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260626.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, June 26, 2026, Vol. 30, No. 177 Headlines 15 CODMAN PARK: Voluntary Chapter 11 Case Summary 303 THE HILL: Seeks Subchapter V Bankruptcy in Colorado 5218 PROPERTY: Case Summary & 15 Unsecured Creditors 948-52 W. WEBSTER: Case Summary & Six Unsecured Creditors ACCESS & SERVICE: Tom Howley Named Subchapter V Trustee ACTIVE SPINE: Lauren Goodman Named Subchapter V Trustee ADAMS HOMES: Moody's Upgrades CFR to B1, Outlook Remains Stable ADRIANA TAFUR: Court Extends Cash Collateral Access to July 9 AHF PARENT: S&P Downgrades ICR to 'B-', On CreditWatch Negative ALASKA SILVER: Shareholders Elect Directors, Approve Plans ALLERE GROUP: Seeks Chapter 7 in Delaware with $117MM Debt ALPHA SURFACES: L. Todd Budgen Named Subchapter V Trustee AMAZE HOLDINGS: Stockholders Approve Increase in Authorized Shares AMKOR TECHNOLOGY: S&P Affirms 'BB' Rating on Unsecured Debt ANNOVIS BIO: Stockholders Approve Equity Plan Increase ARBOR REALTY: Moody's Alters Outlook on 'Ba2' CFR to Negative ASATOR GLOBAL: Case Summary & 20 Largest Unsecured Creditors ASCENT SOLAR: All Five Key Proposals Approved at Annual Meeting ASPIRA WOMENS: Annual Meeting Clears All Four Stockholder Proposals BATH & BODY: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable BELLA TUSCANY: Gets OK to Use Cash Collateral Until Aug. 19 BELLAGIO EQUITY: Seeks Chapter 7 Bankruptcy in California BENCHMARK PRODUCTIONS: Gets Interim OK to Use Cash Collateral BIG DIGITAL: Regains Nasdaq Equity Compliance Under Panel Decision BIG L TIRES: Gets Interim OK to Use Cash Collateral BIRDSBORO POWER: S&P Assigns (P) 'B+' Rating on $450MM Term Loan BITCOIN DEPOT: Overcomes States' Challenge to Bankruptcy Plan Vote BOKQUA LLC: Court OKs Colorado Properties to Multiple Buyers BROOKS CUSTOM: Equipment Sale to Bobby Ray Howell OK'd BUZZFEED INC: Sells 4.2M Shares for $1.44 Each C.R. OF WILDWOOD: Nancy Pitra Named Substitute PCO CABLE ONE: S&P Places 'BB-' ICR on Watch Neg. on Mega Acquisition CAMP MYSTIC: Voluntary Chapter 11 Case Summary CD&R SMOKEY: Moody's Cuts CFR to 'Caa1', Outlook Negative CHEMCAT ACQUISITIONCO: S&P Assigns 'B' ICR, Outlook Stable CIMG INC: Unit Signs Framework Contract Worth Up to $442M CITROTECH INC: 2 Directors Exit Board, Michael Feigin Fills Vacancy COMPASS MINERALS: S&P Upgrades ICR to 'B+' on Debt Paydown CPI HOLDCO: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable D 5030 WESTMINSTER: Case Summary & 20 Largest Unsecured Creditors D L INVESTMENT: Commences Chapter 11 Bankruptcy in Illinois DALTONBRIELLA LLC: Gets Interim OK to Use Cash Collateral DEEP FISSION: Completes $40M Public Stock Offering DELUXE CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable DRY CLEANERS: Case Summary & 10 Unsecured Creditors DS FORDHAM: Claims to be Paid from Exit Financing EAST 115TH STREET: Claims to be Paid from Property Sale Proceeds ECHOSTAR CORP: Charles Ergen Discloses 51% Equity Stake EGO COLLISION: Carol Fox of GlassRatner Named Subchapter V Trustee ELETSON HOLDINGS: Court Withdraws Reference for Levona, et al. Case ELITE LIFE: Claims to be Paid from Rental Income ELIZABETH I LLC: Claims Will be Paid from Property Sale/Refinance ELK GROVE: S&P Assigns 'BB-' Rating on $900MM Senior Secured Notes ENCORE DEC: Seeks Chapter 11 Bankruptcy in Nevada ENERGY FOCUS: Director Slate, Auditor Confirmed at Annual Meeting EVA LIVE: Forms Defense Unit for Drone Tech Deals FB CRESCENT: Case Summary & 11 Unsecured Creditors FB EMERALD: Case Summary & 11 Unsecured Creditors FOUR FINGERS: Joseph Cotterman Named Subchapter V Trustee FTX TRADING:Trial Date Set for Exec's Wife in Campaign Finance Case GAIA PURCHASER: Moody's Assigns 'B2' CFR Amid Global Business Deal GARDENS OF FOREST: Seeks Subchapter V Bankruptcy in Florida GENAPSYS INC: Court Narrows Claims in Oxford Finance Adversary Case GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says GENIE INVESTMENTS: Cohan's Case v. U.S. Trustee Attorney Tossed GENPREX INC: Receives Canadian Notice for Reqorsa Patent GOLDNER CAPITAL: Sues Ex-Director for Failure to Release Emails GOLIATH VENTURES: Sequor Represents Ponzi Scheme Victims GVO PARTNERS: Case Summary & 14 Largest Unsecured Creditors HALLMARK FINANCIAL: Unsecureds Will Get 100% of Claims in Plan HAMPTON DREAM: Court Asked to OK Chapter 11 Trustee Appointment HANNON ENTERPRISE: Unsecureds Will Get 5% of Claims over 60 Months HANSEN-MUELLER: Gets Extension to Access Cash Collateral HARDCORE CONCRETE: Gets Extension to Use Cash Collateral HAVEN 10 PROPERTY: Involuntary Chapter 11 Case Summary HAWTHORNE RACE: Chapter 11 Auction Could be Held in August HCEC EQUITIES: Voluntary Chapter 11 Case Summary HEALING WITH CAARE: Taps Ascendia Business Services as CPA HEARDMONT HEALTH: Nancy Pitra Named Substitute PCO HEPION PHARMACEUTICALS: Five Directors Elected at Annual Meeting HERMES INVESTMENTS: Commences Chapter 11 Bankruptcy in D.C. HERNAN REYES: Court Extends Cash Collateral Access to July 14 HERTZ CORP: S&P Rates Proposed $300MM Exchangeable Notes 'B-' HOMEMAKERS REAL ESTATE: Court OKs Appointment of Chapter 11 Trustee ICU MEDICAL: Moody's Upgrades CFR to Ba3, Outlook Stable INMUNE BIO: Stockholders Approve Incentive Plan Increase INNOVATIVE DESIGNS: Going Concern Persists Despite Profitable Q2 IQSTEL INC: Board Amends Series B Preferred Stock Conversion Rights J.R. BUTLER: SMS Wins Bid to Convert Bankruptcy Case to Chapter 7 JACKSON GENERATION: S&P Rates New $625MM Term Loan B Prelim 'BB-' JACKSON HOSPITAL: Court Tosses Motion for Preliminary Injunction JAGUAR LOGISTICS: Gets Interim OK to Use Cash Collateral JEFFERY LAND: Seeks to Hire The Frank Firm as Legal Counsel KNIGHT HEALTH: S&P Withdraws 'CCC+' Issuer Credit Rating KOINONIA CONSTRUCTION: To Sell Elko Property to Tricia Cooper KOSMOS ENERGY: Moody's Ups CFR to Caa1 & Alters Outlook to Positive LAZARUS INDUSTRIES: To Hire Michael A. Benson as Special Counsel LEARFIELD COMMUNICATIONS: S&P Withdraws 'B' Issuer Credit Rating LFTD PARTNERS: Director R. Morrissy Resigns Over Health Concern LIVE NATION: S&P Alters Outlook to Stable, Affirms 'BB-' ICR LMC CONSTRUCTION: Case Summary & Seven Unsecured Creditors LS PARENT: S&P Ups ICR to 'B' on Improved Leverage, Outlook Stable MADISYN ON PARK: Court Denies Bid to Bar Access to Cash Collateral MARIETTA AREA HEALTH: Fitch Affirms 'B' IDR, Outlook Stable MARK J. PAMER D.O.: Aleida Molina Named Subchapter V Trustee MAXILL INC: Loses Bid to Stay Proceedings in Loops Patent Lawsuit MCDERMOTT INTERNATIONAL: S&P Assigns 'B+' ICR, Outlook Stable MEDICAL MANAGEMENT: Nancy Pitra Named Substitute PCO MEDICAL SYSTEM: Case Summary & 20 Largest Unsecured Creditors MIS INTERMEDIATE: Moody's Assigns 'B2' CFR, Outlook Stable MONEY MOVES: Paul Levine Named Subchapter V Trustee MOUNTAIN VIEW: Nancy Pitra Named Substitute PCO MULTI-RACE HOUSING: Claims to be Paid from Disposable Income MYSTIC CAMP: Seeks Chapter 11 Bankruptcy in Texas NEW FORTRESS: All Five Key Proposals Approved at Annual Meeting NEW FORTRESS: Stockholders OK Amended Omnibus Incentive Plan NORTH TEXAS: Case Summary & 20 Largest Unsecured Creditors OCEANEERING INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Positive OLIN CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Positive PACIFIC PRIVATE: Commences Chapter 11 Bankruptcy in California PALM GREENS: Condo 1 Can't Halt Assumption of Executory Contracts PERFORCE INTERMEDIATE: S&P Affirms 'B-' ICR, Alters Outlook to Neg PHILLIPS TOTAL: Updates Priority Claims Pay; Plan Hearing Aug. 14 PHINIA INC: Moody's Affirms 'Ba1' CFR, Outlook Stable PHOENIX GUARANTOR: Moody's Ups CFR to 'Ba3, Outlook Stable PLANET GREEN: Sells Bless HK and Jingshan to Streamline Operations POPOVICH ENTERPRISES: Gets Interim OK to Use Collateral PREMIUM EDGE: To Sell Senior Living Assets to Highest Bid PRIME CORE: Court Narrows Claims Oval Labs, et al., Adversary Case PURDUE PHARMA: Judge Approves Claims Trustee, Payout Procedures QUADRA FS INC: Unsecureds Will Get 5% of Claims over 84 Months QUALITY EDUCATION: Moody's Downgrades Revenue Rating to Ba3 QUICK PRINTS: Gets Final OK to Use Cash Collateral REWORLD HOLDING: S&P Alters Outlook to Negative, Affirms 'B+' ICR RHINOGRAM INC: Gets Interim OK to Use Cash Collateral Until July 23 RIBBIT ROOFING: Seeks to Hire Matthew Bobo PLLC as Special Counsel RITCHEY'S TRUCK: Gets Interim OK to Use Cash Collateral ROLLING TANK: Case Summary & Eight Unsecured Creditors ROMANOV GROUP: Case Summary & 20 Largest Unsecured Creditors ROOF EZ: Gets Extension to Access Cash Collateral ROSE WAY II: Seeks Chapter 11 Bankruptcy in New York RTB DIGITAL: Launches AI/DeFi Payments for Publishers RTB DIGITAL: Says Outstanding Common Shares Total 13.6 Million RUSSELLVILLE DENTAL: Keith Larson Named Subchapter V Trustee SALT TECHNOLOGIES: Voluntary Chapter 11 Case Summary SANGAMO THERAPEUTICS: Case Summary & 20 Top Unsecured Creditors SANGAMO THERAPEUTICS: Wins Interim Approval for $30MM DIP Loan SELECT A BAGEL: Seeks to Hire Biolsi Law Group as Special Counsel SELECT A BAGEL: Seeks to Tap Rosen Tsionis & Pizzo as Counsel SERVESTAR LLC: Gets Interim OK to Use Cash Collateral SHIFT4 PAYMENTS: S&P Affirms 'BB-' ICR, Outlook Stable SHIV POOJA: Seeks Court Approval to Hire Robert Bassel as Counsel SIMPLY INTERIOR: Seeks to Hire Epiq as Claims and Noticing Agent SKOLEM GROUP: Case Summary & 19 Unsecured Creditors SKY QUARRY: Enters Production Phase at Nevada Refinery SLEEP NUMBER: Court OKs Interim DIP Loan From U.S. Bank SLEEP NUMBER: Nasdaq to Delist Common Stock Over Chapter 11 Filing SMARTBIRD INC: Names Carlsten CEO, Expands Financing SOCAL CAYOTES: Case Summary & One Unsecured Creditor SOUND INPATIENT: Moody's Ups CFR to B3 & Alters Outlook to Stable SPOKE MEDIA: Case Summary & 20 Largest Unsecured Creditors SUPRA NATIONAL: Seeks to Tap Colliers Tingey as Real Estate Broker TAYLOR CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors TEANECK SURGICAL: Seeks to Hire Duane Morris as Bankruptcy Counsel TEGETHOFF DEVELOPMENT: Solera, et al. Case Stayed Due to Bankruptcy TOPPER CORP: Taps Jamie E. Santiago as Financial Consultant TRANSALTA CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable TRICOLOR AUTO: Ex-COO David Goodgame Pleads Guilty in Fraud Case TUCK-N-RED'S SPIRITS: Shuts Down With No Bankruptcy Filing UNION FLATIRON: Seeks to Tap BJC Advisors as Restructuring Advisor UPWARD AG SYSTEMS: Donald Swanson Named Subchapter V Trustee URBAN ONE: Registers 2M Combined Shares Under 2026 Incentive Plan VALYRIAN MACHINE: Court Extends Cash Collateral Access to July 14 VENETIAN CARE: Seeks to Hire KCP Advisory as Financial Advisor VENETIAN CARE: Seeks to Tap Emmet Marvin & Martin as Counsel WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable WELLPATH HOLDINGS: Court Dismisses "Simpson" Without Prejudice WEST TECHNOLOGY: Moody's Withdraws 'Ca' Corporate Family Rating WILSONART LLC: S&P Downgrades ICR to 'B-' on Elevated Leverage WISDOM DENTAL: Gets Final OK to Use Cash Collateral WOODLAND OAKS: Case Summary & 20 Largest Unsecured Creditors WORKHORSE GROUP: Signs Omnibus Amendment No. 2 to Credit Agreements WORLD CLASS: Seeks Court Approval to Tap Julianne Frank as Counsel WRENCHERS LLC: Seeks Approval to Hire Robert Bassel as Counsel XCF GLOBAL: Ends $50 Million Helena Purchase Agreement Y.N.L.C. CAFE: Gets Interim OK to Use Cash Collateral Until July 10 ZOMANO CAFES: Gets Interim OK to Use Cash Collateral [] Sprayregen Joins Paul Weiss as Restructuring Practice Co-Head [^] BOOK REVIEW: Bendix-Martin Marietta Takeover War ********* 15 CODMAN PARK: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 15 Codman Park LLC 228 Western Ave Cambridge, MA 02139 Business Description: 15 Codman Park LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 19, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-11458 Judge: Hon. Janet E. Bostwick Debtor's Counsel: Laurel Bretta, Esq. BRETTA LAW ADVISORS PC 127A Main St Medford, MA 02155 Tel: 781-395-1545 E-mail: corr@lbretta.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jessica Acevedo as authorized representative. The petition was filed without the Debtor's list of its 20 largest unsecured creditors A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XWGCAMI/15_Codman_Park_LLC__mabke-26-11458__0001.0.pdf?mcid=tGE4TAMA 303 THE HILL: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------- EmilyAnn Jackman of PennLive reports that Colorado-based skateboard and sporting goods chain 303 Boards has entered Chapter 11 bankruptcy after recently shutting down its Boulder location. The retailer, which continues to operate two stores in Denver, filed for protection in an effort to reorganize its debts and stabilize its finances. According to court documents, affiliate 303 The Hill Ltd. filed a Subchapter V bankruptcy petition on June 18, 2026 in the District of Colorado. The debtor listed assets exceeding $85,000 and liabilities totaling more than $705,000. The company told the court that its financial troubles stemmed from several merchant cash advance agreements that ultimately depleted available operating capital. Major creditors identified in the filing include Shopify Capital, PNC Bank, and Fenix Capital Funding. Established in 1997, 303 Boards has served Colorado's skateboarding community for nearly three decades. In announcing the closure of its Boulder store, management pointed to increasingly difficult economic conditions and urged consumers to continue supporting local businesses, the report relays. About 303 The Hill 303 The Hill Ltd. is a Colorado retailer specializing in skateboard-related merchandise and sporting goods. As an affiliate of 303 Boards, the company offers a range of products including skateboards, accessories, footwear, and apparel, catering to both recreational and competitive skateboard enthusiasts. 303 The Hill sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 26-14414) on June 18, 2026. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Aaron A. Garber, Esq. 5218 PROPERTY: Case Summary & 15 Unsecured Creditors ---------------------------------------------------- Debtor: 5218 Property LLC 5218 Atlantic Avenue Mays Landing, NJ 08330 Business Description: Property LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-17177 Debtor's Counsel: David H. Stein, Esq., Esq. WILENTZ, GOLDMAN & SPITZER, P.A. 90 Woodbridge Center Drive Suite 900, Box 10 Woodbridge, NJ 07095 Tel: 732-636-8000 Fax: 732-855-6117 E-mail: dstein@wilentz.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ira Russack as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EFOYEFI/5218_Property_LLC__njbke-26-17177__0001.0.pdf?mcid=tGE4TAMA 948-52 W. WEBSTER: Case Summary & Six Unsecured Creditors --------------------------------------------------------- Debtor: 948-52 W. Webster, LLC 948-952 W Wesbster Chicago, IL 60614 Business Description: 948-52 W. Webster, LLC is a Chicago-based single-asset real estate entity that owns and leases a mixed-use retail and residential property at 948-52 W. Webster Ave. in Chicago's Lincoln Park neighborhood. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-10520 Judge: Hon. Deborah L Thorne Debtor's Counsel: E. Philip Groben, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 W. Adams St., Suite 2425 Chicago, IL 60606 Tel: (312) 263-2200 Fax: (312) 263-2242 Total Assets: $4,602,805 Total Liabilities: $2,215,585 The petition was signed by Thomas Piazza as managing member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V2MZ2YY/948-52_W_Webster_LLC__ilnbke-26-10520__0001.0.pdf?mcid=tGE4TAMA ACCESS & SERVICE: Tom Howley Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Access & Service - Industrial, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Access & Service - Industrial LLC Access & Service - Industrial, LLC, is a Baytown, Texas-based industrial services company that provides scaffolding, insulation, coatings, abatement, fireproofing and related soft-craft services for industrial projects, including access-system design, engineering, erection and dismantling. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-80408) on June 8, 2026, with $654,403 in assets and $1,525,394 in liabilities. Joel Rivera, president, signed the petition. Judge Alfredo R. Perez presides over the case. Bennett G. Fisher, Esq., at Lewis Brisbois Bisgaard & Smith, LLP represents the Debtor as legal counsel. ACTIVE SPINE: Lauren Goodman Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as Subchapter V trustee for Active Spine Physical Therapy, LLC. Ms. Goodman will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goodman declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lauren R. Goodman McGrath North 1601 Dodge Street, Suite 3700 Omaha, NE 68102 Phone: 402-341-3070 Email: lgoodman@mcgrathnorth.com About Active Spine Physical Therapy LLC Active Spine Physical Therapy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-80704) on June 15, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as legal counsel. ADAMS HOMES: Moody's Upgrades CFR to B1, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings upgraded Adams Homes, Inc.'s (Adams Homes) corporate family rating to B1 from B2, it's probability of default rating to B1-PD from B2-PD and affirmed the B1 rating on the company's senior unsecured notes due 2028. The ratings outlook remains stable. The upgrade of the CFR to B1 reflects Adams Homes' recent debt reduction and the resulting improvement in leverage. The company repaid approximately $110 million of its shareholder note in Q4 2025 and Q1 2026, and is likely to continue to modestly repay debt if market conditions remain unconducive for growth. The rating action also reflects that in an environment of profitability pressures, Adams Homes' EBIT margin, despite declining, has held up reasonably well, which is a reflection of solid positions in its markets and geographic locations that have been more resilient. The ratings upgrade also reflects Adams Homes' other credit metrics such as interest coverage (3.0x at March 31 2026) and free cash flow to debt (16.5%) that compare well to its B1 rated homebuilding peers, as well as the company's good liquidity position. RATINGS RATIONALE Adams Homes' B1 CFR is supported by: 1) the company's focus on entry-level single-family homes, a housing product that is currently in high demand in the US and is also undersupplied; 2) minimized impairment risk due to its moderate land supply strategy; 3) the expectation that the company will benefit from continued low inventory of existing homes, supporting demand for new single-family homes; and 4) debt reduction enhancing its financial flexibility. The rating is constrained by: 1) pressure on profitability from pricing incentives to spur demand, which will result in projected EBIT margin declining to about 9.6% in 2026 from 12.6% in 2025; 2) the company's high concentration in the state of Florida and modest level of tangible net worth; 3) moderately high leverage of 53.6% debt to book capitalization as of March 31, 2026, despite recent declines; and 4) the cyclicality of the homebuilding industry and exposure to protracted revenue and profitability declines, as well as current affordability pressures weighing on demand. The stable outlook reflects Moody's expectations that Adams Homes will continue to diversify geographically while maintaining a good liquidity profile and reducing its leverage to below 50% debt to book capitalization. Adams Homes' good liquidity profile is supported by $139 million of cash at March 31, 2026, Moody's expectations of $65 million in free cash flow in 2026, $295 million available under its $325 million unsecured credit facility due September 2028, and good compliance cushions under its financial covenants. Adams Homes' shareholder note ($90 million outstanding) is contractually subordinate to both its 2028 senior unsecured notes and $325 unsecured revolving credit facility due September 2028. The reduction in outstanding amount of the shareholder loan resulted in a reduced loss absorption provided by this instrument to unsecured debt in the capital structure. As such, the B1 senior unsecured notes rating is at the same level as the B1 CFR. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Governance consideration was a key driver of the rating action, reflecting the company's demonstrated willingness to reduce long-term debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates a meaningful expansion in scale, geographic and product diversity, maintains debt to book capitalization below 45% and EBIT to interest coverage above 4.5x on a sustained basis, along with resilient profitability and good liquidity, while sector trends are favorable. The ratings could be downgraded if the company's debt to book capitalization exceeds 50%, EBIT to interest coverage is below 3.0x, profitability experiences erosion due to weak industry conditions, or liquidity profile deteriorates. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. Adams Homes, Inc. is a private family-owned homebuilder focused on the construction of entry-level homes predominantly in the Southeast United States. The company operates in Florida, Alabama, Mississippi, North Carolina, South Carolina, Georgia and Texas. In the LTM period ended March 31, 2026, Adams Homes generated $1.2 billion in revenue. ADRIANA TAFUR: Court Extends Cash Collateral Access to July 9 ------------------------------------------------------------- Adriana Tafur Services, Incorporated received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The court entered a second interim order authorizing the Debtor to use cash collateral through July 9 to pay court-approved expenses and other operating costs included in its budget. Any additional expenditures require approval of JPMorgan Chase Bank, N.A., the Debtor's lender. The Debtor's cash collateral consists of cash and cash equivalents that may be subject to security interests held primarily by JPMorgan. Prior to bankruptcy, the Debtor obtained financing from JPMorgan, which may hold a first-priority security interest in the Debtor's cash and cash equivalents pursuant to a UCC-1 financing statement filed in 2018. The outstanding balance owed to the lender is $178,918, although this amount may be disputed. Other creditors including the U.S. Small Business Administration and CHTD Company, may assert junior liens on the Debtor's personal property. Pursuant to the interim order, secured creditors will be granted adequate protection through perfected post-petition liens on cash collateral and its proceeds, with the same validity and priority as their pre-petition liens. This protection does not extend to avoidance actions or assets in which the creditors had no pre-petition rights. The Debtor must also maintain insurance coverage, provide bi-weekly bank statements to the Subchapter V Trustee, and escrow $1,000 per month for trustee fees. The order further authorized the Debtor to pay Adriana Tafur Tilley's regular bi-weekly salary of $2,401.86 and vehicle expenses of $1,965.08, but only after operating expenses and court-related fees have been satisfied. The next hearing is scheduled for July 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/M59e2 from PacerMonitor.com. About Adriana Tafur Services Incorporated Adriana Tafur Services, Incorporated, doing business as A.T. Services, provides pediatric therapy services, including speech therapy and related pediatric care, through clinic and home-care services in South Florida. Founded in 2005, the North Miami Beach, Florida-based company serves children and families through therapy programs delivered from its North Miami Beach locations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16190) on May 13, 2026. In the petition signed by Adriana Tilley, sole shareholder, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. AHF PARENT: S&P Downgrades ICR to 'B-', On CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on AHF Parent Holding Inc. to 'B-' from 'B' and its issue-level rating on its senior secured debt to 'B-' from 'B' and placed the ratings on CreditWatch with negative implications. The CreditWatch placement reflects the potential that we will downgrade AHF in the next few months if it does not make tangible progress toward refinancing its debt. S&P expects that S&P Global Ratings-adjusted leverage will remain above 7x over the next 12 months, due to continued soft revenue amid ongoing end-market volume weakness. The company's revenue decreased by about 12.3% during the first three months of fiscal year 2026 (ended March 31, 2026), relative to the same period in fiscal year 2025, due partially to volume softness amid persistently weak activity in the R&R and new housing construction markets. At the same time, AHF is working to ramp up its Cartersville, Ga. facility. For the RTM ended March 31, 2026, the company's S&P Global Ratings-adjusted leverage and EBITDA interest coverage stood at 9.4x and 1.0x, respectively, which compares with 6.9x and 1.2x during the same period in March 2025. S&P expects the softness in R&R activity and new construction will persist over the next 6-12 months, though it sees the potential for a marginal improvement in demand in the second half of 2027. S&P said, "We see heightening refinancing risk because the revolver is current and the TLB will become current in less than 12 months. This led us to revise our assessment of AHF's liquidity to less than adequate because we now treat the ABL facility as short-term debt and note the TLB will become current on February 1, 2027." The CreditWatch negative placement reflects that we could downgrade the company if it fails to make progress toward refinancing its debt over the next few months. AHF has indicated that it is actively working to refinance its ABL facility and term loan. S&P said, "The negative CreditWatch indicates the potential we will downgrade AHF in the next 90 days if it does not make tangible progress toward refinancing its debt. Consequently, we may lower our ratings on the company if the refinancing takes longer than we anticipate, which would intensify its liquidity pressure. Alternatively, we could remove the ratings from CreditWatch and affirm them if AHF successfully refinances its upcoming debt maturities." ALASKA SILVER: Shareholders Elect Directors, Approve Plans ---------------------------------------------------------- Alaska Silver Corp. shareholders elected six directors and approved auditor, incentive-plan and share-issuance proposals at a June 19 annual and special meeting. About 26.9 million shares, or 30.36% of outstanding common shares entitled to vote as of the May 15 record date, were represented by proxy or in person, according to a Form 8-K filed with the SEC. Shareholders elected Christopher Marrs, Nathan Brewer, David Smallhouse, Kevin Nishi, Susan Mitchell and Aaron Schutt to serve until the 2027 annual general shareholders meeting. They also approved reappointing Davidson & Company LLP as auditor for the fiscal year ending Dec. 31, 2026, approved the company's 10% rolling Long Term Incentive Plan and certain amendments, and approved issuing shares to certain insiders to settle outstanding debt. In a press release furnished with the filing, Alaska Silver said its 2026 6,000-meter exploration program had completed just over 1,000 meters to date at the Silver Sage and Waterpump Creek targets. About Alaska Silver Corp. Alaska Silver Corp. is a mineral exploration company with a portfolio of deposits containing gold, silver, copper, lead and zinc in western Alaska near the Yukon River. Its projects include the Illinois Creek Mine Project, Round Top Property, Honker Property and the Paw Print and Khotol exploration targets. The Illinois Creek project is its most advanced asset and includes a past-producing oxide gold-silver project, Waterpump Creek high-grade silver-lead-zinc mineralization and other district exploration targets. The company's head office is in Vancouver, British Columbia. In an audit report dated March 26, 2026, Davidson & Company LLP included going-concern language, stating that the company had no current source of operating revenue, a 2025 loss of $8.86 million and an accumulated operating deficit of $49.37 million at Dec. 31, 2025. The conditions 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 $14.12 million, total liabilities of $6.32 million and stockholders' equity of $7.8 million. ALLERE GROUP: Seeks Chapter 7 in Delaware with $117MM Debt ---------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Pennsylvania staffing company The Allere Group Professional Corporation has entered Chapter 7 bankruptcy in Delaware, reporting roughly $11.6 million in liabilities amid ongoing collection disputes with unsecured creditors. The filing signals the company's decision to liquidate rather than pursue a reorganization. Court records indicate that the company was confronted with a series of claims from lenders seeking repayment of outstanding obligations. As financial pressures intensified, management determined that liquidation offered the most practical path for addressing creditor claims. The Chapter 7 case places the company's remaining assets under the control of a bankruptcy trustee, who will oversee their disposition and distribute proceeds in accordance with bankruptcy priorities. Creditors are expected to closely monitor the proceedings as recovery efforts move forward, the report relays. About The Allere Group Professional Corporation The Allére Group Professional Corporation is a Pennsylvania-based staffing and workforce solutions company that provides recruiting, talent acquisition, and employment services to businesses across a range of industries. The firm focuses on connecting employers with qualified professionals and supporting workforce management needs for mid-market clients. The Allere Group Professional Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10993) on June 23, 2026. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Mark W. Eckard, Esq. of Raines Feldman Littrell, LLP. ALPHA SURFACES: L. Todd Budgen Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Alpha Surfaces, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Alpha Surfaces LLC Alpha Surfaces, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02628) on June 12, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. AMAZE HOLDINGS: Stockholders Approve Increase in Authorized Shares ------------------------------------------------------------------ Amaze Holdings, Inc., stockholders approved increasing authorized common stock to 750,000,000 shares from 100,000,000 shares at the company's 2026 annual meeting, according to a Form 8-K. The company said 45,080,467 shares were outstanding as of the meeting record date and 22,697,489 shares were cast at the June 12 meeting. Stockholders also elected seven directors: Aaron Day, Peter Deutschman, Eric Doan, Amrapali Gan, Sandra Hawkins, Michael Pruitt and David Yacullo. Other approved proposals included ratifying Wipfli LLP as independent registered public accounting firm for the fiscal year ending Dec. 31, 2026, adopting the 2026 Equity Incentive Plan and approving share issuances upon conversion of senior secured original issue discount convertible notes above a 19.9% exchange cap. Stockholders approved executive compensation on an advisory basis and selected a three-year frequency for future advisory compensation votes. About Amaze Holdings Amaze Holdings, Inc., is a technology-enabled, creator-powered commerce platform that enables creators, brands and consumers to transact at scale. Following its March 2025 acquisition of Amaze Software, Inc., the company shifted from consumer packaged goods to a software-driven commerce, data and distribution platform for the creator economy. Its platform provides infrastructure for creators and brands to design, launch, market and fulfill products, and the company operates an asset-light model using third-party manufacturing, logistics and payment partners. In an audit report dated March 31, 2026, Wipfli LLP included a going concern qualification, stating that the company had a history of operating losses and insufficient cash flows from operations. The conditions 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 $31.16 million, total liabilities of $24.35 million and total stockholders' equity of $6.81 million. AMKOR TECHNOLOGY: S&P Affirms 'BB' Rating on Unsecured Debt ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issue-level rating on Amkor Technology Inc.'s (ATI) $500 million unsecured notes due 2033. The '4' recovery rating is unchanged, indicating its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a default. The company recently added $1.15 billion of unsecured convertible notes, which S&P will not rate, to its capital structure to fund the buildout of its roughly $7 billion advanced packaging facility in Arizona. The unsecured convertible notes feature the same guarantees as the $500 million unsecured notes due 2033. S&P's 'BB' issuer credit rating and stable outlook on ATI are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P values ATI as a going concern, which it believes would maximize the value for its creditors, due to its global manufacturing footprint and customer relationships. -- S&P's simulated default scenario considers weakened demand for its products amid tougher macroeconomic conditions and semiconductor industry volatility, leading to a default in 2031. -- Before default, ATI curtails its capital spending such that the value of its assets in 2031 is significantly lower than it is. -- S&P said, "We apply a 5.5x multiple to our estimated normalized level EBITDA of $280 million resulting in a gross enterprise value at emergence of about $1.5 billion. This multiple is consistent with the multiples we use for technology hardware and semiconductor companies with similar scale, market positions, and cash flow profiles." -- ATI pays off the debt issued by Amkor Technology Korea Inc. in full at maturity in December 2028 with cash on hand. -- The company builds out its Arizona facility well before default in 2031. -- ATI and ATSH guarantee the secured debt issued by Amkor Technology Japan Inc. (ATJ). -- ATSH and Guardian guarantee ATI's secured instruments. -- Guardian guarantees ATI's unsecured notes. -- Stock pledges from ATSH and Guardian serve as collateral for the ATI secured credit facilities; -- Lenders to Amkor Technology Japan Inc. share the value of ATSH with the ATI secured lenders on a pro rata basis, after the value from ATJ satisfies only a portion of their claims. -- The ATI secured and unsecured lenders share ratably in the value of Guardian after ATSH value satisfies only a portion of the ATI secured lenders' claims. Guardian's guarantee of the unsecured notes provides the bulk of their expected recovery. -- All lenders share the value from nonobligor entities outside the scope of ATJ, ATSH, and Guardian on a pro rata basis of their remaining unsatisfied claims. Simulated default assumptions -- Year of default: 2031 -- EBITDA at emergence: $280 million -- EBITDA multiple: 5.5x -- Revolving credit facility: 85% drawn at default Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.4 billion -- Valuation split (ATJ, ATSH, Guardian, nonobligors): 3%/36%/56%/5% -- ATJ claims: $280 million -- ATI secured claims: $1.3 billion -- ATI unsecured claims: $1.7 billion --Recovery expectations: 30%-50% (rounded estimate: 35%) ANNOVIS BIO: Stockholders Approve Equity Plan Increase ------------------------------------------------------ Annovis Bio, Inc. stockholders approved an amendment to the company's 2019 Equity Incentive Plan to increase available shares to 5,500,000 from 4,000,000, according to a Form 8-K. The amendment also increased the maximum number of shares that may be awarded in any one year to 600,000 from 400,000. The proposal received 8,089,891 votes for, 899,671 against, 165,409 abstentions and 12,550,142 broker non-votes at the June 17 annual meeting. The company said 21,705,113 shares, or 62.65% of the common stock outstanding as of the April 28 record date, were represented. Stockholders elected Michael Hoffman, Maria Maccecchini, Claudine Bruck, Reid McCarthy and Mark White as directors and ratified Ernst & Young LLP as independent auditor. Stockholders also approved advisory executive compensation and selected two years as the preferred frequency for future say-on-pay votes, leading the company to adopt a biennial advisory vote frequency. About Annovis Bio, Inc. Annovis Bio, Inc. is a late-stage clinical drug platform company focused on neurodegeneration, including Alzheimer's disease and Parkinson's disease. Its lead product candidate, buntanetap, is an orally administered, brain-penetrant small molecule designed to address Alzheimer's disease, Parkinson's disease and potentially other chronic neurodegenerative diseases. The company's buntanetap has been observed in studies to inhibit neurotoxic proteins linked to neurodegeneration and is being studied in a pivotal Phase 3 trial in early Alzheimer's disease and an open-label extension study in Parkinson's disease. In an audit report dated March 13, 2026, Ernst & Young LLP included a going concern qualification, stating that the company had recurring losses from operations and stated that substantial doubt existed about its ability to continue as a going concern. As of March 31, 2026, the company reported total assets of $16.24 million, total liabilities of $13.12 million and total stockholders' equity of $3.13 million. ARBOR REALTY: Moody's Alters Outlook on 'Ba2' CFR to Negative ------------------------------------------------------------- Moody's Ratings has affirmed all the ratings of Arbor Realty Trust, Inc. (Arbor) and its subsidiaries. Moody's have affirmed Arbor's Ba2 long-term corporate family rating and Arbor Realty Sr, Inc.'s Ba3 backed senior unsecured debt rating. Moody's changed the outlook to negative from stable for both entities. RATINGS RATIONALE The change in outlook to negative from stable reflects the weaker performance of Arbor's multifamily loan portfolio and a longer-than-expected timeline to resolve a sizeable stock of non-performing assets. As a result, Moody's expects Arbor will continue to experience asset quality and earnings challenges over the next 12-18 months. Arbor's non-performing assets, comprised of non-performing loans plus real estate owned, peaked at $1.2 billion of unpaid principal balance (UPB) or 10.0% of total loans as of September 30, 2025. While the company has since made modest progress in reducing these assets, with UPB declining to $1.0 billion (8.0% of total loans) as of March 31, 2026, elevated geopolitical risks and macroeconomic uncertainty in early 2026 have increased long-term interest rate volatility, slowing the pace of resolution. Distributable earnings declined to $14.5 million in the first quarter of 2026 from $57.3 million in the prior-year period, reflecting, in part, continued drag from non-performing assets. Moody's expects these assets to continue to weigh on the company's earnings over the next 12-18 months. Arbor faces meaningful unsecured debt maturities through 2027, alongside substantial unfunded commitments. Specifically, $270 million, $275 million and $250 million of senior unsecured notes come due in September 2026, March 2027 and October 2027, respectively. Moody's views the company's liquidity position as adequate, supported by an unencumbered assets-to-unsecured debt ratio of 1.6x as of March 31, 2026, and expect the company will successfully address these upcoming debt maturities. However, a prolonged period of elevated interest rates could limit the company's ability to do so on economically viable terms, a credit negative. The affirmation of Arbor's ratings reflects the company's solid competitive position in the multifamily finance sector, supported by both revenue and funding diversity. Through its agency mortgage origination and servicing platform, Arbor generates recurring fee-based income from prepayment-protected mortgage servicing rights. This capital-light segment only represents around 10% of the balance sheet but has historically contributed 35-45% of earnings; however, its contribution increased to around 70% in the first quarter of 2026, reflecting weaker performance in the company's structured loan origination and investment business. Arbor's capitalization remains solid, with a ratio of tangible common equity to tangible managed assets (TCE/TMA) of 19.1% as of March 31, 2026. In response to expected weaker distributable earnings, the company reduced its quarterly dividend to $0.17 per share from $0.30 per share. While the earnings decline is unfavorable, the lower payout supports capital retention and helps maintain stable liquidity. Moody's expects Arbor to operate with similar capital levels over the next 12-18 months as it prioritizes financial flexibility. Arbor's Ba3 backed senior unsecured debt rating is based on the company's Ba2 CFR and reflects the ranking of senior unsecured obligations in Arbor's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade of Arbor's ratings is unlikely at this time. However, the outlook could return to stable if Arbor demonstrates meaningful progress in resolving its non-performing assets without experiencing a sustained, material decline in profitability, earnings return to historical levels, and it successfully addresses its upcoming unsecured debt maturities. Over time, Moody's could upgrade Arbor's ratings if the company: 1) further diversifies its funding sources to include additional senior unsecured debt and lowers reliance on market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; and 3) improves its capitalization on a sustained basis. Arbor's ratings could be downgraded if the company: 1) experiences a significant deterioration in asset quality through higher-than-expected loan losses; 2) reduces its liquidity resources or has trouble addressing upcoming debt maturities on economically viable terms; 3) lowers its TCE/TMA below 16%; 4) suffers a sustained, material decline in profitability; or 5) increases its reliance on secured debt. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ASATOR GLOBAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Asator Global Technologies LLC f/d/b/a 540 Grid Solutions LLC 2618 N. Ogden Road, #101 Mesa, AZ 85215 Business Description: Asator Global Technologies LLC, a Mesa, Arizona-based research and development company focused on power- grid technology, develops patented medium- and high-voltage surge suppression systems designed to protect electric transmission and distribution infrastructure from lightning, electromagnetic pulse events, solar-flare-related disturbances and other grid-disruption risks. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-06163 Judge: Hon. Brenda K Martin Debtor's Counsel: Philip J. Giles, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 602-256-6000 E-mail: pgiles@bkfirmaz.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Eric Giesler as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PFQK3VI/ASATOR_GLOBAL_TECHNOLOGIES_LLC__azbke-26-06163__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Fishers Partners LLC Promissory Note $2,468,739 317 Sidney Baker St. Suite 400 Kerrville, TX 78028 2. 540 Cobalt, LLC $2,334,780 2733 N. Power Road, Suite 102 PMB Mesa, AZ 85215-1683 3. Rapp Properties, LP Investment $2,000,000 9333 N. Meridian Street Suite 370 Indianapolis, IN 46260 4. Rapp Properties, LP Investment $800,000 9333 N. Meridian Street Suite 370 Indianapolis, IN 46260 5. Prime Capital West, LLC Investment $650,000 (aka Rergen) 5105 Dorset Avenue Chevy Chase, MD 20815 6. Rapp Properties, LP Investment $570,000 9333 N. Meridian Street Suite 370 Indianapolis, IN 46260 7. Coopley, LLC Investment $500,000 11555 Willow Springs Drive Zionsville, IN 46077 8. Leonard Eugene Tanner Investment $450,000 8900 Keystone Crossing Suite 300 Indianapolis, IN 46240 9. Christopher J. Cleveland Investment $450,000 Revocable Trust 5240 Grovemont Drive Elkridge, MD 21075 10. Thomas Lane Investment $400,000 6231 Macatuck Drive Indianapolis, IN 46220 11. Nathan Schultz Investment $400,000 500 Evergreen Lane Minneapolis, MN 55441 12. Hunton Andrews Kurth LLP Legal Fees $330,000 600 Travis St. Suite 4200 Houston, TX 77002 13. Tiburon Point (T. McGoven) Promissory Note $305,568 313 Paradise Drive Belvedere Tiburon, CA 94920 14. Grid Protection, LLC Investment $301,500 7725 Buteo Drive Scottsdale, AZ 85255 15. John G. Rapp Trust 12/11/2003 Investment $300,000 9333 N. Meridian Street Suite 370 Indianapolis, IN 46260 16. 2022 Irrevocable Trust/ Investment $300,000 Sontag Children 9333 N. Meridian St., Suite 370 Indianapolis, IN 46260 17. James G Rapp Revocable Investment $300,000 Trust 12-11-03 9333 N. Meridian St., Suite 370 Indianapolis, IN 46260 18. Robert J. Frankovich Investment $275,000 Tr Utd 7/9/99 1392 S. Stelling Road Cupertino, CA 95014 19. Jeffrey S. Cohen Revocable Investment $250,000 Trust Dated 4/6/1998 1035 Laurelwood Carmel, IN 46032 20. MP McKinzie & Company LLC Investment $250,000 2158 Egret Circle Sanibel, FL 33957 ASCENT SOLAR: All Five Key Proposals Approved at Annual Meeting --------------------------------------------------------------- Ascent Solar Technologies, Inc. has announced in a regulatory filing, the results of its 2026 Annual Meeting of Stockholders. The matters voted upon at the Annual Meeting and the results of such voting are: Proposal 1 - Election of two Class A directors to serve a three-year term ending in 2029 until their respective successors are duly elected and qualified. 1. Louis Berezovsky * For: 1,632,355 * Against: 35,329 * Abstain: 9,419 * Broker Non-Vote: 3,706,497 Louis Berezovsky was duly elected. 2. Forrest Reynolds * For: 1,632,351 * Against: 35,453 * Abstain: 9,299 * Broker Non-Vote: 3,706,497 Forrest Reynolds was duly elected. Proposal 2 - Ratification of appointment of independent registered accounting firm – Haynie & Company * For: 5,286,724 * Against: 32,560 * Abstain: 64,316 * Broker Non-Vote: 0 Proposal 2 was approved. Proposal 3 – Approval of an amendment to the Company's 2023 Equity Incentive Plan * For: 1,514,926 * Against: 146,264 * Abstain: 15,913 * Broker Non-Vote: 3,706,497 Proposal 3 was approved. Proposal 4 – Approval, on an advisory basis, the compensation of the Company's Named Executive Officers * For: 1,590,976 * Against: 68,145 * Abstain: 17,982 * Broker Non-Vote: 3,706,497 Proposal 4 was approved. Proposal 5 – Approval to adjourn the Annual Meeting * For: 5,155,334 * Against: 200,888 * Abstain: 27,378 * Broker Non-Vote: 0 Proposal 5 was approved. About Ascent Solar Technologies, Inc. Ascent Solar Technologies, Inc. is a solar technology Company based in Thornton, Colorado, that manufactures and sells photovoltaic solar modules that are flexible, durable, and possess attractive power-to-weight and power-to-area performance. Its technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including space power beaming, aerospace, satellites, near-Earth orbiting vehicles, fixed-wing unmanned aerial vehicles, aquatic, terrestrial, and other weight-sensitive markets (including DoD drone and space operations) with transformational, high-quality, value-added product applications. The Company operates in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements. Salt Lake City, Utah-based Haynie, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has had limited production which has led to the Company being dependent on outside financing to fund its operations. There is no assurance that the Company will be able to raise additional capital and cash on hand is not sufficient to sustain operations. These factors raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $6.33 million in total assets, $2.99 million in total liabilities, and $3.34 million in total stockholders' equity. ASPIRA WOMENS: Annual Meeting Clears All Four Stockholder Proposals ------------------------------------------------------------------- Aspira Women's Health Inc. has announced in a regulatory filing the results of its 2026 Annual Meeting of Stockholders. As of the close of business on the record date for the Annual Meeting, there were 43,500,411 shares of the Company's common stock, par value $0.001 per share, issued and outstanding and entitled to vote. There were 27,144,522 shares present in person or by proxy at the Annual Meeting, or 62.40%, constituting a quorum. The final voting results were as follows: Proposal 1: Election of Directors The Company's stockholders elected each of the Company's six nominees for director for a one-year term expiring at the Company's 2026 annual meeting of stockholders and until their successors are elected and qualified, as set forth below: 1. Ellen Beausang * For: 5,989,004 * Against: 327,224 * Abstentions: 34,689 * Broker Non-Votes: 16,569,699 2. Jeffrey Cohen, M.D. * For: 5,990,548 * Against: 325,667 * Abstentions: 34,702 * Broker Non-Votes: 16,569,699 3. John Fraser * For: 6,278,119 * Against: 38,109 * Abstentions: 34,689 * Broker Non-Votes: 16,569,699 4. Cynthia Hundorfean * For: 5,991,040 * Against: 325,188 * Abstentions: 34,689 * Broker Non-Votes: 16,569,699 5. Winfred Parnell, M.D. * For: 5,989,187 * Against: 327,040 * Abstentions: 34,690 * Broker Non-Votes: 16,569,699 6. Jane Pine Wood * For: 5,983,931 * Against: 332,046 * Abstentions: 34,940 * Broker Non-Votes: 16,569,699 Proposal 2: Advisory Vote to Approve the Compensation of the Company's Named Executive Officers The Company's stockholders approved, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 20, 2026, as set forth below: * For: 5,568,783 * Against: 505,829 * Abstentions: 276,305 * Broker Non-Votes: 16,569,699 Proposal 3: Approval of an Amendment to the Aspira Women's Health Inc. 2019 Stock Incentive Plan The Company's stockholders approved an amendment to the Company's 2019 Stock Incentive Plan to increase the number of shares of common stock authorized to be granted under the 2019 Plan by 5,000,000 shares so that a total of 9,532,818 shares of common stock are authorized to be granted under the 2019 Plan, as set forth below: * For: 5,654,497 * Against: 624,233 * Abstentions: 72,187 * Broker Non-Votes: 16,569,699 Proposal 4: Ratification of the Selection of the Company's Independent Registered Public Accounting Firm The Company's stockholders ratified the selection of BDO USA, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2026, as set forth below: * For: 22,810,174 * Against: 15,244 * Abstentions: 95,198 * Broker Non-Votes: 0 About Aspira Women's Health Inc. Aspira Women's Health Inc. (OTC: AWHL) is a U.S.-based healthcare company focused on developing and commercializing diagnostic tools for gynecologic disease, with an emphasis on ovarian cancer risk assessment. The company leverages biomarker discovery, proprietary algorithms and machine-learning-driven analytics to provide blood-based tests intended to improve early detection and risk stratification for women's health conditions. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor, issued a "going concern" qualification in its report dated April 1, 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 expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $5.09 million in total assets and $11.3 million in total liabilities, and total stockholders' deficit of $6.21 million. BATH & BODY: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed Bath & Body Works, Inc. ("BBWI") corporate family rating at Ba2, its Ba2-PD probability of default rating, the Ba2 rating of its senior unsecured guaranteed notes and the B1 rating of its senior unsecured unguaranteed notes. The speculative grade liquidity rating remains unchanged at SGL-1. The outlook remains stable. The affirmation of BBWI's ratings reflects its balanced financial strategy with very good liquidity and credit protection measures that are expected to remain broadly stable supported by its ongoing debt reduction. Profitability is likely to remain under pressure over the next 12 months as the company executes its Consumer First Formula transformation amid a challenging consumer environment marked by inflation and weaker discretionary demand. These factors are expected to weigh on sales and earnings. However, BBWI's debt reduction will allow it to maintain stable credit metrics. RATINGS RATIONALE BBWI's Ba2 CFR reflects its very good liquidity and balanced financial strategies. Discretionary spending remains weak amidst a fragile consumer sentiment and persistent inflation, which continues to pressure disposable income. Consumers will remain value-oriented and continue to seek promotions, which will make it difficult for BBWI to materially improve profitability. Nonetheless, Moody's expects credit metrics to remain stable over the next 12 months largely due to debt repayment. Moody's estimates Moody's lease adjusted debt/EBITDA at about 2.9x and EBIT/interest expense at 3.6x, over the next 12-18 months. Moody's believes the company will pare back share repurchases to support its debt repayment efforts amid pressured earnings and limited near term improvement in credit metrics. The seasonal nature of BBWI's operations is also a key risk factor. The rating is supported by BBWI's history of solid demand for its products and very strong operating margins, which have been supported by tight inventory management. That, coupled with their Consumer First Formula strategy and emphasis on brand relevance, should improve customer engagement and support a gradual improvement to earnings over time. The company will have very good liquidity over the next 12 months. This is supported by $820 million of balance sheet cash and $544 available under its $750 million asset based revolving credit facility (ABL) maturing May 2030, as of May 2nd, 2026. Moody's expects the company to continue generating positive free cash flow. The stable outlook reflects Moody's expectations that BBWI will continue to reduce its debt levels which will offset the pressures on earnings and allow it to maintain its current level of credit metrics. The outlook also reflects its very good liquidity and balanced financial strategies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company returns to sustained revenue growth and demonstrates a consistent track record of improved operating performance. A rating upgrade would also require that BBWI maintains very good liquidity, and a clearly articulated and balanced financial strategy. Quantitatively ratings could be upgraded if debt/EBITDA is sustained below 2.5x and EBIT/interest expense is sustained above 4.0x. The ratings could be downgraded if the company fails to return to sustained revenue growth, or operating performance does not meaningfully improve. A downgrade could also be driven by weakening free cash flow, reduced liquidity or more aggressive financial policies. Quantitatively, ratings could be downgraded if debt/EBITDA is sustained above 3.5x and EBIT/interest expense below 3.0x. Headquartered in Columbus, Ohio, Bath and Body Works, Inc. operates in excess of 1,900 company-owned specialty stores in the United States and Canada. Its brand is also sold in more than 500 franchised locations worldwide and on bathandbodyworks.com. The company generates about $7.3 billion in revenue. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BELLA TUSCANY: Gets OK to Use Cash Collateral Until Aug. 19 ----------------------------------------------------------- Bella Tuscany Windermere, Inc. received fifth interim approval from U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through August 19. Under the fifth interim, the Debtor is authorized to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. The order requires Bella Tuscany Windermere to meet all obligations imposed on a debtor-in-possession, including compliance with the Bankruptcy Code, maintaining insurance under its loan documents, and honoring court directives. Creditors will be granted replacement liens on cash collateral to the same extent and priority as their pre-bankruptcy liens. The order is without prejudice to later requests for modified adequate protection or further restrictions. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/EU8vz from PacerMonitor.com. A continued preliminary hearing is scheduled for Aug. 19. Bella Tuscany Windermere is a Florida-based corporation operating the 174-seat Italian-American restaurant Bella Tuscany Ristorante Italiano. It filed for Chapter 11 protection on November 6, 2025, to restructure while continuing operations. Prior to filing, the Debtor obtained financing from Grettawood and WebBank, which may hold secured interests in its cash, accounts, and cash equivalents under UCC-1 financing statements. The Debtor's available funds and future operating revenues constitute the cash collateral potentially subject to these liens. About Bella Tuscany Windermere Inc. Bella Tuscany Windermere Inc. operates in the restaurants industry. Bella Tuscany Windermere Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. BELLAGIO EQUITY: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On June 23, 2026, Bellagio Equity LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on July 29, 2026 at 08:00 AM via Zoom - Goodrich: Meeting ID 296 655 7138, Passcode 8660120410, Phone 1 213 592 2709. About Bellagio Equity LLC Bellagio Equity LLC is a California-based investment entity engaged in real estate and equity-related holdings. Bellagio Equity LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16269) on June 23, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The debtor is represented by Randolph R. Ramirez, Esq. of Randolph Roger Ramirez PC. BENCHMARK PRODUCTIONS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Benchmark Productions, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court entered a second amended interim order authorizing the Debtor to use cash collateral through July 20 under an approved budget. The Debtor may exceed budgeted amounts by up to 15%, with unused amounts carrying forward to future periods. The Debtor needs immediate access to cash collateral, which consists of cash and customer receivables, to fund operating expenses. The Debtor schedules several secured claims, including two SBA Economic Injury Disaster Loans totaling approximately $470,500, along with obligations to Credibly of Arizona, LLC and five other lenders. However, the first SBA loan alone exceeds the value of the available collateral, leaving the remaining lenders unsecured. The SBA will be granted adequate protection through a replacement lien on the Debtor's post-petition revenues to the same extent, priority, and validity as its pre-petition lien. The replacement lien is limited to any post-petition diminution in the value of the SBA's cash collateral and excludes avoidance actions and other bankruptcy-specific claims. Additional safeguards include insurance coverage, regular financial reporting, and a monthly payment of $1,426, beginning July 8. The order preserves all rights and remedies of the SBA, including its ability to seek additional adequate protection. