The firm will render these services: (a) advise the Debtor of its powers and duties in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor necessary legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (f) perform such legal services as the Debtor may request with respect to any matter. On April 6, 2026, the firm received a $20,000 retainer from the Debtor. Brandon J. Tittle, Esq., an attorney at Tittle Santiago, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brandon J. Tittle, Esq. Tittle Santiago, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Telephone: (972) 213-2316 Email: btittle@tittlelawpllc.com About All American Worldwide Inc. All American Worldwide Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31797) on April 27, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Stacey G. Jernigan presides over the case. Brandon John Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as bankruptcy counsel. AZZ INC: Fitch Hikes IDR to 'BB+' & Alters Outlook to Stable ------------------------------------------------------------ Fitch Ratings has upgraded AZZ, Inc.'s Issuer Default Rating (IDR) to 'BB+' from 'BB'. Fitch has affirmed the ratings on the senior secured term loan and RCF at 'BBB-' and has revised the Recovery Rating to 'RR2' from 'RR1'. The Rating Outlook is Stable. The upgrade reflects AZZ's material debt repayment over the past year and its commitment to a conservative leverage profile. The ratings are also supported by the company's leading positions in the hot-dip galvanizing and coil coating markets, low commodity price exposure, and a variable cost structure, partially offset by its cyclical end-market exposure. The Stable Outlook reflects Fitch's expectation that AZZ's leverage will remain below 2.5x and EBITDA margins will be sustained above 20% through the cycle. Key Rating Drivers Improved Leverage Profile: Fitch believes AZZ is committed to maintaining low financial leverage through the cycle. The company repaid $385 million of debt in fiscal 2026 primarily through its share of proceeds from the AVAIL joint venture's (JV) divestiture of its electrical products group, with the balance from FCF. EBITDA leverage declined to 1.3x from around 2.6x in fiscal 2025. AZZ has a net leverage target of 1.5x-2.5x and management plans to further reduce debt in fiscal 2027. Market Leader in Niche Markets: Fitch believes AZZ benefits from its strong position in niche markets and the proximity of its facilities to an established and diversified customer base. It is the leader in independent hot-dip galvanizing and metal coil coating solutions, with market shares of 27% and 23%, respectively. The company's businesses have some barriers to entry created by its value-added processing capabilities and sticky customer relationships. Fitch believes strong market share positions in core markets lead to higher and more stable operating margins through-the-cycle. Limited Input Cost Exposure: Fitch views input cost volatility as a manageable risk for AZZ, given its business model and pass-through mechanisms. The tolling model across both segments insulates AZZ from substrate cost risk. Zinc, the primary input cost in metal coatings, is managed through short-cycle pricing and customer surcharges. Paint cost in precoat metals is passed to its customer base. AZZ also applies fuel surcharges to offset rising transportation and energy costs. Exposure to Cyclical End-Markets: Fitch believes AZZ's cost structure, which is approximately 75% variable, along with its tolling model, moderate capital intensity, and strong profitability reduce earnings downside in weaker operating environments. The company has high exposure to cyclical construction (56% of fiscal 2026 sales), industrial (9%) and transportation (8%) end-markets. Fitch expects residential construction to remain weak and non-residential construction to gradually improve, driven by data center investments, associated power infrastructure buildouts, and sustained public infrastructure spending. Balanced Capital Allocation: Fitch believes AZZ has the flexibility to pursue a capital allocation strategy that balances growth investments and shareholder distributions, while maintaining a strong balance sheet, supported by expectations of strong FCF generation over the forecast horizon. Fitch expects management to pursue small, opportunistic bolt-on acquisitions without a durable impact to the capital structure. The company has also authorized a new $100 million share repurchase program, alongside its prior program, which had approximately $33 million remaining as of Feb. 28, 2026. Peer Analysis AZZ is modestly larger in through-the-cycle EBITDA than Kaiser Aluminum Corporation (BB-/Stable). The company generally has higher margins than specialty metals producers, Kaiser and Carpenter Technology Corporation (BBB-/Stable) but has a higher exposure to the construction end-market. AZZ is larger in terms of EBITDA and is more profitable than the metal service center, Ryerson Holding Corporation (BB / Stable), pro forma for the acquisition of Olympic Steel, Inc. AZZ has lower leverage than its 'BB'-rated peers. Fitch’s Key Rating-Case Assumptions - Revenues grow at about 3% per year on average; - EBITDA margins stable at about 21%; - Average annual capex at about $100 million through fiscal 2030; - $60 million spent on bolt-on acquisitions in the metal coatings segment annually in fiscal 2027- fiscal 2029; - Excess cash after acquisitions allocated between debt repayment and share repurchases; - Dividends maintained. 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 ('bbb-', Moderate), diversification and asset quality ('bb', Higher), company operational characteristics ('bbb', Moderate), profitability ('a+', Lower), financial structure ('a+', Lower), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year FY26, 20% for the forecast year FY27, 20% for the forecast year FY28, 20% for the forecast year FY29 and 20% for the forecast year FY30. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.0x; - EBITDA margins sustained below 17%; - A less conservative capital allocation strategy, including large debt-funded acquisitions without a clear commitment to deleveraging. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material increase in size, scale, or diversification; - EBITDA leverage sustained below 2.0x; - Unencumbered capital structure. Liquidity and Debt Structure As of Feb. 28, 2026, AZZ had approximately $0.7 million of cash on hand, and $338 million available under its $400 million RCF due 2029. Fitch expects the company to generate an average annual FCF of about $170 million from fiscal 2027 to fiscal 2030. The RCF has a maximum net leverage financial covenant of 4.5x. No amounts are due to be repaid under the term loan prior to maturity. Issuer Profile AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets, predominantly in North America. Summary of Financial Adjustments Fitch has made no material adjustments that are not disclosed within the company's public filings. 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 AZZ Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- AZZ Inc. LT IDR BB+ Upgrade BB senior secured LT BBB- Affirmed RR2 BBB- BESPOKE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Bespoke Construction LLC 10890 Bennett Parkway, Suite 200 Zionsville, IN 46077 Business Description: Bespoke Construction LLC and Bespoke Interiors, LLC are affiliated Zionsville, Indiana-based businesses involved in residential construction, remodeling and interior- design services. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Southern District of Indiana Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Bespoke Construction LLC (Lead Case) 26-03279 Bespoke Interiors, LLC 26-03280 Judge: Hon. Andrea K McCord Debtors' Counsel: Weston E. Overturf, Esq. KROGER, GARDIS & REGAS, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: 317-777-7443 Bespoke Construction's Total Assets: $360,000 Bespoke Construction's Total Liabilities: $5,450,130 Bespoke Interiors, LLC's Estimated Assets: $300,000 Bespoke Interiors, LLC's Estimated Liabilities: $16,990 The petitions were signed by Robert Cooper 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/2AFDIDY/Bespoke_Construction_LLC__insbke-26-03279__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3C6CASQ/Bespoke_Interiors_LLC__insbke-26-03280__0001.0.pdf?mcid=tGE4TAMA BIG DIGITAL: Swings to $610K Profit in Q1 2026; Going Concern Stays ------------------------------------------------------------------- Big Digital Energy, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net income of $609,803 for the three months ended March 31, 2026, compared to a net loss of $310,863 for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $4.8 million, compared to $13.8 million in the prior-year period. Going Concern For the three months ended March 31, 2026, the Company used $17.1 million in cash related to operations, and as of March 31, 2026, had negative working capital of $22.8 million, shareholders' equity of $4.3 million and an accumulated deficit of $251.8 million. The Company's cash position as of March 31, 2026, was $2.4 million. The Company's revenue is dependent on a number of external factors, including commercial terms, payments from customers, payments from partners, counterparty risks, and market conditions, including those related to digital assets, AI, HPC and other markets. These factors are outside the Company's direct control, and the Company may not be able to practically mitigate their impact. The Company cannot predict with any certainty whether these trends will reverse or persist. The Company has ongoing litigation related to the Marshall Loan, W Capital Loan, Celsius Promissory Note and Celsius Colocation Agreement. The Company has evaluated the above conditions and concluded that these conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least the next 12 months. To mitigate these conditions, the Company has explored various avenues to enhance liquidity, fund the Company's expenditures, and meet debt servicing requirements. These strategies include, among others: * Expanding its digital infrastructure platform and increasing capacities for either digital colocation services and/or AI and HPC markets; * Executing new customer digital colocation service agreements in either AI, HPC, and/or digital assets mining to diversify its exposure across customers and/or markets; * Engaging in discussions with capital providers, relating to equity and/or debt; * Considering equity issuances such as capital raises and at-the-market transactions; * Assessing and evaluating corporate and strategic transactions; * Assessing and evaluating commercial opportunities or other business opportunities under consideration; * Conducting assessments to identify and implement operational improvements and/or efficiencies and other actions aimed at enhancing revenue and/or optimizing expenses; and * Evaluating, assessing and pursuing business revenue and margin expansion opportunities. On October 16, 2025, the Company entered into an At the Market Offering Agreement with H.C. Wainwright & Co., LLC to sell shares of its common stock, par value $0.001 per share having an aggregate sales price of up to $9.6 million, from time to time, through an "at-the-market" offering program under which Wainwright will act as sales agent. On December 11, 2025, the Company filed a prospectus supplement with the SEC to increase the capacity of the ATM Program by $40 million. During the three months ended March 31, 2026, the Company has sold 1,586,774 shares of Common Stock under the Sales Agreement at an average price of approximately $4.18 per share, which has resulted in cash proceeds to the Company of $6.4 million, net of issuance costs. Although the Company may have access to capital, debt, and/or other sources of funding, these may require additional time and cost, may impose operational restrictions and other covenants on the Company, may not be available on attractive terms, and may not be available at all. If the Company raises additional capital or debt, this could cause additional dilution to the Company's stockholders. The terms of any future capital raise or debt issuance and the costs of any financing are uncertain and may be unfavorable to the Company. Should the Company be unable to source sufficient funding, the Company may not be able to realize assets at their recognized values and fulfill its liabilities in the normal course of business at the amounts stated in these consolidated financial statements. The Company obtains advice from outside resources; however, it is important to note that strategic and other initiatives may not lead to any transaction or other outcome. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/y7cvb55j About Big Digital Energy, Inc. Big Digital Energy, Inc. formerly known as Mawson Infrastructure Group Inc., is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. The Company provides services spanning artificial intelligence, high performance computing, digital assets (including Bitcoin mining), and other intensive compute applications. The Company delivers both self-mining operations and colocation/hosting for enterprise customers, with a vertically integrated infrastructure model built for scalability and efficiency. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, 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 net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $48.4 million in total assets, $44 million in total liabilities, and $4.3 million in total stockholders' equity. BLEU NOVO: Seeks Approval to Tap Kristen Amond as Special Counsel ----------------------------------------------------------------- Bleu Novo LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Kristen Amond, Esq., an attorney practicing in New Orleans, La., as special counsel. The Debtor needs a special counsel to pursue its claim against a prior employee for violation of its employment agreement. Ms. Amond's hourly rate is $350. The attorney received a pre-petition legal fee of $2,469.25 from the Debtor. Ms. Amond 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: Kristen D. Amond, Esq. 650 Poydras St., Ste. 1525 New Orleans, LA 70130 About Bleu Novo LLC Bleu Novo LLC, formerly known as Home Team Medical Clinic, LLC, is in the business of providing medical services for skin care and weight loss. Bleu Novo LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 26-10240) on February 2, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. BOUND LOGISTICS: Taps Scura Wigfield Heyer Stevens as Counsel ------------------------------------------------------------- Bound Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Scura, Wigfield, Heyer, Stevens & Cammarota, LLP as counsel. The firm's services include: (a) advise to the Debtor regarding its powers and duties in the opearation of its business; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all other legal services for the Debtor which may be necessary. The firm's hourly rates are as follows: Partners $650 Legal Assistants $150 Paralegals $195 Law Clerks $275 The firm received an initial retainer of $40,000 from the Debtor. David Stevens, Esq., an attorney at Scura, Wigfield, Heyer, Stevens & Cammarota, 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 L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota, LLP 1 Harmon Meadow Blvd., Suite 201 Secaucus, NJ 07094 Telephone: (973) 696-8391 Email: dstevens@scura.com About Bound Logistics Bound Logistics, LLC operates as an asset-based trucking and logistics company in Union, New Jersey, providing intermodal drayage and container transportation services between port terminals and inland destinations, primarily serving the New York and New Jersey port region. Bound Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D.N.J. Case No. 26-14399) on April 22, 2026. In its petition, the Debtor reported estimated assets between $1 million to $10 million and estimated liabilities between $1 million to $10 million. The petition was signed by Nathan Halberstam as authorized representative of the Debtor. Judge Mark Edward Hall oversees the case. The Debtor is represented by Scura Wigfield, Hyer, Stevens & Cammarota LLP. CARDIFF ONCOLOGY: Sues NMS Over Onvansertib License --------------------------------------------------- Cardiff Oncology Inc. filed a lawsuit against Nerviano Medical Sciences S.r.L. disputing allegations that Cardiff materially breached its onvansertib license agreement, according to an SEC filing. The complaint, filed May 19 in the U.S. District Court for the Southern District of California, seeks injunctive relief requiring NMS to keep performing under the agreement and a declaratory judgment that Cardiff did not breach it. Cardiff previously disclosed Feb. 24 that it had received a written notice from NMS alleging breach because Cardiff did not name an NMS employee as a joint inventor on U.S. Patent Nos. 12,144,813 and 12,263,173 and did not agree to file a joint invention continuation patent application. Cardiff maintains there was no breach and that the agreement does not require the company to name NMS employees on inventions made exclusively by Cardiff or to make what it believes are false or inaccurate representations about inventorship to the U.S. Patent and Trademark Office. About Cardiff Oncology Cardiff Oncology is a clinical-stage biotechnology company using PLK1 inhibition to develop cancer therapies for indications with unmet medical need. Its lead approach combines onvansertib, an oral and highly selective PLK1 inhibitor, with standard-of-care therapeutics. The company's clinical programs include RAS-mutated metastatic colorectal cancer and investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma, small cell lung cancer, metastatic triple-negative breast cancer and chronic myelomonocytic leukemia. In the 2025 audit report, BDO USA, P.C., included a going-concern uncertainty paragraph, stating that the company had recurring losses from operations and negative operating cash flows that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the company reported total assets of $49.17 million, total liabilities of $14.46 million and total stockholders' equity of $34.71 million. CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Carolina Cleaning Services, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. Under the fourth interim order, the Debtor is authorized to use cash collateral solely for post-petition operating expenses as outlined in its budget. In addition, the amount budgeted for the Subchapter V trustee's anticipated administrative expense must be remitted to the Debtor's counsel to be held in trust until further court order. The Debtor projects total operational expenses of $78,940.00 for the period from May 22 to June 21. Silverline Services, Inc. and other merchant cash advance lenders will retain a continuing and replacement post-petition lien on and security interest in all assets and the proceeds thereof, whether acquired before or after the Debtor's Chapter 11 filing. The court clarified that the order does not determine the validity, extent, priority, or perfection of any lien or the characterization of any property as cash collateral. The Debtor reserves all rights to challenge such matters. The order is available at https://shorturl.at/JNLT3 from PacerMonitor.com. A further hearing is scheduled for June 2. About Carolina Cleaning Services LLC Carolina Cleaning Services LLC provides residential and commercial cleaning services throughout southeastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00777 on February 20, 2026. In the petition signed by Aneliese Bard Andrades, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. CAROLINA SERVICES: Seeks to Tap Cole Hayes as Bankruptcy Counsel ---------------------------------------------------------------- Carolina Services LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Cole Hayes, Esq., an attorney practicing in North Carolina, to handle its Chapter 11 case. The attorney will be billed at his hourly rate of $490, plus reimbursement for expenses incurred. Prior to the petition date, Mr. Hayes received a retainer of $21,738 from the Debtor. Mr. Hayes 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: Cole Hayes, Esq. 601 S. Kings Drive Suite F PMB #411 Charlotte, NC 28204 Telephone: (980) 416-4266 Email: cole@colehayeslaw.com About Carolina Services LLC Carolina Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-40139) on May 11, 2026. In its petition, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Ashley Austin Edwards oversees the case. The Debtor is represented by Cole Hayes, Esq. CERES ROASTING: Seeks to Tap Cairncross & Hempelmann as Counsel --------------------------------------------------------------- Ceres Roasting Company, LLC, doing business as Kornman of Washington, seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Cairncross & Hempelmann, PS as counsel. The firm's services include: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) provide legal advice and assist the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm will be paid at these hourly rates: Steven Palmer, Attorney $575 Associates $415 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,738 from the Debtor on April 9, 2026. Mr. Palmer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven M. Palmer. Esq. Cairncross & Hempelmann, PS 524 Second Avenue, Suite 500 Seattle, WA 98104 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 Email: spalmer@cairncross.com About Ceres Roasting Company LLC Ceres Roasting Company, LLC is a Seattle-based cafe and food-and-beverage business. Ceres Roasting Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11316) on April 22, 2026. In the petition signed by Nathan Bainbridge, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, PS represents the Debtor as counsel. CIBUS INC: Loss Narrows to $21.2MM in Q1; Going Concern Persists ---------------------------------------------------------------- Cibus Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. Since its inception, the Company has incurred losses. For the three months ended March 31, 2026, the Company reported a net loss of $21.2 million, compared to a net loss of $49.4 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $1.7 million, compared to $1 million in the prior-year period. The Company's cash used in operating activities was $11.5 million for the three months ended March 31, 2026. The Company's primary source of liquidity is its cash and cash equivalents, with additional capital resources accessible, subject to market conditions and other factors, from the capital markets, including through offerings of common stock or other securities. As of March 31, 2026, the Company had $30.3 million of cash and cash equivalents and $13.9 million of current liabilities. The Company anticipates that it will continue to generate losses for the next several years. Over the longer term and until the Company can generate cash flows sufficient to support its operating capital requirements, it expects to finance a portion of future cash needs through: (i) cash on hand, (ii) commercialization activities, which may result in various types of revenue streams from future product development agreements and technology licenses, including upfront and milestone payments, annual license fees, and royalties, (iii) government or other third party funding, (iv) public or private equity or debt financings (which may include a future at-the-market financing facility or other continuous offering facility), or (v) a combination of the foregoing. In underwritten public offerings in January 2026 (January 2026 Follow-On Offering) and in March 2026 (March 2026 Follow-On Offering), the Company received net proceeds of approximately $19.8 million and $13.6 million, respectively, after deducting approximately $2.5 million and $1.4 million, respectively, for underwriting discounts and commissions and certain other offering expenses payable by the Company. Management will need to raise additional capital to support its business plans to continue as a going concern within one year after the date that these financial statements are issued. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. On March 12, 2026, in furtherance of the Company's Board-approved streamlining efforts and in addition to actions taken by the Company in prior years, the Company conducted an additional reduction in workforce of 15 full-time employees, effective as of March 13, 2026. The Company incurred approximately $0.4 million of one-time cash expense in the first quarter of 2026, of which approximately $0.3 million was related to accrued vacation and paid in the first quarter of 2026 and approximately $0.1 million was related to one-time severance expense and will be paid in the second quarter of 2026. In addition, the Company incurred one-time non-cash stock compensation expense of approximately $0.1 million related to accelerated stock awards in the first quarter of 2026, and it will additionally incur approximately $0.1 million in the second quarter of 2026. These expenses were, or will be, recorded within operating expenses in the accompanying condensed consolidated statements of operations. The Company will incur and pay approximately $0.1 million of one-time cash expense related to shares withheld for payment of minimum employee taxes withheld upon net share settlement of restricted stock units in the second quarter of 2026, which will be recorded within class A common stock in treasury, at cost in the accompanying condensed consolidated balance sheets. These cost reduction initiatives alone will not be sufficient to forestall a cash deficit. If the Company is unable to raise additional capital in a sufficient amount or on acceptable terms, the Company may have to implement additional, more stringent cost reduction measures to manage liquidity, and the Company may have to significantly delay, scale back, or cease operations, in part or in full. If the Company raises additional funds through the issuance of additional debt or equity securities, including as part of a strategic alternative, it could result in substantial dilution to its existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of the Company's shares of common stock. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Any of these events could significantly impact the Company's business, financial condition, and prospects. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/ywe97pee About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The report highlights that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $324.2 million in total assets, $288.7 million in total liabilities, and $35.5 million in total stockholders' equity. CLICKSPRING DESIGN: Hires Allan D. NewDelman as Bankruptcy Counsel ------------------------------------------------------------------ Clickspring Design, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, PC as counsel. The firm's services include: (a) give the Debtor legal advice with respect to all matters related to this case; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. The firm's counsel will be paid at these hourly rates: Allan NewDelman, Attorney $475 Roberta Sunkin, Attorney $395 Paralegal $150 - $200 Mr. NewDelman 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: Allan D. NewDelaman, Esq. Allan D. NewDelman, PC 80 East Columbus Avenue Phoenix, AZ 85012 Telephone: (602) 264-4450 Email: anewdelman@adnlaw.net About Clickspring Design Inc. Clickspring Design, Inc. is a design firm formed in 2006 by Erik Ulfers. It 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. Clickspring Design sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04352) on May 1, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Glenn Erik Ulfers, chief executive officer, signed the petition. Judge Madeleine C. Wanslee presides over the case. Allan D. NewDelman, Esq., at Allan D. NewDelman, PC represents the Debtor as counsel. COSWMP LTD: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: COSWMP Ltd. d/b/a Snow Outdoor Services d/b/a SOS Site Services 2820 20th Street Boulder, CO 80304 Business Description: COSWMP Ltd., doing business as SOS Site Services and Snow Outdoor Services, provides landscape maintenance, irrigation maintenance, snow removal, tree removal and related site services in Colorado. The Boulder, Colorado-based company serves commercial and municipal customers, including public-sector clients, and operates a small fleet supporting construction and site-service work. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-13686 Judge: Hon. Thomas B McNamara Debtor's Counsel: Justin M Mertz, Esq. MICHAEL BEST & FRIEDRICH 675 15th Street, Suite 2000 Denver, CO 80202 Tel: (414) 225-4972 E-mail: jmmertz@michaelbest.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Troy Emberton as CFO. 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/S72WFFY/COSWMP_Ltd__cobke-26-13686__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SVDGL6I/COSWMP_Ltd__cobke-26-13686__0001.0.pdf?mcid=tGE4TAMA CREDIT SUITE: Court Extends Cash Collateral Access to June 24 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a third interim order extending Credit Suite, Inc.'s authority to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral from the petition date through June 24, strictly in accordance with a court-approved budget. Individual budget line items may exceed projections by up to 15%, provided that total spending does not exceed the overall budget by more than 10%. Any spending beyond the permitted variances constitutes a default and may allow creditors to seek emergency relief. Payments to insiders or affiliate officers are prohibited absent court approval. To protect the interests of secured creditors, the court granted these creditors replacement liens on post-petition cash collateral, effective as of the petition date, with the same validity and priority as their pre-bankruptcy liens. The court preserves all parties' rights and makes no determination regarding the validity, extent, or priority of any creditor's liens. Credit Suite must comply with all debtor-in-possession duties, maintain required insurance, and provide monthly operating reports, along with weekly budget variance and accounts receivable reports to creditors, the U.S. trustee, and the Subchapter V trustee. A continued hearing is scheduled for June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/YWVJn from PacerMonitor.com. Regions Bank is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 Phone: 813.221.2626 Fax: 813.221.7335 Primary Email: drobbins-boehner@burr.com Secondary Email: mguerra@burr.com / kkearney@burr.com About Credit Suite Inc. Credit Suite Inc., a company in Tampa, Fla., provides business credit building services and small business financing support, helping entrepreneurs establish and use business credit, understand factors affecting fundability, and access loans and credit lines through lenders and brokers. Founded in 2014, the company focuses on advising business owners on separating personal and business credit and preparing for financing before applying for capital. Credit Suite filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00085) on January 7, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Caryl E. Delano oversees the case. Kathleen DiSanto, Esq., at Bush Ross, P.A. represents the Debtor as legal counsel. D1 READY: Seeks Court Approval to Tap Keery McCue as Legal Counsel ------------------------------------------------------------------ D1 Ready Mix, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Keery McCue, PLLC as counsel. The firm's services include: (a) prepare pleadings and applications; (b) conduct examinations incidental to administration; (c) advise the Debtor of its rights, duties, and obligations 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 estate; and (e) advise the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and conerncing any and all matters relating thereto. The firm will be paid at an hourly rate of $175 to $550. Patrick Keery, Esq., an attorney at Kerry McCue, 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: Martin J. McCue, Esq. Patrick F. Keery, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Telephone: (480) 478-0709 Facsimile: (480) 478-0787 Email: mjm@keerymccue.com pfk@keerymccue.com About D1 Ready Mix LLC D1 Ready Mix, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04675) on May 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Patrick F. Keery, Esq., at Keery Mccue, PLLC represents the Debtor as counsel. DALLAS MOTORS: Seeks to Hire Tittle Santiago as Legal Counsel ------------------------------------------------------------- Dallas Motors, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Tittle Santiago, PLLC as counsel. The firm will render these services: (a) provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor necessary legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (f) perform such legal services as the Debtor may request with respect to any matter. On April 6, 2026, the firm received a $20,000 retainer from the Debtor. Brandon J. Tittle, Esq., an attorney at Tittle Santiago, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brandon J. Tittle, Esq. Tittle Santiago, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Telephone: (972) 213-2316 Email: btittle@tittlelawpllc.com About Dallas Motors LLC Dallas Motors is a Garland, Texas-based used vehicle dealer. The company sells used cars, trucks, and SUVs and provides vehicle financing, loan application support, vehicle history reports, and vehicle inspection and servicing. Dallas Motors serves car shoppers with used vehicle inventory across body styles including pickup trucks, sedans, SUVs, coupes, hatchbacks, minivans, wagons, and convertibles. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31777) on April 24, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Ahmed Adi, member, signed the petition. Brandon Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as counsel. DARE BIOSCIENCE: Loss Narrows to $3MM in Q1; Going Concern Persists ------------------------------------------------------------------- Dare Bioscience, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of approximately $3 million for the three months ended March 31, 2026, compared to a net loss of $4.4 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $152,455, compared to $25,427 in the prior-year period. At March 31, 2026, the Company had cash and cash equivalents of approximately $18.5 million and working capital of approximately $0.5 million. A substantial portion of the Company's cash and cash equivalents at March 31, 2026 represented funds received under grant agreements that may be applied solely toward direct costs for the projects funded under those grant agreements, or grant-funded projects, subject to an indirect cost allowance of approximately 5% to 22%. In accordance with GAAP, grant funds received but not yet expended on direct costs for grant-funded projects and the associated indirect cost allowance are recorded both in cash and cash equivalents and in the deferred grant funding liability in the Company's condensed consolidated balance sheets. As of March 31, 2026, the Company's deferred grant funding liability was approximately $18.2 million. As the Company incurs and expenses direct costs for grant-funded projects, the deferred grant funding liability is reduced accordingly. However, the deferred grant funding liability may not always correspond directly to the amount of grant funds and the associated indirect cost allowance remaining in cash and cash equivalents. This can occur when the Company incurs direct costs for grant-funded projects in a particular period, thereby reducing its cash, but the related expense is not recognized in the same period due to timing differences under GAAP, resulting in no corresponding reduction of the deferred grant funding liability. As a result of these timing differences, when this occurs, a portion of the Company's cash and cash equivalents that has already been disbursed for grant-funded project costs continues to be reflected in the deferred grant funding liability until the related expense is recognized under GAAP. See Note 10, Grant Awards for additional information. The Company will require additional capital to advance the development programs in its pipeline that are not currently being supported by non-dilutive grant or other funding, to enable further investment across its entire portfolio of product candidates, and to support its operating plan. The Company is currently seeking to raise capital under its Regulation A offering and will continue to evaluate and may pursue various other capital raising options, including sales of equity, debt financings, government or other grant funding, collaborations, structured financings, and commercial collaborations or other strategic transactions. The Company's ability to obtain additional capital, including through its ongoing Regulation A offering, and the timing and terms thereof, depend on various factors, many aspects of which are not entirely within its control, and there can be no assurance that capital will be available when needed or, if available, on terms favorable to the Company and its stockholders. Raising additional capital may cause substantial dilution to the Company's stockholders, restrict its operations or require it to relinquish rights in its technologies or product candidates and their future revenue streams. If the Company cannot raise capital when needed, on favorable terms or at all, the Company will need to reevaluate its planned operations and may need to delay, scale back or eliminate some or all of its product candidate programs and/or reduce expenses. The Company has a history of losses from operations, net losses and negative cash flows from operations. At March 31, 2026, the Company had an accumulated deficit of approximately $191.7 million and the Company incurred a net loss of approximately $3.0 million and had negative cash flow from operations of approximately $5.5 million for the three months ended March 31, 2026. Because the Company is in the early stages of executing against its Section 503B compounding and consumer health products business strategies and, as an organization, the Company has no experience in and limited infrastructure for commercializing products, both the timing and amount of potential revenue the Company may generate remain uncertain. As a result, the Company may continue to incur significant losses from operations and negative cash flows from operations for the next several years, and may never generate sufficient revenues to finance its operations or achieve profitability. Based on the Company's current analysis of these conditions, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/bdhtvn5w About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Irvine, California-based Haskell & White LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company's recurring losses from operations and its dependency on additional financing to fund operations, raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $27.8 million in total assets, $27.1 million in total liabilities, and $734,451 in total stockholders' equity. DIRECT PLUMBING: Court Extends Cash Collateral Access to June 13 ---------------------------------------------------------------- Direct Plumbing & Drains, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. The court entered an interim order authorizing the Debtor's continued access to cash collateral through June 13 to pay business expenses in accordance with its budget. Under the interim order, all secured creditors holding valid liens on the cash collateral will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-petition liens. The replacement liens apply only to the extent the Debtor's use of cash collateral results in a diminution in value of a secured creditor's interest as of the petition date. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/XptEX from PacerMonitor.com. The next hearing is scheduled for June 10. The bankruptcy court previously approved use of cash collateral through May 17 and that the Debtor has remained within the approved budget during that period. Although the Debtor originally expected to have a Chapter 11 plan confirmed before the expiration of the prior order, preparation of the plan has taken longer than anticipated, making an extension of cash collateral authority necessary. The Debtor intends to use the funds to maintain operations during the reorganization process. The primary secured creditor is Steven Weatherly who received a secured promissory note and security agreement in connection with the Debtor's redemption of his common stock on Dec. 31, 2024. That obligation originally totaled approximately $287,405 and was perfected through a UCC-1 filing, giving Mr. Weatherly what the Debtor describes as a priority secured claim against its assets. The Debtor also identifies several merchant financing lenders -- Fig/Clearview-CVFG, Revenued, Forward/Shore Funding, and Stripe Capital -- that extended loans used to fund operations. The original balances of these obligations were approximately $118,000, $35,000, $112,500, and $31,408., respectively. However, the Debtor said these creditors are unsecured because Mr. Weatherly's senior lien exhausts the value of the collateral available under 11 U.S.C. section 506(a). Direct Plumbing & Drains' bankruptcy filing was caused by a combination of unpaid payroll taxes, burdensome high-interest merchant financing agreements, and debt incurred in redeeming stock from a former shareholder. Despite efforts to remain current on obligations, the Debtor ultimately filed Chapter 11 on Jan. 21 to reorganize its financial affairs. The Debtor indicates it is actively working with counsel to complete all required filings and intends to file a plan of reorganization and disclosure statement. About Direct Plumbing & Drains Inc. Direct Plumbing & Drains Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10402) with $0 to $50,000 in assets and $1,000,001 to $10 million liabilities. The petition was signed by Jerald Garcia II as president. Judge Scott H. Yun oversees the case. The Debtor tapped Robert B Rosenstein, Esq., at Rosenstein & Associates as legal counsel and Reconciled Chaos Inc., doing business as ThinkForward Bookkeeping Services, as accountant. EAGLES INVESTMENTS: Seeks to Hire Russo White & Keller as Counsel ----------------------------------------------------------------- Eagles Investments Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Russo, White & Keller, PC as counsel. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management of its financial affairs and property; (b) prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; (c) review all leases and other corporate papers and other docuemnts and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolution regarding the Chapter 11 case; and (d) perform any and all other legal services for the Debtor as may be necessary to achieve confirmation of a Chapter 11 plan. Robert Keller, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350, plus expenses. The firm received a retainer of $15,000 plus $2,000 for costs from the Debtor. Mr. Keller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Keller, Esq. Russo, White & Keller, PC 315 Gadsden Highway, Suite D Birmingham, AL 35235 Telephone: (205) 833-2589 Email: rjlawoff@bellsouth.net About Eagles Investments Group Inc. Eagles Investments Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-01630) on May 8, 2026, listing up to $50,000 in assets and liabilities. Judge D. Sims Crawford oversees the case. The Debtor is represented by Robert C. Keller, Esq., at Russo, White & Keller, PC. ELEOS ABA: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Eleos ABA, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through July 31 for essential operating expenses in accordance with an approved budget. The Debtor's cash collateral primarily consists of income generated through the ordinary operation of its ABA therapy business. It consists of approximately $3,791 held in a Capital One bank account and collectible accounts receivable totaling approximately $210,000. Most future cash collateral will come from ongoing business operations, making continued use of the funds indispensable to generating additional revenue. Creditors asserting security interests in the Debtor's assets include Baltimore Community Lending, Inc., which claims a first-priority blanket lien on all assets of the Debtor securing approximately $142,089 in debt; and Latino Economic Development Center, which claims a second-priority blanket lien securing approximately $192,279. The Debtor acknowledges the validity and enforceability of both creditors' liens. In addition, Idea 247, Inc. and Kapitus, LLC each asserts blanket liens on the Debtor's assets securing debts of approximately $156,100 and $318,547 respectively. Because the collateral value is entirely consumed by the senior BCL and LEDC liens, the Debtor characterizes Idea and Kapitus as unsecured creditors for purposes of adequate protection and intends to value their secured claims at zero. As interim protection, the Debtor is required to deposit $3,662.52 monthly into escrow for potential payments and pay $1,000 per month into escrow for the Subchapter V trustee beginning June 1. A final hearing is scheduled for July 22, with objections due by July 17. If no objections are filed, the interim order may later become a final order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GV2WW from PacerMonitor.com. About Eleos ABA LLC Eleos ABA, LLC operates as a provider of Applied Behavioral Analysis therapy services for minors and adults on the autism spectrum in Baltimore City, Maryland. Eleos ABA filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-15094) on May 12, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Angela Shortall of 3Cubed Advisory Services, LLC serves as Subchapter V trustee. Judge David E. Rice oversees the case. Brett Weiss, Esq., at The Weiss Law Group, represents the Debtor as legal counsel. EMERA INC: Moody's Alters Outlook on Ratings to Stable ------------------------------------------------------ Moody's Ratings changed the outlooks of Emera Inc. (Emera) and Tampa Electric Company (Tampa Electric) to stable from negative. At the same time, Moody's affirmed Emera's ratings, including its Baa3 senior unsecured and Issuer Rating and Ba2 subordinated debt rating. Moody's also affirmed the ratings of Tampa Electric Company (Tampa Electric), including its A3 senior unsecured and Issuer Rating and P-2 short-term rating for commercial paper. Moody's also affirmed the Baa3 senior unsecured rating of Emera US Finance LP, Emera US Finance, LLC, and TECO Finance, Inc., along with the Ba1 junior subordinated rating of Emera US Finance, LLC and EUSHI Finance, Inc. All of these entities' debt obligations are guaranteed by Emera Inc. The outlooks for these companies were changed to stable from negative. RATINGS RATIONALE "The stable outlook reflects Emera's progress in strengthening its financial metrics and Moody's expectations that they will continue to improve, with a ratio of cash flow from operations before working capital (CFO pre-W/C) to debt reaching 12% over the next 12-18 months," said Yulia Rakityanskaya, Moody's Ratings AVP Analyst. The stable outlook on Tampa Electric is derived from the stable outlook on its parent, Emera. Over the past years, Emera has taken several actions to strengthen its balance sheet, including the sale of its equity interest in the Labrador Island Link transmission project, hybrid debt and equity issuances, as well as an adjustment to its dividend growth rate. As a result, Emera's financial metrics have improved, with a ratio of CFO pre-W/C to debt of 10.8% for the year ended December 31, 2025 and 10.5% for the twelve months ended March 31, 2026. Pro forma for deferred fuel, storm cost recovery, as well as cash held at March 31, 2026 from new debt issuances not yet deployed toward refinancing, Moody's estimates that Emera's CFO pre-W/C to debt ratio would be about 11.5% and 11%, respectively. Moody's expects CFO pre-W/C to debt ratio expected to reach 12% over the next 12-18 months, as a result of several key initiatives. For example, the sale of New Mexico Gas Company (NMGC), announced in August 2024 for $1.252 billion, including the assumption of approximately $560 million of debt, represents another key pending step in strengthening Emera's financial profile. If executed, the sale would be credit positive for Emera, as a significant portion of the proceeds is expected to be used to reduce parent debt. The transaction is pending regulatory approval from the New Mexico Public Regulation Commission and is expected to close in mid-2026. In addition to the pending NMGC sale, Moody's expects new rates at Tampa Electric, Peoples Gas System, Inc. (PGS) and Nova Scotia Power Inc. (NSPI), as well as the planned securitization of approximately CAD700 million of thermal assets at NSPI, to support ongoing improvement in Emera's financial metrics. Emera's continued deleveraging is also a key consideration. Holding company debt represented about 33% of consolidated debt as of March 31, 2026, down from roughly 53% at the time of the 2016 TECO Energy acquisition. So, while elevated holding company debt continues to weigh on Emera's consolidated financial metrics, and contributed to a wider rating differential with Tampa Electric, this exposure has declined meaningfully. The affirmation of Emera's ratings also incorporates its relatively low risk business profile as a regulated utility holding company with a portfolio of predominantly rate-regulated assets, which account for over 95% of consolidated earnings. Tampa Electric and PGS represented about 71% of Emera's net income before corporate costs in 2025. Moody's views Florida's regulatory framework as one of the most supportive state jurisdictions, allowing Tampa Electric and PGS to earn strong returns and benefit from multiple supportive cost and investment recovery mechanisms. Florida regulatory exposure is a primary driver of Emera's credit quality. RATING OUTLOOK Emera's stable outlook reflects Moody's expectations that the company's financial profile will continue to improve, supported by the approval and completion of the NMGC sale, with CFO pre-W/C to debt increasing to approximately 12% over the next 12-18 months. Tampa Electric's stable outlook reflects Moody's expectations that the Florida regulatory environment will continue to remain credit supportive by providing timely cost and investment recovery mechanisms; and that Tampa Electric's financial profile will remain strong including a ratio of CFO pre-W/C to debt in the 20-22% range. Since Tampa Electric's rating is constrained by the leverage at Emera, the stable outlook also assumes that Emera will not further increase parent-level debt that could cause downwards rating pressure across the entire corporate family. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade Emera could be upgraded if the company further reduces holding company debt levels, continues to benefit from credit supportive utility regulation and improves its financial metrics such that its ratio of CFO pre-W/C to debt will be sustained above 15%. Tampa Electric could be upgraded if Emera is upgraded, the Florida regulatory framework continues to be highly credit supportive and if Tampa Electric's key financial metrics remain strong such that Tampa Electric's CFO pre-W/C to debt is sustained above 22%. Factors that could lead to a downgrade Emera could be downgraded if parent debt levels are not reduced further or material additional parent debt is issued, regulatory support of its operating utilities deteriorates, its business risk profile increases through investments in non-regulated activities or if management strategic and financial measures are insufficient to improve credit metrics in a timely manner, such that its CFO pre-W/C to debt ratio remains below 12% for an extended period. Tampa Electric could be downgraded if Emera is downgraded. A downgrade could also be considered if Florida's regulatory or political framework becomes less credit supportive, such that there are delays in the recovery of prudently incurred costs and investments or if there is a sustained deterioration in Tampa Electric's financial profile such that its ratio of CFO pre-W/C to debt declines below 19% on a sustained basis. Headquartered in Halifax, Nova Scotia, Emera is a diversified utility and energy services holding company. As of March 31, 2026, Emera reported CAD48 billion in assets and CAD8.9 billion in revenues with over 95% of consolidated earnings from regulated businesses. Emera's largest subsidiary, TECO Holdings, Inc. (TECO Holdings) is the intermediate parent holding company of Tampa Electric, PGS and NMGC, a natural gas local distribution company serving residential customers in New Mexico. Tampa Electric provides retail electric service in West Central Florida, while PGS is a natural gas local distribution company serving more than 500,000 customers in Florida's major metropolitan areas. Emera also owns NSPI, a regulated vertically integrated electric utility in Nova Scotia; utilities in the Caribbean Islands as well as gas distribution pipelines, transmission lines and various assets in Canada. Tampa Electric and PGS are regulated by the Florida Public Service Commission (FPSC), while NMGC is regulated by the New Mexico Public Regulation Commission (NMPRC). NSPI is regulated by the Nova Scotia Energy Board (NSEB). LIST OF AFFECTED RATINGS Issuer: Emera Inc. Affirmations: LT Issuer Rating, Affirmed Baa3 Subordinate, Affirmed Ba2 Senior Unsecured, Affirmed Baa3 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Emera US Finance LP Affirmations: Backed Senior Unsecured, Affirmed Baa3 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Emera US Finance, LLC Affirmations: Backed Junior Subordinated, Affirmed Ba1 Backed Senior Unsecured, Affirmed Baa3 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: EUSHI Finance, Inc. Affirmations: Backed Junior Subordinated, Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Tampa Electric Company Affirmations: LT Issuer Rating, Affirmed A3 Senior Unsecured Shelf, Affirmed (P)A3 Senior Unsecured Bank Credit Facility, Affirmed A3 Commercial Paper, Affirmed P-2 Senior Unsecured Regular Bond/Debenture, Affirmed A3 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: TECO Finance, Inc. Affirmations: Backed Senior Unsecured Bank Credit Facility, Affirmed Baa3 Outlook Actions: Outlook, Changed To Stable From Negative The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FREEDOM FOREVER: Seeks to Hire Holland & Hart as Special Counsel ---------------------------------------------------------------- Freedom Forever LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Holland & Hart LLP as special counsel. The firm will provide advice regarding regulatory matters and disputes, litigation (other than avoidance actions, but including the pending WARN adversary proceedings), employment, the sale of estate assets, and general corporate legal matters that may arise in the context of the Debtors' Chapter 11 cases. The firm's counsel and staff will be paid at these hourly rates: Partners $555 - $2,000 Counsel $465 - $1,440 Associates $370 - $855 Paralegals $295 - $605 In addition, the firm will seek reimbursement for expenses incurred. 90 days prior to the petition date, the firm received a total retainer of $120,505.43 from the Debtors. Engels Tejeda, Esq., an attorney at Holland & Hart, 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: Engels Tejeda, Esq. Holland & Hart LLP 555 17th Street, Suite 3200 Denver, CO 80202 Telephone: (303) 295-8000 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. The company also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. At the time of the filing, Freedom Forever had estimated assets of between $100,000,001 to $500 million and liabilities of between $500,000,001 to $1 billion. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel; Holland & Hart LLP and Landis Rath & Cobb LLP as special counsel; and Berkeley Research Group, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' administrative advisor. FREEDOM FOREVER: Seeks to Hire Kroll as Administrative Advisor -------------------------------------------------------------- Freedom Forever LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration LLC as administrative advisor. The firm will render these service: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statement of financial affairs and gather data in conjunction therewith; (d) provide confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting and other administrative services. The Debtors will provide the firm an advance retainer of $50,000. Benjamin Steele, a managing director at 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: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 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. The company also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. At the time of the filing, Freedom Forever had estimated assets of between $100,000,001 to $500 million and liabilities of between $500,000,001 to $1 billion. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel; Holland & Hart LLP and Landis Rath & Cobb LLP as special counsel; and Berkeley Research Group, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' administrative advisor. FREEDOM FOREVER: Seeks to Tap Landis Rath & Cobb as Special Counsel ------------------------------------------------------------------- Freedom Forever LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Landis Rath & Cobb LLP as special counsel. The firm will provide assistance to the Debtors in connection with conflict matters. The firm's counsel and staff will be paid at these hourly rates: Partners $925 - $1,475 Associate $500 - $625 Paralegals/Legal Assistants $235 - $395 In addition, the firm will seek reimbursement for expenses incurred. 90 days prior to the petition date, the firm received from the Debtors a retainer payment in the amount of $25,000. Matthew McGuire, Esq., a partner at Ladnis Rath & Cobb, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew B. McGuire, Esq. Ladnis Rath & Cobb LLP 919 N. Market St., Suite 1800 Wilmington, DE 19801 Telephone: (302) 467-4400 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. The company also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. At the time of the filing, Freedom Forever had estimated assets of between $100,000,001 to $500 million and liabilities of between $500,000,001 to $1 billion. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel; Holland & Hart LLP and Landis Rath & Cobb LLP as special counsel; and Berkeley Research Group, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' administrative advisor. FREEDOM FOREVER: Taps Berkeley Research Group as Financial Advisor ------------------------------------------------------------------ Freedom Forever LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Berkeley Research Group, LLC as financial advisor. The firm's services include: (a) assist the Debtors and their counsel in drafting required motions; (b) assist with cash management and financial reporting as required by creditors and the Court; (c) assist the Debtors and their counsel in preparing required motions throughout the course of these cases; (d) respond to all creditor groups throughout the restructuring process, as directed by the Debtors; (e) assist in detailed analysis of restructuring plans, development of required support for any plan of reorganization, and assistance in implementation of such plans as determined by the Debtors; (f) assist in negotiations of a plan of reorganization; (g) assist in communications and negotiations with interested parties; (h) assist the Debtors' counsel during the restructuring process; (i) provide testimony and other litigation support requested by the Debtors or their counsel; and (j) provide other services as requested by the Debtors or their counsel. The firm's professionals will be paid at these hourly rates: Managing Directors $1,180 - $1,450 Associate Directors & Directors $950 - $1,150 Professional Staff $475 - $925 Support Staff $195 - $415 In addition, the firm will seek reimbursement for expenses incurred. The firm received retainer of $200,000 in cash on account from the Debtors. Mark Renzi, a managing director at Berkeley Research 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: Mark A. Renzi Berkeley Research Group, LLC 2200 Powell Street, Suite 1200 Emeryville, CA 94608 Telephone: (510) 285-3300 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. The company also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. At the time of the filing, Freedom Forever had estimated assets of between $100,000,001 to $500 million and liabilities of between $500,000,001 to $1 billion. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel; Holland & Hart LLP and Landis Rath & Cobb LLP as special counsel; and Berkeley Research Group, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' administrative advisor. GROFF TRACTOR: Seeks Approval to Hire BDO USA as Tax Accountant --------------------------------------------------------------- Groff Tractor Mid Atlantic, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ BDO USA PC as tax accountant. The firm will render these services: (a) Federal Partnership Return for the Debtors; (b) preparation and filing of Form 5471; (c) Maryland Pass-Thru Entity Income Tax Return; (d) New Jersey Partnership Return; (e) New Jersey Corporation Business/Partnership Return; (f) Pennsylvania PA-65 Corp, Directory of Corporate Partners; (g) Delaware Partnership Return; (h) certain extensions as needed; and (i) other related matters as requested by the Debtors and agreed to by BDO. The firm will be paid at these hourly rates: Principals/Managing Director $750 - $1,150 Director $650 - $850 Manager $550 - $750 Seniors $375 - $625 Associates $175 - $375 In addition, the firm will seek reimbursement for expenses incurred. Brad Goonan, a principal at BDO, 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: Brad Goonan BDO USA PC 600 North Pearl, Suite 1700 Dallas, TX 75201 Telephone: (214) 969-7007 Facsimile: (214) 953-0722 About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The Company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90010) on Oct. 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtors tapped Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones LLP as counsel and BDO USA PC as tax accountant. HEALTHIER CHOICES: $5M Sabby Loan Supports Near-Term Liquidity Plan ------------------------------------------------------------------- Healthier Choices Management Corp. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $786,795 for the three months ended March 31, 2026, compared to a net loss of $2.2 million for the same period in the prior year. The Company currently and historically has reported net losses and cash outflows from operations. As of March 31, 2026, the Company had cash and cash equivalent of approximately $1.1 million and negative working capital of $0.8 million. The Company's liquidity needs through March 31, 2026 have been satisfied through financing agreement with private lenders. On March 27, 2026, the Company terminated its prior $5 million credit facility with a private lender and entered into a new $5 million Sabby Loan Agreement. The Sabby Facility matures on December 31, 2026, bears interest at 12% per annum, and allows for advances from time to time subject to the terms and conditions of the loan agreement. In connection with the Sabby Facility, the Company received an initial advance of $500,000. The remaining $4.5 million is available for future draws. Management has made plans to reduce certain costs and raise the capital needed, however there can be no assurance the Company can successfully implement these plans. The success of these plans is dependent upon various factors, foremost being the ability to reduce outside consulting expenses and the ability to secure additional capital from outside investors. There can be no assurance that such plans will be successful. Management believes that the Company's cash on hand, together with the availability of up to $4.5 million in additional draws under the Sabby Loan Agreement, will enable the Company to meet its obligations and capital requirements for at least the next 12 months. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3tea9hxa About Healthier Choices Management Corp. Healthier Choices Management Corp. (HCMC) focuses on marketing its patented Q-Cup and Imitine products and monetizing its intellectual property through licensing and royalty agreements via its wholly owned subsidiary, HCMC Intellectual Property Holdings, LLC. The IP portfolio covers patents related to these products, and the company continues to pursue licensing, joint ventures, and other commercialization opportunities to generate revenue. HCMC promotes its Q-Cup technology directly to consumers, offering a quartz cup design that heats concentrates externally for both medicinal and recreational use, providing efficiency and convenience. As of March 31, 2026, the Company had $1.4 million in total assets, $2.1 million in total liabilities, and $1.8 million in total stockholders' deficit. * * * This concludes the Troubled Company Reporter's coverage of HCMC until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. HEALTHY EXTRACTS: Going Concern Persists as Cash Flow Stays Neutral ------------------------------------------------------------------- Healthy Extracts Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $200,590 for the three months ended March 31, 2026, compared to a net loss of $398,860 for the three months ended March 31, 2025. The Company has generated revenues from operations which has stabilized its cash flow from be negative to neutral over the past year. It had revenues of $1,610,744 for the three months ended March 31, 2026, compared to $931,280 for the three months ended March 31, 2025, an increase of $679,464, or 73%. The Company expects revenue growth to increase as its direct consumer sales and marketing efforts continue to perform. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and expenses. As a result, the Company incurred accumulated net losses from Inception (December 19, 2014) through the month ended March 31, 2026 of $20,322,053. Due to its neutral cash flow, the Company has doubt about the entity's ability to continue as a going concern within the next 12 months. In addition, most of the Company's development activities since inception have been financially sustained through equity financing but it is using all additional cash flow to help support the Company's growth and research and development of new products. Management plans to keep seeking funding through debt and equity financing which are intended to mitigate the conditions that have raise substantial doubt about the entity's ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5fupsrua About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. Las Vegas, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 8, 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 a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $27,318,838 in total assets, $23,337,239 in total current and total liabilities, and $23,981,599 in total stockholders' equity. INNOVATE CORP: Q1 2026 Net Loss Narrows to $17.1MM -------------------------------------------------- INNOVATE Corp. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $17.1 million for the three months ended March 31, 2026, compared to a net loss of $25.8 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $364.8 million, compared to $274.2 million in the prior-year period. Liquidity and Going Concern As of May 14, 2026, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity nor comply with certain cross-default provisions under the 10.50% 2027 Senior Secured Notes over the next 12 months, or any potential breach of the milestone covenant of the 10.50% 2027 Senior Secured Notes Indenture which has required the Company to commence and proceed with a sales process for all or substantially all of DBMG's assets or equity interests in accordance with certain dates and deadlines. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to refinance or extend the maturity of the aforementioned current debt, or to obtain additional financing, raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to alleviate these conditions through various initiatives it is currently exploring, including pursuing asset sales, potentially refinancing debt and raising additional capital. However, there can be no assurance that the Company will have the ability to be successful in any asset sales, additional capital raises, or the refinancing of its existing debt, on attractive terms, or at all nor any assurances that lenders will provide additional extensions, waivers or amendments in the event of future non-compliance with the Company's debt covenants or other possible events of default. Further, there can be no assurance that the Company will be able to execute a reduction, extension, or refinancing of the debt, or that the terms of any replacement financing would be as favorable as the terms of the debt prior to the maturity dates. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3vtzykuy About Innovate INNOVATE Corp. is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company's shares of common stock trade on the New York Stock Exchange under the symbol "VATE". Atlanta, Georgia-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has significant upcoming maturities of its debt obligations and is subject to certain cross-default provisions. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $936.8 million in total assets, $1.169 billion in total liabilities, $10.8 million in total temporary equity, and $243 million in total stockholders' deficit. INTERAQT CORP: Seeks to Hire OGC Solutions as Bankruptcy Counsel ---------------------------------------------------------------- Interaqt Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ OGC Solutions, LLP as counsel. The firm's services include: (a) prepare petition and schedules, ancillary reports, documents and motions; (b) assist development and proposal of a plan of reorganization; and (c) advise the Debtor in connection with its rights and duties. The firm's counsel will be paid at these following rates: Partners and Counsel $650 Associates $495 - $550 Paralegals $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $40,000 from the Debtor. Anthony Davis, Esq., a member at OGC Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony J. Davis, Esq. OCG Solutions, LLP One Gatehall Drive, Suite 100 Parsippany, NJ 07054 Telephone: (201) 712-1616 Email: adavis@ogcsolutions.com About Interaqt Corporation Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14973) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as counsel. INTERTRADE HOLDINGS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered an interim order granting Intertrade Holdings Inc.'s motion to use cash collateral. The court authorized the Debtor to use cash collateral on an interim basis from the petition date through July 2. The Debtor's use of cash collateral is limited to ordinary course operating expenses under an approved budget, with up to a 10% variance permitted for individual budget line items so long as total expenditures do not exceed the overall budget without Truist consent or court approval. The order bars payments to insiders and professionals absent specific court authorization. The Debtor must file monthly budget reconciliations, timely submit monthly operating reports, provide proof of insurance coverage for inventory held at a bonded warehouse, and beginning this month, make monthly $7,500 adequate protection payments to Truist. As part of the adequate protection package, the court granted Truist replacement liens on cash generated from business operations and other collateral in which Truist held prepetition security interests. These replacement liens maintain the same type, validity, and priority as Truist's pre-petition liens and are deemed automatically perfected without additional filings. The order excludes avoidance actions and assets that Truist did not have rights to before bankruptcy. The Debtor was also required to maintain cash collateral levels at or above petition-date values, including accounts receivable the Debtor considers uncollectable. A continued interim hearing is scheduled for July 2. About Intertrade Holdings Inc. Intertrade Holdings Inc. is a Pembroke Pines, Florida-based food distribution and product-development company that supplies retail and food-service customers. The company provides distribution, brokerage, manufacturing and product-development services and serves as the exclusive distributor of Margaritaville Empanadas, including beef, chicken, corn and Jamaican-style empanada products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15399) on April 28, 2026. In the petition signed by Perry Burk, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Telephone: (813) 229-7600 Facsimile: (813) 229-1660 Primary Email: jverona@shumaker.com JAK ENTERPRISES: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida entered a second interim order authorizing JAK Enterprises SWFL II, LLC to use cash collateral. Under the second interim order, the Debtor is permitted to use cash collateral in accordance with an approved budget, with flexibility of up to 10% per line item and limited aggregate variance. Funds held by third parties are deemed property of the estate and must be released immediately unless a valid claim is proven at the next hearing. Six creditors may hold perfected pre-petition liens on the cash collateral: CHTD Company (claim unknown), and Itria Ventures, LLC, Newco Capital Group VI, LLC, Novus Capital Funding II, LLC, Rewards Network Establishment Services, Inc., WebBank, and Florida Department of Revenue, whose combined claims total $847,541.97. As adequate protection, secured creditors will be granted post-petition replacement liens with the same validity and priority as their pre-petition interests. The Debtor must also maintain insurance, provide access to records, and comply with all obligations under the Bankruptcy Code. The order includes a default and cure mechanism, allowing creditors to seek restrictions if the Debtor fails to comply with its terms. A continued hearing is scheduled for July 1, to consider further use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VuXxP from PacerMonitor.com. About JAK Enterprises SWFL II JAK Enterprises SWFL II, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00732) on April 8, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP serves as Subchapter V trustee. Judge Hon. Luis Ernesto Rivera II oversees the case. The Debtor is represented by: Michael R Dal Lago, Esq. Tel: 239-571-6877 Email: mike@dallagolaw.com JMKA LLC: Court Extends Cash Collateral Access to June 12 --------------------------------------------------------- JMKA, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The 18th interim order, signed by Judge David Cleary, extended the Debtor's authority to use its secured lenders' cash collateral through June 12 to pay the expenses set forth in its budget, subject to a 5% variance. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $439 to SBA. The next hearing is set for June 10. A copy of the Debtor's budget is available at https://shorturl.at/ARt7M from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com JOHN FITZGIBBON: Seeks Approval to Hire Huron as Financial Advisor ------------------------------------------------------------------ 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 Huron Consulting Services LLC as financial advisor. The firm's services include: (a) review and update the liquidity outlook; (b) advise management and assist in developing communication plans with physicians and providers, employees, suppliers, vendors, and other stakeholders; (c) review the most recently completed monthly financial reporting package; (d) review the latest available fiscal year 2026 business plan and underlying financial projections and management assumptions; (e) assist management in preparing schedules and analyses to support the chief financial officer (CFO) at management's direction; (f) review strategic alternatives; (g) advise on and assist in the development of bondholder communications and negotiations at management's direction. (h) review and assist the Hospital in planning and executing workstreams in preparation for a potential Chapter 11 bankruptcy filing; (i) assist and support, or manage the following: (i) prepare cash collateral budget and related updates and variance reporting at the direction of management. (j) bankruptcy case management; (k) interact with internal and/or external parties in interest throughout the bankruptcy proceedings; (l) conduct meetings, support communications, and assist the Hospital in responding to data requests from the unsecured creditors' committee and its professionals, the U.S. Trustee, and other interested parties; (m) advise the Hospital on other matters relating to the reorganization efforts; (n) provide expert testimony as required; (o) coordinate with and support the Hospital's retained investment banker(s) to market and sell the assets, and/or secure exit financing for a plan of reorganization. The firm will be paid at these hourly rates: Managing Director $1,075 - $1,400 Senior Director $985 Director $825 Manager $675 Associate $550 Analyst $475 In addition, the firm will seek reimbursement for expenses incurred. As of the Petition Date, Huron held a retainer balance of $19.79. Nick Zaccagnini, a managing director at Huron Consulting Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nick Zaccagnini Huron Consulting Services LLC 550 W. Van Buren Street, Suite 1700 Chicago, IL 60607 Telephone: (312) 339-1470 Email: mzaccagnini@hcg.com 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. The Debtor tapped Zachary R.G. Fairlie, Esq., at Spencer Fane as counsel and Huron Consulting Services LLC as financial advisor. K&W LEGACY: Seeks to Hire Ted I. Jones as Bankruptcy Counsel ------------------------------------------------------------ K & W Legacy, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Ted Jones, Esq., an attorney practicing in Memphis, Tenn., as counsel. The attorney's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) assist the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that it is required to file in this case; (c) represent the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; (d) provide assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization (and accompanying ancillary documents); (e) provide assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; (f) represent the Debtor at hearings or matters pertaining to affairs; (g) prosecute and defend litigation matters and such other matters that might arise during and related to this Chapter 11 case; (h) provide counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from this case; (i) represent the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; (j) render advice with respect to the myriad of general corporate and litigation issues relating to this case; and (k) perform such other legal services as may be necessary and appropriate for the efficient and economical administration of this Chapter 11 case. The attorney will be billed at his hourly rate of $275, plus reimbursement for expenses incurred. Mr. Jones 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: Ted I. Jones, Esq. 2670 Union Avenue Extended, Suite 1220 Memphis, TN 38112 Telephone: (901) 526-4249 Facsimile: (901) 525-4312 Email: Dtedijones@aol.com About K & W Legacy LLC K & W Legacy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21407) on Mar. 11, 2026. In the petition signed by Keyla Walker, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Denise E. Barnett oversees the case. Ted I. Jones, Esq., represents the Debtor as counsel. KARYOPHARM THERAPEUTICS: Posts $22.4MM Loss; Cites Bankruptcy Risk ------------------------------------------------------------------ Karyopharm Therapeutics Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $22.4 million for the three months ended March 31, 2026, compared to a net loss of $23.5 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $35.1 million, compared to $30 million in the prior-year period. Liquidity, Capital Resources and Going Concern The Company has historically financed its operations primarily through a combination of proceeds from: (i) product revenue sales; (ii) public and private placements of equity securities; (iii) the issuance of convertible debt; (iv) a term loan; (v) its deferred royalty obligation; (vi) at the market offerings; and (vii) business development activities. As of March 31, 2026, the Company had $90.9 million of cash and cash equivalents and an accumulated deficit of $1.8 billion. The Company has incurred significant operating losses since its inception and anticipates that it will continue to incur significant operating losses to maintain its research and development programs, including as it continues to develop and seek regulatory approval of selinexor for multiple cancer indications, and to support its continued operations. As a result, the Company's continued operations are dependent on its ability to raise additional funding or enter into other strategic alternatives and marketing XPOVIO in its currently approved indications. Based on its current business plan and current capital resources, combined with the uncertainty regarding the availability of additional funding or other strategic alternatives and considering its debt service obligations and financial covenant to maintain minimum liquidity, the Company has concluded that there is substantial doubt regarding its ability to continue as a going concern within one year after the date the accompanying condensed consolidated financial statements are issued. The Company plans to address the conditions that raise substantial doubt regarding its ability to continue as a going concern by, among other things, obtaining additional funding through equity offerings, debt financings and refinancings, collaborations, strategic alliances and/or licensing arrangements. However, there is no assurance that these efforts will result in additional funding, strategic alliances or licensing arrangements or sufficiently address the Company's ability to continue as a going concern. If the Company utilizes its capital resources more quickly than anticipated or is unable to obtain additional funding or engage in strategic alternatives, it may have to significantly curtail, delay, reduce or eliminate one or more of its research and development programs or any current or future commercialization efforts for one or more of its products or product candidates, which could materially adversely affect its business, financial condition, and results of operations. The Company has and may determine to take additional actions to reduce its spending in the near term, including reductions to its workforce. If the Company is unable to continue as a going concern, it may have to liquidate assets and may receive less than the value at which those assets are carried on its financial statements. The Company may also determine to cease operations or file for bankruptcy protection. In any of these circumstances, it is likely that investors will lose all or part of their investment. If there remains substantial doubt about the Company's ability to continue as a going concern, investors or other financing sources may be unwilling to provide funding to the Company on commercially reasonable terms, if at all. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4j858kxf. About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 12, 2026, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $131.4 million in total assets, $397 million in total liabilities, and $265.6 million in total stockholders' deficit. KBS REIT III: Q1 2026 Loss Narrows to $12MM; Going Concern Remains ------------------------------------------------------------------ KSB Real Estate Investment Trust III, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $12 million for the three months ended March 31, 2026, compared to a net loss of $33.3 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $58.4 million, compared to $64.4 million in the prior-year period. Each reporting period, management evaluates the Company's ability to continue as a going concern by evaluating conditions and events, including assessing the Company's liquidity needs in order to satisfy upcoming debt obligations and the Company's ability to satisfy debt covenant requirements. Through the normal course of operations, the Company has $1.2 billion of notes payable maturities and required principal paydowns during the 12-month period from the issuance of these financial statements. In order to refinance, restructure or extend the Company's maturing debt obligations, the Company has been required to: (i) reduce the loan commitments and/or make paydowns on certain loans and (ii) commit to sell real estate assets, and the Company may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns, requirements contained in the Company's loan agreements and the ongoing liquidity needs in the Company's real estate portfolio, the Company may be required to sell assets into a challenged real estate market in an effort to manage its liquidity needs. Selling real estate assets in the current market may result in a lower sale price than the Company would otherwise obtain. Additionally, the Company may relinquish ownership of one or more secured properties to the mortgage lender. However, there can be no assurances as to the certainty or timing of management's plans to be effectively implemented within one year from the date the financial statements are issued, as certain elements of management's plans are outside the control of the Company, including its ability to repay outstanding debt obligations at maturity, make certain required principal paydowns during the terms of the loans, satisfy other terms and conditions contained in its loan agreements, refinance, restructure or extend certain debt obligations and sell assets in the current real estate and financial markets. As a result of the Company's upcoming loan maturities and required principal paydowns, the challenging commercial real estate lending environment and the lack of transaction volume in the U.S. office market as well as general market instability, management's plans may not be considered probable and thus do not alleviate substantial doubt about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/msr7apku About KBS Real Estate Investment Trust KBS Real Estate Investment Trust III, Inc., headquartered in Newport Beach, California, is a Maryland corporation taxed as a REIT. Formed in 2009, it conducts operations primarily through KBS Limited Partnership III. As of Dec. 31, 2025, the company owned 12 U.S. office properties and held an investment in a Singapore real estate investment trust. Its focus remains on core office assets, and it has no paid employees. In its audit report dated March 27, 2026, Ernst & Young LLP issued a going concern opinion, citing $1.3 billion of loan maturities and required principal paydowns within one year of the financial statements' issuance. As of March 31, 2026, the Company had $1.5 billion in total assets, $1.4 billion in total liabilities, and $165.8 million in total stockholders' equity. KRAIG BOCRAFT: Net Loss Jumps 67% to $1 Million in Q1 2026 ---------------------------------------------------------- Kraig Biocraft Laboratories, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting an increase in net loss by $400,980, or 66.83%, to $1,001,013 for the three-month period ended March 31, 2026 from a net loss of $600,033 for the three-month period ending March 31, 2025. The Company expects losses are to continue in the near term. During the three months ended March 31, 2026 and 2025, the Company realized $0 of revenues from its business. The accumulated deficit is $57,710,085 at March 31, 2026. The Company has been funding its operations through private loans and the sale of common stock in private placement transactions. The Company's cash resources are insufficient to meet its planned business objectives without additional financing. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. Management anticipates that significant additional expenditures will be necessary to develop and expand the Company's business before significant positive operating cash flows can be achieved. The Company's ability to continue as a going concern is dependent upon its ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At March 31, 2026, the Company had $2,890,990 of cash on hand. These funds are insufficient to complete the Company's business plan and as a consequence, the Company will need to seek additional funds, primarily through the issuance of debt or equity securities for cash to operate its business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on its operations, in the case of debt financing or cause substantial dilution for its stockholders, in the case of equity financing. Management has undertaken steps as part of a plan to improve operations with the goal of sustaining the Company's operations for the next 12 months and beyond. These steps include: (a) raising additional capital and/or obtaining financing; (b) controlling overhead and expenses; and (c) executing material sales or research contracts. There can be no assurance that the Company can successfully accomplish these steps, and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all. As of the date of this Report, the Company has not entered into any formal agreements regarding the above. In the event the Company is unable to continue as a going concern, the Company may elect or be required to seek protection from its creditors by filing a voluntary petition in bankruptcy or may be subject to an involuntary petition in bankruptcy. To date, management has not considered this alternative, nor does management view it as a likely occurrence. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/y88fxbkm About Kraig Biocraft Ann Arbor, Mich.-based Kraig Biocraft Laboratories, Inc., a Wyoming corporation, is organized to develop high-strength fibers using combinant DNA technology for commercial applications in technical textiles. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 30, 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 net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $3,721,832 in total assets, $10,783,506 in total liabilities, and $7,061,674 in total stockholders' deficit. LAW OFFICES OF TRAVIS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, entered a second interim order authorizing The Law Offices of Travis R. Walker, P.A.'s use of cash collateral. The court authorized the Debtor to continue using cash collateral through June 17, subject to the approved budget and a monthly variance of plus or minus 10%. The order permits continued operations while preserving protections for secured lenders. As adequate protection, the court granted the Small Business Administration (SBA) and INB, N.A. replacement liens on cash collateral and post-petition property of the same type and character as their prepetition collateral, including proceeds, receivables, products, and profits. These liens maintain the same extent, validity, and priority as the lenders' prepetition interests and are automatically perfected without additional filings. The order specifically excludes avoidance actions and proceeds arising under Bankruptcy Code sections 542 through 550 from the lenders' replacement liens. The order further provides that if use of cash collateral causes a decline in value exceeding the protection afforded by the replacement liens, the lenders receive super-priority administrative claims under section 507(b), subject to a carve-out for fees payable to the United States Trustee and Clerk of Court. The Debtor was also required to make ongoing adequate protection payments beginning April 5, 2026, consisting of $2,512 per month to SBA and $26,806 per month to INB through wire transfer or other electronic payment methods. The Debtor's authority to use cash collateral automatically terminates upon specified default events, including noncompliance with the order, conversion or dismissal of the case, or appointment of a Chapter 11 trustee or examiner. A further hearing is scheduled for June 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/v9quD from PacerMonitor.com. About The Law Offices of Travis R. Walker, P.A. The Law Offices of Travis R. Walker, P.A. based in Stuart, Florida, provides legal services across multiple practice areas including family law, divorce, probate and estate planning, personal injury, real estate, business litigation, and mass torts. The firm also handles bankruptcy, foreclosure defense, guardianship, appeals, and cases involving human trafficking. It serves clients throughout Florida, focusing on comprehensive legal representation for both individual and business matters. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12448) on February 26, 2026. In the petition signed by Travis R. Walker Esq., managing partner and president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Travis R. Walker, Esq., at The Law Offices of Travis R. Walker, P.A., represents the Debtor as legal counsel. INB, N.A., as lender, is represented by Harris J. Koroglu, Esq., at Shutts & Bowen,LLP, in Miami, Florida. LIBERTY COMMUNICATIONS: Moody's Cuts CFR to Caa3, Outlook Negative ------------------------------------------------------------------ Moody's Ratings has downgraded the Liberty Communications PR Holding LP ("Liberty PR")'s corporate family rating to Caa3 from Caa1 and its probability of default rating to Caa3-PD from Caa1-PD. At the same time, Moody's also downgraded LCPR Senior Secured Financing DAC's senior secured and backed senior secured ratings to Caa3 from Caa1 and LCPR Loan Financing LLC's backed senior secured Term Loan facility to Caa3 from Caa1. The outlook was changed to negative from stable. The downgrade of Liberty PR's ratings reflects the increasing refinancing risk and risk of debt restructuring over the next few months given the lack of meaningful progress to refinance its $1.2 billion in debt coming due in October 2027. The rating action also reflects Liberty PR's limited financial flexibility due to weak credit metrics. The negative outlook reflects uncertainty around the Liberty PR's ability to address its near-term debt maturities, which increases the risk of a restructuring or distressed exchange with higher than expected losses for creditors. RATINGS RATIONALE Liberty PR's Caa3 ratings reflect an increasing probability of default and an expected recovery rate of 65% to 80% for bondholders and creditors. The Caa3 ratings also incorporate Liberty PR's weak operating and credit metrics, challenged by a competitive telecom market in Puerto Rico; and the company's concentration in two small markets, Puerto Rico and the US Virgin Islands, with relatively weak economies and exposure to adverse weather events. The Caa3 ratings also consider the company's operational scale and business model, including its wireless and fixed market positions in Puerto Rico; comprehensive service offerings; high-quality networks; and mobile spectrum holdings. Liberty PR's liquidity remains weak, with negative free cash flow (FCF) generation of $55 million for the last twelve months ended September 2025 and cash available of $111 million as of the same date. In September 2025, Liberty PR announced that it closed a five-year $250 million committed credit facility through an unrestricted subsidiary. The facility is secured by fixed network and wireless spectrum. The use of assets as collateral allows Liberty PR to reduce its reliance on potential parental support, particularly since LLA announced that it would separate Liberty PR from LLA. While the $250 million facility increases gross debt, the access to alternate liquidity outweighs the deterioration in leverage metrics, given the company's already high leverage at 9.4x for the last twelve months ended September 2025. The company still has access to a $172.5 million senior secured revolving credit facility maturing in 2027. However, only less than one-third of this facility can be drawn at quarter end before the springing covenant is triggered (the company can draw the full amount intra-quarterly). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this point, given the negative outlook. However, Moody's could stabilize the outlook if there is evidence of liquidity improvements and the company manages to secure alternative liquidity sources to address its negative FCF gap and near-term debt maturities. Liberty PR's ratings could be downgraded if the company's liquidity worsens further or the company is unable to refinance the debt maturing in 2027, leading to a distressed exchange or debt restructuring with higher-than-expected losses for creditors. Liberty Communications PR Holding LP (Liberty PR) is a holding company indirectly owned by Liberty Latin America Ltd. (LLA) offering a full suite of wireless and fixed services, and have leading market positions in wireless, fixed broadband and pay-TV in Puerto Rico, as well as in fixed and wireless in the US Virgin Islands. As of March 31, 2025, Liberty PR's fixed network passed 1,192,400 homes (accounting for over 95% of all households in Puerto Rico) and had 1,059,700 fixed revenue-generating units (RGUs). For the last twelve months ended March 31 2025, Liberty PR reported revenue of about $1,232 million and EBITDA margin of 24.5%. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. Liberty PR's Caa3 rating is three notches below the B3 scorecard-indicated outcome. This is reflective of the company's increasing refinancing risk, liquidity erosion, weak credit metrics and lower than expected recovery rate for creditors. LOCK 27 BREWING: Seeks to Hire Thomsen Law Group as Legal Counsel ----------------------------------------------------------------- Lock 27 Brewing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Thomsen Law Group, LLC as counsel. The firm's services include: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of its businesses and management of its properties; (b) represent the Debtor in connection with any adversary proceedings which are instituted within this case; (c) prepare on behalf of the Debtor legal papers in connection with this case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, cash collateral orders and related transactions; (e) review the nature and validity of any liens asserted against property of the Debtor 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) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (h) advise and assist the Debtor in connection with any potential property disposition; (i) advise the Debtor concerning executory contracts and unexpired lease assumptions, assignments, rejections, lease restructuring and recharacterization; (m) assist the Debtor in reviewing, estimating and resolving claims asserted by or against its estate; (n) commence and conduct any and all litigation necessary and appropriate to assert rights held by the Debtor, protect assets of its estate, or otherwise further the goal of completing its successful reorganization; (o) provide general corporate, litigation and other legal services for the Debtor as requested; and (p) perform all other necessary and appropriate legal services in connection with this Chapter 11 case for and on behalf of the Debtor. The firm's counsel will be paid at these hourly rates: Ira Thomsen, Attorney $495 Denis Blasius, Attorney $395 Darlene Fierle, Attorney $395 Elizabeth Chinault, Attorney $395 Law Clerk/Administrative Rate $200 Prior to the petition date, the firm was cumulatively provided with a $26,262 retainer. Mr. Blasius 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: Denis E. Blasius, Esq. Thomsen Law Group, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 Facsimile: (937) 404-6630 Email: dblasius@ihtlaw.com About Lock 27 Brewing LLC Lock 27 Brewing LLC, established in 2012, is a craft brewery based in Centerville, Ohio. The company brews beer and distributes its products to bars and retailers in Ohio. Its name references the Miami & Erie Canal and Lock 27 in Miamisburg, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-30874) on April 22, 2026. In the petition signed by Charles S. Barnhart, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in total liabilities. Judge Tyson A. Crist oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC represents the Debtor as counsel. LOS ANGELES: Trustee Seeks to Tap LEA Accountancy as Accountant --------------------------------------------------------------- Susan Seflin, the trustee appointed in the Chapter 11 case of Los Angeles Central Property, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ LEA Accountancy, LLP as accountant. The firm will provide these services: (a) review the Debtor's prior accounting and tax records, the petition, schedules and the estate's documents related to its financial transactions; (b) review and analysis of the estate's financial transactions to determine the appropriate (and most beneficial to the estate) treatment for tax purposes; (c) assist the trustee in the preparation and filing of the estate's Federal and California individual and fiduciary income tax returns to reflect the transactions of the estate and liquidation of its assets; (d) communicate with taxing authorities on behalf of the estate; (e) prepare, as needed, estate payroll tax filings and/or filings for the Employer Retention Tax Credit refund; (f) prepare monthly operating reports, as needed; (g) obtain the required tax clearance for the estate's tax returns; and (h) perform any other financial analysis, investigation, general and/or forensic accounting services and address any other tax matters which may be required by the trustee to properly administer the estate and maintain tax compliance. The firm will be paid at these hourly rates: Sam Leslie, Partner $585 Marianna Falco, Tax Manager $440 Terry Fussell, Senior Tax Specialist $395 Irina McDonald, Tax Accounring Specialist $335 Thomas Ballou, Partner $295 Austin Martin, Bankruptcy Accountant $245 Aaron Robson, Senior Accountant $245 Mr. Leslie 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: Sam S. Leslie LEA Accountancy, LLP 1130 South Flower Street, Suite 312 Los Angeles, CA 90015 Telephone: (323) 987-5780 Facsimile: (323) 987-5763 Email: sleslie@trusteeleslie.com About Los Angeles Central Property Los Angeles Central Property, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-15054) on Sept. 16, 2022, with up to $50,000 in assets and up to $10 million in liabilities. Aman Kamboj, president of Los Angeles Central Property, signed the petition. Judge Vincent P. Zurzolo oversees the case. Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver and Stephen L. Burton, Esq., a practicing attorney in Encino, Cal., serve as the Debtor's bankruptcy counsels. Susan Seflin was appointed as trustee appointed in this Chapter 11 case. The trustee tapped LEA Accountancy, LLP as accountant. M&A INTERNATIONAL: Seeks to Tap Russo White & Keller as Counsel --------------------------------------------------------------- M&A International Market, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Russo, White & Keller, PC as counsel. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management of its financial affairs and property; (b) prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; (c) review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolution regarding the Chapter 11 cases; and (d) perform any and all other legal services of the Debtor as may be necessary to achieve confirmation of a Chapter 11 plan. Robert Keller, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350, plus expenses. The firm received a retainer of $15,000 plus $2,000 for costs from the Debtor. Mr. Keller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Keller, Esq. Russo, White & Keller, PC 315 Gadsden Highway, Suite D Birmingham, AL 35235 Telephone: (205) 833-2589 Email: rjlawoff@bellsouth.net About M&A International Market LLC M&A International Market, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-01629) on May 8, 2026, listing under $1 million in both assets and liabilities. Judge Tamara O. Mitchell oversees the case. The Debtor is represented by Robert C. Keller, Esq., at Russo, White & Keller, PC. MAR ENTERPRISES: Seeks to Tap Marcos D. Oliva as Bankruptcy Counsel ------------------------------------------------------------------- MAR Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Marcos D. Oliva, PC, doing business as Oliva Law, as counsel. The firm will provide these services: (a) advise the Debtor of its rights and duties; (b) prepare and file all schedules, statements, and reports; (c) represent in connection with Cash Collateral and stay litigation; (d) development and confirmation of a Subchapter V Plan of Reorganization. The firm received a pre-petition retainer of $5,000, from which the $1,738 filing fee was paid. Marcos Oliva disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marcos D. Oliva, Esq. Marcos D. Oliva, PC 223 W. Nolna Blvd. McAllen, TX 78504 Telephone: (956) 683-7800 Facsimile: (956) 868-4224 Email: marcos@oliva.law About MAR Enterprises LLC MAR Enterprises, LLC operates a logistics and trucking business. MAR Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-70123) on May 4, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. Marcos Demetrio Oliva, Esq., at Marcos D. Oliva, PC represents the Debtor as counsel. MERCER INTERNATIONAL: Fitch Lowers LongTerm IDR to 'CCC-' --------------------------------------------------------- Fitch Ratings has downgraded Mercer International Inc.'s Long-Term Issuer Default Rating (IDR) to 'CCC-' from 'B-'. Fitch has also downgraded the issue ratings of the senior unsecured notes to 'CCC' with a Recovery Rating of 'RR3' from 'B-'/'RR4'. The downgrade reflects persistent weakness in pulp and lumber markets, keeping leverage elevated above 6.5x through most of the forecast period. Reduced revolver availability combined with sustained negative FCF generation constrains current liquidity levels. The rating also incorporates the need for the company to refinance its upcoming maturities in a timely manner. Fitch believes there is heightened potential for a near-term transaction that meets Fitch's criteria for a distressed debt exchange (DDE). Key Rating Drivers Constrained Liquidity: Mercer's liquidity position has deteriorated materially since the prior review. As of March 31, 2026, the company reported approximately $85 million in cash. Mercer obtained a waiver for the German revolving credit facility leverage ratio as they were in breach during the 1Q2026. As a part of the amendment, borrowing availability was reduced, bringing total liquidity at March 31, 2026 to $229 million. Fitch expects persistent negative FCF to continue eroding the liquidity cushion through the forecast period. The company's revolving credit facilities mature in 2027. While management is in discussions with lenders regarding renewal, progress has been delayed by broader capital structure considerations. Fitch believes the combination of reduced revolver capacity, sustained cash burn, and approaching maturities creates meaningful liquidity risk over the next 12 to 18 months. Unsustainable Capital Structure: Fitch believes Mercer's capital structure is unsustainable under current market conditions. Total debt maturities of approximately $1.5 billion come due between 2027 and 2029. The company has formed a special committee and retained restructuring advisors to evaluate options to address its balance sheet. Fitch understands that a process with bondholders is expected to commence in the near term. Considering the company's constrained liquidity position and elevated leverage, Fitch believes there is heightened potential for a near-term transaction that meets Fitch's criteria for a DDE. The company has taken steps to increase indenture flexibility, which Fitch views as preparatory to a potential restructuring transaction. Any such exchange that offers creditors diminished structural or economic terms to avoid a traditional payment default would constitute a default under Fitch's criteria. Pulp Market Weakness: Fitch expects EBITDA leverage to exceed the prior negative sensitivity of 6.5x for the majority of the forecast period. Incremental northern bleached softwood kraft (NBSK) supply additions in China have created downward pricing pressure despite relatively stable underlying demand. Some capacity has come offline, but Fitch does not expect supply rationalization sufficient to meaningfully improve pricing in the near term. High uncertainty around tariffs, trade flows, and consumer demand adds significant volatility to the credit profile. Fitch does not expect a meaningful market recovery until 2027 at the earliest. Housing and Construction Remain Muted: Post-pandemic lumber price declines kept Mercer's solid wood operations below EBITDA breakeven in 2023 and 2024. Pricing has recovered near breakeven levels but volatility persists. Fitch expects only gradual improvement through the forecast. Elevated interest rates and subdued housing activity continue to limit pricing power for lumber products. Deleveraging Capital Allocation Policy: Mercer's capital allocation has pivoted toward maintaining liquidity and deleveraging the balance sheet amid challenging market conditions. Fitch forecasts the dividend to remain suspended through the forecast period. Capex will be limited to maintenance levels to preserve liquidity. No share repurchases are anticipated. Management's leverage target is below current levels. However, Fitch does not foresee any significant organic decrease in gross debt. Peer Analysis Mercer's main competitors within Fitch's publicly rated universe are Domtar Corporation (Domtar; BB-/Negative), Sylvamo Corporation (Sylvamo; BB+/Stable) and Klabin S.A. (Klabin; BB+/Stable). Domtar's revenue is nearly 5x larger because, in addition to pulp, it manufactures and sells uncoated freesheet paper. Domtar's product mix is more developed than Mercer's, which helps maintain earnings in volatile markets. The company recently acquired Resolute Forest Products, Inc., increasing leverage, and has been further impacted by weak lumber prices. Mercer's solid wood segment operates in a lower cost curve position due to the location of the facilities. The pulp mills are comparable in cost positioning. Domtar can maintain a rating one notch higher due to lower forecast leverage and superior FCF generation. Klabin's historical EBITDA margins, typically between 30% and 40%, are considerably higher than Mercer's, between 3.8% and 26.4%, due to the former's leading scale and low-cost position in pulp products. Klabin's margins are more consistent despite operating in the same cyclical pulp industry. Klabin has significant exposure to the fast-growing Brazilian market, while Mercer is more exposed to China. Sylvamo is a top three producer of uncoated freesheet in Latin America, Europe and North America, with strong FCF generation and a balanced capital allocation strategy. Its leverage is meaningfully below its stated leverage target. Fitch believes Sylvamo has a profitable and lengthy runway in the uncoated freesheet segment despite the long-term trends affecting the sector. Its prudent capital allocation strategy lowers its credit risk. Fitch’s Key Rating-Case Assumptions - Pulp demand and prices remain pressured through 2026 with a gradual recovery beginning in 2027; - Lumber prices remain subdued for most of the forecast period, reflecting elevated interest rates and subdued housing activity; - Persistent negative FCF through the majority of the forecast period; - Dividends remain suspended through the forecast; - Capex limited to maintenance levels; - Revolving credit facilities are refinanced at maturity, albeit at higher interest rates and with reduced commitments; - Refinancing of unsecured bonds assumes a transaction that may include an extension of maturities. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb+, Lower), sector characteristics (bb-, Moderate), market and competitive positioning (bb+, Moderate), diversification and asset quality (b+, Moderate), company operational characteristics (bb, Moderate), profitability (ccc, Higher), financial structure (ccc-, Higher), and financial flexibility (ccc, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 15% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 25% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'a+' has no impact. - The SCP is 'ccc-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC-'. Recovery Analysis The following are key assumptions in Fitch's recovery analysis: - The recovery analysis assumes that Mercer would be reorganized as a going concern in bankruptcy rather than liquidated; - A bankruptcy scenario could result from a steeper and longer than anticipated trough in the pulp and lumber markets that consistently compresses margins, leading to a liquidity crisis; - Unsecured bonds issued by Mercer are structurally subordinated to the Canadian revolver, German revolver and German demand loan as a result of no subsidiaries guaranteeing the debt, and therefore the unsecured bonds are holding company obligations; - Fitch assumes the revolver is 100% drawn; - Fitch has assumed a 10% administrative claim. Going Concern (GC) Approach Fitch assumes a GC EBITDA of $250 million, representing what Fitch believes Mercer could reasonably generate in a recovering pulp and lumber market as the company emerges from bankruptcy. Fitch typically assigns EV/EBITDA multiples between 4.5x and 6.0x for packaging and commodity peers. Mercer's exposure to volatile end markets, favorable cost positioning, and weak FCF generation leads Fitch to assign a 5.0x multiple. The senior unsecured notes have been downgraded to 'CCC'/'RR3' from 'B-'/'RR4'. The higher recovery rating of 'RR3' is driven by the reduction in the German revolver availability. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Initiation of a transaction that meets Fitch's criteria for a DDE; - A further worsening of the liquidity profile, including failure to address upcoming maturities in a timely manner; - Expectations for EBITDA interest coverage durably below 1.0x; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful refinancing of upcoming maturities on terms that do not constitute a DDE; - EBITDA interest coverage consistently above 1.5x; - Progress toward consistently positive FCF generation; - Sustained improvement in the liquidity position. Liquidity and Debt Structure As of March 31, 2026, the company reported approximately $85 million in cash and $144.5 million available under the revolving credit facilities. Fitch expects continued negative FCF to further reduce available liquidity through the forecast period. The company's revolving credit facilities mature in January and September 2027. Senior unsecured notes of $400 million mature in 2028 and $875 million mature in 2029. Total long-term debt maturities are approximately $1.5 billion. Management is in discussions with lenders regarding revolver renewal and has retained advisors to evaluate capital structure alternatives. Fitch believes timely action is needed to address the maturity profile. Issuer Profile Mercer manufactures market pulp and solid wood products in nine facilities located in Germany, Canada and the U.S. The Pulp segment is largely NBSK. The Solid Wood segment consists of lumber, manufactured products, pallets, biofuels and energy. 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 Mercer International, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Mercer International Inc. LT IDR CCC- Downgrade B- senior unsecured LT CCC Downgrade RR3 B- MIYOSHI AMERICA: Future Claimants' Rep Seeks to Tap Legal Counsel ----------------------------------------------------------------- The Honorable Shelley C. Chapman (Ret.), the appointed future claimants' representative in the Chapter 11 case of Miyoshi America, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Willkie Farr & Gallagher LLP as counsel. The firm will render these services: (a) provide legal advice with respect to the future claimants' representative's powers and duties as future claimants' representative for the future claimants; (b) take any all actions necessary to protect and maximize the value of the Debtor's estate for the purpose of making distributions to future claimants and to represent the future claimants' representative in connection with confirming and implementing the Plan, and performing such other functions as are reasonably necessary to effectively represent the interests of the future claimants; (c) appear on behalf of the future claimants' representative at hearings, proceedings before the Court, and meetings and other proceedings in this Chapter 11 case, as appropriate; (d) prepare and file, on behalf of the future claimants' representative, all legal papers as may be necessary and as may be authorized by her in connection with this Chapter 11 case; (e) represent and advise the future claimants' representative with respect to any contested matter, adversary proceeding, lawsuit or other proceeding in which she may become a party or otherwise appear in connection with this Chapter 11 case; and (f) perform any other legal services and other support requested by the future claimants' representative in connection with this Chapter 11 Case. The firm will be paid at these hourly rates: Jennifer Hardy, Partner $2,500 Jamie Eisen, Counsel $1,950 Elizabeth Wayne, Associate $1,475 In addition, the firm will seek reimbursement for expenses incurred. Ms. Hardy 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: Jennifer J. Hardy Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 About Miyoshi America Inc. Miyoshi America Inc. is a U.S.-based supplier of advanced materials used in cosmetics and personal care products. The company specializes in engineered powders and treated pigments designed to improve product feel, durability, and visual performance. Miyoshi America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90522) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor tapped Charles Stephen Kelley, Esq., at Mayer Brown LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. MOBIX LABS: Noteholder Converts $4 Million Into Shares ------------------------------------------------------ Mobix Labs Inc. amended a senior secured convertible promissory note with Leviston Resources LLC to increase the principal amount to $4 million from $3 million, according to an SEC filing. The amendment, entered May 13, provided an additional $833,333 cash advance to Mobix Labs. The company also entered an investor rights agreement giving Leviston the right to acquire up to $4 million of additional secured convertible notes over seven months. Mobix Labs said all $4 million of principal under the original note was later satisfied in full through conversion into shares of the company's Class A common stock, and Leviston resold the shares under an effective registration statement. Between May 12 and May 18, Leviston converted the entire $4 million of outstanding principal, as amended, together with accrued interest, into 2.5 million shares of Class A common stock. Upon full satisfaction, the original note, the March 31 securities purchase agreement as amended and the registration rights agreement terminated under their terms. About Mobix Labs Mobix Labs is an Irvine, California-based technology company that designs, develops, and sells components and systems for wireless and wired connectivity, radio frequency (RF), switching, and EMI filtering applications. The company provides products including advanced RF and mmWave communications systems, mmWave imaging products, software-defined radio products, custom RF integrated circuits, EMI filter inserts, and filtered and non-filtered connectors. Its products are used in markets including defense, aerospace, commercial, industrial, military, and medical applications. In the 2025 audit report dated Jan. 12, 2026, PricewaterhouseCoopers LLP included a substantial-doubt paragraph, stating that Mobix Labs had incurred operating losses and negative cash flows from operations that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the company reported total assets of $34.85 million, total liabilities of $26.01 million and total stockholders' equity of $8.85 million. MY SIZE: Posts $1.5M Net Loss in Q1 2026; Cash Deemed Insufficient ------------------------------------------------------------------ My Size, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1.5 million for the three months ended March 31, 2026, compared to a net loss of $1.1 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $2.4 million, compared to $1.5 million in the prior-year period. Liquidity and Capital Resources Since its inception, the Company has funded its operations primarily through public and private offerings of debt and equity securities in the State of Israel and in the United States. As of March 31, 2026, the Company had cash, cash equivalents and restricted cash of $910,000 compared to $2,557,000 of cash, cash equivalents and restricted cash as of December 31, 2025. This decrease primarily resulted from offset by payments that were made to suppliers, resources that were deployed to grow the Company's businesses and payments. In January 2025, the Company entered into an At The Market Offering Agreement, or the Offering Agreement with H.C. Wainwright & Co., LLC, as agent, or Wainwright, pursuant to which the Company may offer and sell, from time to time through Wainwright shares of its common stock having an aggregate offering price of up to $4.1 million. The Company agreed to pay Wainwright a commission at a fixed rate of 3.0% of the aggregate gross proceeds from each sale of the shares under the Offering Agreement. As of March 31, 2026 and the date hereof, the Company sold 2,011,912 pursuant to the Offering Agreement for aggregate gross proceeds of approximately $3.6 million. Cash used in operating activities amounted to $2,069,000 for the three months ended March 31, 2026, compared to $1,268,000 for the three months ended March 31, 2025. The increase in cash used in operating activity is derived mainly from increase in the net loss offset by a change in inventory and account receivables. Cash used in investing activities amounted to $46,000 for the three months ended March 31, 2026 while there was no cash used or provided both for the three months ended March 31, 2025. The cash was used to purchase property and equipment. Net cash provided by financing activities was $453,000 for the three months ended March 31, 2026, compared to $95,000 for the three months ended March 31, 2025. The cash flow from financing activities for the three months ended March 31, 2026 resulted from loan proceeds and the issuance of shares during the period. The Company expects that it will continue to generate losses and negative cash flows from operations for the foreseeable future. Based on the projected cash flows and cash balances as of the date of these financial statements, management is of the opinion that there is an uncertainty that its existing cash will be sufficient to fund operations for a period of more than 12 months. As a result, there is substantial doubt about the Company's ability to continue as a going concern. The Company will need to raise additional capital, which may not be available on reasonable terms or at all. Additional capital would be used to accomplish the following: finance current operating expenses; pursue growth opportunities; hire and retain qualified management and key employees; respond to competitive pressures; comply with regulatory requirements; and maintain compliance with applicable laws. Current conditions in the capital markets are such that traditional sources of capital may not be available to the Company when needed or may be available only on unfavorable terms. The Company's ability to raise additional capital, if needed, will depend on conditions in the capital markets, economic conditions, the security situation in Israel, and a number of other factors, many of which are outside the Company's control, and on its financial performance. Accordingly, the Company cannot assure that it will be able to successfully raise additional capital at all or on terms that are acceptable to it. If the Company cannot raise additional capital when needed, it may have a material adverse effect on its business, results of operations and financial condition. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the issuance of such securities could result in substantial dilution for its current stockholders. The terms of any securities issued by the Company in future capital-raising transactions may be more favorable to new investors, and may include preferences, superior voting rights and the issuance of warrants or other derivative securities, which may have a further dilutive effect on the holders of any of the Company's securities then-outstanding. The Company may issue additional shares of its common stock or securities convertible into or exchangeable or exercisable for its common stock in connection with hiring or retaining personnel, option or warrant exercises, future acquisitions or future placements of its securities for capital-raising or other business purposes. The issuance of additional securities, whether equity or debt, by the Company, or the possibility of such issuance, may cause the market price of its common stock to decline and existing stockholders may not agree with the Company's financing plans or the terms of such financings. In addition, the Company may incur substantial costs in pursuing future capital financing, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs. The Company may also be required to recognize non-cash expenses in connection with certain securities it issues, such as convertible notes and warrants, which may adversely impact its financial condition. Furthermore, any additional debt or equity financing that the Company may need may not be available on terms favorable to it, or at all. If the Company is unable to obtain such additional financing on a timely basis, it may have to curtail its development activities and growth plans and/or be forced to sell assets, perhaps on unfavorable terms, or it may have to cease its operations, which would have a material adverse effect on its business, results of operations and financial condition. The Company has not entered into any transactions with unconsolidated entities in which it has financial guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose it to material continuing risks, contingent liabilities or any other obligations under a variable interest in an unconsolidated entity that provides it with financing, liquidity, market risk or credit risk support. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/yc89zm3x. About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, a member of KPMG International, the Company's auditor since 2017, 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 incurred significant losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $8.5 million in total assets, $4.5 million in total liabilities, and $4 million in total stockholders' equity. NEW FAITH: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: New Faith Christian Church, Inc. 396 Eagles Landing Parkway Stockbridge, GA 30281 Business Description: New Faith Christian Church is a church located in Stockbridge, Georgia, with listed service locations in Atlanta, Mableton, Macon, and Stockbridge. The church provides in-person and online worship services, livestream experiences, visitor connection, and new members training. Its member programming includes information on ministry vision, mission, beliefs, fellowship, partnership, and service opportunities. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-55957 Debtor's Counsel: Will Geer, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta, GA 30329 Tel: 404-584-1238 E-mail: wgeer@rlkglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bishop Eusebio Phelps as CEO. The Debtor identified American Express, care of Becket and Lee LLP, P.O. Box 3001, Malvern, Pennsylvania 19355, as its sole unsecured creditor, with a $20,386 claim related to credit card debt. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2YMA3NA/New_Faith_Christian_Church_Inc__ganbke-26-55957__0001.0.pdf?mcid=tGE4TAMA NEXUS BUYER: $350MM Term Loan Add-on No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings said that the credit ratings and the stable outlook of Nexus Buyer LLC (IntraFi), including its B3 Corporate Family Rating, are unaffected by the company's launch of a $350 million fungible incremental add-on to its senior secured first lien term loan B, which will be used to make a distribution to shareholders. The company's current ratings include the B3 CFR, B3-PD Probability of Default Rating (PDR), B2 Senior Secured First Lien Bank Credit Facilities (revolving credit facility, term loan and term loan B) and Caa2 Senior Secured Second Lien Term Loan. The stable outlook reflects expectations that net revenue will grow in the high single digit range in the near term, enabling IntraFi to de-lever to about 8x at year end 2026 from about 8.6x at March 31, 2026, pro forma for the present transaction. RATINGS RATIONALE The B3 CFR reflects elevated leverage at about 9x pro forma for the present dividend transaction (and inclusive of stock based compensation), a history of frequent and mostly debt-funded dividend recapitalizations, exposure to changes in the regulatory framework for bank deposits and FDIC deposit insurance, the potential for technological disruption of deposit allocation services, and elevated tax distributions. These factors are balanced by a healthy organic growth trajectory with expectations of net revenue growth of at least 8% in 2026, after about 10% expansion in 2025, as the company has seen a solid increase in demand for its services from banks looking to retain deposits and to improve their percentage of insured deposits, as well as from consumers of banking services who want the peace of mind of having their deposits fully insured. Also, ongoing aggregate deposit growth at commercial banks, return of balances to traditional bank accounts—from treasuries and money market mutual funds--as interest rates have modestly declined, as well as ongoing onboarding of financial institutions into the network, should result in greater growth in IntraFi's network balances, and thus revenue and EBITDA growth. The company has adequate liquidity characterized by a cash balance of about $156 million at April 30, 2026 (pro forma for the proposed transaction) and an undrawn $100 million revolving credit facility due 2029, and positive free cash flow of at least about $50 million in 2026, when only considering tax-related distributions. The company has sufficient cushion under the first lien net leverage springing covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt-to-EBITDA is expected to be sustained under 7x, free cash flow to debt is maintained above 3% (excluding non-tax shareholder distributions), together with ongoing revenue and EBITDA growth. The ratings could be downgraded revenue and/or EBITDA growth decelerate or decline, especially as a signal of structurally weaker demand for the company's products, liquidity weakens and free cash flow (excluding non-tax shareholder distributions) is negative on a sustained basis. Founded in 2002, IntraFi is a financial technology solution provider acting as an intermediary network between financial institutions collecting and using deposits. With a network of more than 3,000 financial institutions and net revenues of approximately $699 million, the company is the leading provider of deposit allocation services in the United States. The company was acquired by Blackstone Group and management in 2019 for total purchase asset value of about $2.5 billion, and Warburg Pincus was added as a shareholder in 2022. TPG Capital made a small investment in the company at the end of 2023. ORAGENICS INC: Reports ONP-002 Trial Progress, CNS Device LOI ------------------------------------------------------------- Oragenics Inc. reported progress in its ONP-002 Phase IIa concussion trial in Australia and plans to pursue a licensing agreement, according to SEC filings. The company said Mackay Base Hospital was activated for the study on March 31, Alfred Hospital was activated in April and Royal Adelaide Hospital completed site initiation and training in May, with activation pending governance approval. Oragenics added that the 40-patient randomized, placebo-controlled feasibility trial has a first-dose window within 12 hours of concussion, 30-day neurocognitive follow-up and primary endpoints of safety, tolerability and feasibility. The company reported no serious adverse events so far. The company also said it signed a letter of intent to pursue a licensing agreement for a complementary CNS-related medical device and is targeting a Type C meeting request to the FDA in the second quarter of 2026 and an investigational new drug application by year-end. Oragenics reported a $6.1 million cash balance for the quarter ended March 31, 2026, with research and development expenses of $0.6 million and general and administrative expenses of $1.6 million. About Oragenics Oragenics Inc., headquartered in Lakewood Ranch, Florida, is a development-stage biopharmaceutical company that researches and develops nasal delivery pharmaceutical therapies targeting neurological conditions and infectious diseases. The company is focused on advancing ONP-002, its lead product candidate, for concussion and mild traumatic brain injury. In the audit report included in the 2025 annual report, Cherry Bekaert LLP included a substantial-doubt paragraph, stating that recurring losses and negative cash flows from operations raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, the company reported total assets of $7.49 million, total liabilities of $1.31 million and total stockholders' equity of $6.18 million. ORLANDO INTERNATIONAL: Seeks to Hire Eck Conley as Special Counsel ------------------------------------------------------------------ Orlando International Resort Club Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Eck, Conley & Richardson PLLC as special counsel. The firm will render these services: (a) provide full title search and examination for all intervals not captured in the firm's project title database; (b) for all intervals captured in the the firm's project title database whose title search and examination is not current, the firm will bring title current; (c) provide services to bring the project's base title examination current; (d) act as escrow agent and closing attorney for the sale of the project; (e) prepare related closing documents; and (f) issue title insurance. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Eck, Conley & Richardson, PLLC 901 West Colonial Drive Orlando, FL 32804 About Orlando International Resort Club Condominium Association Inc. Orlando International Resort Club Condominium Association, Inc., a not-for-profit corporation organized under Florida law, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06813) on October 24, 2025. The Debtor administers the Orlando International Resort Club I condominium located in Orange County, Florida. Judge Grace E. Robson oversees the case. Shuker & Dorris, PA serves as the Debtor's local and conflicts counsel. P3 HEALTH: Swings to $3M Profit in Q1 2026; Warns of Cash Crunch ---------------------------------------------------------------- P3 Health Partners Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net income of $3 million for the three months ended March 31, 2026, compared to a net loss of $44.2 million for the same period in the prior year. Total operating revenue for the three months ended March 31, 2026 were $386.4 million, compared to $373.2 million in the prior-year period. Cash Sources To date, the Company has financed its operations principally through the cash it obtained upon the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. (the "Business Combinations"), private placements of its equity securities, payments from its payors, issuances of promissory notes, and borrowings under the Term Loan Facility. The Company generates cash from its operations, generally from its contracts with payors. As of March 31, 2026, the Company had $25.5 million of unrestricted cash available to fund future operations. The Company has experienced losses since its inception until the three months ended March 31, 2026. The Company's future capital requirements will depend on many factors, including the pace of its growth, ability to manage medical costs, the maturity of its members, and its ability to raise capital and refinance its indebtedness as it matures. The Company may need to raise additional capital through a combination of debt and/or equity financing and to the extent it is unsuccessful at doing so, it may need to curtail planned activities, discontinue certain operations, or sell certain assets, which could materially and adversely affect its business, financial condition, results of operations, and prospects. As of May 14, 2026, the date of the Form 10-Q, the Company believes that its existing cash resources are not sufficient to support planned operations for at least the next year. As a result, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q are issued. In evaluating its ability to continue as a going concern and meet its obligations, the Company considered its current projections of future cash flows, current financial condition, sources of liquidity, and debt obligations for at least the next 12 months. This evaluation of the Company's cash resources available over the next year from the date of issuance of the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q does not take into consideration the potential mitigating effect of the Company's ongoing efforts to raise capital or its plans that have not been fully implemented or the many factors that determine its capital requirements, including the pace of its growth, ability to manage medical costs and the maturity of its members. The Company continues to explore raising additional capital through a combination of debt financing and equity issuances. If the Company raises funds by issuing debt securities or preferred stock, or by incurring loans, these forms of financing would have rights, preferences, and privileges senior to those of holders of its common stock. If the Company raises capital through the issuance of additional equity, such sales and issuance would dilute the ownership interests of the existing holders of its Class A common stock. The availability and the terms under which the Company may be able to raise additional capital could be disadvantageous, and the terms of debt financing or other non-dilutive financing may involve restrictive covenants and dilutive financing instruments, which could place significant restrictions on the Company's operations. Macroeconomic conditions and credit markets could also impact the availability and cost of potential future debt financing. There can be no assurances that any additional debt, other non-dilutive and/or equity financing would be available to the Company on favorable terms, or potentially at all. The Company expects to continue to incur net losses, comprehensive losses, and negative cash flows from operating activities in accordance with its operating plan. If the Company is unable to obtain additional funding when needed, it will need to curtail planned activities, divest certain operations, sell certain assets or reduce its costs, which will likely have an unfavorable effect on its ability to execute on its business plan, and have an adverse effect on its business, results of operations, and future prospects. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/37x8fsyx. About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $674.2 million in total assets, $807.3 million in total liabilities, $10.4 million in mezzanine equity, and $143.5 million in total stockholders' deficit. PAVMED INC: Swings to $60K Loss in Q1 2026; Going Concern Persists ------------------------------------------------------------------ Pavmed Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss attributable to PAVmed of $60 thousand for the three months ended March 31, 2026, compared to a net income attributable to PAVmed of $19 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $22 thousand, compared to $8 thousand in the prior-year period. The Company's management is required to assess the Company's ability to continue as a going concern for the one year period following the date of the financial statements being issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. Substantial doubt about an entity's ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate it is probable the entity will be unable to meet its financial obligations as they become due within one year after the date the financial statements are issued. The Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock purchase warrants, preferred stock purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company generated less than $0.1 million of revenue for the three months ended March 31, 2026, and the Company expects to continue to experience recurring losses and to generate negative cash flows from operating activities in the near future. The Company incurred a net loss attributable to PAVmed common stockholders of approximately $7.0 million and had net cash flows used in operating activities of approximately $2.6 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had positive working capital of approximately $3.8 million. The Company's ability to continue operations 12 months beyond the issuance of the financial statements, will depend upon its ability to control its operating costs within the limits of the amounts collected from its management service contracts with its non-consolidated subsidiaries, to substantially increase its revenues from the Veris Cancer Care platform, and to raise additional capital through various potential sources including equity or debt financings, the exercise of outstanding warrants by the holders thereof or refinancing or restructuring existing debt obligations. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. About PAVmed PAVmed operates through multiple subsidiaries, including Lucid Diagnostics, which markets the EsoGuard test and EsoCheck device, and Veris Health, which focuses on digital tools for personalized cancer care. The company is also advancing its PortIO implantable vascular access device and developing endoscopic imaging technology licensed from Duke University. CBIZ CPAs P.C., in its March 27, 2026 audit report, issued a going-concern qualification, citing a significant working capital deficit, recurring losses and the need to raise additional funds. These conditions, the report notes, raise substantial doubt about the company's ability to continue operating. As of March 31, 2026, the Company had $45.4 million in total assets, $20.4 million in total liabilities, and $25 million in total stockholders' equity. PERASO INC: Q1 2026 Net Loss Surges to $2.5M; Warns of Cash Crunch ------------------------------------------------------------------ Peraso Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $2.5 million for the three months ended March 31, 2026, compared to a net loss of $471 thousand for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $5.1 million, compared to a net loss of $5.5 million in the corresponding prior-year period. Revenues for the three months ended March 31, 2026 were $963 thousand, compared to $3.9 million in the prior-year period. Liquidity and Capital Resources; Changes in Financial Condition As of March 31, 2026, the Company had cash and cash equivalents of $2.7 million and working capital of $4.0 million. Net cash used in operating activities was $2.3 million for the first three months of 2026, which primarily resulted from the Company's net loss of $2.5 million, as partially offset by non-cash charges of $0.1 million of depreciation and amortization and $0.1 million of stock based compensation. Net cash used in operating activities was $1.0 million for the first three months of 2025, which primarily resulted from the Company's net loss of $0.5 million, as adjusted for cash outflows of $0.7 million in net changes in assets and liabilities, and partially offset by non-cash charges of $0.1 million of depreciation and amortization and $0.1 million of stock based compensation. The changes in assets and liabilities primarily related to the timing of collections of receivables, purchases of inventory and other vendor payables and prepayments. Net cash used in investing activities of approximately $0.2 million for the three months ended March 31, 2026 was attributable to the purchase of fixed assets. For the three months ended March 31, 2025 no cash was provided by or used in investing activities. Net cash provided by financing activities of $2.3 million for the three months ended March 31, 2026 primarily comprised $2.3 million of net proceeds from sales of the Company's common stock under the Sales Agreement. Net cash provided by financing activities for the three months ended March 31, 2025 comprised $0.4 million of net proceeds from sales of the Company's common stock under the Sales Agreement, partially offset by repayment of financing lease liabilities. The Company's future liquidity and capital requirements are expected to vary from quarter-to-quarter, depending on numerous factors, including: level of revenue; cost, timing and success of technology development efforts; inventory levels, which may fluctuate based on supply chain conditions, customer demand patterns and the timing of supplier deliveries, and the Company maintains non-cancelable purchase orders with its suppliers, which exposes it to additional inventory risk if demand does not materialize as expected; timing of product shipments, which may be impacted by supply chain disruptions experienced by the Company or its customers; length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn; variations in manufacturing yields, material lead time and costs and other manufacturing risks; costs of acquiring other businesses and integrating the acquired operations; and profitability of the Company's business. Purchase Obligations The Company's primary purchase obligations include non-cancelable purchase orders for inventory. At March 31, 2026, the Company had outstanding non-cancelable purchase orders for inventory, primarily wafers and substrates, and related expenditures of approximately $3.2 million. Going Concern The Company incurred net losses of approximately $2.5 million for the three months ended March 31, 2026 and $4.8 million for the year ended December 31, 2025, and had an accumulated deficit of approximately $184.4 million as of March 31, 2026. These and prior year losses have resulted in significant negative cash flows and have required the Company to raise substantial amounts of additional capital. To date, the Company has primarily financed its operations through loans, offerings of common stock and warrants and issuances of convertible notes. The Company expects to continue to incur operating losses during 2026, as it does not expect to generate any meaningful revenue from shipments of its remaining memory products and as it continues to secure new customers for and continues to invest in the development of its mmWave products. Further, the Company expects its cash expenditures to continue to exceed receipts for at least the next 12 months, as its revenues will not be sufficient to offset its operating expenses. In addition, the Company has incurred and may continue to incur substantial costs related to its strategic alternative exploration process, which costs include the fees of its financial and legal advisors. The Company believes that its existing cash and cash equivalents as of March 31, 2026 and expected receipts associated with forecasted product sales will enable it to meet its capital needs into the fourth quarter of 2026. The Company will need to increase revenues beyond the levels that it has attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital from time to time. As a result of the Company's expected operating losses and cash burn and recurring losses from operations, if the Company is unable to raise sufficient capital through additional debt or equity arrangements, there will be uncertainty regarding its ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to its ability to continue as a going concern within one year from the date of issuance of its condensed consolidated financial statements. In addition, the Company's independent registered public accounting firm, in its report on the Company's consolidated financial statements for the year ended December 31, 2025, expressed substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements presented in Part I, Item 1 of this Quarterly Report on Form 10-Q have been prepared assuming that the Company will continue as a going concern, and do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. The Company is currently selling shares of its common stock under the Sales Agreement and seeking additional financing in order to meet its cash requirements for the foreseeable future. If the Company is unsuccessful in these efforts, it will need to implement additional cost reduction strategies, which could further affect its near- and long-term business plan. These cost reduction strategies may include, but are not limited to, reducing headcount and curtailing business activities. If the Company were to raise additional capital through sales of its equity securities, its stockholders would suffer dilution of their equity ownership. If the Company engages in debt financing, it may be required to accept terms that restrict its ability to incur additional indebtedness, prohibit it from paying dividends, repurchasing its stock or making investments, and force it to maintain specified liquidity or other ratios, any of which could harm its business, operating results and financial condition. If the Company needs additional capital and cannot raise it on acceptable terms, it may not be able to, among other things: develop or enhance its products; continue to expand its product development and sales and marketing organizations; acquire complementary technologies, products or businesses; expand operations, in the United States or internationally; hire, train and retain employees; or respond to competitive pressures or unanticipated working capital requirements. The Company's failure to do any of these things could seriously harm its ability to execute its business strategy and may force it to curtail its existing operations. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2dnd3a58. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. As of March 31, 2026, the Company had $6.4 million in total assets, $1.8 million in total liabilities, and $4.6 million in total stockholders' equity. PLURI INC: Posts $6.2MM Net Loss in Fiscal Q3; Warns of Cash Crunch ------------------------------------------------------------------- Pluri Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $6,172,000 for the three months ended March 31, 2026, compared to a net loss of $6,335,000 for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $19,176,000, compared to a net loss of $15,481,000 in the corresponding prior-year period. Revenues for the three months ended March 31, 2026 were $167,000, compared to $427,000 in the prior-year period. Revenues for the nine months ended March 31, 2026 decreased to $681,000 from $938,000 in the same period of the prior year. The Company has incurred an accumulated deficit of approximately $460,996,000 and incurred recurring operating losses and negative cash flows from operating activities since inception. As of March 31, 2026, the Company's total shareholders' equity deficit amounted to $18,603,000. During the nine-month period ended March 31, 2026, the Company incurred losses of $19,176,000 and its negative cash flow from operating activities was $15,145,000. The Company will be required to identify additional liquidity resources in the near term in order to support the commercialization of its products and maintain its research and development activities. As of March 31, 2026, the Company's cash balances (cash and cash equivalents, short-term bank deposits, restricted cash and restricted bank deposits) totaled $10,495,000. The Company is addressing its liquidity issues by implementing initiatives to allow the continuation of its activities. The Company's current operating plan includes various assumptions concerning the level and timing of cash outflows for operating activities and capital expenditures and a cost-reduction plan. The Company's ability to successfully carry out its business plan is primarily dependent upon its ability to: (1) obtain sufficient additional capital, (2) enter licensing or other commercial partnerships and collaboration agreements, (3) provide CDMO services to clients, (4) enter into an agreement with the EIB regarding a loan restructuring, and (5) receive other sources of funding, including non-dilutive sources such as grants. There is no assurance, however, that the Company will be successful in obtaining an adequate level of financing needed for the long-term development and commercialization of its products, or any financing at all. If the Company is unable to obtain the required level of financing, operations may need to be scaled down or discontinued. According to the management's estimates, the Company has sufficient resources to meet its operating obligations for a period of less than three months from the issuance date of its interim unaudited condensed consolidated financial statements, which was May 14, 2026. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3k5r552h About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $26,057,000 in total assets, $32,006,000 in total current liabilities, $7,050,000 in total noncurrent liabilities, and $12,999,000 in total deficit. POST OFFICE: Seeks Approval to Tap Frances M. Caruso as Bookkeeper ------------------------------------------------------------------ Post Office Square LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Frances Caruso, a professional practicing in Bayville, New York, as bookkeeper. The bookkeeper will provide these services: (a) prepare monthly operating statements and other financial reports or statements required by the Court of the Office of the United States of Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor and/or estate; and (b) render such financial assistance or services as may be necessary in the Chapter 11 case. Ms. Caruso will be paid at her hourly rate of $75, plus expenses. The bookkeeper received a $750 up-front retainer from the Debtor. Ms. Caruso 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 bookkeeper can be reached at: Frances M. Caruso 5 Vine St. Bayville, NY 11709 Telephone: (516) 628-2036 About Post Office Square LLC Post Office Square, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-23058) on September 18, 2020, listing $1 million to $10 million in both assets and liabilities. Judge Robert D. Drain oversees the case. Harvey S. Barr, Esq., at Barr Legal, PLLC serves as the Debtor's counsel. PPF GIN: Seeks to Hire Davidson Bogel Estate as Real Estate Broker ------------------------------------------------------------------ PPF Gin & Warehouse, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Davidson Bogel Real Estate, LLC as real estate broker. The firm will provide these services: (a) meet and confer with owners of the Debtors to collect data; (b) assemble a list of qualified strategic and financial buyers; (c) commence solicitation process upon the Debtors' approval of a buyer list; (d) conference with interested parties and pre-qualify them for further review; (e) sign nondisclosure agreements ("NDAs") elevating a pre-qualified party to a Potential Buyer status; (f) coordinate preliminary due diligence review of appropriate materials; and (g) at the Debtors' direction, assist with preparation of additional material to facilitate a successful closing. The firm will receive a commission of 6 percent of the property's gross sale price. Edward Bogel, owner of Davidson Bogel Real Estate, 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: Edward Bogel Davidson Bogel Real Estate, LLC 2929 Carlisle Street, Suite 250 Dallas, TX 75204 Telephone: (214) 526-3626 Email: ebogel@db2re.com About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as counsel. QHSLAB INC: Net Loss Widens to $104K in Q1; Going Concern Remains ----------------------------------------------------------------- QHSLab, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $103,906 for the three months ended March 31, 2026, compared to a net loss of $79,609 for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $728,685, compared to $645,419 in the prior-year period. Liquidity and Capital Resources On March 31, 2026, the Company had current assets totaling $619,058, including $362,088 of cash, $201,202 of accounts receivable, $27,517 of inventory, and $28,251 related to prepaid expenses and other current assets. At such date the Company had total current liabilities of $368,005 consisting of $218,136 in accounts payable, $19,688 in other current liabilities and $130,181 representing the current portions of outstanding loans, including a related-party loan. There were no balances classified as long-term liabilities on the Company's condensed consolidated balance sheets. On December 31, 2025, the Company had current assets totaling $883,009, including $636,157 of cash, $190,610 of accounts receivable, $35,790 of inventory, and $20,452 related to prepaid expenses and other current assets. At such date the Company had total current liabilities of $449,860 consisting of $326,431 in accounts payable, $17,858 in other current liabilities and $105,571 representing the current portions of outstanding loans and convertible notes. There was $96,218 of outstanding loan balances classified as long-term liabilities on the Company's condensed consolidated balance sheets. The Company used cash flows of $200,242 and $49,549 from operations during the three-month periods ending March 31, 2026 and 2025, respectively. Plan of Operation and Funding The Company had an accumulated deficit of $4,007,457 at March 31, 2026, generated a net loss of $103,906 for the three months ended March 31, 2026 and generated net income of $457,417 for the year ended December 31, 2025, principally as a result of a gain of $1,145,695 on the extinguishment of debt. The Company used cash in operations of $200,242 in the quarter ended March 31, 2026, and generated cash from operations of $178,118 in the year ended December 31, 2025. Despite the extinguishment of much of its debt, the Company's history of losses combined with the amount of its revenues, raise substantial doubt about its ability to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon its ability to generate positive cash flow from operations or obtain necessary equity or debt financing. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's working capital requirements are expected to increase in line with the growth of its business. The Company will likely increase its debt levels as it seeks to expand its business. Existing working capital and anticipated cash flows are expected to be adequate to fund the Company's operations over the next 12 months although no assurance to that effect can be given. If necessary, the Company would seek to supplement the amounts available to fund its operations through the issuance of debt or equity. While the Company is focused on its business, it intends to continually explore its options to raise additional capital or, when available, borrow additional funds on terms which it believes are favorable to it. Additional issuances of equity or convertible debt securities will result in dilution to the Company's current shareholders, could require the issuance of equity securities at prices it believes are below its true value and could cause the price of its common stock to decrease. Further, such securities might have rights, preferences or privileges senior to its common stock. Additional borrowings could require that the Company grant the lenders a security interest or other rights that impede its ability to operate as it deems best for its shareholders. Further, any default under a loan agreement could result in an action which could force the Company to seek bankruptcy protection. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to maintain or expand its existing operations, take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict its business and adversely impact its financial results. The Company's ability to obtain funds through the issuance of debt or equity is dependent upon the state of the financial markets at such time as it may seek to raise funds. The state of the capital markets may be adversely impacted by various risks and uncertainties, including, but not limited to future and current impacts of global events such as wars in the Ukraine, Israel and Iran, increases in inflation and other risks detailed in the risk factors sections detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/ym59arxd. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $1,889,027 in total assets, $368,005 in total liabilities, and $1,521,022 in total stockholders' equity. QUARTZ ACQUIRECO: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has downgraded Quartz AcquireCo, LLC's (dba Qualtrics) Long-Term Default Rating (IDR) to 'B+' from 'BB-'. The Rating Outlook is Stable. Fitch has also downgraded Qualtrics' upsized $500 million secured RCF and existing $1.4 billion secured term loan to 'BB' with a Recovery Rating of 'RR2' from 'BB+'/'RR1'. Fitch has also assigned a 'BB'/'RR2' rating to the new $5.3 billion secured term loan. The company will fund the $6.75 billion acquisition of Press Ganey Forsta (PGF) with an incremental term loan, equity and cash on balance sheet. The downgrade reflects elevated leverage post transaction, which will keep Qualtrics' Fitch-adjusted EBITDA leverage above 6.0x through 2027 and declining to below 5.5x by 2028. The ratings also reflect Qualtrics' strengthened operating profile after the acquisition of PGF, with Fitch expecting EBITDA margins to improve to the high 30%-range by 2028. Key Rating Drivers Press Ganey Acquisition: Following the acquisition of PGF, the combined company has annualized revenue of over $2.9 billion. The acquisition strengthens Qualtrics' healthcare vertical by combining its experience management (XM) AI and data platform with PGF's deep domain expertise, proprietary benchmarks, and advisory relationships, enhancing product differentiation and embedding more deeply into client's operating workflows. Fitch expects this acquisition to enhance the company's profitability and gradually improve leverage, reinforcing its competitive positioning in healthcare experience management and market research. Elevated EBITDA Leverage: Fitch estimates Fitch-adjusted gross leverage to remain above 5.0x through 2028. Given the private equity ownership that is likely to prioritize growth and return on equity (ROE), Fitch believes accelerated debt repayment is unlikely despite the strong FCF generation. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners, with financial leverage remaining at elevated levels. Strengthened Profitability: After being acquired by Silver Lake and its co-investors, together with CPP, Qualtrics is transitioning from a high-growth company to a moderate-growth company with greater focus around profitability. Through 2025, Fitch estimates the company to have actioned on 100% of planned operational optimization. The plan has resulted in significant changes in its cost structure, with greater emphasis on operational efficiency. Qualtrics' margins are bolstered by PGF's higher-margin business and expected cost synergies, with Fitch-calculated EBITDA margins expected in the 35%-40% range over the rating horizon. Strong FCF Generation: Fitch expects normalized FCF margins to approach the teens and (CFO-Capex)/Debt in the high single-digits, consistent with Fitch-rated 'B+' software enterprise peers. FCF margins are driven by operating efficiencies, successful execution of previously planned cost actions, and expected PGF acquisition synergies. Given the projected higher operating cash flow generation starting in 2025, Fitch estimates the company has sufficient cash to settle the remaining cash equity and long-term incentive payment obligations. Qualtrics also has strong EBITDA-to-FCF conversion due to recurring revenue, strong profitability, and minimal capex requirements. Industry Tailwind Supports Growth: Qualtrics specializes in analyzing customer engagement data from multiple channels, providing actionable insights that help companies increase customer lifetime value. Companies now have more customer data and analytics capabilities than ever, providing greater insight into end-customers. These quantifiable insights improve customer satisfaction, translating into greater revenue opportunities. Fitch expects data analytics utilization to continue to grow as companies seek to use such insight as competitive advantages. High Revenue Retention: Approximately 85% of Qualtrics' revenue is subscription-based, with gross retention rates in the high-80% range and net retention rate above 100%. The high net retention reflects Qualtrics' land-and-expand product strategy where cross-sell and up-sell has been successful in driving increased customer adoption. Qualtrics' products provide measurable benefits to its customers. Fitch believes retention rates will remain high as customers build their customer experience management workflow around Qualtrics products. Significant Customer Diversification: Qualtrics has a highly diversified customer base of approximately 15,000. This base span technology, retail, financial services, healthcare, education, and government verticals. The diverse customer base effectively minimizes idiosyncratic risks associated with individual industry verticals and should reduce revenue volatility for Qualtrics. Technology Disruption Risk: While Qualtrics' product portfolio encompasses the entire end-customer experience management, improving generative AI could pose risk to the company's product offerings. However, Qualtrics has been actively integrating AI capabilities into its own platform, and its products benefit from deep integration within customers' operating workflows, years of proprietary benchmarking data, and deep industry expertise. Replacing its products with generative AI may involve significant switching costs. Fitch views AI risk as medium for Qualtrics over the medium term. Peer Analysis Qualtrics specializes in niche software solutions that provide enterprises with experience management based on data analytics. Its customers benefit from improved customer satisfaction, customer support cost, and monetization opportunities. As product implementation typically involves deep integration within the customers' workflows, this integration results in a highly sticky customer base due to the high switching cost. Qualtrics serves over 16,000 customers with no meaningful customer concentration. The Analytics Data Management & Integration Platforms market is projected to grow in the high-single-digits compound annual growth rate (CAGR). Fitch expects the Experience Management segment, a sub-segment within the broader analytics space, to growth at a higher rate. Qualtrics' strong position within the niche market extends to data integration, analytics, and automation. However, industry dynamics is evolving because of AI-native solutions, and Qualtrics' near-term growth could be impeded by the changing competitive landscape. Qualtrics' peers include Qlik Parent, Inc. (B/Stable) as they both operate in the data analytics market. Qualtrics is expected to be twice as large as Qlik following the PGF acquisition and has stronger (CFO-Capex)/ Debt metrics. Fitch also compares Qualtrics to UKG, Inc. (B+/Stable) which has similar leverage and FCF metrics. Balancing the favorable operating profile, and elevated financial structure, Fitch believes Qualtrics' operating and credit profiles are consistent with other 'B+'-rated enterprise software companies. Fitch’s Key Rating-Case Assumptions - Normalized revenue growth rate in the high-single digits; - EBITDA margins gradually expanding to mid- to high-30% range; - Capex intensity 2.5% of revenue; - Debt repayment limited to mandatory amortization; - Long-term incentive payouts are paid out as scheduled; - No acquisitions or dividends assumed through fiscal 2028; - SOFR rates assumed as 4.00%, 3.50%, and 3.20% from 2026 to 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+'. Recovery Analysis - The recovery analysis assumes that Qualtrics would be recognized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach - Fitch assumed a distress scenario where a combination of operational under performance and capital misallocation result in an unsustainable capital structure. This could be a result of elevated customer churn, the inability to maintain EBITDA margins, and debt-financed dividends or M&As. - In such an event Fitch expects Qualtrics' revenue base to decline resulting in EBITDA margin contraction on a lower revenue scale. Fitch assumes that due to competitive pressure, revenue will suffer a 10% reduction along with margin contraction resulting in going concern EBITDA of $900 million. In this scenario, Fitch assumes that Qualtrics would continue to execute on its cost savings, as planned. - Fitch assumes an adjusted distress enterprise valuation of $5.67 billion; - Fitch assumes that Qualtrics will receive a GC recovery multiple of 7.0x. The estimate considers several factors, including the highly recurring nature of the revenue, the high customer retention, the secular growth drivers for the sector, the company's strong normalized FCF generation and the competitive dynamics. The EV multiple is supported by: - The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x to 10.8x; - Of these companies, only five were in the software sector: Allen Systems Group, Inc. -8.4x; Avaya, Inc. - 2023:7.5x, 2017: 8.1x; Aspect Software, Inc. - 5.5x, Sungard Availability Services Capital, Inc. - 4.6x, and Riverbed Technology, Inc. - 8.3x; - The highly recurring nature of Qualtrics' revenue and mission critical nature of the product support the high-end of the range. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage sustaining above 5.5x as a result of higher-than expected debt-funded acquisitions or failure to execute on operational optimization; - CFO-capex/debt sustaining below 7%; - Organic revenue growth sustaining near or below 5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage sustaining below 4.0x; - (CFO - capex)/debt sustaining above 10%; - Organic revenue growth sustaining above the high single digits. Liquidity and Debt Structure Fitch forecasts the liquidity to be adequate to address near-term cash requirements to address Deferred Cash Settled Awards and Long-Term Incentive Plan payments through 2028. Fitch forecasts the company would begin generating positive FCF beginning 2025 as cash obligations decline. In addition to cash on balance sheet and operational cash generation, Qualtrics also has revolver facility to support liquidity. Qualtrics has a $500 million RCF due 2031, a $1.4 billion senior secured term loan due 2030, and a new $5.3 billion senior secured term loan due 2033. Given the recurring nature of the business and strong normalized FCF generation capacity, Fitch believes Qualtrics will be able to make its required debt payments. Issuer Profile Qualtrics is an Experience Management company with products that collect data from multiple sources, analyze the data, recommend actions, and automate select workflows. Qualtrics' analytics platform reduces service resolution time and cost, improves customer satisfaction and increases lifetime value of customers. 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 fiscal 2024 revenue-weighted Climate.VS for Qualtrics for 2035 is 15, suggesting low exposure to climate-related risks in that year. For further information on how Fitch perceives climate-related risks in the technology sector, see Technology, Media and Telecommunications - Long-Term Climate Vulnerability Signals. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Quartz AcquireCo, LLC LT IDR B+ Downgrade BB- senior secured LT BB New Rating RR2 senior secured LT BB Downgrade RR2 BB+ QUICK PRINTS: Seeks to Hire Tax Workout Group as General Counsel ---------------------------------------------------------------- Quick Prints, LLC 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 provide 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; (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 150 E. Palmetto Park Road, Suite 800 Boca Raton, FL 33432 Telephone: (888) 282-9333 Facsimile: (866) 511-2384 Email: akamensky@twg.law About Quick Prints LLC Quick Prints, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16091) on May 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M. Grossman presides over the case. Andrew Kamensky, Esq., at Tax Workout Group, PA represents the Debtor as counsel. RAGUSE FAMILY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Raguse Family Partnership 6867 740th Street Wheaton, MN 56296 Business Description: Raguse Family Partnership, together with its subsidiaries, is a Wheaton, Minnesota-based farming operation that produces agricultural products. The company also employs seasonal farm labor to support crop and livestock-related activities. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court District of Minnesota Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Raguse Family Partnership 26-60308 David Raguse and Susan Raguse 26-60312 Truman Raguse 26-60313 R.A.G. Holdings, LLC 26-60309 Tru Ag LLC 26-60311 Red Rock Cattle, LLC 26-60310 Judge: Hon. William J Fisher Debtors' Bankruptcy Counsel: James M. Jorissen TAFT STETTINIUS & HOLLISTER LLP 2200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Tel: 612-977-8400 Fax: 612-977-8650 E-mail: jjorissen@taftlaw.com Debtors' Investment Banker: LAKESHORE FOOD ADVISORS, LLC Lead Debtor's Estimated Assets: $8,316,823 Lead Debtor's Estimated Liabilities: $45,459,292 The petitions were signed by Truman Raguse as partner. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4FLHOIQ/Raguse_Family_Partnership__mnbke-26-60308__0001.0.pdf?mcid=tGE4TAMA List of Lead Debtor's 20 Larget Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ADM Trade Debt $477,000 350 N Water Street Decatur, IL 62523 2. Bois de Sioux Lease $339,453 Watershed District Payments 704 Highway 75 South Wheaton, MN 56296 3. Cargill Trade Debt $1,800,000 15407 McGinty Road West Wayzata, MN 55391 4. Channel Bio - Rinke Seeds Trade Debt $1,683,416 1803 2nd Avenue South Wheaton, MN 56296-1663 5. CNH Trade $153,068 Capital-Productivity Plus 500 Diller Avenue New Holland, PA 17557 6. CNH $150,000 Capital-Productivity Plus 500 Diller Avenue New Holland, PA 17557 7. CT Sibson Gravel Trade Debt $100,000 87994 280th Street Beardsley, MN 56211 8. Farmers Mutual Service $96,991 Hail/Choice Ins Debt 6785 Westown Parkway West Des Moines, IA 50266 9. First Insurance Service Debt $100,000 Funding/Choice 450 Skokie Blvd. Suite 1000 Northbrook, IL 60062-7917 10. Gateway Building Systems Service Debt $338,757 2138 Main Ave West #1 West Fargo, ND 58078 11. Internal Revenue Tax Debt $246,638 Service Centralized Insolvency Operations P.O. Box 7346 Philadelphia, PA 19101-7346 12. Intuit Payments Inc. Service Debt $83,512 2700 Cost Avenue Mountain View, CA 94043 13. John Deere Financial Trade Debt $850,000 6400 NW 86th Street Johnston, IA 50131 14. Minn-Dak Farmers Operating Loan $700,000 Cooperative Debt 7525 Red River Road Wahpeton, ND 58075 15. Monetafi Service Debt $70,366 20200 West Dixie Hwy Suite 1205 Miami, FL 33180 16. North Shore Track Operating Loan $210,150 Services, In Debt 745 Exchange Drive Hudson, WI 54016 17. Prosperum Capital Operating $125,627 1225 Franklin Avenue Loan Debt Suite 522 Garden City, NY 11530 18. Quality Plus Trade Debt $171,322 Manufacturing Inc 1007 Industrial Park Drive Oelwein, IA 50662 19. RCIS/Receivables Control Service Debt $450,000 7373 Kirkwood Court, Suite 200 Osseo, MN 55369 20. Simplot Trade Debt $500,000 3100 South Columbia Road Suite 200 Grand Forks, ND 58201 RCP HOMES: Seeks to Hire Forbes Law as General Bankruptcy Counsel ----------------------------------------------------------------- RCP Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Forbes Law LLC as counsel. The firm's services include: (a) advise the Debtor as to its rights, duties, and powers; (b) prepare and file the Statements, Schedules, Plans and other documents and pleadings necessary to be filed by the the Debtor in this case; (c) represent the Debtor at all hearings, meetings of creditors,conferences, trials, and other proceedings in this case; and (d) perform such other legal services as may be necessary in connection with this case. Glenn Forbes, Esq., an attorney at Forbes Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Glenn E. Forbes, Esq. Forbes Law, LLC 166 Main Street Painesville, OH 44077 About RCP Homes LLC RCP Homes, LLC is a real estate holding company that owns and leases residential properties in the Cleveland-area market. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-12134) on May 6, 2026, with $1,718,598 in assets and $2,083,509 in liabilities. Darrion Smith McKnight, managing member, signed the petition. Judge Jessica E. Price Smith presides over the case. Glenn E. Forbes, Esq., at Forbes Law, LLC represents the Debtor as counsel. RECOLETA LLC: Seeks to Hire JPC Law Office as Bankruptcy Counsel ---------------------------------------------------------------- Recoleta LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ JPC Law Office as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its operations, do business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help debtor in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and/or for proposing a viable plan of reorganization. (d) prepare on behalf of the Debtor necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business. Jose Prieto Carballo, Esq., the primary attorney in this representation, will be paid at his hourly rate of $200, plus expenses. The firm received a retainer of $8,000 plus a filing fee of $1,738. Mr. Prieto Carballo 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: Jose M. Prieto Carballo, Esq. JPC Law Office P.O. Box 363565 San Juan, PR 00936 Telephone: (787) 607-2066 Email: jpc@jpclawpr.com About Recoleta LLC Recoleta LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00749) on Feb. 25, 2026, listing under $1 million in both assets and liabilities. Judge Mildred Caban Flores handles the case. Jose M. Prieto Carballo, Esq., at JPC Law Office serves as the Debtor's counsel. RYVYL INC: Q1 2026 Loss Widens to $3.3MM; Liquidity Doubt Remains ----------------------------------------------------------------- RTB Digital, Inc. (formerly RYVYL Inc.) filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $3.3 million for the three months ended March 31, 2026, compared to a net loss of $2.8 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $2.5 million, compared to $2.8 million in the prior-year period. Going Concern In February 2024, the Company stopped processing credit card payments on its QuickCard platform because its processing partner's bank informed them that they no longer wished to process payments for cannabis merchants. QuickCard was the Company's first-generation product and was designed to address the needs of previously all-cash businesses. During the third quarter of 2024, the Company began to offer a license of the QuickCard platform, which it believed would enable it to once again serve the customer base it had lost following the discontinuation of the original QuickCard offering. However, between the remainder of 2024 and all of 2025, the Company was unable find a suitable licensing partner and, as such, it is no longer actively seeking to license the QuickCard product. As a result, the Company no longer anticipates being able to recover the loss of revenues that resulted from the discontinuation of its QuickCard product. The loss of revenues resulting from the discontinuation of QuickCard has adversely impacted the Company's liquidity. Through the first quarter of 2025, the Company relied on the repatriation of profits from its European subsidiaries to cover some of its critical operating expenses, which it is no longer able to do following the sale of Ryvyl EU, effective June 1, 2025. In addition, the Company's remaining businesses continue to generate operating losses, which is expected to continue to occur for at least the next 12 months from the date of this Report. Due to these developments, management has determined that its cash balance as of March 31, 2026, will not be sufficient to fund the Company's operations and capital needs for the next 12 months from the date of this Report. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is contingent upon the successful execution of management's intended plan over the next 12 months to improve its liquidity position, which include, without limitation: * raising additional capital through a variety of means, including private and public equity offerings and debt financings. The Company recently executed multiple successful capital raises in July 2025, October 2025, and December 2025, and continues to be actively engaged in discussions with multiple parties for additional funding opportunities; * exploring strategic initiatives, including M&A opportunities, which on September 28, 2025, resulted in the Company, Ryvyl Merger Sub Inc., and RTB Digital, Inc., a Delaware corporation, entering into an Agreement and Plan of Merger pursuant to which Merger Sub merged with and into RTB, effective May 12, 2026, with RTB surviving the Merger as a wholly-owned subsidiary of the Company; * continued execution of its accelerated business development efforts to drive volumes in diversified business verticals with the Company's other products; and * continued implementation of cost control measures to more effectively manage spending and further right-sizing the organization, where appropriate; Management has assessed that its intended plan, if successfully implemented, is appropriate and sufficient to address its liquidity shortfall and to provide funds to cover operations for the next 12 months. However, there can be no assurance that the Company will be successful in implementing its plan, that its projections of future capital needs will prove accurate, or that any additional funding will be available on a timely manner, on favorable terms, or be sufficient to continue its operations. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/53dsyfyr About RYVYL Inc. RYVYL Inc. is a financial technology company that provides global payment acceptance and disbursement solutions. Ryvyl enables merchants to accept credit card payments through arrangements with third-party acquiring banks and payment processors. Credit card payment processing services represent the substantial majority of Ryvyl's revenues. 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 March 31, 2026, the Company had $9.9 million in total assets, $10.9 million in total liabilities, and $972 thousand in total stockholders' deficit. SA POOL: Cain & Skarnulis Represents Creditors ---------------------------------------------- In the Chapter 11 bankruptcy cases of SA Pool Construction, Inc. and its debtor-affiliates, Cain & Skarnulis PLLC filed with the United States Bankruptcy Court for the Western District of Texas, San Antonio Division, a Verified Statement pursuant to Bankruptcy Rule 2019. According to the Verified Statement: 1. Cain & Skarnulis PLLC (C&S) represents creditors Brian Chartan, Corey Chartan, Teresa Wishnew, and Scott Wishnew. 2. Brian Chartan and Corey Chartan have claims against SA Pool Construction, Inc., fdba Pools by Blue Haven, Inc., for damages arising from the defective construction and installation of a swimming pool at the Chartan residence. 3. Teresa Wishnew and Scott Wishnew have claims against SA Pool Construction, Inc., fdba Pools by Blue Haven, Inc., for damages arising from the defective construction and installation of a swimming pool at the Wishnew residence. 4. Nothing contained in this Verified Statement is intended or shall be construed to constitute: (i) a waiver or release of the rights of the Creditors to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; (ii) a waiver or release of the rights of any of the Creditors to have all final orders in any non-core matters entered only after de novo review by a United States District Judge; (iii) consent to the jurisdiction of the Court over any matter; (iv) an election of remedy; (v) a waiver or release of any rights of any of the Creditors may have to a jury trial; (vi) a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in the Chapter 11 case against or otherwise involving any of the Creditors; or (vii) a waiver or release of any other rights, claims, actions, defenses, setoffs or recoupments to which any of the Creditors are or may be entitled, in law or in equity, applicable law, or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs or recoupments being expressly reserved in all respects. 5. Nothing contained in this Verified Statement should be construed as a limitation upon or waiver of any right by the Creditors to assert, file, and/or amend their claims in accordance with applicable law and any orders entered in these Chapter 11 cases establishing procedures for filing proofs of claims. 6. C&S reserves the right to amend or supplement this verified statement in accordance with the requirements outlined in Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Creditors' addresses, nature and principal amounts of their claims and all disclosable economic interests held by the Creditors in relation to Debtor, are: 1. Brian Chartan c/o Cain & Skarnulis PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Nature of Claim Against the Debtors Claims for breach of express and implied warranties, negligence, and violations of the Texas Deceptive Trade Practices Act. Principal Amount of Claim (exclusive of interest, costs, and attorney's fees) Unliquidated 2. Corey Chartan c/o Cain & Skarnulis PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Nature of Claim Against the Debtors Claims for breach of express and implied warranties, negligence, and violations of the Texas Deceptive Trade Practices Act. Principal Amount of Claim (exclusive of interest, costs, and attorney's fees) Unliquidated 3. Teresa Wishnew c/o Cain & Skarnulis PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Nature of Claim Against the Debtors Claims for breach of contract, breach of express and implied warranties, negligence, and violations of the Texas Deceptive Trade Practices Act. Principal Amount of Claim (exclusive of interest, costs, and attorney’s fees) Unliquidated 4. Scott Wishnew c/o Cain & Skarnulis PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Nature of Claim Against the Debtors Claims for breach of contract, breach of express and implied warranties, negligence, and violations of the Texas Deceptive Trade Practices Act. Principal Amount of Claim (exclusive of interest, costs, and attorney’s fees) Unliquidated Attorneys for Brian Chartan, Corey Chartan, Teresa Wishnew, and Scott Wishnew: Michael D. Moody, Esq. Ryan E. Chapple, Esq. CAIN & SKARNULIS PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Tel: 512-477-5000 Fax: 512-477-5011 E-mail: mmoody@cstrial.com rchapple@cstrial.com About SA Pool Construction, Inc. SA Pool Construction, Inc. is a Texas-based company specializing in the construction of luxury swimming pools, water features, and spas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51198) on May 4, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Michael Colvard serves as Subchapter V trustee. Judge Aubrey L. Thomas oversees the case. Dean Greer, Esq., at West & West Attorneys at Law, P.C., represents the Debtor as bankruptcy counsel. SMARTZ INC: Court Extends Cash Collateral Access to June 6 ---------------------------------------------------------- Smartz Inc. received another extension from the U.S. Bankruptcy Court for the Central District of Illinois, Urbana Division, to use cash collateral to fund operations. Under the third interim agreed order, Smartz Inc. is authorized to use cash collateral through June 6 to pay ordinary and necessary expenses outlined in the approved budget. However, several designated "SaaS Cost" line items -- totaling scheduled payments for the weeks ending May 16, May 23, May 30, and June 6 -- require separate written approval from ICM before payment can be made. Apart from those restricted SaaS expenditures, the Debtor may exceed budget amounts by up to 110%, measured either by line item or in the aggregate on a weekly basis. The Debtor may modify the budget with prior consent of ICM Investment Partners II, LLC and ICM Investment Partners III, LLC. As protection for any diminution in the value of their collateral, both creditors were granted post-petition liens on the same type of collateral securing their pre-bankruptcy claims. These post-petition liens will have the same type of priority, validity, and enforceability that existed as of the petition date. The Debtor reserves the right to challenge the validity, priority, and enforceability of those claims. The authority to use cash collateral became effective immediately and remains in place through June 6, with a further hearing scheduled for June 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/8AoxN from PacerMonitor.com. Smartz argues that keeping the business running preserves value, sustains revenue, and better serves creditors while cutting off cash access would trigger operational collapse, loss of staff and vendors, SaaS disruption, and a steep drop in enterprise value. About Smartz Inc. Smartz Inc., based in Champaign, Illinois, develops property management software platforms that automate real estate operations, including leasing, tenant services, maintenance tracking, and financial management. Founded in 2021, the company integrates smart building and Internet of Things technologies, such as access control and security systems, into its platform. Its products are used by property owners and managers. Smartz sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 26-90240) on April 12, 2026, with up to $50 million in assets and up to $10 million in liabilities. Smartz President Kevin Wan signed the petition. Judge Mary P. Gorman oversees the case. William J. Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. SONORA HOLDINGS: Seeks to Hire Pena & Soma as Bankruptcy Counsel ---------------------------------------------------------------- Sonora Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Pena & Soma, APC as counsel. The firm's services include: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to its powers and duties in the continued operation of its business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against its estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecute and/or defense of all actions; and (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. The firm will be paid at these hourly rates: Leonard Pena, Attorney $500 Julie Soma, Attorney $450 Paralegal $145 On or about April 1, 2026, the firm received a retainer of $9,238 from the Debtor. Mr. Pena 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: Leonard Pena, Esq. Pena & Soma, APC 1003 Diamond Ave., Suite 202 South Pasadena, CA 91030 Telephone: (626) 396-4000 Facsimile: (626) 498-8875 About Sonora Holdings LLC Sonora Holdings, LLC is privately held company whose principal assets are located at 1311 S Shamrock Ave. Monrovia, CA 91016. Sonora Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13400) on April 8, 2026. In the petition signed by Gregory Mellinger, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Leonard Pena, Esq., at Pena & Soma, APC represents the Debtor as counsel. SPANISH BROADCASTING: Hires Kroll as Claims and Noticing Agent -------------------------------------------------------------- Spanish Broadcasting System, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration LLC as claims and noticing agent. Kroll 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 Kroll an advance payment in the amount of $50,000. Benjamin Steele, a managing director at 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: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company's business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10708) on May 11, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Robert J. Dehney, Esq. of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent. STARFIGHTERS SPACE: Names Arias VP of Space Operations ------------------------------------------------------ Starfighters Space Inc. appointed Jose Arias as vice president of space operations effective May 11, according to a filing with the Securities and Exchange Commission. Arias, 42, will lead spaceflight operations, mission execution and integrations, oversee aerospace systems production and testing, coordinate engineering, manufacturing, quality and flight operations, and develop operational strategy. Arias previously worked as an engineer at Blue Origin LLC since 2021, supporting New Glenn launch vehicle operations, propulsion system integration, hot-fire test campaigns, refurbishment operations and manufacturing process development. Under an employment offer agreement that began May 11, Arias will receive a $190,000 annual base salary, a $20,000 sign-on bonus and eligibility for an annual performance bonus of up to 25% of base salary. Starfighters Space said Arias will receive 150,000 stock options under its amended and restated 2023 stock incentive plan, vesting 25% after 12 months and the rest in equal monthly amounts over the following 24 months. If terminated without cause, he would receive three months of base salary, or $47,500, and company-paid health benefits during the severance period. About Starfighters Space Starfighters Space, Inc. is a commercial aerospace company headquartered at Kennedy Space Center, Florida. The company pursues launch services, space systems, spacecraft components, and space-data applications, and is developing a payload delivery platform for suborbital space and low Earth orbit. Starfighters operates a fleet of seven Lockheed F-104 supersonic aircraft and provides pilot training, astronaut training, and in-flight testing-related services. The company serves defense, civil, academic, commercial, private-sector, and public-sector customers. In the 2025 audit report, Adeptus Partners, LLC included a substantial-doubt paragraph, stating that the company had a net loss from operations, negative cash flows from operations and an accumulated deficit that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the company had $26.34 million in total assets, $3.91 million in total liabilities, and $22.43 million in total stockholders' equity. SUMMER FUN: William Harris Named Subchapter V Trustee ----------------------------------------------------- Mark Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed William H. Harris as Subchapter V Trustee for Summer Fun Pools, Inc. About Summer Fun Pools Inc. Summer Fun Pools, Inc., also known as Southern Tide Pools, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11395) on May 14, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Henry A. Callaway presides over the case. Anthony B. Bush, Esq., at The Bush Law Firm, LLC represents the Debtor as bankruptcy counsel. TEMPERED GLASS: Daniel Etlinger Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Tempered Glass Industries, Incorporated. Mr. Etlinger will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Tempered Glass Industries Incorporated Tempered Glass Industries Incorporated manufactures custom glass and mirror products in Clearwater, Florida. The company provides services including custom glass panels, shower enclosures, office partitions, beveled mirrors, decorative glass, glass railings, and glass staircase railings. It also provides delivery, crating, and shipping services for glass and mirror products. Tempered Glass Industries serves residential and commercial projects in West Central Florida, including the Clearwater and Tampa areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04088) on May 14, 2026, with $1 million to $10 million in assets and liabilities. Robert C. Whitlow, Jr., president, signed the petition. Daniel R. Fogarty, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtor as legal counsel. TRINSEO PLC: Gray Reed & Pallas Partners Advise Excluded Lenders ---------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Trinseo PLC and its debtor-affiliates, Gray Reed and Pallas Partners (US) LLP 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 the firms represent the Ad Hoc Group of Excluded OpCo Term Lenders. According to the Excluded Group's Verified Statement: 1. The AHG selected Gray Reed and Pallas Partners (US) LLP to represent it in connection with its investments in the Debtors, including by serving as counsel to the AHG in the Debtors' jointly administered chapter 11 bankruptcy cases. 2. Counsel's representation of the AHG comprised the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders, holders, or beneficial holders under certain 2028 OpCo Term Loans; and certain 7.625% 2L Notes. 3. Counsel does not represent or purport to represent any other entities in connection with the Chapter 11 Cases. Counsel does not represent the AHG as a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Counsel. 4. The AHG does not represent or purport to represent any other entities in connection with the Chapter 11 Cases. No member of the AHG represents the interests of, or acts as a fiduciary for, any person or entity other than itself in connection with the Chapter 11 Cases. 5. After due inquiry, Counsel does not hold any disclosable economic interest in relation to the Debtors. 6. In the aggregate, the members of the AHG hold approximately $293,684,069 in OpCo Term Loans, representing approximately 40% of the same. 7. Nothing contained in this Verified Statement is intended or shall be construed to constitute: I. a waiver or release of the rights of any of the members of the AHG to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; II. a waiver or release of the rights of any of the members of the AHG to have any final orders in all non-core matters entered only after de novo review by a United States District Judge; III. consent to the jurisdiction of the Court over any matter; IV. an election of remedy; V. a waiver or release of any rights to any members of the AHG may have a jury trial; VI. a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 Cases against or otherwise involving any of the members of the AHG; or VII. a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the AHG are or may be entitled under the 2L Notes and the OpCo Term Loans, at law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. For the avoidance of doubt, nothing constitutes an admission as to the validity, enforceability, scope, or application of any intercreditor agreement, release, restructuring support agreement, transfer restriction, or other alleged contractual limitation. 8. The AHG reserves the right to amend or supplement this Verified Statement. The information provided is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. The names and addresses of each of the members of the AHG, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. CastleKnight Master Fund LP 888 Seventh Avenue, 24th Floor New York, NY, 10019 2L Notes $93,477,130 OpCo Term Loans $271,809,527.66 Other Disclosable Economic Interest None 2. Elevation CLO 2013-1, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $2,129,260.22 Other Disclosable Economic Interest None 3. Elevation CLO 2016-5, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $697,939.14 Other Disclosable Economic Interest None 4. Elevation CLO 2020-11, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $2,489,821.53 Other Disclosable Economic Interest None 5. Elevation CLO 2021-12, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $2,095,153 Other Disclosable Economic Interest None 6. Elevation CLO 2021-13, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $2,430,594.61 Other Disclosable Economic Interest None 7. Elevation CLO 2021-14, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $1,821,391.72 Other Disclosable Economic Interest None 8. Elevation CLO 2021-15, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $1,476,804.13 Other Disclosable Economic Interest None 9. Elevation CLO 2022-16, Ltd. c/o ArrowMark Colorado Holdings LLC 100 Fillmore Street, Suite 325 Denver, CO 80206 2L Notes Not Applicable OpCo Term Loans $1,282,190.83 Other Disclosable Economic Interest None 10. Signal Peak CLO 4, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $696,933 Other Disclosable Economic Interest None 11. Signal Peak CLO 5, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $909,043 Other Disclosable Economic Interest None 12. Signal Peak CLO 7, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $909,043 Other Disclosable Economic Interest None 13. Signal Peak CLO 8, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $1,391,366 Other Disclosable Economic Interest None 14. Signal Peak CLO 9, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $909,043 Other Disclosable Economic Interest None 15. Signal Peak CLO 10, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $1,196,261 Other Disclosable Economic Interest None 16. Signal Peak CLO 12, Ltd. c/o Signal Peak Capital Management 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 2L Notes Not Applicable OpCo Term Loans $1,439,698 Other Disclosable Economic Interest None Counsel to the Ad Hoc Group of Excluded OpCo Term Lenders: Jason S. Brookner, Esq. Lydia R. Webb, Esq. GRAY REED 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Tel: (713) 986-7000 Fax: (713) 986-7100 E-mail: jbrookner@grayreed.com lwebb@grayreed.com - and - Duane L. Loft, Esq. Jill L. Forster, Esq. Brianna S. Simopoulos, Esq. PALLAS PARTNERS (US) LLP 75 Rockefeller Plaza New York, NY 10019 Tel: (212) 970-2300 E-mail: duane.loft@pallasllp.com jill.forster@pallasllp.com brianna.simopoulos@pallasllp.com About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Separate lender groups are advised by Paul Hastings LLP and PJT Partners for the Senior Secured Lenders, and by Gibson, Dunn & Crutcher LLP together with Lazard Freres & Co. for the Term Lenders. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. UNIQUE REALTY: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- The U.S. Small Business Administration asks the U.S. Bankruptcy Court for the Eastern District of Arkansas, Delta Division, to either prohibit Unique Realty, LLC from continuing to use its collateral or, alternatively, to require the Debtor to provide adequate protection for its secured interest. The SBA asserts standing as a secured creditor based on its filed proof of claim. On June 14, 2020, the Debtor executed a COVID Economic Injury Disaster Loan promissory note in favor of the SBA for $146,000 at an interest rate of 3.75%, requiring monthly payments of $712. On October 1, 2021, the loan was modified, increasing the principal balance to $167,500 and the monthly payment obligation to $858. The loan is secured by a security agreement covering substantially all of the Debtor's tangible and intangible personal property, including accounts, accounts receivable, inventory, and equipment. The security agreement was also amended in October 2021, and the SBA perfected its lien through the filing of a UCC-1 financing statement with the Arkansas Secretary of State. The Debtor defaulted on the SBA loan by failing to make the required payments beginning in August 2023. As of the bankruptcy petition date, the SBA claims that the outstanding debt totaled approximately $196,262. The SBA contends that the Debtor continues to use the collateral in ongoing business operations, resulting in a continuing decline in the value of the collateral while no payments are being made to protect the SBA's secured position. Because of this alleged deterioration in collateral value, the SBA argues that its interest is not adequately protected. Based on these facts, the SBA requests that the court prohibit the Debtor from further use of the collateral. Alternatively, if the court permits continued use, the SBA asks that such use be conditioned upon adequate protection measures. Specifically, the SBA seeks an order requiring the Debtor to timely pay all taxes and insurance associated with the collateral and to make monthly installment payments of $858 to compensate for the ongoing depreciation and decline in value of the collateral during the Chapter 11 case. A court hearing is scheduled for June 17. A copy of the motion is available at https://urlcurt.com/u?l=6L9RWv from PacerMonitor.com. About Unique Realty LLC Unique Realty, LLC leases real property located in McGehee, Arkansas. Unique Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq., at Dilks Law Firm. US TELEPACIFIC: Moody's Withdraws 'Caa2' Corporate Family Rating ---------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of US TelePacific Corp. (TPx) including the Caa2 corporate family rating, the Caa2-PD probability of default rating, the B2 rating on the backed senior secured first lien term loan and the Ca rating on the backed senior secured third lien term loan. Prior to the withdrawal, the outlook was negative. 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). US TelePacific Corp. (TPx) provides telecommunication, managed network, IT and security services and cloud-based communications to small and medium-sized business customers in markets across California, Nevada, Texas and New England. Growth in the company's UCaaS and managed IT services for SD-WAN, endpoint security and network management is critical to offsetting revenue contraction and high churn in legacy access services, which include low bandwidth legacy internet, voice and wholesale services. TPx generated approximately $409 million of revenue for the 12 months ended September 30, 2025. VERA HOLDINGS: Gets Approval to Hire Crippen & Co. as Accountant ---------------------------------------------------------------- Vera Holdings & Investments, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Crippen & Co., LLP as accountant. The firm will assist with bookkeeping functions within QuickBooks, prepare financial projections and the Debtor's monthly reports, and assist in the preparation and filing of its federal income tax returns should that be necessary, among other accounting services. The firm will be paid at its hourly rate between $250 to $450. Matthew White, CPA at Crippen & Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew White, CPA Crippen & Co., LLP 1068 Lake Sumter Landing The Villages, FL 32162 Email: mwhite@crippencpa.com About Vera Holdings & Investments Inc. Vera Holdings & Investments, Inc. is a Florida-based holding company managing investment assets across multiple sectors. Vera filed its Chapter 11 petition under the U.S. Bankruptcy Code (Bankr. Case No. 26-00763) on February 4, 2026. In its filing, the Debtor disclosed estimated assets of $500 million to $1 billion and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Grace E. Robson oversees the proceedings. The Debtor tapped Frank M. Wolff, Esq., at Nardella & Nardella, PLLC as counsel and Crippen & Co., LLP as accountant. VERITONE INC: Posts $19.5M Net Loss for Q1 2026 ----------------------------------------------- Veritone, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $19.5 million for the three months ended March 31, 2026, compared to a net loss of $19.9 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $20.3 million, compared to $22.5 million in the prior-year period. Liquidity, Capital Resources and Going Concern The Company has historically generated negative cash flows from operations and has primarily financed its operations through the sale of equity securities and debt. Pursuant to the requirements of the Financial Accounting Standards Board Accounting Standards Codification Topic 205-40, Presentation of Financial Statements--Going Concern, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year from the date these financial statements are issued. This evaluation does not take into consideration the potential mitigating effect of management's plans that have not been fully implemented or are not within the Company's control as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. As of March 31, 2026, the Company had cash and cash equivalents of $15.1 million, working capital deficit of $45.8 million and accounts receivable, net of $26.7 million, and the amount outstanding under its debt obligations was $45.4 million, net of unamortized discount cost, all of which related to the Convertible Notes. Additionally, for the three months ended March 31, 2026, net loss was $19.5 million and net cash used in operating activities was $11.5 million. The Company's ability to continue as a going concern is dependent on its ability to generate significant cash flows, obtain sufficient proceeds from any future offerings of securities, and/or obtain alternative financing prior to the maturity of the Convertible Notes in November 2026. The Company expects operating losses to continue in the foreseeable future as it continues to invest in growing its business. To alleviate these conditions, management is actively engaged in discussions to obtain alternative financing prior to the maturity of the Convertible Notes in November 2026. However, there can be no assurance that the Company will be able to obtain alternative financing as it is ultimately outside of its control. Due to the Company's projected cash needs (which includes amounts that will become due under the Convertible Notes upon their maturity in November 2026) combined with its current liquidity level and history of net losses and cash used to fund operating activities, there is substantial doubt regarding the Company's ability to continue as a going concern for a period of at least one year from the date of issuance of these consolidated financial statements. The Company may not be able to access additional equity under acceptable terms, and may not be successful in future financial and operational restructurings, earning any of its deferred purchase consideration, or growing its revenue base, and its ability to execute on its operating plans may be materially adversely impacted. If the Company becomes unable to continue as a going concern, it may have to dispose of other or additional assets and might realize significantly less value than the values at which they are carried on its consolidated financial statements. These actions may cause the Company's stockholders to lose all or part of their investment in its common stock. The consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern. If the Company cannot continue as a going concern, adjustments to the carrying values and classification of its assets and liabilities and the reported amounts of income and expenses could be required and could be material. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3byza9hc. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. Grant Thornton LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company's debt service obligations, negative working capital and incurred historical negative cash flows and recurring losses, raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $155.2 million in total assets, $106.2 million in total liabilities, and $49 million in total stockholders' equity. VIOLET'S PUPPIES: Seeks to Tap Seese as General Bankruptcy Counsel ------------------------------------------------------------------ Violet's Puppies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Seese, PA as counsel. The firm will render these services: (a) advise the Debtor generally regarding matters of bankruptcy law in connection with case; (b) advise the Debtor of the requirements of the Bankruptcy Code, the Federal Rules of bankruptcy Procedure, applicable bankruptcy rules; (c) prepare legal papers necessary in connection with the administration of the estate; (d) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtor with implementation of any plan; (e) review executory contratcs and unexpired leases; (f) negotiate and document any debtor-in-possession financing and exit financing; and (g) render such other advice and services as the Debtor may require in this case. Michael Seese, Esq., the primary attorney in this representation, will be paid at his hourly rate of $650, plus expenses. Prior to the petition date, the firm received the foillowing retainers from the Debtor: (a) $5,000 on March 3, 2026; (b) $7,285 on April 6, 2026; (c) 49,620 on May 1, 2026; and (d) $3,580 on May 11, 2026, which included a filing fee of $1,738. Mr. Seese disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Seese, Esq. Seese, PA 101 N.E. 3rd Avenue, Suite 1500 Fort Lauderdale, FL 333101 Telephone: (954) 745-5897 About Violet's Puppies LLC Violet's Puppies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16067) on May 11, 2026. In the petition signed by Stefani Victor, authorized member, the Debtor disclosed up to $10 million in both assets and liabilities. Aleida Martinez Molina, Esq., serves as Subchapter V trustee for the Debtor. Michael D. Seese, Esq., at Seese, P.A., represents the Debtor as legal counsel. VIVIC CORP: Net Loss Narrows to $51,815 in Q3; Going Concern Stays ------------------------------------------------------------------ Vivic Corp. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $51,815 for the three months ended March 31, 2026, compared to a net loss of $950,807 for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $552,765, compared to a net loss of $2.5 million in the corresponding prior-year period. There were no revenues for the three and months ended March 31, 2026 and 2025, respectively. There was no revenue for the nine months ended March 31, 2026. Revenue was $44,243 for the nine months ended March 31, 2025. The Company had $13,985 of cash and cash equivalents and working capital deficit of approximately $0.19 million as of March 31, 2026, which included prepayments to related parties of $0.74 million, and the Company generated a net loss of $51,815 and $0.55 million, respectively, during the three and nine months ended March 31, 2026. The Company had an accumulated deficit of approximately $6.30 million as of March 31, 2026 and $0.30 million negative cash flow from operating activities during the period. The Company does not have sustained and stable income, and there is also significant uncertainty regarding its income for the next 12 months. The continuation of the Company as a going concern through the one-year period from May 14, 2026, the date on which the quarterly report was filed is dependent upon continued financial support from its related parties or loans or investments by third parties, increasing its sales and the diversity of its customer base. The Company is actively pursuing additional financing for its operations via potential loans and equity issuances. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain its operations. Management has determined that these conditions indicate that it may be probable that the Company would not be able to meet its obligations within one year after the date that this report is issued. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. To date, the Company has financed its operations primarily through equity investments and loans made by related parties and their affiliates in addition to loans from commercial banks and third parties. The Company may also seek funding through public or private financings, collaborative arrangements, and other possible means of financing. In addition, the Company will seek to expand the yacht brands the Company can offer for sale, the territories in which the Company markets its yachts, and, if appropriate based on the Company's capabilities and what the Company can offer, seek to become the exclusive distributor for yacht manufacturers in Taiwan and other territories. The Company will also seek to enter other areas related to the marine industry where the Company believes it can be profitable. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5n99vy2u About Vivic Vivic Corp. was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company at the end of 2018, the Company has explored and initiated operations in various business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric-powered yachts, development and operation of yacht marinas in Asia, and development of a yacht rental and timeshare service. The Company's headquarters are maintained at its branch in the Republic of China, Vivic Corp. It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. Irvine, California-based YCM CPA INC., the Company's auditor since2022, issued a "going concern" qualification in its report dated September 30, 2025, attached to the Company's Annual Report on Form10-K for the fiscal year ended June 30, 2025, citing that the Company had an accumulated deficit of $5.75 million as of June 30,2025, and negative cash flows from operations. The Company does not have sustained and stable income, and there is also significant uncertainty in the income for the next 12 months. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $2.7 million in total assets, $1.3 million in total liabilities, and $1.4 million in total stockholders' equity. VOLITIONRX LTD: Posts $6.7 Million Net Loss in Q1 2026 ------------------------------------------------------ VolitionRx Limited has filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 with the U.S. Securities and Exchange Commission. For the three-months ended March 31, 2026, the Company had a net loss of $6.7 million, an increase of approximately $1.2 million in comparison to a net loss of $5.5 million for the three-months ended March 31, 2025, and used cash flows in operating activities of $5.3 million. Revenues during the three-months ended March 31, 2026 were $1.0 million, compared with $0.2 million for the three-months ended March 31, 2025. As of March 31, 2026, the Company had cash and cash equivalents of $3.1 million and an accumulated deficit of $259.6 million. As of March 31, 2026, the Company also had a stockholders' deficit of $33.4 million and current liabilities of $13.6 million, including current portions of debt and convertible note obligation. Subsequent to March 31, 2026, and through the date these condensed consolidated financial statements were issued, the Company received net proceeds of approximately $0.6 million from sales of common stock under its at-the-market offering program. The Company has generated operating losses and has experienced negative cash flows from operations since inception. The Company has not generated significant revenues and expects to incur further losses in the future, particularly from continued development of its clinical-stage diagnostic tests and commercialization activities. The future of the Company as an operating business will depend on its ability to obtain sufficient capital through equity or debt financings, licensing or distribution arrangements, or other strategic transactions and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by: (a) granting licenses and/or distribution rights to third parties in exchange for specified up-front milestones, royalty, or other payments, (b) obtaining additional financing through debt or equity transactions, (c) securing additional grant funds, and (d) developing and commercializing its products in an efficient manner. Management continues to exercise tight cost controls to conserve cash. As part of the Company's cash conservation efforts, directors and certain employees have elected to exchange a portion of their fees earned or paid in cash or salary, respectively, for RSUs in the Company for a period of up to six months. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its plans. Management assessed the mitigating effect of these plans to determine if it is probable that the plans would be effectively implemented within one year after the condensed consolidated financial statements are issued and when implemented, would mitigate the relevant conditions or events that raise substantial doubt about the Company's ability to continue as a going concern. These plans are subject to market conditions and reliance on third parties, and there is no assurance that effective implementation of the Company's plans will result in the necessary funding to continue current operations and satisfy current and expected debt obligations. The Company has implemented short-term cash preservation and cost-saving initiatives to conserve cash. Although the Company has raised additional capital subsequent to March 31, 2026, management expects that additional funding will be required to continue current operations and satisfy current and expected obligations during the look-forward period. The Company concluded that these plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-Q is available at About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, 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 suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $9 million in total assets, $42.4 million in total liabilities, and $33.4 million in total stockholders' deficit. WAIKOLOA VILLAGE: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Waikoloa Village Lofts West, LLC 100 Main St SW Gainesville GA 30501 Business Description: The affiliated entities operate as part of a real estate development group that owns and manages hotels, apartments, shopping centers, and raw land throughout the Western United States and Hawaii. The group includes a business trust that holds ownership interests in several affiliated entities. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Northern District of Georgia Nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Waikoloa Village Lofts West, LLC (Lead Case) 26-20761 5425 Pau A Laka, LLC 26-20778 Fletcher K, LLC 26-20774 Gary L. Pinkston 26-20779 Hawaii Real Estate Development, LLC 26-20776 Kukuiula Vistas, LLC 26-20770 MP Elk Grove, LLC 26-20765 MP Elko II, LLC 26-20769 MP Kauai HH Development Fund, LLC 26-20763 MP Kauai Qoz Fund, LLC 26-20775 MP Modesto, LLC 26-20766 TC Clovis, LLC 26-20762 The Gary and Janice Pinkston Family Trust 26-20777 Waikoloa Village Hotel CWS, LLC 26-20771 Waikoloa Village Hotel HIE, LLC 26-20772 Waikoloa Village Lofts South, LLC 26-20773 Waipahu Properties, LLC 26-20768 Waipauhu, LLC 26-20767 Willow Plaza, LLC 26-20764 Debtors' Bankruptcy Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Waikoloa Village Lofts West LLC's Estimated Assets: $0 to $50,000 Waikoloa Village Lofts West LLC's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Gary Pinkston as manager. A full-text copy of the Lead Debtor's petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OODOQIY/Waikoloa_Village_Lofts_West_LLC__ganbke-26-20761__0001.0.pdf?mcid=tGE4TAMA WHERE FAMILIES: Seeks to Hire Lex Nova Law as Bankruptcy Counsel ---------------------------------------------------------------- Where Families Thrive, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Lex Nova Law LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers, duties, and responsibilities in its continuing management of its financial affairs; (b) advise the Debtor with respect to the preparation of a plan of reorganization; (c) prepare necessary pleadings on behalf of the Debtor and appear before this Court regarding the same; (d) advise the Debtor regarding procedural and operational issues in its capacity; and (e) perform additional legal services as may be required to facilitate the Debtor's reorganizational efforts. The firm's professionals will be paid at these hourly rates: Associates/Partners $425 - $975 E. Richard Dressel, Attorney $695 Paralegals $300 - $370 In addition, the firm will seek reimbursement for expenses incurred. Mr. Dressel disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: E. Richard Dressel, Esq. Lex Nova Law, LLC 20000 Horizon Drive, Suite 750 Mt. Laurel, NJ 08054 Telephone: (856) 382-8211 Email: rdressel@lexnovalaw.com About Where Families Thrive Inc. Where Families Thrive, Inc. provides mental health and wellness services as part of The Thrive Network, a New Jersey-based organization offering counseling for children, teens, adults and families. The Clementon-based practice provides services including child and adolescent therapy, family therapy, adult therapy, couples counseling, trauma counseling, play therapy and telehealth therapy, supported by licensed therapists and mental health professionals. Where Families Thrive sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15195) on May 7, 2026, with up to $50,000 in assets and up to $10 million in liabilities. Michelle Codington, president of Where Families Thrive, signed the petition. Natasha Songonuga, Esq., at VTrustee, LLC serves as Subchapter V trustee. E. Richard Dressel, Esq., at Lex Nova Law, LLC, represents the Debtor as bankruptcy counsel. WORKHORSE GROUP: Posts Q1 2026 Net Loss of $19.9 Million -------------------------------------------------------- Workhorse Group Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss for the first quarter of 2026 of $19.9 million, or $1.99 per basic and diluted share, compared to a net loss of $12.7 million, or $1.36 per share, in the same period last year. Sales, net of returns and allowances, for the first quarter of 2026 were $4.3 million, compared to $1.1 million in the first quarter of 2025. Liquidity, Capital Resources, and Going Concern Workhorse had used $16.5 million of cash in operating activities during the three months ended March 31, 2026. As of March 31, 2026, the Company had positive working capital of $8.7 million, including $0.6 million of cash and cash equivalents and $0.7 million of restricted cash, and an accumulated deficit of $338.9 million. As a result of Workhorse's recurring losses from operations, accumulated deficit, projected capital needs, delays in bringing its vehicles to market and lower than expected market demand, management determined that substantial doubt exists regarding its ability to continue as a going concern within the next 12 months. The Company's ability to continue as a going concern is contingent upon successful execution of management's intended plan over the next 12 months to improve its liquidity and working capital, which includes, but is not limited to: * Generating revenue by increasing sales of vehicles and other services; * Reducing redundant expenses and limiting non-strategic capital expenditures; * Realizing synergies from the Merger, including savings from reducing contract manufacturers for Motiv products by manufacturing them in the Workhorse production facility; * Continuing efforts to lower the total bill of material cost of vehicles to be in line with internal combustion engine vehicles; * Obtaining proceeds from current financing arrangements; and * The successful consummation of a potential equity or equity-linked financing. It is essential that the Company has access to capital as it brings its existing line of vehicles to market, scale up production and sales of such vehicles and continue to develop additional variations of existing vehicles and its next generation of vehicles. There is no assurance that the Company will be successful in implementing management's plans to generate liquidity to fund these activities or other aspects of its short and long-term strategy, that its projections of its future capital needs will prove accurate or that any additional funding will be available or sufficient to continue operations in future periods. The Company's revenues from operations are unlikely to be sufficient to meet its liquidity requirements for the next 12 months, and, accordingly, its ability to continue as a going concern depends on the ability to obtain proceeds from external financing. The Company currently expects that primary sources of financing will be the Credit Agreements and a potential equity or equity-linked financing. Because the public float of the Compay's Common Stock is currently less than $75.0 million, the SEC's "baby shelf" rules will limit the amount of securities it can offer and sell pursuant to a registration statement on Form S-3, including Common Stock and all other securities, to one-third of public float in any 12-month period. Accordingly, its ability to obtain liquidity through registered offerings of securities is substantially limited. Subject to certain conditions, the Credit Agreements permit the Company to raise funds through an equity or equity-linked financing; however, the consummation of such a transaction is not probable as of the issuance date of the accompanying Condensed Consolidated Financial Statements. Because of the foregoing, the Company's ability to obtain proceeds from additional financings is extremely limited under current conditions, and if it is unable to obtain such proceeds, it may need to further adjust its operations and/or elect or be required to seek protection by filing a voluntary petition for relief under the Bankruptcy Code. If this were to occur, the value available to the Company's various stakeholders, including creditors and stockholders, is uncertain and trading prices for its securities may bear little or no relationship to the actual recovery, if any, by holders of the securities in bankruptcy proceedings. In order to manage liquidity and operating capital, in August 2025, the Company entered into certain transactions, including the Convertible Financing and the Sale-Leaseback transaction, pursuant to which the Company received gross proceeds of $25.0 million. As of March 31, 2026, there was $5.0 million in principal outstanding under the Convertible Financing. Additionally, in December 2025, the Company entered into the Customer Order Credit Agreement and the Cash Flow Credit Agreement. As of March 31, 2026, the Customer Order Credit Agreement provided Workhorse with up to $40.0 million to fund vehicle manufacturing in connection with Qualified Purchase Orders (as defined in the Customer Order Credit Agreement) and the Cash Flow Credit Agreement provided Workhorse with a line of credit with borrowing capacity of up to $10.0 million to fund its working capital requirements, including costs related to the Merger, and its general corporate purposes. As of March 31, 2026, the Company had $5.0 million in outstanding borrowings and remaining availability of $35.0 million under the Customer Order Credit Agreement and $10.0 million in outstanding borrowings and no remaining availability under the Cash Flow Credit Agreement. The Company is actively working to evaluate financing alternatives; however, as noted above, as of the issuance date of the accompanying Condensed Consolidated Financial Statements, it is not probable that a potential equity or equity-linked financing transaction will be consummated. The Company may also rely on other debt financing or other sources of capital funding, such as through the sale of assets, to obtain sufficient financial resources to fund its operating activities. If the Company is unable to maintain sufficient financial resources, business, financial condition and results of operations, as well as its ability to continue to develop, produce and market its vehicle programs and satisfy obligations as they become due, the Company will be materially and adversely affected. This could affect future vehicle program production and sales. Failure to receive additional proceeds will have a material, adverse impact on business operations. There can be no assurance that the Company will be able to obtain the additional proceeds needed to achieve its goals on acceptable terms or at all. Additionally, any additional equity or equity-linked financings would likely have a dilutive effect on the holdings of existing stockholders. The Company's current level of cash and cash equivalents is not sufficient to execute its business plan. For the foreseeable future, the Company will incur operating expenses, capital expenditures and working capital funding that will deplete its cash on hand. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3x8yt5ta About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. Palm Beach Gardens, Florida-based Carr, Riggs & Ingram, L.L.C., the Company's auditor since 2026, 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 losses from operations, has a working capital deficiency, and an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $102.7 million in total assets, $76.5 million in total liabilities, and $26.2 million in total stockholders' equity. WORLD DEBT: Gets Interim OK to Use Cash Collateral Until June 29 ---------------------------------------------------------------- World Debt Acquisitions, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through June 29 in accordance with its budget, subject to a 10% variance per line item. The Debtor is required to make monthly escrow payments of $4,847.20, beginning this month, to the IOLTA account of Abbington Investments, LLC's counsel. Abbington, the Debtor's lender, asserts a secured claim against the Debtor's real property in Cordle, Ga., and other assets, including cash collateral. As adequate protection for any diminution in the value of its collateral, the lender will be granted a replacement lien on all of the Debtor's property and proceeds, excluding claims or causes of action under Sections 544, 547, 548 and 553 of the Bankruptcy Code. In addition, the Debtor is required to keep the lender's collateral insured. Events of default under the interim order include failure to comply with the terms of the order or budget; failure to maintain required insurance; unauthorized payment of cash collateral to an insider; appointment of a Chapter 11 trustee; conversion of the Debtor's bankruptcy case to Chapter 7; failure to timely make the required escrow payments; and failure to pay ad valorem property taxes. The order is available at http://bankrupt.com/misc/WorldDebt_ICCOrder.pdf The court will hold a final hearing on June 29. World Debt's financial problems stem from two loans obtained from Abbington. In January 2024, the Debtor borrowed $2.5 million under a promissory note and security agreement secured by the apartment property. In April 2024, the Debtor borrowed an additional $500,000 under a second loan modification agreement. According to the lender, the combined debt totaled approximately $2.82 million as of April 10, including principal, interest, late charges, and default fees. The Debtor disputes portions of the lender's claim and specifically reserves the right to challenge the amount of attorney's fees sought under Georgia law. After the Debtor failed to make required payments, the lender accelerated the debt and scheduled a foreclosure sale, prompting the bankruptcy filing to protect what the Debtor describes as substantial equity in the property. The Debtor asserts that the apartment complex has been extensively renovated and converted from a hotel into apartments, substantially increasing its value. It estimates the property value conservatively between $4.7 million and $5.8 million, with the possibility of an upper-end value as high as $8.5 million. Because the property value significantly exceeds the lender’s debt, the Debtor argues that the lender is adequately protected by a substantial equity cushion. The apartment complex employs a general manager, Samantha Jackson Feed, who handles day-to-day operations, tenant leasing, maintenance oversight, rent collection, and eviction matters. She is paid $2,000 biweekly plus leasing commissions for new tenants. The Debtor also uses JDH Developers II, LLC as a management company to handle payroll, contractor management, bill payment, and oversight functions in exchange for a 3% management fee based on gross revenues. Additional expenses include utilities, insurance, maintenance, landscaping, and other ordinary operating costs reflected in the debtor’s proposed budget. The Debtor argues that failure to pay these expenses would force operations to cease, resulting in loss of revenue and harm to creditors. The parties that may claim an interest in cash collateral include the lender and several taxing authorities holding tax liens. However, the Debtor contends that only the lender possesses a valid interest in post-petition cash collateral because tax liens are not based on security agreements and therefore do not extend to post-petition rents under 11 U.S.C. Section 552(b). The Debtor argues that the Bankruptcy Code generally cuts off liens on post-petition property unless the creditor holds a valid security agreement covering proceeds or rents, which taxing authorities do not possess. About World Debt Acquisitions LLC World Debt Acquisitions LLC is a financial services company that focuses on acquiring and managing debt portfolios, including distressed or non-performing assets. World Debt Acquisitions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54646) on April 7, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl & Bowen LLC. XCEL BRANDS: Posts Q1 Net Loss of $2.5MM; Going Concern Doubt Stays ------------------------------------------------------------------- Xcel Brands, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $2.5 million for the three months ended March 31, 2026, compared to a net loss of $2.8 million for the same period in the prior year. Net licensing revenue for the three months ended March 31, 2026 were $1.1 million, compared to $1.3 million in the prior-year period. Liquidity and Capital Resources General As of March 31, 2026 and December 31, 2025, the Company's unrestricted cash and cash equivalents were approximately $0.18 million and $1.15 million, respectively. Subsequently, in April 2026, the Company sold the intangible assets of the Judith Ripka brand in exchange for $2.30 million of cash at closing, plus up to an additional $0.75 million of potential future contingent consideration. Restricted cash at March 31, 2026 consisted of $1.08 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease. Restricted cash at December 31, 2025 consisted of $0.74 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease and $1.00 million of cash deposited in a bank account to satisfy a liquidity covenant in the Company's term loan debt agreement. The Company's principal capital requirements have generally been to fund working capital needs and acquire new brands. The Company's current "licensing plus" operating model is a working capital light business model, and generally does not require material capital expenditures. As of March 31, 2026, the Company has no significant commitments for future capital expenditures. Working Capital The Company's working capital (which the Company calculates in a non-GAAP manner as current assets less current liabilities, excluding the current portions of lease obligations, deferred revenue, and any contingent obligations payable in shares or via other non-cash means) surplus/(deficit) was approximately $(0.17) million and $(0.80) million as of March 31, 2026 and December 31, 2025, respectively. These working capital deficit amounts notably included the current portion of Term Loan A debt ($2.75 million as of March 31, 2026 and $3.25 million as of December 31, 2025), which was subsequently refinanced in April 2026 (see below for additional details related to this refinancing transaction). Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of March 31, 2026 the Company has incurred recurring losses, a history of cash flows used in operating activities, and an accumulated deficit. While the Company has undertaken significant restructuring and cost reduction efforts, obtained additional funding through a combination of equity issuances and debt financing, and continue to explore strategic financing alternatives and operational efficiencies to improve liquidity, management has determined that there is nonetheless substantial doubt about the Company's ability to meet its financial obligations as they become due within 12 months from the date these financial statements are issued. In April 2026, the Company refinanced a portion of its term loan debt, and also sold intangible assets related to one of its brands in exchange for cash. While these transactions have significantly improved the Company's liquidity position, the proceeds received may still be insufficient to fully address the Company's liquidity needs. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management intends to continue exploring strategic financing alternatives and operational efficiencies to improve liquidity. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mpvbpbmp. About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Wolf & Company, P.C., the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating the Company has a significant working capital deficiency, has incurred significantlosses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $36.4 million in total assets, $23.2 million in total liabilities, and $13.2 million in total stockholders' equity. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Julia Dawn Youngblood Bankr. S.D. Fla. Case No. 26-15788 Chapter 11 Petition filed May 4, 2026 represented by: Chad Van Horn, Esq. In re James E. Watson Bankr. N.D. Calif. Case No. 26-40971 Chapter 11 Petition filed May 6, 2026 See https://www.pacermonitor.com/view/U75HEBA/James_E_Watson__canbke-26-40971__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kevin Merrick Bankr. D. Colo. Case No. 26-13256 Chapter 11 Petition filed May 8, 2026 represented by: Aaron Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. In re 20 WVC LLC Bankr. S.D. Fla. Case No. 26-16038 Chapter 11 Petition filed May 8, 2026 See https://www.pacermonitor.com/view/ZJGEOCA/20_WVC_LLC__flsbke-26-16038__0001.0.pdf?mcid=tGE4TAMA represented by: Gary Murphree, Esq. AM LAW PLLC E-mail: pleadings@amlaw-miami.com In re Lamila, LLC Bankr. S.D. Fla. Case No. 26-16023 Chapter 11 Petition filed May 8, 2026 See https://www.pacermonitor.com/view/3MW7DQQ/Lamila_LLC__flsbke-26-16023__0001.0.pdf?mcid=tGE4TAMA represented by: James Alan Poe, Esq. JAMES ALAN POE, P.A. E-mail: jpoe@jamesalanpoe.com In re K & M Broadcasting, Inc d/b/a KDWA Bankr. D. Minn. Case No. 26-31547 Chapter 11 Petition filed May 11, 2026 See https://www.pacermonitor.com/view/APCUH2Q/K__M_Broadcasting_Inc_dba_KDWA__mnbke-26-31547__0001.0.pdf?mcid=tGE4TAMA represented by: Mary Sieling, Esq. SEILING LAW, PLLC E-mail: mary@sielinglaw.com In re Sierra Electronics, Inc. Bankr. D. N.M. Case No. 26-10642 Chapter 11 Petition filed May 11, 2026 See https://www.pacermonitor.com/view/QGMUXGY/Sierra_Electronics_Inc__nmbke-26-10642__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Eleos ABA, LLC Bankr. D. Md. Case No. 26-15094 Chapter 11 Petition filed May 12, 2026 See https://www.pacermonitor.com/view/MXS2WMQ/Eleos_ABA_LLC__mdbke-26-15094__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Weiss, Esq. THE WEISS LAW GROUP E-mail: brett@BankruptcyLawMaryland.com In re Price Plumbing, Inc. Bankr. W.D. Okla. Case No. 26-11587 Chapter 11 Petition filed May 12, 2026 See https://www.pacermonitor.com/view/SFQPSGI/Price_Plumbing_Inc__okwbke-26-11587__0001.0.pdf?mcid=tGE4TAMA represented by: Joshua L. Farmer, Esq. GREAT PLAINS LEGAL SERVICES LLC E-mail: josh@gplawok.com In re TB Enterpises, LLC Bankr. W.D. Wash. Case No. 26-11579 Chapter 11 Petition filed May 12, 2026 See https://www.pacermonitor.com/view/K5C3RUA/TB_Enterpises_LLC__wawbke-26-11579__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Candelario Lora Bankr. C.D. Cal. Case No. 26-14752 Chapter 11 Petition filed May 13, 2026 represented by: Onyinye Anyama, Esq. In re Smart Counseling and Mental Health Center Licensed Professional Clinical Counselor, Inc. Bankr. C.D. Cal. Case No. 26-13810 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/NZSMR5A/Smart_Counseling_and_Mental_Health__cacbke-26-13810__0001.0.pdf?mcid=tGE4TAMA represented by: Larry D. Simons, Esq. JANUS LAW E-mail: larry@janus.law In re 3432 Lantana St LLC Bankr. M.D. Fla. Case No. 26-01138 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/CQZW6BI/3432_Lantana_St_LLC__flmbke-26-01138__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Starr Empire Consulting, LLC Bankr. S.D. Fla. Case No. 26-16170 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/B64T3TQ/Starr_Empire_Consulting_LLC__flsbke-26-16170__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Stephanie Hisako Kong and Basil Waine Kong Bankr. M.D. Ga. Case No. 26-50808 Chapter 11 Petition filed May 13, 2026 In re Stillwater Holdings, LLC Bankr. D. Minn. Case No. 26-31580 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/V5RYNFY/Stillwater_Holdings_LLC__mnbke-26-31580__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph Dicker, Esq. JOSEPH W DICKER PA E-mail: joe@joedickerlaw.com In re Lighten Up Hair Salon & Spa LLC Bankr. D.N.J. Case No. 26-15441 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/67K7UXI/Lighten_Up_Hair_Salon__Spa_LLC__njbke-26-15441__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re 17 Locust LLC Bankr. E.D.N.Y. Case No. 26-71908 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/AEIMBJA/17_Locust_LLC__nyebke-26-71908__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Anatoli Bartov Bankr. E.D.N.Y. Case No. 26-42332 Chapter 11 Petition filed May 13, 2026 represented by: Alla Kachan, Esq. In re SI 166 LLC Bankr. E.D.N.Y. Case No. 26-42315 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/BNIN65Y/SI_166_LLC__nyebke-26-42315__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Annie Eyelash & Permanent Make Up Salon, Inc. Bankr. S.D.N.Y. Case No. 26-11104 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/ZV3YMCQ/Annie_Eyelash__Permanent_Make__nysbke-26-11104__0001.0.pdf?mcid=tGE4TAMA represented by: Kamini Fox, Esq. KAMINI FOX PLLC E-mail: kamini@kfoxlaw.com In re Progress Telecomm NC LLC Bankr. E.D.N.C. Case No. 26-02162 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/CDKZZJQ/Progress_Telecomm_NC_LLC__ncebke-26-02162__0001.0.pdf?mcid=tGE4TAMA represented by: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC E-mail: lbiggs@biggslawnc.com In re Danny Ray Bartel and Brenda Sue Bartel Bankr. N.D. Tex. Case No. 26-42102 Chapter 11 Petition filed May 13, 2026 represented by: Craig D. Davis, Esq. In re Wanda Nelson Bankr. E.D. Va. Case No. 26-50487 Chapter 11 Petition filed May 13, 2026 See https://www.pacermonitor.com/view/KZJXW3Y/Wanda_Nelson__vaebke-26-50487__0001.0.pdf?mcid=tGE4TAMA In re Summer Fun Pools, Inc. Bankr. S.D. Ala. Case No. 26-11395 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/MZGS7YA/Summer_Fun_Pools_Inc__alsbke-26-11395__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC E-mail: abush@bushlegalfirm.com In re 705A Investors LLC Bankr. N.D. Cal. Case No. 26-50785 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/ASDP5QY/705A_Investors_LLC__canbke-26-50785__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re The Glass House Sales and Service Company, Inc. Bankr. M.D. Fla. Case No. 26-04090 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/3VSE2UY/The_Glass_House_Sales_and_Service__flmbke-26-04090__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel R. Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. E-mail: dfogarty@srbp.com In re TCW Remodel & Construction, LLC Bankr. M.D. Fla. Case No. 26-02162 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/PGIJBDI/TCW_Remodel__Construction_LLC__flmbke-26-02162__0001.0.pdf?mcid=tGE4TAMA represented by: Laurence A Steel, Esq. LAURENCE A STEEL E-mail: lawyersteel@gmail.com In re Vijay D Patel Bankr. N.D. Cal. Case No. 26-30418 Chapter 11 Petition filed May 14, 2026 represented by: Selwyn Whitehead, Esq. In re Hawaii Real Estate Development, LLC Bankr. N.D. Ga. Case No. 26-20776 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/LQ4MGBQ/Hawaii_Real_Estate_Development__ganbke-26-20776__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re The Gary & Janice Pinkston Family Trust dated January 18, 2008 Bankr. N.D. Ga. Case No. 26-20777 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/KMVFMUY/The_Gary__Janice_Pinkston_Family__ganbke-26-20777__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Waikoloa Village Lofts West LLC Bankr. N.D. Ga. Case No. 26-20761 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/OODOQIY/Waikoloa_Village_Lofts_West_LLC__ganbke-26-20761__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Waikoloa Village Lofts South LLC Bankr. N.D. Ga. Case No. 26-20773 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/JD6R72I/Waikoloa_Villate_Lofts_South_LLC__ganbke-26-20773__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Waikoloa Village Hotel CWS, LLC Bankr. N.D. Ga. Case No. 26-20771 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/IYCQYIQ/Waikoloa_Village_Hotel_CWS_LLC__ganbke-26-20771__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Waikoloa Village Hotel HIE LLC Bankr. N.D. Ga. Case No. 26-20772 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/JG6IEHY/Waikoloa_Village_Hotel_HIE_LLC__ganbke-26-20772__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re MP Kauai QOZ Fund LLC Bankr. N.D. Ga. Case No. 26-20775 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/G2TN35A/MP_Kauai_QOZ_Fund_LLC__ganbke-26-20775__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Fletcher K, LLC Bankr. N.D. Ga. Case No. 26-20774 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/II4KG2Q/Fletcher_K_LLC__ganbke-26-20774__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re MP Kauai HH Development Fund LLC Bankr. N.D. Ga. Case No. 26-20763 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/OX65NOY/MP_Kauai_HH_Development_Fund_LLC__ganbke-26-20763__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re MP Modesto LLC Bankr. N.D. Ga. Case No. 26-20766 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/HCA4NWI/MP_Modesto_LLC__ganbke-26-20766__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Waipahu Properties, LLC Bankr. N.D. Ga. Case No. 26-20768 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/EJVBWSQ/Waipahu_Properties_LLC__ganbke-26-20768__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Kukuiula Vistas, LLC Bankr. N.D. Ga. Case No. 26-20770 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/EOX3KFA/Kukuiula_Vistas_LLC__ganbke-26-20770__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Louis J. Alack and Ruth G. Alack Bankr. E.D. La. Case No. 26-11168 Chapter 11 Petition filed May 14, 2026 represented by: Darryl Landwehr, Esq. LANDWEHR LAW FIRM In re David Dean Raguse and Susan Eve Raguse Bankr. D. Minn. Case No. 26-60312 Chapter 11 Petition filed May 14, 2026 represented by: James Jorissen, Esq. In re Truman Dean Raguse Bankr. D. Minn. Case No. 26-60313 Chapter 11 Petition filed May 14, 2026 represented by: James Jorissen, Esq. In re William Joseph Shocinski Bankr. D. Minn. Case No. 26-41603 Chapter 11 Petition filed May 14, 2026 represented by: Jake Petersen, Esq. In re 644 Lorimer Realty LLC Bankr. E.D.N.Y. Case No. 26-42342 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/U7OXIOY/644_Lorimer_Realty_LLC__nyebke-26-42342__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 336 Restaurant LLC Bankr. E.D.N.Y. Case No. 26-71960 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/5FM7ROY/336_Restaurant_LLC__nyebke-26-71960__0001.0.pdf?mcid=tGE4TAMA represented by: Nico G. Pizzo, Esq. ROSEN, TSIONIS & PIZZO, PLLC E-mail: npizzo@ajrlawny.com In re Borjomi 1, Inc Bankr. E.D.N.Y. Case No. 26-42347 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/ZZQNUXY/Borjomi_1_Inc__nyebke-26-42347__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Niafa Inc Bankr. E.D.N.Y. Case No. 26-42373 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/YZOXJ4I/Niafa_Inc__nyebke-26-42373__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re T & T Hauling and Transport LLC Bankr. E.D.N.C. Case No. 26-02188 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/GD2QPZQ/T__T_Hauling_and_Transport_LLC__ncebke-26-02188__0001.0.pdf?mcid=tGE4TAMA represented by: JM Cook, Esq. J.M. COOK, P.A. E-mail: j.m.cook@jmcookesq.com In re BAJA Investment Properties LLC Bankr. D. Ore. Case No. 26-61356 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/QUR64KA/BAJA_Investment_Properties_LLC__orbke-26-61356__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Towers Electronics Inc. Bankr. D.P.R. Case No. 26-02194 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/TH2ZFBY/TOWERS_ELECTRONICS_INC__prbke-26-02194__0001.0.pdf?mcid=tGE4TAMA represented by: Homel Mercado Justiniano, Esq. E-mail: hmjlaw2@gmail.com In re Michael Lee Buse Bankr. W.D. Wash. Case No. 26-11598 Chapter 11 Petition filed May 14, 2026 represented by: Jennifer Neeleman, Esq. NEELEMAN LAW GROUP, P.C. In re Bachtel Electric, LLC Bankr. W.D. Wash. Case No. 26-11621 Chapter 11 Petition filed May 14, 2026 See https://www.pacermonitor.com/view/OJEE23Y/Bachtel_Electric_LLC__wawbke-26-11621__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Saacha Spade Bankr. E.D. Cal. Case No. 26-12254 Chapter 11 Petition filed May 15, 2026 In re Patrick Shawn Robson Bankr. D. Colo. Case No. 26-13480 Chapter 11 Petition filed May 15, 2026 represented by: Katharine Sender, Esq. THE SENDER LAW FIRM In re Wilfredo Emanuel Designs Inc. Bankr. M.D. Fla. Case No. 26-01183 Chapter 11 Petition filed May 15, 2026 See https://www.pacermonitor.com/view/DO4TNRI/Wilfredo_Emanuel_Designs_Inc__flmbke-26-01183__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Dal Lago, Esq. DAL LAGO LAW E-mail: mike@dallagolaw.com In re Thomas William O'Brien, Jr. Bankr. S.D. Fla. Case No. 26-16223 Chapter 11 Petition filed May 15, 2026 represented by: Jordan Rappaport, Esq. In re Kentucky Online Auction, LLC Bankr. E.D. Ky. Case No. 26-50828 Chapter 11 Petition filed May 15, 2026 See https://www.pacermonitor.com/view/65V4OSI/Kentucky_Online_Auction_LLC__kyebke-26-50828__0001.0.pdf?mcid=tGE4TAMA represented by: Noah Friend, Esq. NOAH R FRIEND LAW FIRM E-mail: noah@friendlawfirm.com In re Eva Marie Eresian Bankr. D. Mass. Case No. 26-40578 Chapter 11 Petition filed May 15, 2026 In re Phillip Jackson Bankr. S.D. Miss. Case No. 26-01359 Chapter 11 Petition filed May 15, 2026 represented by: Craig Geno, Esq. In re 1327-9 North Ave LLC Bankr. D.N.J. Case No. 26-15529 Chapter 11 Petition filed May 15, 2026 See https://www.pacermonitor.com/view/TJEC5CA/Michael_C_1327-9_North_Ave_LLC__njbke-26-15529__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Schonberger, Esq. LAW OFFICE OF MICHAEL C. SCHONBERGER, LLC E-mail: michael@bergeresq.com In re Jennifer Catherine Rader Bankr. W.D. Okla. Case No. 26-11631 Chapter 11 Petition filed May 15, 2026 In re Matthew Mendelson Gonzales and Meagan Ann Gonzales Bankr. M.D. Tenn. Case No. 26-02344 Chapter 11 Petition filed May 15, 2026 represented by: Jay Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC In re Lauren Ashley Real Estate LLC Bankr. N.D. Tex. Case No. 26-42130 Chapter 11 Petition filed May 15, 2026 See https://www.pacermonitor.com/view/JM5WM5A/Lauren_Ashley_Real_Estate_LLC__txnbke-26-42130__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Glacier View Management, LLC Bankr. S.D. Tex. Case No. 26-33460 Chapter 11 Petition filed May 15, 2026 See https://www.pacermonitor.com/view/EYQ3Q3A/Glacier_View_Management_LLC__txsbke-26-33460__0001.0.pdf?mcid=tGE4TAMA represented by: Tamara D. Stiner Toomer, Esq. RAMPART LAW GROUP PLLC E-mail: tamara@rampartlawgroup.com In re Malo Es Na Corp. Bankr. D.P.R. Case No. 26-02237 Chapter 11 Petition filed May 16, 2026 See https://www.pacermonitor.com/view/R3DQQYI/MALO_ES_NA_CORP__prbke-26-02237__0001.0.pdf?mcid=tGE4TAMA represented by: Antoan Figueroa, Esq. FIGUEROA Y ASOCIADOS LLC E-mail: lic.figueroa@prquiebra.com In re Lomas Verdes Family Dental CSP Bankr. D.P.R. Case No. 26-02240 Chapter 11 Petition filed May 17, 2026 See https://www.pacermonitor.com/view/PX62ZCY/LOMAS_VERDES_FAMILY_DENTAL_CSP__prbke-26-02240__0001.0.pdf?mcid=tGE4TAMA represented by: Maria Soledad Lozada Figueroa, Esq. LOZADA LAW E-mail: msl@lozadalaw.com In re Palmaire Ave LLC Bankr. D. Ariz. Case No. 26-04920 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/TLM32FI/Palmaire_Ave_LLC__azbke-26-04920__0001.0.pdf?mcid=tGE4TAMA represented by: Grant L. Cartwright, Esq. MAY POTENZA BARAN & GILLESPIE, PC E-mail: gcartwright@maypotenza.com In re Blanche M Berry and Shaun Berry Bankr. N.D. Fla. Case No. 26-40282 Chapter 11 Petition filed May 18, 2026 represented by: Byron Wright, Esq. In re Mizner & Mizner LLC Bankr. S.D. Fla. Case No. 26-16382 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/2WFIIEY/Mizner__Mizner_LLC__flsbke-26-16382__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re James Dwight Noland, Jr. Bankr. S.D. Fla. Case No. 26-16396 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/5CI5IMA/James_Dwight_Noland_Jr__flsbke-26-16396__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mizner & Mizner LLC Bankr. S.D. Fla. Case No. 26-16382 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/BXHZ4NQ/Mizner__Mizner_LLC__flsbke-26-16382__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Gary Dale Ashlock Bankr. S.D. Ind. Case No. 26-70328 Chapter 11 Petition filed May 18, 2026 represented by: KC Cohen, Esq. In re JDJ LLC Bankr. N.D.N.Y. Case No. 26-10557 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/4QYWKOY/JDJ_LLC__nynbke-26-10557__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Thien H Nguyen Bankr. W.D. Okla. Case No. 26-11655 Chapter 11 Petition filed May 18, 2026 In re BitAccess Inc. Bankr. S.D. Tex. Case No. 26-90542 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/Z7WZ24Y/BitAccess_Inc__txsbke-26-90542__0001.0.pdf?mcid=tGE4TAMA represented by: Paul E. Heath, Esq. VINSON & ELKINS LLP E-mail: pheath@velaw.com In re Mintz Assets, Inc. Bankr. S.D. Tex. Case No. 26-90541 Chapter 11 Petition filed May 18, 2026 See https://www.pacermonitor.com/view/4R7J4WQ/Mintz_Assets_Inc__txsbke-26-90541__0001.0.pdf?mcid=tGE4TAMA represented by: Paul E. Heath, Esq. VINSON & ELKINS LLP E-mail: pheath@velaw.com In re Louis Christopher Arriaga Bankr. N.D. Cal. Case No. 26-50812 Chapter 11 Petition filed May 19, 2026 In re The FAB Law Firm, LLC Bankr. M.D. Fla. Case No. 26-03695 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/LFYOZRI/The_FAB_Law_Firm_LLC__flmbke-26-03695__0001.0.pdf?mcid=tGE4TAMA represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. E-mail: chad@cvhlawgroup.com In re 4919 Long Ave LLC Bankr. N.D. Ill. Case No. 26-08644 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/4D4VJVY/4919_Long_Ave_LLC__ilnbke-26-08644__0001.0.pdf?mcid=tGE4TAMA represented by: David P. Lloyd, Esq. DAVID P. LLOYD, LTD E-mail: courtdocs@davidlloydlaw.com In re Cedric Higgins and Taryon Michelle Seard-Higgins Bankr. N.D. Miss. Case No. 26-11758 Chapter 11 Petition filed May 19, 2026 represented by: Susan Smith, Esq. In re 125 Berckman St LLC Bankr. D.N.J. Case No. 26-15661 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/DZX7W6A/125_Berckman_St_LLC__njbke-26-15661__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Capostrada LLC Bankr. D.N.J. Case No. 26-15646 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/NPWONMA/Capostrada_LLC__njbke-26-15646__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel Reinganum, Esq. LAW OFFICES OF DANIEL REINGANUM, PC E-mail: daniel@reinganumlaw.com In re Abe Nissim Bankr. E.D.N.Y. Case No. 26-42445 Chapter 11 Petition filed May 19, 2026 In re Mark Anthony Thompson Bankr. E.D.N.Y. Case No. 26-42440 Chapter 11 Petition filed May 19, 2026 In re Runway Medical Transport, LLC Bankr. S.D.N.Y. Case No. 26-35547 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/YXXJUSA/Runway_Medical_Transport_LLC__nysbke-26-35547__0001.0.pdf?mcid=tGE4TAMA represented by: James J. Rufo, Esq. LAW OFFICE OF JAMES J. RUFO E-mail: jrufo@jamesrufolaw.com In re Dynamic Auto Work Inc. Bankr. D.P.R. Case No. 26-02281 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/ZPMEJZY/DYNAMIC_AUTO_WORK_INC__prbke-26-02281__0001.0.pdf?mcid=tGE4TAMA represented by: Jose M Prieto Carballo, Esq. JPC LAW OFFICE E-mail: jpc@jpclawpr.com In re Casa South LLC Bankr. D.S.C. Case No. 26-02236 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/BY536KI/Casa_South_LLC__scbke-26-02236__0001.0.pdf?mcid=tGE4TAMA represented by: Roger K Pruitt, Esq. RK PRUITT LAW FIRM E-mail: attorney@rkpruitt.com In re Forbes Distribution & Warehousing, Inc. Bankr. D.S.C. Case No. 26-02249 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/ZX5ZQVA/Forbes_Distribution__Warehousing__scbke-26-02249__0001.0.pdf?mcid=tGE4TAMA represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM E-mail: rhcooper@thecooperlawfirm.com In re Joe D. Wright and Alicia D. Wright Bankr. W.D. Tenn. Case No. 26-10723 Chapter 11 Petition filed May 19, 2026 represented by: Thomas Strawn, Esq. In re Cannon's Classic Cars LLC Bankr. D. Utah Case No. 26-22970 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/VETWV3Y/Cannons_Classic_Cars_LLC__utbke-26-22970__0001.0.pdf?mcid=tGE4TAMA represented by: T. Edward Cundick, Esq. WORKMAN NYDEGGER E-mail: tcundick@wnlaw.com In re Tiger Capital Corporation Bankr. W.D. Wash. Case No. 26-11675 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/M7FL3NY/Tiger_Capital_Corporation__wawbke-26-11675__0001.0.pdf?mcid=tGE4TAMA represented by: Kathryn P. Scordato, Esq. SCORDATO LAW, PLLC E-mail: kathryn@scordatolaw.com In re Brenda Renee Rahim Bankr. E.D. Va. Case No. 26-11214 Chapter 11 Petition filed May 19, 2026 represented by: Daniel Press, Esq. CHUNG & PRESS, P.C. In re David Livingston Penix Bankr. S.D. W.Va. Case No. 26-20128 Chapter 11 Petition filed May 19, 2026 represented by: Joe Supple, Esq. In re Tiger Capital Corporation Bankr. W.D. Wash. Case No. 26-41500 Chapter 11 Petition filed May 19, 2026 See https://www.pacermonitor.com/view/KZLBDOA/Tiger_Capital_Corporation__wawbke-26-41500__0001.0.pdf?mcid=tGE4TAMA represented by: Kathryn P. Scordato, Esq. SCORDATO LAW, PLLC E-mail: kathryn@scordatolaw.com In re Nellie Gagloeva Bankr. N.D. Cal. Case No. 26-50823 Chapter 11 Petition filed May 20, 2026 In re Brenda Britten Bankr. M.D. Fla. Case No. 26-03743 Chapter 11 Petition filed May 20, 2026 represented by: J. Christopher Crowder, Esq. In re Griffen Robert Hock and Danielle Mary Hock Bankr. E.D. Mich. Case No. 26-45772 Chapter 11 Petition filed May 20, 2026 Filed Pro Se In re Liberty Corner Management LLC Bankr. E.D.N.Y. Case No. 26-42475 Chapter 11 Petition filed May 20, 2026 See https://www.pacermonitor.com/view/MGSP2OQ/Liberty_Corner_Management_LLC__nyebke-26-42475__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re J. R. Andorin, Inc. Bankr. S.D.N.Y. Case No. 26-35553 Chapter 11 Petition filed May 20, 2026 See https://www.pacermonitor.com/view/LAC77PA/J_R_Andorin_Inc__nysbke-26-35553__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Clearsea Corp Bankr. D.P.R. Case No. 26-02287 Chapter 11 Petition filed May 20, 2026 See https://www.pacermonitor.com/view/F7VDS3Q/CLEARSEA_CORP__prbke-26-02287__0001.0.pdf?mcid=tGE4TAMA represented by: Homel Mercado Justinano, Esq. HOMEL MERCADO JUSTINIANO E-mail: hmjlaw2@gmail.com In re Life Line Plumbing LLC Bankr. S.D. Tex. Case No. 26-33536 Chapter 11 Petition filed May 20, 2026 See https://www.pacermonitor.com/view/Q4ZFYLQ/Life_Line_Plumbing_LLC__txsbke-26-33536__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Chon's Paint & Body, Inc. Bankr. D. Ariz. Case No. 26-05065 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/G3LBNCQ/CHONS_PAINT__BODY_INC__azbke-26-05065__0001.0.pdf?mcid=tGE4TAMA represented by: Jody A. Corrales, Esq. DECONCINI MCDONALD YETWIN & LACY, P.C. E-mail: jcorrales@dmyl.com In re Nanke Signature Group, LLC Bankr. D. Ariz. Case No. 26-05055 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/5KQAVIQ/NANKE_SIGNATURE_GROUP_LLC__azbke-26-05055__0001.0.pdf?mcid=tGE4TAMA represented by: Eli Enger, Esq. UDALL SHUMWAY PLC E-mail: ete@udallshumway.com In re Micah Lamar McDonald Bankr. C.D. Cal. Case No. 26-11094 Chapter 11 Petition filed May 21, 2026 represented by: Thomas Ure, Esq. In re Parvinder S. Hundal and Amerjit Johl-Hundal Bankr. E.D. Cal. Case No. 26-12349 Chapter 11 Petition filed May 21, 2026 represented by: Riley C. Walter, Esq. In re Alex Enterprises, LLC Bankr. M.D. Fla. Case No. 26-04348 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/LNMAA6A/Alex_Enterprises_LLC__flmbke-26-04348__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. E-mail: All@tampaesq.com In re Thomas A. Lebeau Bankr. M.D. Fla. Case No. 26-02312 Chapter 11 Petition filed May 21, 2026 represented by: Thomas Adam, Esq. In re Holistic Vitalis LLC Bankr. N.D. Ga. Case No. 26-56740 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/HSIYE5Y/Holistic_Vitalis_LLC__ganbke-26-56740__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Steven Michael Caton Bankr. N.D. Ill. Case No. 26-03743 Chapter 11 Petition filed May 21, 2026 represented by: Brian Welch, Esq. In re Jean W. Samedi Bankr. D. Mass. Case No. 26-11186 Chapter 11 Petition filed May 21, 2026 represented by: Cynthia Ravosa, Esq. In re Toni El-Boghdedy Bankr. D.N.J. Case No. 26-15781 Chapter 11 Petition filed May 21, 2026 represented by: Alla Kachan, Esq. In re El-Boghdedy Express Cab Corp Bankr. D.N.J. Case No. 26-15780 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/ZVTS3UI/El-Boghdedy_Express_Cab_Corp__njbke-26-15780__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Aida Cab Corp Bankr. D.N.J. Case No. 26-15777 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/AEEX3WA/Aida_Cab_Corp__njbke-26-15777__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Naima Cab Corp Bankr. D.N.J. Case No. 26-15773 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/GF5A7WI/Naima_Cab_Corp__njbke-26-15773__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Codio Cigars LLC Bankr. D.N.J. Case No. 26-15750 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/2XOKSIA/Codio_Cigars__njbke-26-15750__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re ECUO Real Holdings, Inc. Bankr. E.D.N.Y. Case No. 26-42502 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/FPII2DQ/ECUO_Real_Holdings_Inc__nyebke-26-42502__0001.0.pdf?mcid=tGE4TAMA represented by: Julio E. Portilla, Esq. JULIO E. PORTILLA E-mail: jp@julioportillalaw.com In re Haze Hospitality LLC Bankr. E.D.N.Y. Case No. 26-72050 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/EICBQCI/Haze_Hospitality_LLC__nyebke-26-72050__0001.0.pdf?mcid=tGE4TAMA represented by: Marc A. Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP E-mail: mpergament@wgplaw.com In re Mohan L. Sharma Bankr. E.D.N.Y. Case No. 26-72045 Chapter 11 Petition filed May 21, 2026 represented by: Kamini Fox, Esq. In re Brandon E. Farrell Bankr. W.D.N.Y. Case No. 26-10649 Chapter 11 Petition filed May 21, 2026 represented by: Arthur Baumeister, Esq. In re Jorge Canario and Cynthia Yocabel Pimentel Bankr. E.D.N.C. Case No. 26-02302 Chapter 11 Petition filed May 21, 2026 represented by: Erich Fabricius, Esq. In re T-Nevin-T Holdings, LLC Bankr. M.D. Pa. Case No. 26-01449 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/WTRZ3HI/T-Nevin-T_Holdings_LLC__pambke-26-01449__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence V. Young, Esq. CGA LAW FIRM E-mail: lyoung@cgalaw.com In re Signitives Technologies, LLC Bankr. N.D. Tex. Case No. 26-42224 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/X3U5ZDY/Signitives_Technologies_LLC__txnbke-26-42224__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph F. Postnikoff, Esq. ROCHELLE MCCULLOUGH, LLP E-mail: jpostnikoff@romclaw.com In re Topp Paradise, LLC Bankr. E.D. Va. Case No. 26-32138 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/PJKSCGA/Topp_Paradise_LLC__vaebke-26-32138__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Vintage Investments, Inc. Bankr. W.D. Wash. Case No. 26-11711 Chapter 11 Petition filed May 21, 2026 See https://www.pacermonitor.com/view/HLUC26A/Vintage_Investments_Inc__wawbke-26-11711__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Elizabeth Ann Naylor and Ronald Stephen Owens Bankr. D. Ariz. Case No. 26-05144 Chapter 11 Petition filed May 22, 2026 In re JN Griffin Trucking, LLC Bankr. W.D. Ark. Case No. 26-71014 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/JNHPZNQ/JN_Griffin_Trucking_LLC__arwbke-26-71014__0001.0.pdf?mcid=tGE4TAMA represented by: Marc Honey, Esq. HONEY LAW FIRM, P.A. E-mail: mhoney@honeylawfirm.com In re Phuong Vo Enterprises, Inc. Bankr. N.D. Cal. Case No. 26-50836 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/JXKKLQI/Phuong_Vo_Enterprises_Inc__canbke-26-50836__0001.0.pdf?mcid=tGE4TAMA represented by: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. E-mail: af@farsadlaw.com In re JSM Properties, LLC Bankr. D. Conn. Case No. 26-50371 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/EPPXFVI/JSM_Properties_LLC__ctbke-26-50371__0001.0.pdf?mcid=tGE4TAMA represented by: Josephine Miller, Esq. LAW OFFICE OF JOSEPHINE MILLER E-mail: Jsmillerlaw@gmail.com In re Jojoto Grill & Latin Food LLC Bankr. M.D. Fla. Case No. 26-03819 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/7DOKRZI/Jojoto_Grill__Latin_Food_LLC__flmbke-26-03819__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC E-mail: jeff@bransonlaw.com In re Brazas Chicken Inc. Bankr. M.D. Fla. Case No. 26-03802 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/TIJLI6I/Brazas_Chicken_Inc__flmbke-26-03802__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re PACS LLC Bankr. E.D. Mo. Case No. 26-42255 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/62EP7DI/PACS_LLC__moebke-26-42255__0001.0.pdf?mcid=tGE4TAMA represented by: William H Ridings Jr., Esq. RIDINGS LAW FIRM E-mail: ridingslaw2003@yahoo.com In re Amber Mclean Bankr. D. Neb. Case No. 26-40599 Chapter 11 Petition filed May 22, 2026 In re University Stone Living LLC Bankr. D.N.J. Case No. 26-15833 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/OWQ2EMA/University_Stone_Living_LLC__njbke-26-15833__0001.0.pdf?mcid=tGE4TAMA represented by: Karl J. Norgaard, Esq. NORGAARD OBOYLE HANNON E-mail: knorgaard@norgaardfirm.com In re 97 & 99 Prospect, LLC Bankr. W.D.N.Y. Case No. 26-10658 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/CG2ILBI/97__99_Prospect_LLC__nywbke-26-10658__0001.0.pdf?mcid=tGE4TAMA represented by: Robert B. Gleichenhaus, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. In re The Galindo Empire, LLC Bankr. S.D. Tex. Case No. 26-33599 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/WCKAKUQ/The_Galindo_Empire_LLC__txsbke-26-33599__0001.0.pdf?mcid=tGE4TAMA represented by: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC E-mail: jeremy@jeremywoodlaw.com In re Ferrara Building Group, Inc. Bankr. E.D. Va. Case No. 26-71362 Chapter 11 Petition filed May 22, 2026 See https://www.pacermonitor.com/view/FLXPSVA/Ferrara_Building_Group_Inc__vaebke-26-71362__0001.0.pdf?mcid=tGE4TAMA represented by: Paul Driscoll, Esq. ZEMANIAN LAW GROUP E-mail: paul@zemanianlaw.com In re 20200 W Dixie Ste 1208 LLC Bankr. S.D. Fla. Case No. 26-16761 Chapter 11 Petition filed May 23, 2026 See https://www.pacermonitor.com/view/QFZ7BNA/20200_W_DIXIE_STE_1208_LLC__flsbke-26-16761__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. 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 ***