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/WORLv from PacerMonitor.com. A final hearing is scheduled for July 17, with objections due by July 10. Founded in 2014 by Richard Austin Beaver, Benchmark originally specialized in event rentals and production services. After the COVID-19 pandemic disrupted the events industry, the Debtor shifted from asset-heavy rental operations to service-focused event production and management, enabling nationwide expansion and approximately 30% average annual revenue growth since 2020. Despite continued operational success, the Debtor's growth created substantial working capital needs. The company often incurred significant expenses for labor, travel, subcontractors, materials, and vendor services before receiving customer payments. To bridge these cash-flow gaps, the Debtor entered into several short-term financing arrangements. Although management initially believed ongoing operations would generate sufficient revenue to service these obligations, project delays and the failure of anticipated business opportunities to materialize during the past year strained cash flow and increased debt-servicing burdens. Before filing bankruptcy, the Debtor implemented operational improvements, including revised billing practices, enhanced collection efforts, and stronger oversight of project cash flows. While these measures improved financial management, the cumulative debt load continued to pressure liquidity. The Debtor concluded that a Chapter 11 restructuring offered the best opportunity to preserve enterprise value, maintain operations, and maximize creditor recoveries. About Benchmark Productions LLC Benchmark Productions, LLC is an event production and management company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11948) on June 12, 2026. In the petition signed by Richard Austin Beaver, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Timothy W. Dore oversees the case. Faye C Rasch, Esq., at Wenokur Riordan PLLC, represents the Debtor as legal counsel. BIG DIGITAL: Regains Nasdaq Equity Compliance Under Panel Decision ------------------------------------------------------------------ Big Digital Energy, Inc. announced in a regulatory filing that it received written notice from the Listing Qualifications Hearings Department of The Nasdaq Stock Market, LLC confirming that it had regained compliance with the Nasdaq Listing Rules. Nasdaq's determination is subject to the Company maintaining stockholders' equity of at least $5 million in each quarter for a twelve-month period, beginning with the quarter ending June 30, 2026, and promptly notifying Nasdaq of any significant events that could affect the Company's compliance with that requirement. As previously disclosed, the Company was notified by Nasdaq that the Company was in violation of Listing Rule 5550(b)(1), the ("Equity Rule.)" as of December 19, 2025, pursuant to its filed 10-K for the year ended December 31, 2025. In response, the Company attended a hearing before the Nasdaq Hearings Panel to present its plan to evidence compliance with the Equity Rule. 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. BIG L TIRES: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Big L Tires & Auto Service, LLC and affiliate Infinity Tire Supplies, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral in their jointly administered Subchapter V Chapter 11 cases. Under the order, the Debtors may use cash collateral to pay expenses expressly authorized by the court, including payments to the Subchapter V Trustee, as well as current and necessary operating expenses outlined in the approved cash collateral budgets attached to the order. Any use of cash collateral outside the authorized purposes is prohibited unless further approved by the court. As adequate protection, the cash collateral lenders were granted perfected post-petition replacement liens on cash collateral, maintaining the same validity, extent, and priority as their respective prepetition liens. These replacement liens are automatically effective without the need for additional filings or documentation under non-bankruptcy law. The order preserves the rights of the U.S. Trustee to appoint a creditors' committee and the rights of any committee to challenge the validity, priority, or extent of asserted liens. It also remains without prejudice to future requests for additional adequate protection, restrictions on cash collateral use, or other creditor remedies. A continued hearing on the motions is scheduled for July 16. About Big L Tires & Auto Service LLC Big L Tires & Auto Service, LLC is a Florida-based automotive service company specializing in tire sales, installation, and vehicle repair. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-01530-BAJ) on April 8, 2026. In the petition signed by Luis Narvaez, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jason A. Burgess oversees the case. Thomas Adam, Esq., at Adam Law Group, PA, represents the Debtor as legal counsel. BIRDSBORO POWER: S&P Assigns (P) 'B+' Rating on $450MM Term Loan ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'B+' rating to Birdsboro Power LLC's $450 million senior secured term loan B (TLB). The recovery rating is '3', indicating S&P's expectation for meaningful (rounded estimate: 60%) recovery in a hypothetical default scenario. The company will use the proceeds to repay its existing debt and partially fund Strategic Value Partner's (SVP) acquisition of the remaining stake in Birdsboro from Tokyo Gas and Sojitz. S&P said, "We forecast Birdsboro will achieve an average debt service coverage ratio (DSCR) of about 1.95x during the TLB period. Our minimum DSCR of 1.23x occurs in the refinancing period, when we assume a fully amortizing structure where the debt is repaid by the end of the project's assumed asset life (2050). "The stable outlook on Birdsboro's senior debt reflects our expectation for robust cash flow over the next 12-24 months due to higher forward power prices, higher cleared Pennsylvania-New Jersey-Maryland Interconnection (PJM) capacity prices, and our assumptions of capacity factors of 80%-85% in the near term. Based on these assumptions, we project a total TLB balance of $240 million-$250 million at maturity in 2033." Birdsboro is a 485-megawatt (MW) natural gas-fired 1x1 combined-cycle plant located in Birdsboro Borough, Pennsylvania, in the Mid-Atlantic (METED) subregion of PJM. Birdsboro achieved commercial operations on May 30, 2019, and although the project has some hedges in place through 2026, it primarily sells power and capacity on a merchant basis. Upon completion of the acquisition, funds advised by SVP will own 100% of the economic interest in the project. Incremental debt will weaken credit metrics in the TLB and post-refinancing period, which drove the lower rating on the new financing. S&P derived its existing 'BB-' rating on Birdsboro's previous $325 million TLB from a minimum DSCR of 1.47x, which provided little cushion over its downgrade trigger of 1.4x. The $450 million raised to help finance SVP's acquisition of Birdsboro represents an approximately 40% increase from its current debt. Most key terms of the financing have remained the same, but the TLB is expected to price at SOFR + 375 basis points (bps), which represents a 50 bps increase from the current spread. Overall, at debt of $928/kW, S&P views Birdsboro as one of the most highly leveraged PJM generators in its portfolio. Although the project sweeps at a higher percentage (S&P forecasts a flat 75% sweep throughout the TLB period, aside from the last six quarters in which the sweep will be 100%), given the structural change in leverage, the increased debt at maturity drives down the refinancing-period DSCR, and higher debt service in the TLB period similarly compresses coverage ratios. Despite the increase in debt and higher interest burden, some terms have improved. In the previous financing, tax distributions of $5 million per year were allowed ahead of the sweep, which effectively reduced the amount of cash swept against the TLB principal over the TLB period under our forecast. In the new financing, tax distributions have been eliminated, which, all else equal, increases the amount of the sweep. S&P said, "Additionally, we expect it to upsize the revolver and letter of credit facilities to $70 million from $60 million currently, which provides some incremental liquidity to the project. The current financing anticipates a sweep of 100% over the last 18 months (six quarters) of the TLB period, which we view as credit supportive. Based on our assumptions, we arrive at a balance at maturity of approximately $244 million, which represents an approximate 45% paydown of the TLB over life." Given the project's demonstrated performance and market developments over the last nine months, S&P marginally revised its forecast upward. The project performed well over the remainder of 2025, exhibiting a capacity factor of about 80% for the year and achieving a spark spread of about $17 per megawatt hour (MWh), which is a notable increase from historic levels. Despite this robust level of dispatch, the project underperformed the budgeted capacity factor of around 85%, which was in part due to transmission work performed in the fourth quarter of 2025 that limited the facility's output to support system stability. This work is expected to be completed in early 2027, and although output could be limited at times, S&P does not forecast the duration will be as long as recently experienced. S&P expects recently completed and other transmission work to improve Birdsboro's basis position; it has historically demonstrated a negative basis, but in recent months this discount has been less prevalent than historic levels, which could support further profitability going forward. Performance has remained strong in 2026. Birdsboro performed through Winter Storm Fern with no outages or derates due to cold weather. As of April 2026, the project's capacity factor is slightly ahead of budget and EBITDA of about $15 million is about $800,000 favorable to budget. However, sparks through the year have been lower than budget at $14.38/MWh compared with budgeted levels of about $17/MWh. Overall, year-to-date realized sparks were below budget but above 2025 due to weather and Winter Storm Fern impacts. During the winter storm, Birdsboro ran under Conservative Operations, which resulted in the plant dispatching uneconomically and compressed spark spreads. However, the plant did receive a make-whole payment from PJM for doing so. The project has also locked in hedges from July 2026-December 2026 ranging from 200-275 MW and $21-$32/MWh. These levels represent a slight increase from the hedges it executed over the same time frame in 2025 and, in S&P's view, reflect stronger market sentiment. S&P said, "We anticipate sparks over the TLB period will average about $18/MWh, with spark spreads over life averaging $16-$17/MWh. This represents a modest increase from our current forecast, but we believe it reflects market tightness we expect will continue, transmission work easing congestion and basis issues, and the plant's recently demonstrated profitability levels. "The stable outlook on Birdsboro's debt reflects our expectation for robust cash flow over the next 12-24 months because we anticipate higher forward power prices, higher cleared PJM capacity prices, and capacity factors of 80%-85% in the near term. We expect the project will achieve an average DSCR of about 1.95x in the TLB period. We expect the project will have $240 million-$250 million outstanding at maturity on its TLB, which drives a minimum DSCR of 1.23x in the refinancing period." S&P could lower its rating on Birdsboro's debt if the minimum DSCR declines to less than 1.2x on a sustained basis due to: -- Higher-than-expected operating outages, reduced utilization, and performance penalties; -- Lower-than-expected realized energy margins or weaker demand because of a less favorable market outlook; -- Higher-than-expected operating costs and major maintenance expenses leading to reduced cash flows; or -- The project not meeting S&P's cash flow sweep expectations. S&P said, "Although unlikely in the near term, we could raise the rating if we expect the project will maintain a minimum base-case DSCR greater than 1.35x in all years, including the post-refinancing period. "We would expect this to occur if the project's financial performance and debt repayment well exceed our forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding at the time of the TLB's maturity, as well as a track record of decreasing debt/kW." BITCOIN DEPOT: Overcomes States' Challenge to Bankruptcy Plan Vote ------------------------------------------------------------------ James Nani of Bloomberg Law reports that Bitcoin Depot Inc. cleared an important hurdle in its bankruptcy case after winning permission to solicit votes for its Chapter 11 liquidation plan. Judge Christopher Lopez approved the request during a hearing in Houston, allowing the company to continue pursuing a court-supervised wind-down despite objections from state regulators. The National Association of Attorneys General, representing nine states, argued that creditors lacked sufficient information to make informed decisions about the plan. Regulators pointed to missing financial disclosures and unanswered questions regarding the debtor's financial records and corporate affairs. Although acknowledging the concerns, the court concluded that they did not justify blocking the solicitation effort. Instead, the judge granted conditional approval and left open the possibility of addressing disclosure-related issues later in the bankruptcy process, the report relays. The ruling enables Bitcoin Depot to move ahead with the next phase of its restructuring case. Creditors will now have the opportunity to review the proposed liquidation framework and vote on how the company's remaining assets should be administered and distributed, according to Bloomberg. About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. BOKQUA LLC: Court OKs Colorado Properties to Multiple Buyers ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado has granted Bokqua LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. The Debtor held approximately 169 properties as of the Petition Date. r2 Advisors LLC served as the Debtor's chief restructuring officer and Atlas Real Estate as the property manager. The Debtor entered into two contracts for the sale of its Property. -- 3062 Court to Jade and Annalisa Stevens-Huang for the sale price of $494,888 -- 19193 E. Amherst Drive to Edgar Hernandez for the sale price of $519,888 The Court has authorized the Debtor to sell the Properties to the Buyers. The sale prices are fair and reasonable under the circumstances and the Debtor is authorized to effectuate the transfer of the Sale Properties. The legal and factual bases in the Sale Motion and the record in the case establish a sufficient and a reasonable purpose and judgment for the Debtor to sell the Properties. The Sale Contracts are the product of arm's length negotiations after a full marketing and sale process conducted by a licensed real estate broker. The is authorized to execute any and all instruments and other documents necessary or appropriate to effectuate the transfer. The Debtor is authorized to pay any amounts for property taxes and to Genesis subject to any payoff statements provided to the applicable title of the company prior to closing. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BROOKS CUSTOM: Equipment Sale to Bobby Ray Howell OK'd ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Mississippi has granted Brooks Custom Application LLC to sell Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor's Equipment are comprised of: -- 2006 International Water Truck- VIN 2HSCESBR66C266234 -- $30,000 -- 2001 Mack Truck CH613 - VIN 1M1AA18Y71W135573 -- $10,000 -- 2013 B&B Drop Deck Sprayer Trailer - SN 4L5AB4522DF028654 -- $15,000. The Debtor believes that the decision to liquidate the Equipment is in the best interest of all creditors and parties-in-interest. The purchaser of the Equipment is Bobby Ray Howell of Howell's Custom Spraying. The total price for the Equipment is $55,000. The Court has approved the sale of the Equipment, free and clear of liens, claims, and interests. The Purchaser is a good faith purchaser, and the sale transactions is an arms-length transaction. The Court approves the sale for the fair, reasonable, and appropriate price of $55,000. After the sale closes, funds from the closing shall be paid to Bank of Okolona who, as noted, holds the first, and only, consensual lien on the Equipment. The remaining proceeds from the sale after payment toward Bank of Okolona's lien, shall be placed in an interest-bearing escrow account by counsel for the Debtor, with the funds to be disbursed only upon further order of the Court. About Brooks Custom Application Brooks Custom Application, LLC, provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family-owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Brooks Custom Application filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13062) on September 16, 2025. At the time of filing, the Debtor listed $6,229,773 in total assets against $8,477,809 in total liabilities. The petition was signed by John Paul Brooks as managing member. Judge Selene D. Maddox presides over the case. Craig M. Geno, Esq., at LAW OFFICES OF GENO AND STEISKAL, PLLC, is the Debtor's counsel. Watkins, Ward & Stafford serves as the Debtor's accountant. BUZZFEED INC: Sells 4.2M Shares for $1.44 Each ---------------------------------------------- BuzzFeed, Inc. entered agreements to sell 4,216,999 Class A common shares at $1.44 each, according to a Form 8-K filed with the SEC. Allen Family Digital, LLC, an affiliate of Byron Allen's family office, agreed to buy 4 million shares, consisting of 2,173,155 newly issued shares and 1,826,845 treasury shares. BuzzFeed received about $5.8 million in aggregate proceeds on June 17 from the Allen Family Digital purchase. The company also agreed to sell 216,999 Class A common shares to certain individual purchasers at the same price. The board approved both agreements. The company said the shares were issued June 18 and the issuances were exempt from registration under Section 4(a)(2) of the Securities Act. About BuzzFeed, Inc. BuzzFeed, Inc. is a digital media company whose brands include BuzzFeed, HuffPost and Tasty. The company produces and distributes content across pop culture, entertainment, shopping, food and news. BuzzFeed uses audience signals, first-party data and contextual marketing solutions to help advertisers and creators reach target audiences. The company's principal executive offices are in New York. In an audit report dated March 16, 2026, Deloitte & Touche LLP included going-concern language, stating that the company had incurred recurring losses, used cash flows from operations, had insufficient liquidity to fund obligations over the next year and faced uncertainty about regaining compliance with Nasdaq bid-price requirements. The conditions 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 $169.11 million, total liabilities of $132.35 million and stockholders' equity of $36.76 million. C.R. OF WILDWOOD: Nancy Pitra Named Substitute PCO -------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Nancy Pitra, Esq. as substitute patient care ombudsman for C.R. of Wildwood, LLC. Melanie S. McNeil, who was appointed to serve as PCO on Oct. 29, 2025, has retired from her position as the Georgia Long-Term Care Ombudsman and is no longer serving as the ombudsman in this case. Effective immediately, Ms. Pitra, the current Georgia Long-Term Care Ombudsman, is substituted as PCO in Ms. McNeil's place. Ms. Pitra will continue to perform the duties as the Patient Care Ombudsman in this case as required under Section 333. To the best of her knowledge, Ms. Pitra has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Nancy Pitra, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 2 Peachtree Street, N.W., 33rd Floor Atlanta, GA 30303 Email: Nancy.Pitra@osltco.ga.gov About C.R. of Wildwood LLC C.R. of Wildwood, LLC is a Georgia-based company that owns and operates businesses in the hospitality and dining sector. It specializes in offering restaurant and food service experiences to both local customers and out-of-town guests. C.R. of Wildwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51719) on October 27, 2025. In its petition, the Debtor reports estimated estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. CABLE ONE: S&P Places 'BB-' ICR on Watch Neg. on Mega Acquisition ----------------------------------------------------------------- S&P Global Ratings placed its ratings on U.S. cable operator Cable One Inc., including the 'BB-' issuer credit rating, on CreditWatch with negative implications. S&P plans to resolve the CreditWatch upon completion of the MBI acquisition and lower the rating to 'B+'. The CreditWatch reflects leverage above 4.5x for the consolidated business on weaker than expected operating performance at MBI. S&P said, "We now expect earnings at MBI (which account for roughly 20% of pro forma earnings), will decline 3%-6% in 2026 and 0%-3% in 2027, down from our previous estimate of 3%-4% growth through 2027. In addition, we now expect Cable One earnings will decline 5%-6% through 2027, modestly lower than our previous forecast of 4%-5%. This follows a 17.6% year-over-year reduction in EBITDA at MBI and 8.8% drop at Cable One in the first quarter of 2026." S&P said, "We expect Cable One's pro forma earnings will decline 6%-7% in 2026 due to weakness in its residential revenue, behind reductions of 5%-6% in broadband and 22%-23% in video amid ongoing secular declines. In 2027, we forecast pro-forma organic earnings will decrease about 3%-5% on about a 4% drop in broadband revenue as customer additions remain pressured by elevated fixed wireless access (FWA) competition. "We believe Cable One can reduce its leverage longer term. We believe that pro forma leverage will be 4.6x-4.7x through at least 2027 as earnings declines offset free operating cash flow (FOCF) on modestly higher capital spending. Longer-term, we believe the company can deleverage by about 0.2x a year on roughly $200 million of FOCF, partially offset by modest earnings reductions of 1%-3% as broadband penetration rates settle in the mid-20% area. Still, penetration rates could fall further if heightened competition persists, which would weaken FOCF and the pace of deleveraging. "We view the proposed exchange as opportunistic. On June 22, 2026, Cable One announced that it was offering existing MBI lenders the opportunity to exchange all their outstanding term loan debt for exchange consideration with early participants receiving a combination of cash and the new FLFO term loan and late participating lenders receiving 100% of the new FLSO term loan. The offer also involves the creation of a $1.0 billion revolving facility that would replace its existing $1.25 billion revolver due 2028. An intercompany note will be issued to fund the exchange or refinance purchased loans, which may be subject to a multiple on invested capital of up to 2.5x. Cable One will pay participating lenders a commitment fee equal to 0.05% of their exchange eligible term loan. "We will likely lower the ICR, and our existing unsecured ratings one notch when Cable One closes its acquisition of MBI, likely on Oct. 1, 2026. We expect to rate the new FLFO term loan, new FLSO term loan, and provide further guidance on existing term loan debt before the acquisition closes. Timing will partially depend on results of the exchange and the likely size and structure of the new facilities." CAMP MYSTIC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Camp Mystic, LLC 26-90621 2689 Highway 39 Hunt, TX 78024-3412 Natural Fountains Properties, Inc. 26-90622 2689 Highway 39 Hunt, TX 78024-3412 Mystic Camps Management, LLC 26-90623 2689 Highway 39 Hunt, TX 78024-3412 Mystic Camps Family Partnership, Ltd. 26-90624 2689 Highway 39 Hunt, TX 78024-3412 Business Description: Camp Mystic operates as a private Christian summer camp for girls, offering summer camping programs focused on personal development, self-esteem, spirituality, friendships, and life skills. Established in 1926, the camp is located in Hunt, Texas, near the Guadalupe River and Cypress Creek, about 18 miles northwest of Kerrville. Camp Mystic was founded by University of Texas coach "Doc" Stewart and offers multiple summer sessions for campers. Chapter 11 Petition Date: June 24, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtor's Counsel: Martin Sosland, Esq. VARTABEDIAN KATZ HESTER & HAYNES LLP 2200 Ross Ave. Ste. 4200W Dallas TX 75201 Tel: (469) 654-1340 Email: martin.sosland@vkhh.com Camp Mystic's Estimated Assets: $1 million to $10 million Camp Mystic's Estimated Liabilities: $10 million to $50 million Natural Fountains' Estimated Assets: $10 million to $50 million Natural Fountains' Estimated Liabilities: $10 million to $50 million Mystic Camps Management's Estimated Assets: $0 to $50,000 Mystic Camps Management's Estimated Liabilities: $10 million to $50 million Mystic Camps Family's Estimated Assets: $100,000 to $500,000 Mystic Camps Family's Estimated Liabilities: $10 million to $50 million The petitions were signed by Edward S. Eastland in his capacities as manager, director, and manager of the general partner. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/56S27ZI/Camp_Mystic_LLC__txsbke-26-90621__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CL3VCDI/Natural_Fountains_Properties_Inc__txsbke-26-90622__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2S6YRGA/Mystic_Camps_Management_LLC__txsbke-26-90623__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2ZMPFNQ/Mystic_Camps_Family_Partnership__txsbke-26-90624__0001.0.pdf?mcid=tGE4TAMA CD&R SMOKEY: Moody's Cuts CFR to 'Caa1', Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded CD&R Smokey Buyer, Inc.'s (PetSafe) Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD and the senior secured first lien notes due 2029 to Caa1 from B3. The outlook is negative. The downgrades reflect continued operating deterioration, including persistently weaker volumes, margin compression and elevated competitive pressures, alongside limited near term visibility into a sustained recovery. PetSafe's operating earnings remain under pressure driven by lower consumer demand for discretionary pet durable products including containment systems, and heightened competition in waste management and pet doors. Profitability weakened due to operating deleverage, and higher costs related to tariffs, freight and marketing, leading to margin compression. The downgrade also reflects very high financial leverage and weak cash flow generation, with debt-to-EBITDA including Moody's adjustments increasing above 14x as of the last 12 months ending March 2026. The high leverage and negative free cash flow elevate risk of a distressed exchange or other debt restructuring. RATINGS RATIONALE PetSafe's Caa1 CFR reflects very high financial leverage, weak operating earnings and elevated risk to execute an operational turnaround to reduce the very high leverage and transition to positive free cash flow. The high leverage and negative free cash flow elevate risk of a distressed exchange or other debt restructuring. Debt-to-EBITDA leverage increased above 14x (incorporating Moody's adjustments) as of the last 12 months ending March 2026. The ratings also reflect PetSafe's relatively small scale, with revenue of approximately $477 million and high customer concentration. PetSafe remains exposed to cyclical consumer discretionary spending given its focus on durable pet products and continues to face weak consumer demand, lower unit volumes, and intensifying competitive pressures, particularly in the e-commerce channel where lower priced competitors are impacting key categories such as waste management and pet doors. PetSafe's initiatives to reverse the earnings declines include product innovation and channel repositioning. However, Moody's believes executing a meaningful earnings turnaround over the next year will be challenging amid cautious consumer spending and high competition. Moody's expects credit metrics to remain weak despite modest EBITDA improvement in 2026 driven by lower charges for restructuring and consulting fees. PetSafe continues to benefit from its good market position and brand recognition in niche pet product categories. A broad product portfolio, moderate geographic and channel diversification, and some barriers to entry including intellectual property and product innovation capabilities support this market position. According to Freedonia, the US pet population remains broadly stable with modest growth, although dog ownership declined in recent years and is expected to remain approximately flat over the next 12 months, reflecting ongoing affordability constraints and normalization following pandemic driven demand. Pressure on consumer spending for discretionary and hardgoods categories continues to weigh on demand. Growth at a key retail partner within the waste management category is supporting performance and partially offsetting weakness in other product categories. Moody's expects free cash flow to remain negative within a $20 to $25 million range over the next 12 months, which will increase the company's reliance on its asset-based revolver and continue to constrain financial flexibility. The ratings are supported by adequate liquidity including approximately $27 million of cash and about $92 million of availability under its $150 million asset-based revolver as of March 2026. PetSafe has no debt maturities until 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the risk that operating earnings do not stabilize in 2026 and that PetSafe's turnaround plan may take longer than expected to materialize. The outlook also incorporates the risk that continued weak cash flow and elevated leverage could increase revolver borrowings and the likelihood of a distressed exchange. The ratings could be upgraded if PetSafe demonstrates sustained revenue stabilization or growth across key channels alongside EBITDA margin improvement, resulting in stronger earnings generation and sustained positive free cash flow. An upgrade would also require a material leverage reduction and EBITDA less capex-to-interest sustained above 1.25x. The ratings could be downgraded if PetSafe 's liquidity position weakens, including increased revolver borrowings or free cash flow remains negative, or the company is unable to stabilize its revenue and profitability due to continued volume declines, ongoing competitive pressures or failure of margin recovery initiatives. CD&R Smokey Buyer, Inc. (PetSafe), headquartered in Knoxville, Tennessee, is a designer and distributor of pet health and safety products for dogs and cats. The company sells its products through five brands, including PetSafe, Invisible Fence, SportDOG, Premier Pet, and Kurgo, across several categories including electronic containment and training, waste management, pet doors, and other pet products such as water & feed, and toy & behavior products. PetSafe generated approximately $477 million of revenue for the last 12 months ending March 31, 2026. Clayton, Dubilier & Rice (CD&R) acquired the company in a leveraged buyout in 2020. The principal methodology used in these ratings was Consumer Durables published in December 2025. CHEMCAT ACQUISITIONCO: S&P Assigns 'B' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to ChemCat AcquisitionCo LLC (dba Ketjen), the issuer of the audited financial statements going forward. S&P said, "We also assigned a 'B' issue-level rating and '3' recovery rating to the company's revolving credit facility and term loan B, reflecting our expectation for a meaningful recovery (rounded estimate: 65%) in a default scenario. "The stable outlook reflects our expectation that based on the new capital structure, credit metrics will remain appropriate for the rating over the next 12 months, with support from targeted EBITDA margin improvements and modest sales growth." In March 2026, private-equity firm KPS Capital Partners acquired a 51% stake in Ketjen Corp.'s refining catalyst solutions business. The company financed the transaction with a mix of bank debt issued by subsidiary ChemCat AcquisitionCo LLC (dba Ketjen) and cash equity from KPS. Albemarle Corp. retained a minority stake (49%) through rollover equity. Ketjen is seeking to refinance the committed bank debt with a new senior secured credit facility comprising a $125.0 million senior secured revolver and a $400.0 million senior secured term loan B. S&P believes there is relatively less execution risk compared with a typical transaction, since Ketjen has been operating autonomously as a standalone segment for a few years. As part of the proposed refinancing, Ketjen's proposed capital structure will include a $125 million senior secured revolving credit facility due 2031 and a $400 million senior secured term loan B due 2033. KPS holds 51% equity ownership in the company, while Albemarle retained 49% by rolling over its equity. The carve-out transaction only included Ketjen's refining catalyst solutions business. While corporate carve outs comes with risks of converting and operating as a stand-alone business, Ketjen has operated as a standalone segment with audited financial statements, and KPS has experience in carve outs from large corporations. S&P will continue to monitor the execution of this transition into a stand-alone company over the coming quarters. The financial risk profile reflects Ketjen's solid credit metrics, somewhat tempered by private-equity ownership. Ketjen's current credit metrics are strong at the rating, with weighted-average funds from operations (FFO) to debt of about 20% and weighted-average debt to EBITDA of 3x-4x. However, its financial risk profile assessment also incorporates the new financial-sponsor majority ownership. Aggressive financial policies, similar to those adopted by other private-equity sponsors, could affect the sustainability of Ketjen's credit profile going forward. S&P said, "We will monitor financial policy and could reassess our view on the rating or outlook if we note a trend of successful earnings improvement and a demonstrated track record of prudent decisions supporting such credit metrics." S&P said, "We expect Ketjen to generate positive free operating cash flow (FOCF) in 2026 and 2027. We believe it will maintain adequate liquidity, with its sources at least 1.2x its uses over the next 12 months and no meaningful debt maturities in the next few years. We also believe it has a sufficient cushion under the financial covenant. Our base case does not assume any bolt-on acquisitions or shareholder distributions." Ketjen's business risk profile is constrained, due to its relatively small scale of operations and narrow product and end-market focus. However, it benefits from market leadership positions and low customer churn. The company has a limited product focus serving the cyclical fuels refining industries, although FCC catalyst demand is less volatile. Its earnings are vulnerable due to the absence of meaningful scale and diversity, with only two fully owned production sites and two joint-venture-owned sites. EBITDA margins have improved in recent years due to management's structural optimization initiatives, such as adding input cost pass-through mechanisms into more of its contracts than it previously did. S&P said, "Margins remain below historical averages, but we expect them to grow to expand through 2027. It has begun contractual improvements, planned commercial improvements, identified cost improvement initiatives supported by the new sponsors, and will see favorable mix shift in the clean fuels technology (CFT) catalysts business. Despite expected improvement, we forecast EBITDA margins will continue to lag industry leader W.R. Grace Holdings LLC. "Our assessment also reflects Ketjen's market leadership. It holds a top leadership position behind W.R. Grace in the fluidized catalytic cracking (FCC) catalysts business and is the leader in CFT catalysts. Across the aggregate business, its customer retention rate is high, with support from the highly customized nature and relatively low substitutability of its offerings for each of its refinery customers. However, in certain instances the company has lost contracts to competition as well. Ketjen has relatively high revenue visibility, supported by multiyear contracts, long-standing customer relationships, and the mission-critical nature of catalysts for its customers' core operations. S&P said, "The stable outlook on Ketjen reflects our expectation that its credit metrics will remain appropriate for the rating over the next 12 months. We expect it will maintain a cushion for any unexpected performance weakness emanating from softer end-market demand, issues transitioning to a stand-alone company, or slower EBITDA margin improvement. "Based on this, we expect its weighted-average S&P Global Ratings-adjusted debt to EBITDA will be 3x-4x and FFO to debt will be about 20%. We expect the company's EBITDA margins to gradually increase over time due to price-cost management, business improvement initiatives, and market penetration. Our base case does not reflect any debt-funded shareholder returns or acquisitions. "We could take a negative rating action on Ketjen within the next 12 months if we expect weighted-average debt to EBITDA to be greater than 6.5x with no prospects for improvement. This could happen if end-market demand and earnings decrease due to weaker-than-expected global economic activity or trade flow disruptions, the company loses key customers, or it cannot pass on any input cost increases. This could also happen if Ketjen encounters any difficulties in "transitioning to a stand-alone company or it undertakes large, debt-funded acquisitions or shareholder returns. Additionally, we could take a negative rating action if the company's liquidity significantly weakens. "We could take a positive rating action on Ketjen within the next 12 months if it maintains its S&P Global Ratings-adjusted FFO to debt ratio at 20%-30% while debt to EBITDA remains below 4x. Before taking a positive rating action, we would need clarity on financial policies under the new ownership to assess whether it would support credit metrics remaining at such levels after factoring in any growth initiatives. "Metrics could improve to such levels if increasing market share leads to higher volumes and better fixed-cost absorption, or business improvements result in higher-than-expected EBITDA margin. EBITDA margins could also improve if product mix continues to shift more toward the sale of higher-priced products in the CFT category. We could also take a positive rating action if the company's scale of operations expands such that its concentration in terms of product offerings, end markets, and manufacturing sites improve considerably." CIMG INC: Unit Signs Framework Contract Worth Up to $442M --------------------------------------------------------- CIMG Inc.'s wholly owned subsidiary entered a framework contract for a Beijing computing-power center project with a potential value of up to $442 million. Zhongyan Shangyue Technology Co., Ltd. will act as general contracting service provider for Zhongshishun Technology (Beijing) Co., Ltd., according to a press release furnished as an exhibit to a Form 8-K filed with the SEC. The contract covers comprehensive equipment supplies, computer-room construction, system deployment and commissioning, post-operation services and a fixed maintenance period. The contract period is two years. CIMG said the project's implementation, scope, timing, equipment procurement, delivery, payment and commercial arrangements remain subject to further arrangements, purchase orders, work orders, definitive agreements and other conditions. About CIMG Inc. CIMG Inc. is a Nevada company that has been listed on Nasdaq since June 2020 and changed its name and ticker from NuZee, Inc. and NUZE in October 2024. The company uses artificial intelligence and, where appropriate, blockchain-related technologies to support industrial development and client user growth and brand management. It sources, markets and distributes health and wellness products, including Maca-based dietary supplements, functional foods and beauty products, through online channels and retail partners. The company also launched computing-power products in September 2025, selling GPU hardware with artificial-intelligence data-processing modules to business customers. In an audit report dated Feb. 13, 2026, Assentsure PAC, the company's auditor since 2025, issued a going concern qualification, stating that CIMG had recurring losses from operations and negative working capital. The conditions 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 $53.18 million, total liabilities of $12.09 million, and stockholders' equity of $41.09 million. CITROTECH INC: 2 Directors Exit Board, Michael Feigin Fills Vacancy ------------------------------------------------------------------- CitroTech Inc. announced in a regulatory filing that it was notified by Theodore Ralston and Jeffery Pomerantz of their resignations from the Company's Board of Directors, effective immediately. Neither Mr. Ralston's nor Mr. Pomerantz's resignations arose from or related to a dispute with management or the Board. The Company thanks Mr. Ralston and Mr. Pomerantz for their distinguished service on the Board. Appointment of Director On June 17, 2026, upon the recommendation of the Board's nominating and corporate governance committee, the Board appointed Michael Feigin to fill one of the two vacancies, effective immediately. The Nominating Committee has initiated a search to fill the remaining vacant Board position. About Michael Feigin Mr. Feigin, 66, has more than 35 years of leadership experience in the construction and real estate industries. Since September 2020, he has served as President and Chief Executive Officer of JLA Consulting Group, LLC, a strategic consulting firm focused on innovation, risk management and operational improvement for construction industry companies. From February 2025 to February 2026, he served as Chief Executive Officer of MFB Insurance Company, Inc., a Hawaii-domiciled cell captive insurance company formed to underwrite fire risk for commercial and residential properties. From June 2014 to March 2020, Mr. Feigin served as Executive Vice President and Chief Construction Officer of AvalonBay Communities, Inc., where he led construction operations across 13 major markets in the United States. Earlier in his career, Mr. Feigin held senior executive, legal and operational leadership positions at AECOM Technology Corp., Tishman Construction, Weeks Marine, Navigant Consulting, Marsh and Bovis Lend Lease Holdings, Inc. He has also served on a number of for-profit and non-profit boards, including currently as a member of the advisory board of Delta Consulting Group, a member of the board of directors of OnsiteIQ, Inc., and a trustee of the National Building Museum, where he serves as chair of the nominating and governance committee. Mr. Feigin holds a B.A. in Psychology from Yale University and a J.D. from Brooklyn Law School. The Board believes that Mr. Feigin's extensive executive leadership experience in the construction and real estate industries, together with his experience in enterprise risk management, insurance and corporate governance, make him well qualified to serve as a director of the Company. There are no arrangements or understandings between Mr. Feigin and any other person pursuant to which Mr. Feigin was selected as a director. There are no family relationships between Mr. Feigin and any of the Company's officers or directors. There are no transactions in which Mr. Feigin has an interest requiring disclosure under Item 404(a) of Regulation S-K. Mr. Feigin will receive compensation for service on the Board in accordance with the Company's non-executive director compensation policy. Mr. Feigin has been appointed to the Board's audit committee and compensation committee, and will serve as chairman of the Nominating Committee. About CitroTech Inc. (formerly General Enterprise Ventures, Inc.) CitroTech Inc. develops and manufactures environmentally sustainable, non-toxic, long-term fire-inhibiting products for use in industrial and wildfire defense applications. Based on CitroTech's quarterly report for the period ended March 31, 2026, the Company had approximately $4.3 million in cash, working capital of $2.8 million, and an accumulated deficit of $119.4 million as of March 31, 2026. For the three months ended March 31, 2026, the Company reported a net loss of $6.2 million and used approximately $2.1 million of cash in operating activities. As of March 31, 2026, the Company had $12.2 million in total assets, $3.6 million in total liabilities, and $8.7 million in total stockholders' equity. The Company's ability to continue as a going concern depends on its ability to scale commercial sales. Management believes that its current cash resources are insufficient to fund commercial-scale production and related working capital requirements over the next 12 months. As a result, these conditions raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of the unaudited interim consolidated financial statements. COMPASS MINERALS: S&P Upgrades ICR to 'B+' on Debt Paydown ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based salt and specialty fertilizer producer Compass Minerals International Inc. to 'B+' from 'B'. S&P also raised the issue-level ratings on its senior secured debt to 'BB' from 'BB-' and senior unsecured debt to 'B+' from 'B'. S&P's '1' recovery rating on the secured debt and '4' recovery rating on the unsecured debt are unchanged. The stable outlook reflects our expectation that Compass will maintain leverage below 4x in the next two years from debt reduction, strategic initiatives, and favorable operating performance, although we anticipate volumes will taper down next year. Compass has strengthened S&P Global Ratings-adjusted leverage to 3.1x as of March 31, 2026. The company retired its $150 million 2027 senior unsecured notes with balance sheet cash and free operating cash flow (FOCF). Earnings strengthened due to higher deicing volumes in a robust winter season, and S&P expects near-term leverage to remain about 3x. S&P said, "Our upgrade reflects the debt paydown and improved profitability for leverage reduction. In the second quarter of 2026, S&P Global Ratings-adjusted leverage for the last 12 months was 3.1x versus 4.2x in the previous year period. Compass received about $25 million in proceeds from the sale of the Wynyard, Saskatchewan sulfate of potash (SOP) operation, which bolstered liquidity. It used those proceeds along with cash on the balance sheet, and FOCF to retire $150 million of its 2027 senior unsecured notes, materially improving its debt profile and extending weighted-average maturity. Additionally, higher profitability in the first quarter from a significant increase in highway deicing volumes reduced leverage. We anticipate leverage will remain well below 4x, although we anticipate Compass may use its revolver to fund seasonal working capital needs. "We forecast improved operating performance, but weather-related volatility is a credit risk. In the first half of fiscal 2026, salt revenue increased about 6% due to higher sales prices and consumer and industrial volumes. Its plant nutrition segment also expanded about 7%. The company had an especially strong first quarter due to a robust winter season, and we expect this will contribute to revenue growth of about 3% this year. Last-12-months S&P Global Ratings-adjusted EBITDA margins increased almost 300 basis points, and gross profit margins also increased to 25% from 24% the previous year. However, the salt segment, of which a majority is deicing, heavily fluctuates with winter weather. The 2025-2026 season was the coldest in over a decade, with above-average snowfall in much of the U.S. Northeast and Midwest. This is unlikely to be repeatable, and the unpredictability of this segment adds to earnings variability. "Liquidity and cash flow support Compass' business initiatives. We forecast FOCF this year of about $80 million and that capital expenditure (capex) will accelerate to about $100 million from about $70 million the previous year. Compass has several projects it plans to execute, including a dryer compaction plant at Ogden, Utah, and building a new mill at the Goderich, Ontario mine which will allow the company to move away from a higher cost part of the mine. These initiatives should lower costs and support long-term profitability. Compass does not pay a dividend and has had no sizable share buybacks. With no near-term debt maturities, $74 million cash on hand, and about $305 million revolver availability, we believe Compass has sufficient cash flow and liquidity to support business initiatives. "The stable outlook reflects our expectation of solid operating performance due to more severe than normal winter weather in the first quarter. We also anticipate leverage will remain below 4x due to the sizable debt paydown and improved operating performance." S&P could downgrade Compass over the next 24 months if leverage increases above 4x without an anticipated reduction. This could happen if: -- Reduced snowfall or competitive forces materially reduce deicing salt volumes; or -- It raises debt to fund incremental business initiatives without meaningful returns. S&P could raise its rating on Compass if the company demonstrates an ability to maintain adjusted leverage around mid-2x with positive free operating cashflow. CPI HOLDCO: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed CPI Holdco B, LLC's (CPI) Ba3 corporate family rating and Ba3 ratings on its senior secured first-lien bank credit facility. The outlook remains stable. RATINGS RATIONALE The ratings affirmation reflects CPI's positive operating performance, driven by robust organic asset growth, the strengthening of its retirement advisory franchise, and incremental earnings contributions from regular bolt-on acquisitions. Moody's expects improving cash flow generation to support some deleveraging over the next 12 months. The expansion of CPI's custodial relationships is expected to further support already strong net new asset growth, which was trending at an annualized rate of more than 9% as of March 31, 2026. Combined with the expanded retirement advisory platform following the SageView acquisition, these factors should support continued earnings growth through the remainder of 2026. For the last twelve months ended March 31, 2026, adjusted debt-to-EBITDA was 4.8x, while interest coverage was 4.0x. CPI's Ba3 CFR reflects its strong competitive position as a national US wealth manager operating under the Creative Planning brand. The rating is constrained by the market sensitivity of its earnings, elevated leverage, and concentrated ownership structure, which introduces key-person risk. The stable outlook reflects Moody's expectations that CPI will continue to scale its platform. Earnings and cash flow should benefit from new business contributions, supporting a gradual improvement in debt coverage metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CPI's ratings could be upgraded if: 1) the company diversifies its revenue while maintaining similar or lower levels of risk; 2) continued improvement in the firm's scale and competitive position results in a sustained growth in pretax earnings and margins above 20%, with low margin volatility; or 3) adjusted debt leverage is sustained below 4.0x. Conversely, the ratings could be downgraded if: 1) a shift in financial policy significantly increases debt to fund partner distributions or a substantial acquisition, driving adjusted debt leverage above 5.5x; 2) a retained cash flow-to-debt ratio is sustained below 7%; or 3) a meaningful decline in scale such leads to annual pretax earnings falling below $100 million on a sustained basis. In addition, a significant failure in regulatory compliance, technology infrastructure, or other operational areas that tarnishes the firm's reputation could also result in a downgrade. The principal methodology used in these ratings was Securities Industry Service Providers published in February 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. D 5030 WESTMINSTER: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: D 5030 Westminster, LLC 8762 Preston Trace Blvd. Frisco, TX 75033 Business Description: D 5030 Westminster, LLC operates in the traveler-accommodation industry and is associated with a limited- service hotel property in Westminster, Colorado. 12345678901234567890123456789012XX56789012345678901234567890123456 Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-42143 Debtor's Counsel: Frances A. Smith, Esq. OFFIT KURMAN, PC 700 N. Pearl Street Suite 1610 Dallas, TX 75201, TX Tel: 214-377-7879 Email: frances.smith@offitkurman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Larry Williams as corporate representative. 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/KMPZLFA/D_5030_Westminster_LLC__txebke-26-42143__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KDVU5PQ/D_5030_Westminster_LLC__txebke-26-42143__0001.0.pdf?mcid=tGE4TAMA D L INVESTMENT: Commences Chapter 11 Bankruptcy in Illinois ----------------------------------------------------------- On June 22, 2026, D L Investment Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About D L Investment Company D L Investment Company is an Illinois-based investment and asset-holding company. The business is engaged in managing investments and related financial interests. D L Investment Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10406) on June 22, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. DALTONBRIELLA LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Daltonbriella, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral for court-approved payments including U.S. Trustee quarterly fees and operating costs listed on the approved budget. Any additional expenditures require the written consent of mortgage lenders. The cash collateral, which includes cash and accounts receivable, is subject to the security interests of mortgage lenders, including Fay Servicing, LLC, Select Portfolio Servicing, Inc., Selene Finance, and Shellpoint Mortgage. The lenders hold mortgages on five South Carolina rental properties in Myrtle Beach and Murrells Inlet. Each mortgage includes an assignment-of-rents provision granting the lenders a security interest in rental income generated by the properties. The Debtor estimates that cash and accounts receivable total approximately $3,150, based on a current aging report of receivables less than 90 days old. Additionally, the Debtor continues to collect monthly rental income from the five mortgaged properties, and those rental proceeds form the primary source of operating revenue. The Debtor's court-approved budget projects monthly rental income of approximately $16,500, generated from the five properties. Total projected rental income over the 12-month budget period is approximately $198,000. As adequate protection, lenders holding an interest in cash collateral will receive perfected replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. The lenders will also receive monthly payments as additional protection, beginning July 1: $1,685 to Fay Servicing, $1,734 to Select Portfolio Servicing, $1,665 to Selene Finance, and two separate payments of $2,100 to Shellpoint Mortgage. The order preserves the rights of parties to seek modified adequate protection, challenge liens, or pursue other remedies. The order is available at https://is.gd/ezhWBX from PacerMonitor.com. The next hearing is scheduled for July 16. About DaltonBriella LLC DaltonBriella, LLC owns residential condominium properties in coastal South Carolina, including units in Murrells Inlet and Myrtle Beach. The company's real estate holdings include properties on North Waccamaw Drive, South Kings Highway, 69th Avenue North and Shore Drive. DaltonBriella sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02564) on June 5, 2026. In the petition signed by Kiley A. Webber, managing member, the Debtor disclosed $1,299,731 in total assets and $984,800 in total liabilities. Judge Jason A. Burgess oversees the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as bankruptcy counsel. DEEP FISSION: Completes $40M Public Stock Offering -------------------------------------------------- Deep Fission, Inc., completed a public offering of 2.5 million common shares at $16 each, raising $40 million in gross proceeds. The gross proceeds were before underwriting discounts, commissions and estimated offering expenses payable by the company, according to a Form 8-K filed with the SEC. Deep Fission granted the underwriters a 30-day option to buy up to 375,000 additional common shares at the initial public offering price, less underwriting discounts and commissions. The company said its common stock began trading on the Nasdaq Global Market under the symbol FISN on June 18. It intends to use net proceeds for general working capital and corporate purposes, including engineering, research and development, licensing and construction of its first pilot nuclear reactor and related technologies. About Deep Fission Deep Fission, Inc. is a nuclear energy technology company developing a small modular reactor based on established pressurized water reactor technology. The company's Gravity Reactor is designed for emplacement in deep boreholes approximately one mile below the Earth's surface, using hydrostatic pressure and surrounding geological formations to support containment, cooling, shielding, and structural confinement functions. Deep Fission is based in Berkeley, California. In an audit report dated April 15, 2026, Grant Thornton LLP included going-concern language, stating that the company incurred a net loss of $61 million for 2025 and had an accumulated deficit of $66.7 million at Dec. 31, 2025. The conditions 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 $92.03 million, total liabilities of $3.9 million and stockholders' equity of $88.13 million. DELUXE CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Deluxe Corporation's (Deluxe) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also downgraded the company's senior secured notes to 'BB' with a Recovery Rating of 'RR2' from 'BB+'/'RR1'. The change in the senior secured instrument rating assessment is due to the incremental debt that Deluxe plans to issue to fund the Celero acquisition, resulting in first lien secured instruments being assessed at 'BB'/'RR2'. Fitch expects Deluxe's leverage to increase to the mid-4.0x range following the Celero acquisition; however, the company is expected to continue pursuing its historical deleveraging strategy and reduce EBITDA leverage to below 4.0x by 2028. The Stable Outlook reflects improving EBITDA margins, positive FCF and growth in Deluxe's Payments and Data Solutions segment, which partly offset secular declines in the print business. The ratings remain constrained by revenue pressure stemming from secular headwinds in the print segment. Key Rating Drivers Increased Leverage: Fitch expects Deluxe's pending acquisition of Celero, a payment processing and business management solutions provider, for approximately $625 million to increase near-term credit risk. Pro forma leverage is expected to rise to the mid-4.0x range following the acquisition. However, Fitch expects Deluxe to continue its historical deleveraging strategy through debt prepayments and EBITDA growth, reducing leverage to below 4.0x by 2028. Management has reiterated its commitment to deleveraging and maintaining a long-term net leverage target of 3.0x. Fitch also expects management to keep prioritizing capital allocation toward debt repayment while continuing to pay dividends. Shift Toward Payments and Data: Fitch believes that Deluxe's strategic transformation into a payments solutions provider may further enhance its operating profile over time. Revenue from the payments and data segment increased from approximately 38% in FY2021 to over 50% in 1Q2026. Deluxe recently completed the divestiture of its Safeguard business and distributor network, which provides printed and other promotional solutions. This transaction, together with the pending Celero acquisition, aligns with Deluxe's strategy to reduce its exposure to print and promotional revenue while accelerating growth in its payments and data segment. On a pro forma basis, the payments and data segment is expected to generate approximately 57% of total revenue. Secular Industry Headwinds: Deluxe's print segment accounted for 49% of 1Q2026 revenue and generated more than two-thirds of consolidated EBITDA. However, Fitch expects the company's exposure to print revenue to decline following the Celero acquisition. Fitch believes the print industry will continue to face secular volume declines as digital adoption reduces demand for printed products. Fitch expects the print segment to continue facing headwinds, with revenue declining at a mid-single-digit rate over the forecast period. Modest and Improving FCF: Despite a secular decline in the print segment, Fitch expects that Deluxe will continue to generate positive and improving FCF, as defined by Fitch, thereby enhancing its near-term credit strength. The stable cash flow from the print segment enables Deluxe to reinvest in its payments and data business. Fitch expects the company's FCF margins to gradually expand over the forecast period. Competitive Landscape: Deluxe's end markets in the payments and data segment are highly competitive and fragmented, which could affect the company's IDR over time. Deluxe faces significant technological disruption and pricing competition from legacy fintech companies, large established technology providers, and emerging software-centric fintech companies. Fitch believes that barriers to entry are very limited while switching costs are moderate and vary depending on the company's offerings. Peer Analysis Fitch assesses Deluxe's ratings relative to peers in the printing, fintech, and services sectors. Fitch rates R.R. Donnelley & Sons Company (RRD; B/Negative), a provider of printing and supply chain solutions that maintains a robust competitive position driven by its scale. However, RRD's EBITDA margins trail those of Deluxe, and its EBITDA leverage is higher. Fitch also rates Pitney Bowes (BB-/Stable), which provides shipping, mailing, and financial services. Although Pitney Bowes is smaller in scale than Deluxe, it has higher EBITDA and FCF margins. In the payments segment, Fitch rates MoneyGram International, Inc. (MoneyGram; B-/Stable), which offers cross-border peer-to-peer payments and money transfer services. MoneyGram has lower EBITDA margins and higher EBITDA leverage than Deluxe. By comparison, Shift4 Payments, Inc. (BB/Stable), which provides software and payment processing solutions, benefits from significantly greater scale and higher FCF margins than Deluxe. Fitch’s Key Rating-Case Assumptions - Revenue growing in the low single-digit range for FY 2026 and the forecast period; - Payments and data segments forecast to grow in the mid- to high single digits from FY 2026, offset by a mid-single-digit yoy decline in the print business; - EBITDA margins expected to improve marginally over the forecast period; - Restructuring costs estimated at about $10 million in the forecast period; - Annual dividends projected to be in the $55 million to $60 million range. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (bb+, Lower), market and competitive positioning (b+, Higher), diversification and asset quality (b+, Higher), company operational characteristics (b+, Moderate), profitability (a-, Lower), financial structure (bb-, Moderate), and financial flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and have no impact. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'b+'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Key Recovery Rating Assumptions Fitch assumes that Deluxe would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach Deluxe's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA is assumed at $320 million and reflects a secular decline in commercial printing and highly competitive and fragmented nature of the payment industry. Fitch has increased the GC EBITDA to $320 million to capture the incremental EBITDA from the pending Celero acquisition. An EV multiple of 5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered that the historical bankruptcy case study exits multiples in the Technology, Media and Telecom sector have ranged from 4.0x-7.0x, with a median of 5.9x. The recovery analysis assumes that the company's revolving credit facility is fully drawn to the extent of borrowing base to provide liquidity in a distress situation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deteriorating key credit metrics including revenue growth, EBITDA margins and FCF margins; - EBITDA leverage at or above 4.0x; - (CFO-capex)/debt less than 5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material improvement in Deluxe's operating profile, evidenced by sustained positive, low single-digit revenue growth, stabilization in EBITDA margins, and EBITDA leverage sustained below 3.0x; - Consistently positive FCFs, with FCF margin near the mid-single digits; - (CFO-capex)/debt above 10%. Liquidity and Debt Structure Deluxe's liquidity is supported by $27.2 million of cash and $381 million of net availability under its refinanced revolving credit facility as of March 31, 2026. Following the Celero acquisition, Deluxe's credit facilities include secured debt consisting of revolving credit facility of $400 million, a term loan A with an outstanding balance of approximately $339 million, new incremental term loan A of $375 million and $450 million of secured notes maturing 2029. The company also has existing unsecured notes of $475 million maturing in 2029 and securitization facility of $100 million. Fitch expects Deluxe to continue generating positive and improving FCF, with FCF margins in the low to mid-single-digit range over the forecast period. Issuer Profile Deluxe is a payments and data solutions company. The company's primary segments include payments and data solutions and a legacy print business. 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 Fitch's Climate.VS screener did not indicate an elevated risk for Deluxe. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Deluxe Corporation LT IDR B+ Affirmed B+ senior secured LT BB Downgrade RR2 BB+ DRY CLEANERS: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Dry Cleaners America, Inc. 1310 Edgewater Drive Orlando, FL 32804-5319 Business Description: Dry Cleaners America, Inc., is an Orlando, Florida-based dry-cleaning and garment-care business that provides personal cleaning services from its location at 1310 Edgewater Drive. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04635 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Total Assets: $44,621 Total Liabilities: $1,005,520 The petition was signed by Aziz Hussein as president, director, and treasurer. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KREIWTA/Dry_Cleaners_America_Inc__flmbke-26-04635__0001.0.pdf?mcid=tGE4TAMA DS FORDHAM: Claims to be Paid from Exit Financing ------------------------------------------------- DS Fordham Landing 1 LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a Joint Disclosure Statement describing Joint Plan of Reorganization dated June 15, 2026. The Debtors are the owners of a redevelopment project located at 320-340 Fordham Road, Bronx, NY (defined as the "Property"). The Debtors each commenced their Chapter 11 cases on March 15, 2026 with a clear goal of continuing their redevelopment project to build almost 1,000 affordable housing units (the "Fordham South Project") and obtain financing to address the claims of creditors, consisting primarily of claims and interests held by Igal Namdar. Acting through an affiliate known as Fordham South Lender, Mr. Namdar acquired the first mortgage debt under controversial circumstances that have generated significant litigation as to whether Mr. Namdar's acquisition of the mortgage in clandestine fashion violated his fiduciary duties. While these matters will be challenged further in bankruptcy, the Debtors are continuing with the project and have received a significant financing commitment (the "Commitment") from a highly regarding affordable housing developer, Lettire Construction Corp. and Urban Builders Collaborative LLC (jointly referred to as "Lettire" for purposes of the Plan). While the Commitment is a very detailed, its main function for purposes of the Plan process is to provide immediate acquisition financing of some $75.2 million that will be made available to the Debtors to fund distributions under the Plan to holders of allowed claims and Class B interests. The funding shall be made in consideration of a transfer of the Property to a special purpose entity designated as Newco. Class 2 consists of Unsecured Claims. The Class 2 Claims of Allowed General Unsecured Creditors are impaired and eligible to vote on the Plan. The Debtors are classifying all other non-mortgage claims of creditors as being unsecured under Class 2, including the disputed mechanic's lien claims of Tishman, plus any other vendors and tort claims. Allowed Class 2 Unsecured Claims shall be paid and receive a pro rata dividend based upon distribution of a general creditor reserve to be established from the Exit Financing at Closing (the "General Creditor Reserve"). The pro rata distribution to Class 2 unsecured creditors from the General Creditor Reserve shall be made in full settlement and release of their respective Allowed Class 2 Claims against the Debtors or the Property. The pro rata distribution shall be made no later than fifteen days after the Effective Date. Class 3 consists of the various Equity Interests in the Debtors comprised of both the Class A and Class B members. The Class A members are Gary Segal's affiliates, Dynamic and DS-1, which are Co-Debtors herein and will not be receiving a distribution under the Plan although the Class A members remain eligible to share in profits from the Fordham South Project consistent with the existing joint venture with Lettire. Conversely, Namdar South, as the Class B preferred member, shall be paid and receive a distribution on account of its preferred Class B interest equal to the balance on hand in the Confirmation Fund after payment of the Allowed Unclassified Claims and the Allowed Class 1 and Class 2 Claims. The distribution to Namdar South as the Class B member shall be made within fifteen days of the Effective Date. Pursuant to the Commitment, Lettire shall fund or cause to be funded sufficient monies (previously designated as the Exit Financing) to complete the purchase of the Property by Newco and provide the liquidity to pay the required distributions to the holders of Allowed Claims and Class B interests. The amount of the Exit Financing reflects the fair market value of the Property and shall be used to support the transfer of the Property to Newco, free and clear of all claims, liens and interests. While the total Project costs through full construction are projected to aggregate more than $800 million, the first proceeds of the Commitment will be used to effectively "buy-out" the Property from the Debtors' estates, providing the Debtors with funds to meet the obligations owed to creditors and Class B interest pursuant to this Plan. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=RFeirU from PacerMonitor.com at no charge. The Debtors' Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com About DS Fordham Landing 1 LLC Dynamic Star LLC, DS 1 GP Inc., and DS Fordham Landing 1 LLC own all equity and fee interests in Fordham Landing South, a Bronx project planning nearly 1,000 affordable housing units. The development has cleared environmental approvals and is working with Lettire Construction Corp. and Urban Builders Collaborative to manage construction and development, while municipal and construction financing negotiations are underway. The project reflects New York City and State priorities for affordable housing but is encumbered by a disputed mortgage originally held by Columbia Pacific for $44.5 million, plus an alleged unrecorded lien of $2 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-22254) on March 15, 2026, with $50 million to $100 million each Debtor's estimated assets. Brad Zackson signed the petitions for DS Fordham Landing 1 LLC, Dynamic Star LLC, and DS 1 GP Inc. Judge Sean H. Lane presides over the case. Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLSTEIN LLP represents the Debtors as legal counsel. EAST 115TH STREET: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------------- East 115th Street Associates, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated June 15, 2026. The Debtor was formed as a general partnership of the State of New York on or about October 8, 1984. The initial partners were Nourallah Baroukhian and Manoucher Malekan. The Debtor was formed for the purpose of owning and managing the Property. On October 30, 1984, 77 E. 115th St. Inc. made a loan to Manouchehr Malekan and Nourallah Baroukhian individually and as co-partners in the Debtor in the principal amount of $250,000.00 with interest, which loan is evidenced by a Mortgage Note dated October 30, 1984. The Plan is designed as a liquidating plan and therefore the Debtor will not be operating after the Confirmation of the Plan, except to wind down. All of the assets of the Debtor will be distributed as expeditiously as possible, and the Debtor will cease business. The Debtor owns the building located at 75-79 East 115th Street, New York, New York 10029, Block 1621, Lot 3257 (the "Property"). The Debtor was facing the jeopardy of a referee auction of the Property in a tax lien foreclosure pending in the Supreme Court of the State of New York, New York County, entitled NYCTL 1998-2 Trust v. East 115th Street Associates, et al., Index No. 651512/2017 (the "Tax Lien Foreclosure"). The Debtor seeks to sell the Property to stem the losses from interest accruals on the outstanding real property taxes that were the subject of the Tax Lien Foreclosure and because the Debtor's principal, Nourallah Baroukhian ("Mr. Baroukhian"), has issues with his health. Mr. Baroukhian received several offers for the Property over an extended period of time prior to the Tax Lien Foreclosure and also as a direct result of the advertisement of the auction date in the Tax Lien Foreclosure. The offer that the Debtor accepted is an all cash offer from Mott Haven Equity Enterprises, LLC (the "Purchaser") of $8.0 million requiring a deposit of $800,000. In the business judgment of Mr. Baroukhian, this is the highest and best offer that the Debtor could expect to receive for the Property. On April 13, 2026, the Debtor filed a motion in the Bankruptcy Court seeking approval for the sale of the Property to Purchaser for $8.0 million free and clear of all liens and encumbrances pursuant to Section 363(b),(f) (h) and (m)(the "Sale Motion"). The Sale Motion is scheduled to be considered by the Bankruptcy Court on June 16, 2026. Closing the sale of the Property is expected to generate sufficient cash proceeds to satisfy all claims of creditors in full. Class 4 consists of Unsecured Claims. The Debtor is unaware of any Unsecured Claims. If an Unsecured Claim is filed prior to the Bar Date, and is undisputed, it shall be paid in full from the proceeds of the sale of the Property at closing. If an Unsecured Claim is filed prior to the Bar Date and is disputed, Debtor shall reserve the amount of the filed claim in the Debtor-in-Possession Operating Account following closing until the claim is finally resolved. Class 4 is Unimpaired. Class 4 consists of the Equity Interest of Nourallah Baroukhian. Class 4 shall receive the net proceeds of closing, after the satisfaction of or reserve over, as the case may be, the distributions due creditors in Classes 2A, 2B, 2B, 3 and 4. The Equity Interests will receive a distribution from the Debtor. On the Closing Date (or as soon after as possible) the Debtor will pay or reserve the following: * Real Property Taxes that encumber the Property, including NYCTL 1998- 2 Trust and the New York City Department of Finance. * The NYC Water Board for the amount of its claim, i.e., $4,639.31; * Necessary costs of closing, such as title charges, recording fees, attorneys' fees, and adjustments. The Debtor estimates $20,000.00 for these closing costs. * Legal fees of bankruptcy counsel (which is being provided in addition to the purchase price by the purchaser) as approved by separate order of the bankruptcy court (estimated to be $40,000), to be held in escrow by counsel pending Court approval. * US Trustee fees (estimated to be not more than $25,000). * Undisputed General Unsecured Claims, if any. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=DtGV8Y from PacerMonitor.com at no charge. Counsel to the Debtor: McNALLYLAW, L.L.C. Stephen B. McNally, Esq. 93 Main Street, Suite 201 Newton, New Jersey 07860 Tel: (973) 300-4260 About East 115th Street Associates East 115th Street Associates was formed for the purpose of owning and managing the building located at 75-79 East 115th Street, New York, New York 10029, Block 1621, Lot 3257 (the "Property"). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-12749 (MEW)) on December 8, 2025. Judge Michael E. Wiles presides over the case. East 115th Street Associates represents the Debtor as legal counsel. ECHOSTAR CORP: Charles Ergen Discloses 51% Equity Stake ------------------------------------------------------- Charles W. Ergen, Cantey M. Ergen, Ergen Two-Year July 2024 SATS GRAT, Ergen Two-Year May 2025 SATS GRAT, Ergen Two-Year June 2025 SATS GRAT, Ergen Two-Year July 2025 SATS GRAT, Ergen Two-Year June 2026 SATS GRAT, and Telluray Holdings, LLC disclosed in a Schedule 13D (Amendment No. 65) filed with the U.S. Securities and Exchange Commission that as of June 15, 2026, they beneficially own the following shares of EchoStar Corp's Class A Common Stock, $0.001 par value per share, based on 159,072,973 shares of Class A Common Stock outstanding on June 15, 2026: * Charles W. Ergen -- 148,681,314 shares with 14,272,420 sole voting power, 134,408,894 shared voting power, 14,272,420 sole dispositive power, and 134,408,894 shared dispositive power, representing 51.0% of the class. * Cantey M. Ergen -- 147,197,344 shares with 133,644,038 sole voting power, 13,553,306 shared voting power, 70,775,840 sole dispositive power, and 76,421,504 shared dispositive power, representing 50.7% of the class. * Ergen Two-Year July 2024 SATS GRAT -- 18,561,842 shares with 18,561,842 sole voting power, 0 shared voting power, 18,561,842 sole dispositive power, and 0 shared dispositive power, representing 10.5% of the class. * Ergen Two-Year May 2025 SATS GRAT -- 23,097,210 shares with 23,097,210 sole voting power, 0 shared voting power, 23,097,210 sole dispositive power, and 0 shared dispositive power, representing 12.7% of the class. * Ergen Two-Year June 2025 SATS GRAT -- 16,800,000 shares with 16,800,000 sole voting power, 0 shared voting power, 16,800,000 sole dispositive power, and 0 shared dispositive power, representing 9.6% of the class. * Ergen Two-Year July 2025 SATS GRAT -- 8,000,000 shares with 8,000,000 sole voting power, 0 shared voting power, 8,000,000 sole dispositive power, and 0 shared dispositive power, representing 4.8% of the class. * Ergen Two-Year June 2026 SATS GRAT -- 4,300,000 shares with 4,300,000 sole voting power, 0 shared voting power, 4,300,000 sole dispositive power, and 0 shared dispositive power, representing 2.6% of the class. * Telluray Holdings, LLC -- 62,868,198 shares with 62,868,198 sole voting power, 0 shared voting power, 62,868,198 sole dispositive power, and 0 shared dispositive power, representing 28.6% of the class. All share amounts include shares of Class A Common Stock and Class B Common Stock of EchoStar Corporation. The shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis at any time. The Reporting Persons' beneficial ownership of shares of Class A Common Stock excludes 313,649 shares of Class A Common Stock held by certain trusts established by Mr. Ergen for the benefit of his family. Mr. Ergen and Mrs. Ergen disclaim beneficial ownership of the 2,350,696 shares of Class A Common Stock and 60,517,502 shares of Class B Common Stock held by Telluray Holdings, except to the extent of their pecuniary interest. Mr. Ergen disclaims beneficial ownership of the 1,551,355 shares of Class A Common Stock held by CONX, except to the extent of his pecuniary interest. The 2026 June GRAT acquired beneficial ownership of 4,300,000 shares of Class B Common Stock when Mr. Ergen contributed such shares of Class B Common Stock to the 2026 June GRAT on June 15, 2026, for estate planning purposes. The Reporting Persons may be reached through: Dean A. Manson, CLO 9601 S. Meridian Blvd. Englewood, CO 80112 Tel: 303-723-1000 A full-text copy of Charles W. Ergen's SEC report is available at https://tinyurl.com/ybd376j9 About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of December 31, 2025, the Company had $43 billion in total assets and $37.2 billion in total liabilities, and total stockholders' equity of $5.8 billion. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. EGO COLLISION: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for EGO Collision Center Corp. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 About EGO Collision Center Corp. EGO Collision Center Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17795) on June 15, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Robert A. Mark presides over the case. Aramis Hernandez, Esq. represents the Debtor as legal counsel. ELETSON HOLDINGS: Court Withdraws Reference for Levona, et al. Case ------------------------------------------------------------------- Judge Lewis J. Liman of the U.S. District Court for the Southern District of New York granted the motion of Plaintiffs Levona Holdings, Ltd. ("Levona"), Eletson Gas LLC ("Gas") and EMC Gas Corp. for an order withdrawing the reference to the U.S. Bankruptcy Court for the Southern District of New York for Levona Holdings Ltd. v. Eletson Holdings, Inc., Adversary Proceeding No. 26-1036-jpm (the "Adversary Proceeding"). The Defendants include Eletson Holdings ("Holdings"); Eletson Corp. ("Corp"); Apargo Ltd., Fentalon Ltd., and Desimusco Trading Ltd. (collectively, the "Cypriot Nominees"); Vassilis Kertsikoff, Vasilis Hadjieleftheriadis, and Lascarina Karastamati (collectively, the "Individual Defendants"); and Reed Smith LLP, Charles G. Weller, and Louis M. Solomon (collectively, the "Reed Smith Defendants"). The Individual Defendants are members of the Greek shipping families; each controls the entities referred to in this Opinion as the Cypriot Nominees. The special purpose vehicle Levona is managed by the Canadian hedge fund Murchinson Ltd ("Murchinson")., which controls both Levona and Pach Shemen, another company under common ownership. The natural gas shipping company is Eletson Gas ("Gas"). Before the dispute began, the Greek shipping families and the Canadian hedge fund were partners in the operation of Gas through a Third Amended and Restated Limited Liability Company Agreement (the "LLCA"). The Greek shipping families owned Gas's common shares through their ownership of Eletson Holdings, which was in turn majority owned by Lassia Investment Co., Glafkos Trust Co., and Family Unity Trust Co. (the "Former Majority Shareholders"); the Canadian hedge fund owned Gas's preferred shares through Levona. Trouble began when, as a result of the Covid-19 pandemic, shipping slowed and Gas ran into financial distress. To forestall seizures of vessels owned by Gas, Levona extended a line of credit to Gas in exchange for Gas's interests in two vessels, the Symi and the Telendos, and subject to Holdings' rights to obtain Levona's preferred shares (and thereby to assume full ownership and control of Gas) by the exercise of an option if the loan was repaid or security or collateral was provided for it (the "Purchase Option"). The agreement between the parties was documented in a binding offer letter ("BOL") and related documents (the "Transaction Documents"). Thereafter, Murchinson assumed an interest in Holdings by purchasing its distressed debt through Pach Shemen. On December 18, 2023, before the Bankruptcy Court confirmed the Plan of Reorganization submitted by the Petitioning Creditors, Levona filed a proof of claim in the Bankruptcy Proceedings (the "Proof of Claim"). In it, Levona asserted that the Purchase Option lapsed without being exercised and that Levona remained the sole owner of Gas's preferred shares. It alleges that Holdings "improperly interfered with Levona's management of Gas," resulting in hundreds of millions of dollars in injury to Levona. Levona asserted claims for breach of the LLCA, fraud and fraudulent inducement in entering into the BOL, and related common law tort claims. The Proof of Claim remains pending and has never been adjudicated. The Adversary Proceeding Plaintiffs filed this adversary proceeding in Bankruptcy Court on April 24, 2026. Plaintiffs bring nine causes of action, which can be divided into two categories. First, in Count One, Plaintiffs seek a declaratory judgment against all defendants. Second, Plaintiffs asserts eight state-law common law claims against the defendants: (1) conversion against all defendants; (2) breach of contract against all defendants other than the Reed Smith Defendants; (3) tortious interference with contract against all defendants other than Holdings and Corp.; (4) tortious interference with prospective business relations against all defendants; (5) breach of fiduciary duty against Holdings, Corp., the Individual Defendants, and the Reed Smith Defendants; (6) violation of New York Judiciary Law Sec. 487 against the Reed Smith Defendants; (7) conspiracy against all Defendants; and (8) aiding and abetting against all Defendants. Plaintiffs seek to withdraw the reference of bankruptcy with respect to the recently filed adversary proceeding, such that the claims will be adjudicated in this Court. The Reed Smith Defendants argue that this Court should deny the motion to withdraw the reference because Count One of the complaint in the Adversary Proceeding seeks resolution of Levona's Proof of Claim and thus is within the Bankruptcy Court's final adjudicative authority. The Reed Smith Defendants also argue that Counts Two through Eight do not fall within this Court's jurisdiction and thus cannot provide a basis for withdrawal of the reference and that considerations of efficiency, prevention of forum shopping, and uniformity in the administration of bankruptcy law counsel against withdrawal of the reference. According to the District Court, those arguments are not meritorious. Plaintiffs concede that the Bankruptcy Court would have authority to enter final judgment as to Count One to the extent that such claim seeks resolution of the Proof of Claim against Holdings. The Proof of Claim itself falls within the core jurisdiction of the Bankruptcy Court. By filing the Proof of Claim against Holdings, Levona subjected itself to bankruptcy court jurisdiction and knowingly gave up its right to a jury trial on those claims. According to Judge Liman, "It is not correct, however, that the entirety of Count One is within the Bankruptcy Court's adjudicative authority. Count One seeks a declaration as against all defendants, including the Individual Defendants, the Cypriot Nominees, and the Reed Smith Defendants. The Cypriot Nominees, for example, have asserted that they continue to own the preferred shares of Gas. That claim does not fall within the Bankruptcy Court's adjudicative authority. That claim does not assert a public right; it asserts rights arising from the LLCA and the other Transaction Documents. More fundamentally, however, the fact that an adversary proceeding in the Bankruptcy Court asserts a claim within the Bankruptcy Court's final adjudicative authority is not determinative of whether the proceeding should be withdrawn." The Reed Smith Defendants further argue that there would be no efficiencies served by withdrawal of the reference because the issues raised by the Complaint are distinct from the issues before this Court concerning the arbitration award, and the Adversary Proceeding has minimal overlap with the vacatur proceeding because the latter involved arbitration fraud—not full merits adjudication of the state-law claims presented in this case. The District Court notes the Adversary Proceeding involves "exceptionally complex" issues that fall outside the core competence of the Bankruptcy Court. There are enormous efficiencies to be achieved from withdrawing the reference. The Court's extensive familiarity with the facts underlying this litigation and with the specific issues in the Adversary Proceeding favor withdrawing the reference. A copy of the Court's Opinion and Order dated June 17, 2026, is available at https://urlcurt.com/u?l=FckvLp from PacerMonitor.com. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELITE LIFE: Claims to be Paid from Rental Income ------------------------------------------------ Elite Life Healthcare LLC filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement describing Plan of Reorganization dated June 15, 2026. The Debtor is an Alabama limited liability company. Alexandria Hilliard is the sole and managing member of the Debtor. The Debtor was founded in late 2017 for the purpose of acquiring the real property located at 5017, Kings Drive, Adamsville, Alabama 35005 (the "Property"). To finance the purchase, the Debtor executed a Promissory Note in the amount of $310,000.00 in favor of American Sand & Gravel, LLC dated Dec. 1, 2017, secured by a first mortgage on the Property recorded in Jefferson County, Alabama on Dec. 1, 2017. The Debtor operated the assisted living facility successfully from 2019 until 2021. The COVID-19 pandemic had a severe adverse impact on the senior healthcare industry. In response to those challenging conditions, the Debtor made the business decision to close the assisted living facility. Following the closure, John R. Hilliard, the father of Alexandria Hilliard, expressed interest in operating a communal senior living business at the Property. He subsequently formed Ivy Gate Communal Living Facility, LLC. Ivy Gate now operates a communal senior living facility at the Property as a tenant of the Debtor. A Commercial Lease Agreement between the Debtor (as Lessor) and Ivy Gate (as Lessee) was executed on April 24, 2026, providing for monthly rental payments of $5,000.00 per month through March 31, 2029, increasing to $6,000.00 per month commencing April 1, 2029 (the "Ivy Gate Lease"). Rent under the Ivy Gate Lease is current. The sole creditor in this case is American Sand & Gravel, LLC, which holds a fully secured claim in the amount of $300,219.08, classified as a Class 1 secured claim. American Sand & Gravel will receive a payment in full of its allowed secured claim, with interest at 5.00% per annum, in fixed monthly installments of $3,200.00 over a period of 10 years. There are no classes of general unsecured claims in this case. Equity interests of Alexandria Hilliard, sole member of the Debtor, are retained. No distribution will be made on account of equity interests. Payments and distributions under the Plan will be funded from the rental income received by the Debtor from Ivy Gate under the Ivy Gate Lease. The Debtor currently receives $5,000.00 per month in rental income, which will increase to $6,000.00 per month commencing April 1, 2019. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=VOlKnN from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Keller, Esq. Russo, White & Keller, P.C. Birmingham, Alabama About Elite Life Healthcare LLC Elite Life Healthcare, LLC, is a healthcare services company that provides patient care and related medical support services, operating as a small-scale provider within the healthcare sector. Elite Life Healthcare, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00993) on March 17, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Not Yet Disclosed handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. ELIZABETH I LLC: Claims Will be Paid from Property Sale/Refinance ----------------------------------------------------------------- Elizabeth I LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement with respect to Plan of Reorganization dated June 15, 2026. The Debtor is a Massachusetts limited liability company formed to acquire and operate real property. On June 28, 2024, the Debtor closed on a loan from Nextres, LLC in connection with the acquisition and operation of the property located at 367 E Street, Boston, Massachusetts (the "Property") in the original principal amount of $840,000 (the "Loan"). Two weeks later, Nextres, LLC apparently assigned the Loan to Toorak Capital Partners, LLC (the "Note Buyer"). The Note Buyer moved to foreclose on the Property after acquiring the Loan. The Debtor took steps to pay the Note Buyer and avoid foreclosure. Among other things, the Debtor paid the Note Buyer $100,000, to be credited toward the obligations under the Loan, and to extend the payoff date under the Loan. The Debtor was not able to fund the additional $175,000 which the Note Buyer asserted to be owed and was forced to commence this Chapter 11 case on March 17, 2026 solely to preserve its rights to the Property and consummate the financing to repay its creditors in full. After the commencement of the case, the Debtor received a Mortgage Payoff Statement from the Note Buyer's loan servicer, FCI Lender Servicers, Inc., in the amount of $907,978. The Property is the Debtor's principal asset. The Debtor values the Property at $2,400,000, based upon the Debtor's comparative market analysis. The value of the Property substantially exceeds even the inflated amount ascribed to the Loan by the Note Buyer. The Property is occupied and the Debtor's tenants pay the real estate taxes, insurance, utility and maintenance charges of the Property directly to the respective creditors. The Plan provides that the Debtor's principal asset, a certain piece of real estate located at 367 E Street in Boston, Massachusetts (the "Property") will be re-financed or sold and the proceeds made available for distribution to the holders of Allowed Secured, Administrative, Priority, and Unsecured Claims. Such proceeds will exceed the amount of all Allowed Claims. The tenants of the Property are relatives of or otherwise related to Mr. Collins. The Debtor has been working to redevelop the Property. If the property is refinanced, thereafter the Debtor intends to redevelop the Property and replace the current tenants with market-rate tenants. Class 3 consists of General Unsecured Claims. The Debtor estimates that the total amount of Class 3 claims is approximately than $50,000 based upon the schedules of assets and liabilities filed in the case. Allowed Class 3 Claims may be impaired and the holder of such Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Commencing upon the later of the 30th day following the Effective Date or such date as the Claim becomes an Allowed Claim, in full and complete satisfaction, settlement, release and discharge of the Allowed General Unsecured Claims, the holders of Allowed General Unsecured Claims shall receive payment of their Allowed General Unsecured Claims: (i) in Cash, (ii) from the Net Proceeds of the sale of the Property, (iii) in equal monthly installments for a period of six months following the Effective Date, (iv) upon such terms as is agreed to in writing between the Debtor and the holder of an Allowed Class 3 Claim, or (v) upon such terms as may be determined by the Bankruptcy Court. Class 4 consists of Equity Interests. The Debtor retains its equity interests under the Plan and receives the remainder of the Assets, if any, after payment in full of all Allowed classified and unclassified claims in the Debtor's chapter 11 case. Class 4 is presumed to be unimpaired under the Plan. Confirmation of the Plan shall constitute authorization for the Debtor or the Reorganized Debtor to: (i) effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan, and (ii) liquidate any Assets remaining after the Effective Date. The Debtor shall remain in existence as the Reorganized Debtor until dissolved pursuant to the Plan. The Assets shall vest in the Reorganized Debtor on the Effective Date. Except as may be expressly provided in the Plan or a Final Order of the Bankruptcy Court, no Assets shall be deemed abandoned and no defense, set-off, counterclaim or right of recoupment of the Debtor shall be deemed waived, released or compromised. In order to confirm the Plan, the Debtor must demonstrate that he can make the payments called for under the Plan. The Plan calls for the refinance, sale or other use of the Property to generate proceeds to pay creditors. The Property is capable of generating sale or refinancing proceeds sufficient to satisfy the Claims against the Debtor. The Plan is therefore feasible and confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization by the Debtor. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=r7iGaA from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street, Suite 1000 Boston, MA 02110 Telephone: (617) 757-6513 Email: ccondon@bowditch.com About Elizabeth I LLC Elizabeth I LLC is a single asset real estate company. Elizabeth I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10563) on March 17, 2026, listing up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Christopher M. Condon, Esq., at Bowditch & Dewey, LLP serves as the Debtor's counsel. ELK GROVE: S&P Assigns 'BB-' Rating on $900MM Senior Secured Notes ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' rating and '2' recovery rating to the notes, indicating the likelihood of substantial recovery in the event of a default. S&P said, "EGVP's operating risk reflects its attractive site and advanced construction. Underpinned by a 15-year triple-net lease with CoreWeave Inc. (B+/Positive), we believe the project can quickly find a replacement tenant on similar terms, so we don't cap the rating by the credit strength of the tenant. "Under our base-case scenario, we assume immediate replacement of CoreWeave by another tenant with stronger financial position at the start of operations, albeit at a lower lease rate and a similar 15-year term. Minimum debt service coverage ratio (DSCR) would be about 1.07x (versus 1.17x under the CoreWeave lease) through the lease term, with a median of 1.28x. "The stable outlook reflects our expectation that the data center will be complete on schedule and remain on budget. We also expect sufficient cash flow to repay its obligations through the 15-year initial lease term." EGVP is one in a three-building data center campus in Elk Grove Village, Illinois, in the Chicago area, owned by sponsor Prime Data Centers. It will have 72 megawatts (MW) of capacity with six data halls across a three-story configuration. Construction is advanced, with 75% of estimated total spending complete at the end of May 2026. Three data halls are operating, with a fourth expected in August 2026. The remaining two have anticipated delivery dates in December 2026. Construction is being performed under a guaranteed maximum price construction contract with Clune Construction, the general contractor. All equipment has been acquired by the sponsor separately under an owner-furnished, contractor-installed basis, with fixed-price purchase orders and delivered ahead of installation. Construction also relies on power supply. Commonwealth Edison (ComEd) is constructing a new substation onsite for the long-term supply, expected to be completed early in the second quarter of 2027. It also has an agreement to supply bridging power in the interim. There is sufficient bridging power for commissioning and full operation of four halls, and ComEd and EGVP are discussing an upsize to support halls five and six. The entire building is contracted with CoreWeave under a 15-year triple-net lease with two potential seven-year extensions. The 'BB-' rating reflects more risk for operations than construction. S&P said, "We base the rating on the lower of a construction phase stand-alone credit profile (SACP) of 'bbb' and an operations phase SACP of 'bb-'. Construction is well advanced, with all equipment ordered and about 75% of spending complete. Delays include completion of the onsite substation, which we expect by year-end 2026 with power to be available in the first half of 2027. In operations, debt service coverage is strong, but EGVP relies on a low-rated tenant. Our assessment considers replacement with another tenant, possible due to the tier 1 location, the fact it is nearly complete, small scale, and other potential tenants such as one in the other two campus buildings." EGVP is well advanced in construction. S&P said, "We expect all halls to be complete and generating revenue under the lease by the second quarter of 2027. The project has bridging energy from ComEd, which is also constructing the on-site substation expected to provide long-term energy supply through the operating period. We base the construction phase SACP of 'bbb' on relatively simple remaining construction efforts, advanced design, a well experienced and qualified sponsor and contractor, and significant remaining liquidity and contingency amounts." This is offset somewhat by expected substation completion delayed by 3-6 months from the original schedule, and final power on the critical path to begin operations for the final two data halls. S&P views EGVP as having significant liquidity to cover its downside scenario and allow for replacement of the guaranteed maximum price contractor if required. All material equipment has been sourced by the developer outside the contract, ordered, and firm prices signed. Equipment is being delivered on schedule. The facility is under a triple-net lease with CoreWeave. S&P said, "Since all revenue comes from CoreWeave, we see this single tenant's credit strength as an important influence on the rating on EGVP. To rate the project above the rating on CoreWeave, we model cash flow assuming CoreWeave is replaced by another tenant immediately at completion of construction. We consider the location tier 1, with available alternative tenants; a flexible and smaller scale footprint that allows relatively easy replacement; and availability in the near term (versus a greenfield development). As such, we assume a similar 15-year triple-net lease, but at a haircut in price. We also consider a downside scenario with further reduction in re-leasing rate and lower annual adjustment in rates. The difference between lease rates in our base and downside scenarios leads to a '2' market risk score and an OPBA of '5' (rather than the '2' typical for data centers that don't face potential tenant replacement)." S&P said, "EGVP has refinancing risk but significant buffer in DSCRs. With tenant replacement included in our modeling, our operations assessment is driven by DSCRs rather than counterparty credit strength. We note that median DSCRs are significantly stronger, with the project having one year at the minimum and coverage increasing through the lease term. "We base the operations phase SACP of 'bb-' on an asset class operations stability score of '2' (relatively simple technology complexity) and the assumption of immediate replacement of the tenant. Our base-case and downside scenarios forecast different haircuts in re-leasing rates, leading to market risk of '2' and an OPBA of '5'. A minimum DSCR of 1.07x leads to a SACP of 'b', with modest resilience for a one-notch uplift, and a strong median through the life of the project for another one-notch adjustment." However, S&P notch EGVP down one notch for weakness in structural protection, due to a combination of capacity for additional debt and some looseness in the distribution test: -- Documents allow both a $50 million letter of credit and an additional debt bucket up to 50% of the last 12 months of net operating income (about $60 million under the CoreWeave lease). -- EGVP can also make permitted tax distributions as well as payment to its parent to cover director insurance and financial advisory feed related to the project even if the DSCR is below the restricted payment test level of 1.1 to 1.0. These two features lead to a negative one-notch adjustment to the operations SACP. S&P makes a final one-notch positive holistic adjustment to reflect the attractive location in a market with strong growth in lease rates, with construction approaching completion (allowing the project to be operational before many alternative sites), and the strong possibility of replacing the off-taker should CoreWeave get into financial distress or exit the lease. The outcome is 'bb-'. S&P's assumption of tenant replacement means no material counterparty cap during operations. The stable outlook on EGVP reflects S&P's expectations that the data center and substation will be built on time and budget, with all halls operating in the second quarter of 2027, generating sufficient cash flow to allow full repayment of debt obligations within the initial 15-year lease term of an assumed replacement lease. S&P would consider a negative rating action if: -- S&P believes DSCRs will fall below 1.05x. This could happen if CoreWeave fails to perform as a tenant and a replacement counterparty enters a new lease at worse terms than our base-case assumptions, or the project raises material additional debt as under the additional debt buckets; or -- Significant construction delay completing the substation and beginning operations for the final two data halls. S&P could consider raising the rating if: -- CoreWeave's credit strength increases above the project rating; or -- A replacement lease comes at a better price than S&P's assumption. ENCORE DEC: Seeks Chapter 11 Bankruptcy in Nevada ------------------------------------------------- On June 16, 2026, Encore D.E.C., LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filings, the debtor reports approximately $10.6 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on July 20, 2026 at 02:00 PM via Telephonic - Chapter 11 RN. Deadline for filing the Chapter 11 plan is set for October 14, 2026. About Encore D.E.C., LLC Encore D.E.C., LLC is a Reno, Nevada-based engineering, procurement, and construction company engaged in providing integrated project delivery services across industrial and commercial sectors. Encore D.E.C., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50615) on June 16, 2026. In its petition, the debtor reported estimated assets of $21.2 million and estimated liabilities of $10.6 million, indicating funds may be available for unsecured creditors. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The debtor is represented by Ryan A. Andersen of Andersen Beede Weisenmiller. ENERGY FOCUS: Director Slate, Auditor Confirmed at Annual Meeting ----------------------------------------------------------------- Energy Focus, Inc. has announced in a regulatory filing the results of its 2026 Annual Meeting of Stockholders for its fiscal year ended December 31, 2025, at which the two proposals that were voted on at the Annual Meeting and the corresponding stockholder votes on each such proposal, as certified by the inspector of elections for the Annual Meeting. These proposals are described in further detail in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on April 28, 2026. As of April 15, 2026, the record date for the Annual Meeting, there were 6,303,433 shares of Common Stock, par value $0.0001 per share, entitled to one vote per share and 876,447 shares of the Company's Series A Convertible Preferred Stock, par value $0.0001 per share, entitled to 0.01582 of a vote per share issued, outstanding and entitled to vote. Holders of an aggregate of 4,447,158 shares of the Company's Common Stock and Series A Convertible Preferred Stock were present in person or represented by proxy at the Annual Meeting, representing 70.39% of the voting power of the Company's outstanding shares entitled to vote at the meeting, which constitutes a quorum. With respect to the proposals, the results of the voting were as follows: Proposal 1: Election of Directors 1. Kin-Fu Chen * For: 3,925,590 * Withheld: 6,714 * Broker Non-Votes: 514,854 2. Jay (Chiao-Chieh) Huang * For: 3,925,424 * Withheld: 6,880 * Broker Non-Votes: 514,854 3. Wen-Jeng Chang * For: 3,925,589 * Withheld: 6,715 * Broker Non-Votes: 514,854 4. Shou-Jang Lee * For: 3,925,673 * Withheld: 6,631 * Broker Non-Votes: 514,854 5. Chao-Jen Huang * For: 3,925,590 * Withheld: 6,714 * Broker Non-Votes: 514,854 6. Wen-Cheng Chen * For: 3,925,672 * Withheld: 6,632 * Broker Non-Votes: 514,854 7. Sophia Ann Shee * For: 3,925,577 * Withheld: 6,727 * Broker Non-Votes: 514,854 All seven directors were elected to serve until the next annual meeting of the stockholders or until their respective successors are duly elected or appointed. Proposal 2: To ratify the appointment of GBQ Partners LLC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. Broker Non-Votes have been counted in the voting results below: * For: 4,401,084 * Against: 16,083 * Abstain: 29,991 The proposal to ratify the appointment of GBQ Partners LLC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 was approved and adopted. About Energy Focus Solon, Ohio-based Energy Focus -- http://www.energyfocus.com-- engages primarily in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems and controls. The Company develops, markets, and sells high-quality light-emitting diode ("LED") lighting and controls products in the commercial market and military maritime market. Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing 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 $6 million in total assets, $2 million in total liabilities, and $4 million in total stockholders' equity. EVA LIVE: Forms Defense Unit for Drone Tech Deals ------------------------------------------------- Eva Live Inc. formed Eva Defense Inc., its first wholly owned subsidiary, to pursue acquisitions and partnerships in drone, autonomous systems and defense technology, according to a press release furnished as an exhibit to a Form 8-K filed with the SEC. The company said the subsidiary will focus on potential targets in drone technologies, autonomous platforms, artificial intelligence applications, surveillance systems, advanced sensors, robotics and other defense-related innovations. Eva Live said Eva Defense is expected to evaluate acquisition candidates with proprietary technologies, established customer relationships, intellectual property portfolios and scalable business models. The company said the subsidiary follows its strategy of expanding into high-growth technology sectors where artificial intelligence can support innovation and create competitive advantages. About Eva Live Inc. Eva Live Inc. is operating at the junction of digital marketing and media monetization through the Eva Platform. The platform uses artificial intelligence to match advertising campaigns to ad spots, analyze conversion trends and optimize brand awareness and direct-response campaigns. The company provides digital marketing and monetization services to advertising agencies and businesses, including media companies, financial institutions and retail entities, and also operates the Eva XML Platform for traffic arbitrage across advertising networks. In an audit report dated March 16, 2026, LAO Professionals included a going concern qualification, stating that the company had an accumulated deficit of $20.34 million and lacked significant revenues to achieve positive cash flow from operations sufficient to cover ongoing expenses. The conditions 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 $24.72 million, total liabilities of $12.36 million and total stockholders' equity of $12.35 million. FB CRESCENT: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: FB Crescent Cove LLC, a Delaware LLC 600 Bushel Road Ladera Ranch, CA 92694 Business Description: FB Crescent Cove LLC is a single-asset real estate entity that owns a vacant parcel located at the third lot east of the southeast corner in Perris, CA 92571. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11935 Judge: Hon. Mark D. Houle Debtor's Counsel: J. Scott Williams, Esq. J. SCOTT WILLIAMS ATTORNEY AT LAW 15615 Alton Pkwy Suite 175 Irvine, CA 92618 Tel: (949) 660-8680 E-mail: jwilliams@williamsbkfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew A. Walters as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H7H36FY/FB_Crescent_Cove_LLC_a_Delaware__cacbke-26-11935__0001.0.pdf?mcid=tGE4TAMA FB EMERALD: Case Summary & 11 Unsecured Creditors ------------------------------------------------- Debtor: FB Emerald Bay LLC, a Delaware LLC 600 Bushel Road Ladera Ranch, CA 92694 Business Description: FB Emerald Bay LLC is a real estate entity that owns a vacant property at the northeast corner of Nuevo Road and Dunlap in Perris, California. The company's operations are focused on holding this real estate asset. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11934 Judge: Hon. Mark D Houle Debtor's Counsel: J. Scott Williams, Esq. J. SCOTT WILLIAMS ATTORNEY AT LAW 15615 Alton Pkwy Suite 175 Irvine, CA 92618 Tel: (949) 660-8680 E-mail: jwilliams@williamsbkfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew A. Walters as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MN5VRVI/FB_Emerald_Bay_LLC_a_Delaware__cacbke-26-11934__0001.0.pdf?mcid=tGE4TAMA FOUR FINGERS: Joseph Cotterman Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for Four Fingers, LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About Four Fingers LLC Four Fingers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-05905) on June 15, 2026. Judge Daniel P. Collins handles the case. The Debtor is represented by John M. Powers, Esq. FTX TRADING:Trial Date Set for Exec's Wife in Campaign Finance Case ------------------------------------------------------------------- Pete Brush of Law360 Bankruptcy Authority reports that a federal judge in Manhattan has scheduled a November trial for Michelle Bond, a crypto lobbyist accused of conspiring with her husband, former FTX executive Ryan Salame, in an alleged campaign finance violation scheme. Prosecutors claim Bond was involved in coordinating political contributions tied to Salame's activities during his tenure at FTX. Defense attorneys have denied the allegations, arguing the government is mischaracterizing lawful political engagement, the report cites. The upcoming trial is expected to explore evidence of alleged financial coordination and communications between Bond and Salame as part of a broader campaign finance investigation connected to the FTX collapse, according to Law360. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GAIA PURCHASER: Moody's Assigns 'B2' CFR Amid Global Business Deal ------------------------------------------------------------------ Moody's Ratings assigned a B2 corporate family rating and B2-PD probability of default rating to Gaia Purchaser, Inc. (dba "Amex GBT") in connection with the proposed acquisition of Global Business Travel Group, Inc. in a go-private transaction led by Long Lake Management Holdings, Inc. ("Long Lake"). Concurrently, Moody's assigned B2 ratings to the company's proposed $1.75 billion backed senior secured credit facility, including a 5-year $250 million revolver and a 7-year $1.5 billion term loan B. Moody's also expects Gaia Purchaser, Inc. will issue up to $1.0 billion of additional senior secured debt in the near term. The outlook is stable. The current credit ratings of Global Business Travel Group, Inc., including its B1 CFR, B1-PD PDR, and B1 ratings on the existing senior secured credit facilities issued at GBT US III LLC, remain unchanged on review for downgrade, and will be withdrawn following the closing of the transaction and the repayment of existing debt. Proceeds from the combined debt issuances (term loan B and other secured debt), together with new and rollover equity contributions and expected $1.2 billion of preferred stock, will be used to fund the acquisition of 100% of the common stock of Global Business Travel Group, Inc., refinance existing debt, and pay transaction fees and expenses. The new revolving credit facility is expected to be undrawn at closing, and the company is expected to have approximately $400 million of cash on balance sheet pro forma for the transaction. The transaction is expected to close later this year, subject to customary closing conditions and required regulatory approvals. The assigned ratings are subject to Moody's reviews of the final terms and conditions of the proposed financing. Due to the change in ownership and significant increase in debt and leverage, ESG governance considerations were a key driver of the rating action. Moody's believes that under concentrated ownership the risk of more aggressive financial policies, including additional debt-financed acquisitions and/or shareholder returns, will be high. At closing, Moody's estimates pro forma debt/EBITDA of about 6.6x (based on Moody's calculations and expensing all capitalized software development costs) for the 12 months ended March 31, 2026, which Moody's expects will decline toward 5.0x by the end of 2027 as the company realizes synergies, public company cost savings, and margin gains from AI deployment. Moody's expectations assume effective execution of the CWT integration, platform migration and cost reduction plan, all of which carry meaningful operational risk and could delay deleveraging if execution falls short. Over the next two years, Moody's expects Amex GBT to generate double-digit EBITDA growth, supported by modest revenue growth, cost optimization and merger synergies, with EBITDA margins improving to the mid-to-high teens in 2027. A higher mix of digital and agentic bookings should support profitability and operating leverage, although these benefits remain dependent on execution and stable demand. RATINGS RATIONALE The B2 CFR reflects Amex GBT's high pro forma debt/EBITDA leverage, elevated business risk and corporate governance concerns given the company's concentrated ownership and the potential for aggressive financial policies. The proposed capital structure includes multiple equity classes, including expected senior preferred stock (subject to board approval, payable in cash or in kind). Absent a qualified IPO, the company may incur additional debt to redeem preferred equity. The rating also incorporates the cyclical and discretionary nature of corporate travel services, which introduces variability in revenue and earnings. The global travel industry, characterized by intense competition and fragmentation, presents ongoing challenges to market stability and profitability. The company's largely transactional revenue streams and acquisitive growth strategy pose additional risks, especially considering historical cash flow volatility during periods of economic disruption. The company's rating is supported by Amex GBT's strong global scale and position as a leading provider of B2B corporate travel and expense solutions. The company leverages a broad portfolio of technology-enabled offerings, facilitating comprehensive and efficient travel management for large and medium-sized enterprises. Strong relationships with suppliers and a loyal client base with high retention rates of 98% among multinational clients underscore its ability to deliver value through competitive rates and extensive content. The global business travel market has historically grown faster than GDP and is projected to continue expanding, supported by structural demand drivers such as globalization and increasing travel intensity. The company's scale, supplier relationships, and integrated platform provide competitive advantages that support further growth, customer retention, and revenue stability. Revenue is well diversified across customers, geographies, and end markets, with no single client representing a material concentration, and with meaningful exposure to supplier-funded revenues that are less sensitive to transactional volumes. With around $44 billion in total transaction volume (TTV), the company could drive significant volume in a cost-efficient way for suppliers and provide comprehensive content and competitive rates to its clients. Finally, the rating is supported by Moody's expectations that the company will maintain very good liquidity over the next 12 to 15 months. Moody's expects Amex GBT will maintain very good liquidity over the next 12 to 15 months. Sources of liquidity consist of pro forma cash balances of around $400 million at the close of the transaction, Moody's expectations of annual free cash flow in excess of $150 million in 2027, and full access under the proposed $250 million revolving credit facility due 2031. While Moody's do not project any use of the revolver over the next 12 to 15 months, the revolver size relative to the company's annual revenue and fixed charges is modest. Moody's believes that all available liquidity sources to the company provide very good coverage relative to the annual mandatory term loan amortization of $15 million, paid quarterly. The term loan has no financial maintenance covenants, but the revolver is subject to a springing maximum total first-lien leverage ratio of 5.35x (with no step downs, as defined in the credit agreement), commencing with the second full fiscal quarter after closing, and triggered when borrowings exceed 40% ($100 million) of the total commitment. Moody's do not expect the covenant to be triggered over the near term and believe there is ample cushion based on the projected earnings level for the next 12 to 15 months. The B2 ratings assigned to Amex GBT's senior secured credit facility (revolver and term loan B) are the same as the company's B2 CFR because there is a single class of debt in the company's proposed capital structure. Gaia Purchaser, Inc. is the borrower under the senior secured debt. The credit facilities benefit from secured guarantees of Gaia MidCo Purchaser, Inc. (Holdings) and each existing and subsequently acquired direct or indirect wholly-owned domestic restricted subsidiaries of the borrower and subsidiaries organized under the laws of England and Wales, Jersey or the Netherlands. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $815.4 million and 100% of EBITDA, plus unlimited amounts subject to 3.00x total first lien net leverage. There is an inside maturity sublimit up to the greater of $408.0 million and 50% of EBITDA, plus debt incurred in connection with permitted acquisitions or investments. A "blocker" provision restricts the transfer of material intellectual property from the company or restricted subsidiaries to unrestricted subsidiaries, and from loan parties to non-loan party restricted subsidiaries. The credit agreement provides some limitations on up-tiering transactions, requiring consent of adversely affected lenders for amendments that contractually subordinate the debt or liens, unless given an opportunity to ratably participate in the priming debt. The stable outlook reflects Moody's expectations that Amex GBT will gradually achieve acquisition synergies and deliver targeted cost savings, while maintaining revenue growth in the low-single digit percentages and meaningfully expanding its profitability. Moody's expects the company will reduce its debt/EBITDA (based on Moody's adjustments and expensing all capitalized software development costs) to about 5.0x over the next 12 to 18 months, while maintaining very good liquidity, including free cash flow in the high-single digit percentages range of total debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains organic revenue and EBITDA growth, sustains debt/EBITDA below 5.0x, EBITDA margin at or above 15%, and free cash flow/debt in the high-single digit percentages (all metrics are Moody's adjusted). The ratings upgrade would also require the company to build a track record of conservative financial policies. The ratings could be downgraded if industry challenges, competitive pressures, or external shocks lead to unexpectedly weak EBITDA growth, acquisition synergies or cost savings are delayed, financial policies become aggressive or liquidity deteriorates. Quantitatively, the ratings could be downgraded if Moody's expects debt/EBITDA to be sustained above 6.5x or free cash flow to decline toward the low-single digit percentage range (all metrics are Moody's adjusted). Amex GBT is the largest corporate travel management company that provides software and services for travel, expenses, and meetings & events. On September 02, 2025, the company completed the acquisition of Carlson Wagonlit Travel, Inc. (CWT). Moody's projects revenue of around $3.2 billion in 2026. Following the completion of the go-private transaction, the company will be controlled by Long Lake. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. GARDENS OF FOREST: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On June 19, 2026, The Gardens of Forest Lakes Condominium Association filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) scheduled for July 15, 2026 at 11:00 a.m. telephonically via US Trustee - Tampa/Ft. Myers. A Chapter 11 Small Business Subchapter V plan is scheduled to be filed on or before September 17, 2026. About The Gardens of Forest Lakes Condominium Association The Gardens of Forest Lakes Condominium Association is a Florida-based homeowners association responsible for managing and maintaining a residential condominium community. The Gardens of Forest Lakes Condominium Association sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05294) on June 19, 2026. In its petition, the debtor reports estimated assets and liabilities each in the range of $100,001 to $1,000,000. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The debtor is represented by Daniel R. Fogarty, Esq. of Stichter, Riedel, Blain & Postler, P.A. Kathleen L. DiSanto serves as Subchapter V Trustee. GENAPSYS INC: Court Narrows Claims in Oxford Finance Adversary Case ------------------------------------------------------------------- Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware will grant the motions to dismiss filed by Redwood Liquidating Co., Jason Myers, Dana Moss, and Harish Soundararajan in the adversary proceeding captioned as Oxford Finance, LLC, Plaintiff, v. Redwood Liquidating Co., Jason Myers, Dana Moss, and Harish Soundararajan, Defendants, Adv. Pro. No. 25-51853 (BLS) (Bankr. D. Del.). The motions to dismiss are denied without prejudice. Oxford Finance LLC (the "Plaintiff or "Oxford") filed an adversary complaint against Redwood Liquidating Co. ("Redwood") and Jason Myers, Dana Moss, and Harish Soundararajan (the "D&O Defendants" and, together with Redwood, the "Defendants"). All counts are asserted against Redwood and Counts III and V are also asserted against the D&O Defendants. Redwood has asserted a counterclaim against Oxford seeking confirmation that the Plan Administrator has the sole authority to settle valuable malpractice claims and distribute the proceeds arising therefrom. Before the Court are Redwood's Motion to Dismiss, the D&O Defendants' Motion to Dismiss, Redwood's Counterclaim and Oxford's Motion to Dismiss the Counterclaim. This adversary proceeding stems from the voluntary Chapter 11 petition filed by GenapSys, Inc. (the "Debtor" or "GenapSys"), Redwood's predecessor in interest, on July 11, 2022. The adversary proceeding seeks to recover proceeds arising from the settlement of malpractice claims brought by Redwood against GenapSys's former corporate counsel (the "Malpractice Claims"). In a nutshell, the Malpractice Claims allege that former counsel drafted defective corporate documents which led to serious prepetition governance disputes for GenapSys, including a determination in the Delaware Chancery Court that many of GenapSys's directors were not validly appointed." GenapSys's Chapter 11 bankruptcy filing occurred immediately after the Chancery Court issued its ruling that the board was not properly constituted. In the Chapter 11 case, this Court approved a sale of substantially all the Debtor's assets to Sequencing Health, Inc. ("Sequencing") on September 12, 2022. Oxford was the Debtor's prepetition senior secured lender with a lien on substantially all of the Debtor's assets. Rather than have its lien attach to the sale proceeds as part of the sale transaction, Oxford agreed instead to have its debt assumed by Sequencing and to release all of its liens and claims on GenapSys's remaining assets. Oxford thus became Sequencing's secured lender shortly after the Court-approved sale closed and had liens on substantially all of Sequencing's assets, including all assets that were purchased by Sequencing from GenapSys. In early May 2025, Redwood announced that it had settled the Malpractice Claims with the Debtor's former corporate counsel in exchange for payment of certain amounts (the "Settlement Proceeds") to Redwood. On May 24, 2025, Oxford sent a letter to Redwood demanding that all of the Settlement Proceeds be turned over to Oxford. Oxford alleges that the Settlement Proceeds are its property because they derive from the Malpractice Claims, which Oxford contends were sold to Sequencing, and importantly, remained subject to Oxford's liens that now extended to all of Sequencing's property. Redwood refused this demand, and according to the Complaint, responded that GenapSys did not sell the Malpractice Claims to Sequencing through the APA, so that they remained property of the Debtor's post-confirmation estate to be administered under the Plan. Oxford's position boils down to two theories for recovery, which are necessarily pled in the alternative: (a) the Malpractice Claims were sold to Sequencing pursuant to the sale approved by the Court; or alternatively, (b) if the Malpractice Claims were not actually sold to Sequencing, the Defendants fraudulently concealed and negligently misrepresented the existence and potential value of the Malpractice Claims. Redwood has moved to dismiss Counts I-V, and the D&O Defendants have moved to dismiss Counts III and V. Counts I (Declaratory Judgment), II (Breach of Contract), and IV (Conversion) rise or fall on the threshold issue of whether the Malpractice Claims were sold to Sequencing. In Counts III and V, Oxford asserts claims for fraudulent concealment and negligent misrepresentation. Count III asserts that the Defendants fraudulently concealed the existence and value of the Malpractice Claims while representing to Oxford that GenapSys would not retain any assets of value. Count V alleges the Defendants made material misrepresentations to Oxford concerning the assets that would be sold pursuant to the APA. According to Oxford, the parties' intent was to sell all material assets to Sequencing through the APA, and by retaining the Malpractice Claims, the Defendants misrepresented what was being sold. The Defendants argue that the heightened pleading standard of Rule 9(b) applies and is not satisfied. Oxford alleges that the Defendants knew the value of the Malpractice Claims but concealed or misrepresented their actual value because they stood to gain from their retention. Oxford's allegations sound in fraud, not negligence, so they must be pleaded with the particularity required by Rule 9(b). The Defendants argue that Oxford's claims were not pleaded with the requisite particularity because Oxford fails to identify any specific statements, who made them, when they were made, or to whom they were made. The Court agrees. The Complaint fails to allege specific conduct or statements by any of the Defendants. With such general accusations it is impossible for the individual Defendants to know which allegations apply to them. Accordingly, the Court will grant the Motions to Dismiss as to the negligent misrepresentation claims. The central thrust of Oxford's allegations here is that Oxford released its liens and claims on GenapSys's assets only on the basis of Defendants' representations that any and every asset of any value was to be sold and assigned to Sequencing, and that no assets with any value would be left behind. These allegations can easily be framed in two ways: (1) Defendants misrepresented that all assets of value would be transferred to Sequencing because Defendants retained, or intended to retain, the Malpractice Claims; or (2) Defendants failed to disclose the existence of the Malpractice Claims which were an asset of material value. Accordingly, this is best viewed as a misrepresentation claim. Oxford's negligent misrepresentation and fraudulent concealment claims are effectively the same claim with two different labels. In the Court's view, the former approach, framing this as a misrepresentation, is the correct one. For the same reasons the negligent misrepresentation claim fails to meet the heightened Rule 9(b) pleading standard, so too does the fraudulent concealment claim. Accordingly, the Motion to Dismiss filed by Redwood will be granted as to Counts I, II and IV. The Motions to Dismiss filed by Redwood and the D&O Defendants will also be granted as to Counts III and V. A copy of the Court's Opinion dated June 18, 2026, is available at https://urlcurt.com/u?l=6PCwwx from PacerMonitor.com. About GenapSys Inc. GenapSys Inc. -- https://genapsys.com/ -- is a biotechnology company that transforms the human condition by building a scalable, affordable genomic sequencing ecosystem that will support research and diagnostics. It is based in Redwood City, Calif. GenapSys sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10621) on July 11, 2022. In the petition filed by Britton Russell, chief financial officer and treasurer, the Debtor listed assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Richards, Layton & Finger, PA, as bankruptcy counsel; Willkie Farr & Gallagher LLP as special litigation and corporate counsel; and Lazard Freres & Co. LLC as investment banker. Kroll Restructuring Administration LLC is the Debtor's claims and noticing agent and administrative advisor. * * * The Debtor sold the business for $42 million (up to $10 million in cash plus the assumption of liabilities) to Sequencing Health, a purchaser entity affiliated with entities, funds and/or accounts managed or advised, directly or indirectly, by, or under common control with, two investors holding Series D Preferred Equity Interests in the Debtor: Farallon and Soleus Private Equity Fund II, LP. Following the sale, what's left of the debtor Debtor renamed itself to Redwood Liquidating Co. GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says ---------------------------------------------------------------- Susan Goodman, acting as the patient care ombudsman (PCO), submitted her fifth report to the U.S. Bankruptcy Court for the Northern District of Texas. The report assessed the quality of resident care at facilities run by Genesis Healthcare, Inc. and its affiliates in New Mexico, West Virginia, California, and Washington State. During this reporting period, the PCO visited 15 facilities, engaged with staff and stakeholders, and assessed operations through tours, care observations, and reviews of supplies, equipment, documentation, and processes. The PCO reported that the most common concern she continued to encounter through resident interviews was certified nursing assistant ("CNA") staffing and the amount of time they wait for assistance. Another common complaint was lost clothing items. PCO was able to assist in retrieving and marking unmarked clothing for an interviewed resident during a site visit. The PCO directly observed only one situation where staffing was initially insufficient relative to observed resident behaviors and unit needs. Staffing was less than scheduled due to a CNA call-off from a scheduled shift. The situation was ultimately addressed by facility leadership, and it highlighted how common staffing coverage challenges become amplified when a facility accepts increased behavioral acuity admissions. In addition, consistent with previous PCO reporting, facility teams continued to deny the existence of bankruptcy obstacles in sourcing resident facing supply items such as medications, food, disposable resident supplies, and cleaning agents. If depleted supply items were observed, such instances appeared to be operational in origin rather than vendor issues. Ms. Goodman continued to observe evidence of ongoing biomedical equipment monitoring, including scale calibration. PCO continues to monitor for and follow-up on replacement/repair of out-of service equipment. The PCO noted delayed landscaping and tall weeds at one site visit location that had some nexus to previous service provider loss due to pre-petition nonpayment. The need was promptly addressed once raised as an issue by PCO. Another site visit revealed the occurrence of a 10-day kitchen health inspection red tag that cleared prior to PCO's site visit. The PCO found no evidence of care compromise or decline under Section 333 of the Bankruptcy Code. The continued lack of substantive messaging relative to sale transition logistics is a staff concern that PCO increasingly encounters during site visits with team members querying if PCO has any insight related to sale transition timing. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=ZdrzMD from PacerMonitor.com. The ombudsman may be reached at: Susan N. Goodman Pivot Health Law P.O. Box 69734 Oro Valley, AZ 85737 Phone: 520-744-7061 Email: sgoodman@pivothealthaz.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GENIE INVESTMENTS: Cohan's Case v. U.S. Trustee Attorney Tossed --------------------------------------------------------------- Judge Randolph D. Moss of the U.S. District Court for the District of Columbia will grant the motion of Scott Bomkamp, et al. to dismiss the case captioned as JOHN MICHAEL COHAN, Plaintiff, v. SCOTT BOMKAMP, et al., Defendants, Case No. 25-cv-02009-RDM (D.D.C.). Plaintiff's motion for leave to file a second amended complaint is denied. This suit deals with matters a long way from home: a proceeding pending before the United States Bankruptcy Court for the Middle District of Florida involving investment company called Genie Investments NV, Inc. in which Plaintiff John Michael Cohan "is the principal." In 2024, Genie filed a petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Middle District of Florida before Bankruptcy Judge Jason Burgess. Cohan, proceeding pro se, alleges that Defendant Scott Bomkamp, an attorney with the U.S. Trustee Program in the Department of Justice, permitted Plaintiff's former romantic partner to participate in a conference call during that bankruptcy proceeding despite having been told that doing so would violate a restraining order, in order to retaliate against Plaintiff for his litigation activities in that case. Plaintiff further claims that Bomkamp then attempted to conceal his misconduct by removing evidence of the interaction from the bankruptcy court's record. Plaintiff seeks monetary damages for his constitutional injuries under Bivens v. Six Unknown Agents of the Federal Bureau of Narcotics, 403 U.S. 388 (1971). Represented by the U.S. Department of Justice, Bomkamp has moved to dismiss Cohan's amended complaint in its entirety. Plaintiff, for his part, has filed a motion seeking to recuse Bomkamp from playing any further role in the bankruptcy case, and has asked the Court to take judicial notice of documents related to the alleged violation of the restraining order. The Court concludes that "special factors" counsel against authorizing a constitutional damages suit against a trial attorney in the U.S. Trustee's Office based on that attorney's handling of a bankruptcy proceeding. Congress has already provided avenues for Cohan to seek judicial review of the U.S. Trustee's decisions or actions. According to the Court, permitting an additional, parallel damages suit in a separate district court, as Plaintiff seeks, would undermine Congress's chosen scheme, encourage collateral litigation by debtors (or creditors) unhappy with the course of a bankruptcy proceeding, and risk contradictory commands by different tribunals with respect to the same underlying controversy. Because Plaintiff has failed to state a claim for a Bivens remedy in this new context, the Court will grant the motion to dismiss the complaint in its entirety. The Court will grant in part and deny in part Plaintiff's motion to take judicial notice. A copy of the Court's Memorandum Opinion dated June 16, 2026, is available at https://urlcurt.com/u?l=r6Yp6X from PacerMonitor.com. About Genie Investments NV, Inc. Genie Investments NV Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-00496) on Feb. 21, 2024, disclosing under $1 million in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor tapped the Law Offices of Mickler & Mickler, LLP as counsel, Susan Ray as accountant/bookkeeper, and Jimmy D. Chambers as certified public accountant. The case was converted to Chapter 7 on Aug. 12, 2024. Aaron R. Cohen is the Chapter 7 trustee. GENPREX INC: Receives Canadian Notice for Reqorsa Patent -------------------------------------------------------- Genprex, Inc. said Canada's patent office issued a notice of allowance for a patent covering Reqorsa Gene Therapy combinations for lung cancer. The patent covers use of Reqorsa, or quaratusugene ozeplasmid, with either PD-1 or PD-L1 antibodies for treatment of non-small cell lung cancer and small cell lung cancer, according to a Form 8-K filed with the SEC. Genprex said the patent would expand previously granted patents for Reqorsa in combination with PD-1 and PD-L1 antibodies in the U.S., Japan, Mexico, Russia, Chile, China, Singapore, Europe, Korea, Australia and Israel. The company said the patent strengthens intellectual property protection for therapeutic combinations being evaluated in its Acclaim-3 clinical trial. Genprex said Reqorsa is initially being developed with approved cancer drugs to treat lung cancer. About Genprex, Inc. Genprex, Inc. is a clinical-stage gene therapy company developing gene-based therapies for large patient populations with unmet medical needs. Its oncology platform uses the nonviral ONCOPREX Delivery System, which uses lipid-based nanoparticles to deliver tumor-suppressor gene-expressing plasmids to cancer cells. Its lead oncology drug candidate is Reqorsa Gene Therapy, or quaratusugene ozeplasmid, which is being developed in combination with approved cancer drugs for non-small cell lung cancer and small cell lung cancer. The company also has diabetes technology intended to work by transforming pancreatic alpha cells into insulin-producing beta-like cells in Type 1 diabetes and by replenishing exhausted beta cells in Type 2 diabetes. In an audit report dated March 30, 2026, WithumSmith+Brown, PC included going-concern language, stating that the company had an accumulated deficit at Dec. 31, 2025 and, since inception, had significant operating losses and negative cash flows from operations. The conditions 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 $20.31 million, total liabilities of $3.38 million and stockholders' equity of $16.93 million. GOLDNER CAPITAL: Sues Ex-Director for Failure to Release Emails --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Goldner Capital Management has sued a former director, accusing him of improperly retaining control over company email accounts and a business chat platform after leaving his position with the nursing home operator and investment firm. The lawsuit alleges that the former director has ignored requests to relinquish access credentials and administrative authority tied to key communication channels. Goldner contends that the accounts are corporate property and are necessary for the company's day-to-day operations and oversight responsibilities, the report relays. Through the litigation, the company is seeking an order requiring the immediate turnover of the accounts and related information. The case centers on ownership and control of digital business assets following a breakdown in the parties' relationship, the report cites. About Goldner Capital Management, LLC Goldner Capital Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73789) on October 2, 2024. In the petition filed by Samuel Goldner, as manager, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Gary F. Herbst, Esq. at LAMONICA HERBST & MANISCALCO, LLP. GOLIATH VENTURES: Sequor Represents Ponzi Scheme Victims -------------------------------------------------------- In the Chapter 11 bankruptcy cases of Goliath Ventures, Inc. (FL) & (WY) and its debtor-affiliates, Daniel M. Coyle of Sequor Law, P.A., filed with the United States Bankruptcy Court for the Southern District of Florida, Miami Division, a Verified Disclosure Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents individual creditors. According to the Verified Disclosure Statement: 1. The Group Members are individual creditors who assert they are victims of an alleged Ponzi scheme conducted by, through, or in connection with the Debtor, and who hold claims against the Debtor arising from such alleged conduct. 2. The Group is an ad hoc group of individual creditors who have retained the firm to represent them in connection with the Chapter 11 Case. 3. The Group Members are individuals who assert claims against the Debtor arising from investments, transfers, deposits, or other transactions by them with Debtor in which they were defrauded as victims of a Ponzi scheme. 4. The purpose of the Group is to coordinate participation in the Chapter 11 Case, including, as applicable: A. Monitoring case developments. B. Reviewing pleadings and proposed relief affecting creditor recoveries. C. Appearing and being heard on matters affecting the Group Members' interests. D. Communicating with Debtor's Counsel, the Office of the United States Trustee, Counsel for the Official Creditor’s Committee, and other parties in interest. E. Evaluating and, where appropriate, supporting or opposing proposed plans, settlements, asset sales, claims reconciliation procedures, and avoidance actions. 5. The Group is not an appointed official committee, and nothing is intended to suggest otherwise. 6. Each Group Member asserts a claim against the Debtor arising from alleged Ponzi scheme-related conduct. 7. The claims are for fraud, breach of contract, unjust enrichment, rescission, securities-related claims, restitution, constructive trust, and/or conversion. 8. No Group Member has transferred any claim against the Debtor. 9. Nothing contained in this Rule 2019 Statement is intended to, or should be construed: A. to waive any Interested Party's right to have any final order entered by, or other exercise of the judicial power of the United States performed by, an Article III court; B. to waive any Interested Party's right to have final orders in non-core matters entered only after de novo review by a United States District Judge; C. as consent to the jurisdiction of the Court over any matter; D. as an election of remedy by any Interested Party; E. as a waiver of any Interested Party's right to trial by jury in any proceeding so triable; F. as a waiver of any Interested Party's right to have the reference withdrawn in any matter subject to mandatory or discretionary withdrawal; G. as a waiver of any privilege or protection against disclosure, including, without limitation, the attorney-client privilege or the attorney work product doctrine; or H. as a waiver of any other rights, claims, actions, defenses, setoffs, or recoupments to which the Interested Parties or the Firm are or may be entitled under agreements, in law, or in equity, all of which rights, claims, actions, defenses, setoffs, and recoupments are expressly reserved. Additionally, nothing herein should be construed as a limitation upon, or waiver of, any rights of any Interested Party to assert, file, and/or amend any proof of claim in accordance with applicable law and any order entered in these Chapter 11 cases. 10. The Group Members reserve all rights, claims, defenses, and arguments in the Chapter 11 Case, including with respect to: A. The allowance, priority, classification, and treatment of claims; B. Any asserted rights to specific property, tracing, constructive trust, or other equitable remedies (to the extent applicable), and; C. Any plan, disclosure statement, settlement, sale, or other transaction proposed in the Chapter 11 Case. 11. The Filing Party and Group Members each reserve the right to amend or supplement this Rule 2019 Disclosure Statement as required by Fed. R. Bankr. P. 2019, applicable local rules, or further order of the Court. The members, addresses, and the nature and amount of each disclosable economic interest, if any, held by each Interested Party, are: . 1. James Deppoleto 1600 Paramount Dr., Waukesha, WI Nature of Claim Ponzi Scheme Victim Amount of Claim $1,342,060.79 Claim No. 406 2. Home First 369, LLC 1600 Paramount Dr., Waukesha, WI Nature of Claim Ponzi Scheme Victim Amount of Claim $1,500,000.00 Claim No. 405 3. Dave Anderson W283 N4865, Roosevelts Quay, Pewaukee, WI Nature of Claim Ponzi Scheme Victim Amount of Claim $100,000.00 Claim No. 414 4. Rodney Dent 700 E Kilbourn Ave Apt 1014, Milwaukee, WI Nature of Claim Ponzi Scheme Victim Amount of Claim $980,000.00 Claim No. 415 5. TJ Dillashaw/Brighter Journey Development, LLC 7945 Morningside Drive, Granite Bay, CA Nature of Claim Ponzi Scheme Victim Amount of Claim $600,000.00 Claim No. 413 6. Hal Dillashaw PO Box 294, Altaville, CA Nature of Claim Ponzi Scheme Victim Amount of Claim $280,848.00 Claim No. Pending The firm may be reached at: Daniel M. Coyle, Esq. SEQUOR LAW 1111 Brickell Avenue, Suite 1250 Miami, FL 33131 Tel: (305) 372-8282 Fax: (305) 372-8202 Email: dcoyle@sequorlaw.com About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures and affiliate Goliath Ventures Inc., formerly known as Goliath Ventures Inc., a FL corporation, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-13174) on March 16, 2026. Michael S. Budwick, receiver of Goliath Ventures, signed the petition. At the time of the filing, Goliath Ventures reported $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Laurel M. Isicoff presides over the cases. The Debtors are represented by: Solomon B. Genet, Esq. Meland Budwick, P.A. 200 South Biscayne Boulevard, Suite 3200 Miami, FL 33131 Telephone: (305) 358-6363 Email: sgenet@melandbudwick.com Jonathan S. Feldman, Esq. and Phang & Feldman, P.A. serve as counsel for the Official Committee of Unsecured Creditors. GVO PARTNERS: Case Summary & 14 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: GVO Partners LLC 218 Brighton Park Blvd., Suite 101 Summerville, SC 29486 Business Description: GVO Partners is an independent investment management firm based in Boston, MA. The firm partners with, invests in, and acquires medical aesthetics, cosmetic dermatology, plastic surgery, and medical spa practices across the United States. It provides operational support and digital marketing support to partner physicians and practices. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court District of Delaware Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GVO Partners LLC (Lead Case) 26-10976 GVO Holdings Group LLC 26-10977 GVO Topco LLC 26-10978 GVO Sweetgrass, LLC 26-10979 GVO Still Waters, LLC 26-10980 GVO Urban, LLC 26-10981 Urban Medspa & Weight Loss Center Charlotte, P.C. 26-10982 Judge: Hon. Karen B Owens Debtors' Bankruptcy Counsel: Thomas J. Francella, Jr., Esq. RAINES FELDMAN LITTRELL LLP 824 North Market Street, Suite 805 Wilmington, DE 19801 Tel: (302) 772-5803 GVO Partners LLC's Estimated Assets: $100,000 to $500,000 GVO Partners LLC's Estimated Liabilities: $10 million to $50 million The petitions were signed by Joseph Sciamanna as chief executive officer, manager and principal. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CXE6H2I/GVO_Partners_LLC__debke-26-10976__0001.0.pdf?mcid=tGE4TAMA List of GVO Partners LLC's 14 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Armstrong Teasdale LLP $519,345 7700 Forsyth Blvd St. Louis, MO 2. Avid Legal PLLC $43,613 848 Brickell Ave. Miami, FL 3. Ballenthin, Funk & Johnson, LL $53,900 370 Wabasha St. N Suite 1600 Saint Paul, MN 55102 4. Dennis Schimpf, MD $4,916 953 Cliffwood Dr. Mount Pleasant, SC 29464 5. Finley HR Advisory, LLC $6,318 6. Greaton Films $25,000 2900 Maple Way Douglasville, GA 30134 7. James Zhao $100 110 SW 12th St. Apt. 1802 Miami, FL 33130 8. Jawad Salim $100 11332 Savannah Grove Dr. Huntersville, NC 28078 9. Joseph Sciamanna $756 110 SW 12th St Apt. 1802 Miami, FL 33130 10. Leech Tishman $12,494 11. Mirick O'Connell $15,714 100 Front St Worcester, MA 12. Obermayer $15,102 Rebmann Maxwell & Hi 1500 Market St Philadelphia, PA 13. Quarles & Brady LLP $247,248 200 Meeting St Charleston, SC 14. Smith Reed LLC $96,974 HALLMARK FINANCIAL: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------------- Hallmark Financial Services, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement regarding Plan of Reorganization dated June 15, 2026. Founded in 1987 as a Nevada corporation, the Company is a diversified property and casualty insurance holding company headquartered in Dallas, Texas. Hallmark has historically engaged in the business of underwriting, marketing, and distributing property and casualty insurance products in specialty and niche markets throughout the United States through its wholly owned subsidiaries. The Company's primary business is conducted through its operating subsidiaries (collectively, the "Subsidiaries"), which include both licensed insurance carriers (the "Insurance Subsidiaries") and managing general agents (the "MGA Subsidiaries"). The Company's operating Subsidiaries are: (a) licensed as admitted carriers in 49 states; (b) licensed as managing general agents in 48 states; (c) eligible as excess and surplus carriers in 44 states; and (d) engaged in active business in 48 states. Through its Subsidiaries, the Company offers commercial and personal insurance solutions to businesses and individuals in specialty and niche markets on an admitted basis. The Plan proposes to provide for distributions to creditors through a restructuring transaction (the "Restructuring Transaction") pursuant to that certain Restructuring Support and Forbearance Agreement dated April 3, 2026 (the "RSA") entered into between Hallmark and Hildene Capital Management, LLC and its affiliates (collectively, "Hildene"). The RSA contemplates a dual-track toggle structure whereby the Restructuring Transaction with Hildene effectively serves as the backstop, or stalking horse bidder, while Hallmark simultaneously conducts a marketing process seeking an alternative restructuring transaction that provides higher or better cash recoveries than the Restructuring Transaction (the "Alternative Restructuring Transaction"). The principal terms of the Restructuring Transaction with Hildene are as follows: * Holders of Senior Unsecured Notes Claims (other than Hildene) will receive New Senior Unsecured Notes of the Reorganized Debtor in an original principal amount equal to 100% of such Holder's Allowed Senior Unsecured Notes Claim; * Holders of General Unsecured Claims will receive payment in full in Cash in the amount of their allowed claims; * Holders of Junior Subordinated Debt Securities Claims (other than those managed by or affiliated with Hildene) will receive 10% of the amount of such Claim in Cash. * Holders of Senior Unsecured Notes Claims held by Hildene will receive New Convertible Preferred Equity of the Reorganized Debtor having an initial liquidation preference equal to 100% of such Holder's Allowed Senior Unsecured Notes Claim; * Holders of Junior Subordinated Debt Securities Claims managed by or affiliated with Hildene will receive non-voting membership interests in a special purpose entity that will be formed to hold 100% of the New Common Equity of the Reorganized Debtor, subject to dilution; and * Holders of existing Equity Interests in the Company will receive nothing under the Plan, and such Equity Interests will be cancelled upon the Effective Date of the Plan. The Plan contemplates the completion of a prepetition marketing process pursuant to which Hallmark will seek an Alternative Restructuring Transaction that provides higher or better cash recoveries compared to the Restructuring Transaction with Hildene. If an Alternative Restructuring Transaction is identified by Hallmark and approved by the Bankruptcy Court, the net cash proceeds from such transaction will be distributed to creditors in accordance with the priority scheme established by the Bankruptcy Code and the Plan. Under the terms of the RSA, Hallmark and Hildene have agreed on an Initial Plan Value, which establishes the minimum bid threshold for any Alternative Restructuring Transaction. The Initial Plan Value is estimated to be approximately $47 million, calculated as (i) the amount of Senior Unsecured Notes Claims, including accrued interest (estimated to be $52.2 million as of April 30, 2026), plus (ii) 10% of Junior Subordinated Debt Claims, including accrued interest (estimated to be $8 million as of April 30, 2026), plus (iii) the estimated amount of unpaid Professional Fee Claims, Hildene Professional Fees, and other Administrative Claims as of the Effective Date (estimated to be approximately $11 million), plus (iv) to the extent applicable, any DIP claims, plus (v) the amount of general unsecured claims (estimated to be $400,000), less (vi) the estimated amount of the Company's cash, cash equivalents, and investments balance as of the projected Effective Date (estimated to be approximately $24.7 million). Class 4 consists of General Unsecured Claims. On the Effective Date or as soon as reasonably practicable thereafter, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim, shall receive payment in Cash of the unpaid portion of such Claim (without interest, premium or penalty) on or about the Effective Date. For General Unsecured Claims that are not Allowed as of the Effective Date, the Reorganized Debtor shall pay the amount of such Allowed General Unsecured Claim as directed by any Final Order of the Bankruptcy Court allowing such Claim. Class 4 is unimpaired under the Plan, and the Holders of Claims in Class 4 are therefore conclusively deemed to accept the Plan. The Company will not solicit votes from Holders of Class 4 General Unsecured Claims. The allowed unsecured claims total $400,000. This Class will receive a distribution of 100% of their allowed claims. The Company's management team prepared financial projections ("Financial Projections") for the Company for fiscal years 2026 through 2030 (the "Projection Period"). The Financial Projections were prepared by the Company's management, in consultation with the Company's advisors, including CR3 Partners, and are based on a number of assumptions made by the Company with respect to the future performance of the Company's operations. Based on these Financial Projections, the Company believes the deleveraging contemplated by the Plan meets the financial feasibility requirement. Moreover, the Company believes that sufficient funds will exist to make all payments required by the Plan. Accordingly, the Company believes that the Plan satisfies the feasibility requirement of section 1129(a)(11) of the Bankruptcy Code. These Financial Projections are provided solely to assist the Bankruptcy Court in determining the Plan’s feasibility and should not be relied upon by any party to assess the enterprise valuation of the Company or the Reorganized Debtor, or for any other purpose. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=GbOqZO from Stretto Inc., claims agent. Proposed Counsel to the Debtor: Jason S. Brookner, Esq. Aaron M. Kaufman, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas, TX 75201 Telephone: (214) 954-4135 Facsimile: (214) 953-1332 Email: jbrookner@grayreed.com akaufman@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Hallmark Financial Services Hallmark Financial Services, Inc., is headquartered in Dallas, Texas. The company is engaged primarily in the sale of property and casualty insurance products. The Company's business involves marketing, underwriting, and premium financing of non-standard personal automobile insurance primarily in Texas, Arizona, and New Mexico, marketing of commercial insurance in Texas, New Mexico, Idaho, Oregon, and Washington, and third-party claims administration, and other insurance-related services. Hallmark Financial Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80007) on June 15, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $100 million to $500 million. The Honorable Bankruptcy Judge Michelle V. Larson handles the case. William Snyder of Oliver Wyman, LLC, serves as the Debtor's Chief Restructuring Officer. Oliver Wyman, which acquired CR3 Partners, LLC in May 2026, serves as financial advisor. Gray Reed & McGraw LLP serves as the Debtor's general bankruptcy counsel, Olshan Frome Wolosky LLP as special corporate and litigation counsel, and Greenberg Traurig LLP as special regulatory counsel. Raymond James & Associates, Inc. serves as the Company's investment banker. Stretto, Inc., is employed as the Company's claims and noticing agent. Fox Rothschild LLP and Wollmuth Maher & Deutsch LLP serve as counsel to Hildene Capital Management, LLC and its affiliates. HAMPTON DREAM: Court Asked to OK Chapter 11 Trustee Appointment --------------------------------------------------------------- William Harrington, the U.S. Trustee for Region 2, asked the U.S. Bankruptcy Court for the Eastern District of New York to approve the appointment of Kenneth Silverman, Esq., as Chapter 11 trustee for Hampton Dream Properties LLC. Based upon the nature of Hampton's Chapter 11 case and the duties to be performed, the U.S. trustee believes that Mr. Silverman is best qualified to serve as the Chapter 11 trustee in this proceeding. Mr. Silverman disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. A copy of the application is available for free at https://urlcurt.com/u?l=WFOZPX from PacerMonitor.com. About Hampton Dream Properties LLC Hampton Dream Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-72065) on May 24, 2026, listing $1 million to $10 million in both assets and liabilities. Mark E. Cohen, Esq., at BFSNG Law Group, LLP serves as the Debtor's legal counsel. HANNON ENTERPRISE: Unsecureds Will Get 5% of Claims over 60 Months ------------------------------------------------------------------ Hannon Enterprise Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing First Amended Plan of Reorganization dated June 15, 2026. The Debtor is a Florida limited liability company established in 2015 by James T. Hannon (hereafter referred to as Hannon) who is the sole member and manager of the Debtor. Hannon is the Debtor's only employee. The Debtor owns and operates a 7,000 square foot two story commercial office building located at 1110 Highway A1A, Satellite Beach, Florida 32937. The Debtor was greatly affected by the COVID pandemic between 2020-2021. Many of the Debtor's tenants were unable to pay their rent which had a significant impact on the Debtor's ability to pay its own financial obligations, particularly its mortgage payments. Although rent payments resumed and the office building is now 95% occupied with paying tenants, the turnaround was not fast enough to avoid the commencement of multiple foreclosure actions. The Debtor secured new financing that would have enabled it to satisfy the existing mortgages. However, prior to closing, the Debtor discovered that a creditor that held a mortgage on another piece of property which had been transferred by the Debtor to a new owner in an arm's length transaction, elected to sue the Debtor for breach of promissory note rather than the new property owner for mortgage foreclosure. That creditor obtained a money judgment against the Debtor which prevented the closing from taking place as scheduled. The Debtor filed this case in order to prevent a judicial sale of the commercial office building and to resolve the matter with the unsecured creditor. Class 4 consists the General Unsecured Claims. This class consists of that portion of Proof of Claim 4 that is deemed valid along with the Unsecured Claim of the Department of Revenue – Internal Revenue Service. The Debtor will pay 5% of any allowed unsecured claims in quarterly installments during the course obligation will be paid in sixty monthly installments at percentage of the claim in an amount to be determined following a determination on the valuation of the Real Property. The Debtor will maintain the right to prepay any or all of this obligation at any time prior to the conclusion of this Chapter 11 Plan. Class 4 is impaired under this Plan. The allowed unsecured claims total $47,000.00. Class 5 consists of the James T. Hannon, the equity holder of the Debtor and of the Debtor's interest in property of the estate, which is retained under this Plan. The equity holder has committed the value of five years of the Debtor's projected net disposable income toward the funding of the Plan and has otherwise met all of the requirements under the Bankruptcy Code. Class 6 is presumed to accept the Plan and not entitled to vote. The Plan will be implemented by refinancing the Real Property. Failure of the refinancing to close by the Outside Date set forth in Article V shall constitute a material default under this Plan with respect to Class 1 and Class 2. Upon such default, Class 1 and Class 2 may exercise their rights and remedies available under this Plan, the Confirmation Order, the Bankruptcy Code, and any applicable non bankruptcy law, including seeking relief from the automatic stay. For the duration of this Plan, the Debtor will (a) maintain insurance on the Real Property that names U.S. Bank and PHH Mortgage Company as mortgagee and loss payee; (b) remain current with all post petition real estate taxes, assessments, and governmental charges relating to the Real Property; (c) upon request, provide creditors with monthly operating statements and current rent rolls for the Real Property in addition to filing the Quarterly Operating Reports; and (d) promptly notify the Court of any material change affecting the Real Property, the refinancing of the Real Property, or the Debtor's ability to consummate this Plan. A full-text copy of the Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=ycvxja from PacerMonitor.com at no charge. Counsel to the Debtor: Mark S. Steinberg, Esq. Mark S. Steinberg, P.A. Email: mss@steinberglawoffices.com 6950 North Kendall Drive Miami, Florida 33156 Telephone: (305) 671-0015 Facsimile: (305) 671-0017 About Hannon Enterprise Group Hannon Enterprise Group, LLC, a single-asset real estate entity under 11 U.S.C. Section 101(51B), owns an office building at 1110 Highway AIA, Satellite Beach, Florida, with an appraised value of $2.15 million. Hannon Enterprise Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08135) on December 15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Lori V. Vaughan presides over the case. Mark S. Steinberg, Esq., at Mark S. Steinberg, P.A. represents the Debtor as legal counsel. HANSEN-MUELLER: Gets Extension to Access Cash Collateral -------------------------------------------------------- Hansen-Mueller, Inc. received another extension from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral. The court issued its eighth interim order authorizing the Debtor to use cash collateral through July 10 in accordance with its budget. A 15% variance is permitted on individual line items and on an aggregate weekly basis, except that no upward variance is allowed for the Debtor's professional fees. The Debtor formally acknowledges owing BMO Bank, N.A. more than $50.8 million in principal, plus a $2.5 million deficiency fee, and agrees that BMO's claims are valid, enforceable, and secured by first-priority liens on substantially all assets. It also waives the right to later challenge the legitimacy or enforceability of those liens, significantly strengthening BMO's secured position. As adequate protection against any diminution in collateral value, BMO and the pre-petition senior lenders will be granted first-priority replacement liens on substantially all post-petition assets (excluding Chapter 5 avoidance actions), along with superpriority administrative expense claims under section 507(b) that prime nearly all other claims. If an event of default occurs, BMO may terminate cash collateral use after a short notice period and seek emergency relief. Separately, the official committee of unsecured creditors retains limited investigation rights until July 10, including access to up to $50,000 of estate funds to investigate and potentially challenge BMO's liens. The Debtor must deliver weekly variance reports to BMO and the creditors' committee comparing actual receipts and disbursements against the budget and explaining any deviations. All cash collateral must be deposited into accounts maintained at BMO, and budget modifications require BMO's prior written consent. A final hearing is scheduled for June 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/eZXXG from PacerMonitor.com. BMO, as secured creditor, is represented by: Sam P. King, Esq. Croker Huck Law Firm 2120 South 72nd Street, Suite 1200 Omaha, NE 68124 Phone: (402) 391-6777 Fax: (402) 390-9221 sking@crokerlaw.com About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising nd processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In the petition signed by Michael Compton, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Thomas L. Saladino oversees the case. The Debtor tapped KOLEY JESSEN P.C., L.L.O. as legal counsel, SILVERMAN CONSULTING as restructuring advisor, MICHAEL G. COMPTON as chief restructuring officer and financial advisor, ASCENDANT CONSULTING PARTNERS, LLC as investment banker, and EPIQ BANKRUPTCY SOLUTIONS, LLC as notice, claims, and solicitation agent. HARDCORE CONCRETE: Gets Extension to Use Cash Collateral -------------------------------------------------------- Hardcore Concrete, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use the cash collateral of its secured creditors. At the June 24 hearing, the court authorized the Debtor to continue using cash collateral on the same terms as the initial order and scheduled a further hearing for Aug. 26. The initial order entered on June 22 approved the payment of expenses from cash collateral in accordance with the Debtor's budget, which projects total expenses of $1,050,962.64 for the period from June to December. The initial order granted secured creditors -- the U.S. Small Business Administration, First Citizens Bank, and Kapitus, LLC -- replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. Additional safeguards include insurance coverage on the collateral, regular financial reporting, and access to business records and premises upon request. The secured creditors allegedly hold blanket liens on substantially all of the Debtor's assets, including accounts receivable and bank account funds. The Debtor estimates that these secured creditors' interests are supported by approximately $626,000 in accounts receivable and roughly $146,500 in a bank account at Lake Michigan Credit Union. The Debtor reserves the right to challenge the validity, priority, and extent of these liens. About Hardcore Concrete Inc. Hardcore Concrete Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01392) on June 5, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Luis Ernesto Rivera II presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. HAVEN 10 PROPERTY: Involuntary Chapter 11 Case Summary ------------------------------------------------------ Alleged Debtor: Haven 10 Property LLC 2100 Auburn Avenue Cincinnati, Ohio 44144 Business Description: Haven 10 Property LLC is a single-asset real estate company that owns a multifamily apartment property located at 1600 Avenue M in South Houston, Texas. Involuntary Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-34382 Judge: Hon. Eduardo V Rodriguez Petitioner's Counsel: Michael P. Cooley, Esq. REED SMITH LLP 2850 N. Harwood St. Suite 1500 Dallas, Texas 75201 Tel: 469-680-4213 E-mail: mpcooley@reedsmith.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QNHKH5I/Haven_10_Property_LLC__txsbke-26-34382__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount Keybank N.A. Lien $313,800 4910 Tiedeman Brooklyn, Ohio 44144 HAWTHORNE RACE: Chapter 11 Auction Could be Held in August ---------------------------------------------------------- T.D. Thornton of Thoroughbred Daily News reports that Hawthorne Race Course's bankruptcy process is heading toward a possible summer auction as the company seeks more time to attract qualified buyers for its Illinois racetrack. At a June 17 Illinois Racing Board meeting, the company's legal team said ownership has requested a court extension that could move bidding into late July and a potential auction into early August 2026. Attorney Barry Chatz said several prospective buyers have visited the property, but the current June 26 deadline is too soon for full due diligence. The proposed restructuring timeline includes a July 29, 2026 bid deadline, an August 4 or 5, 2026 auction window, and a sale hearing shortly after, subject to court approval, according to report. Chatz and Hawthorne president Tim Carey stressed that ownership prefers a buyer focused on preserving horse racing while developing a racino project at the historic 135-year-old site. Carey said potential investors have responded strongly to the property's scale, location, and existing approved redevelopment plans. The bankruptcy case follows a long period of financial strain and unrealized redevelopment efforts tied to Illinois' racetrack casino legalization. Since filing Chapter 11 in February, Hawthorne has remained operational while attempting to reposition its partially demolished grandstand as a large-scale gaming and real estate opportunity, the report relays. About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HCEC EQUITIES: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: HCEC Equities, LLC 33-54 83 Street Suite No.: E01 Jackson Heights, NY 11372 Business Description: HCEC Equities LLC is a real estate holding company that owns an apartment property at 33-53 82nd Street and 33-54 83rd Street in Jackson Heights, New York. The property includes residential rental units and street-level commercial space in Queens. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42985 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Elliot S. Schlissel, Esq. SCHLISSEL DECORPO LLP 479 Merrick Road Lynbrook, NY 11563-2405 Tel: 516-561-6645 Fax: 516-561-6716 Email: Elliot@sdnylaw.com Total Assets: $28,900,000 Total Liabilities: $0 The petition was signed by Ginny Werner as managing member. The Debtor has declared in the petition that it has no unsecured creditors. A full-text copy of the petitio is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YJF5V6Q/HCEC_Equities_LLC__nyebke-26-42985__0001.0.pdf?mcid=tGE4TAMA HEALING WITH CAARE: Taps Ascendia Business Services as CPA ---------------------------------------------------------- Healing With CAARE, Inc. seeks approval from the United States Bankruptcy Court for the Middle District of North Carolina to employ Chauntel Graves of Ascendia Business Services, LLC as its certified public accountant and financial consultant. The firm will provide these services: (a) review all available financial records and identify gaps in the Debtor's books and records; (b) prepare a written plan for reconstruction of financial records; (c) reconstruct historical financial records and financial statements using available documentation; (d) prepare and file delinquent federal Form 990 returns and applicable state filings; (e) assist with preparation of Monthly Operating Reports required in the Chapter 11 case; (f) set up and configure accounting software effective as of the petition date; (g) record and classify monthly transactions and perform bank reconciliations; (h) prepare monthly financial statements including income statements, balance sheets, and cash flow statements; (i) provide cash flow forecasting and cash management support; (j) assist with creditor claims review and supporting schedules; (k) provide financial modeling and reorganization plan support; (l) provide interim financial advisory services, including meetings with counsel, creditors, and the Bankruptcy Administrator. Compensation terms include: -- $1,500 flat fee for financial records review and reconstruction planning; -- $150 per hour for reconstruction, bookkeeping, and advisory services; -- $6,000 total flat fee for delinquent Form 990 preparation covering three fiscal years; -- Monthly services including $750 for operating reports, $850 for bookkeeping, and $500 for cash flow management; -- Advisory services subject to $150 per hour with a combined not-to-exceed cap of $15,000; and -- A $6,000 retainer is being held in a segregated client account and may only be drawn upon Court approval ABS is stated to be a "disinterested person" under 11 U.S.C. Sec. 101(14), with no pre-petition services, no pre-petition claims, and no adverse interests in the Debtor or its estate. The firm can be reached through: Chauntel Graves Ascendia Business Services, LLC 701 Green Valley Road, Suite 100 Greensboro, NC 27408 Telephone: (336) 833-9920 Email: info@ascendiabiz.com Website: www.ascendiabiz.com About Healing With Caare Inc. Healing With Caare Inc, doing business as CAARE, Inc., operates a substance use treatment provider in Durham, North Carolina. The organization provides outpatient and residential treatment services, including outpatient counseling, opioid treatment, intensive and comprehensive outpatient programs, DWI services, counseling, clinical assessments, case management, peer support, and recovery support services. It serves adults with substance use disorders, and its residential program serves men in recovery. Healing With Caare Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-80137) on May 6, 2026, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Carolyn Hinton as president and executive director. Judge Lena M James oversees the case. Florence A. Bowens, Esq. at FLORENCE A. BOWENS, ATTORNEY AT LAW serves as the Debtor's counsel. HEARDMONT HEALTH: Nancy Pitra Named Substitute PCO -------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Nancy Pitra, Esq. as substitute patient care ombudsman for Heardmont Health Properties, LLC. Melanie S. McNeil, who was appointed to serve as PCO on Oct. 21, 2025, has retired from her position as the Georgia Long-Term Care Ombudsman and is no longer serving as the ombudsman in this case. Effective immediately, Ms. Pitra, the current Georgia Long-Term Care Ombudsman, is substituted as PCO in Ms. McNeil's place. Ms. Pitra will continue to perform the duties as the Patient Care Ombudsman in this case as required under Section 333. To the best of her knowledge, Ms. Pitra has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Nancy Pitra, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 2 Peachtree Street, N.W., 33rd Floor Atlanta, GA 30303 Email: Nancy.Pitra@osltco.ga.gov About Heardmont Health Properties Heardmont Health Properties LLC manages Heardmont Health and Rehabilitation, a nursing facility in Elberton, Georgia, offering long-term care, rehabilitation, and assisted living services. Heardmont Health Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51641) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq., at Boyer Terry LLC. HEPION PHARMACEUTICALS: Five Directors Elected at Annual Meeting ---------------------------------------------------------------- Hepion Pharmaceuticals, Inc. has announced in a regulatory filing, the results of its 2026 Annual Meeting of Stockholders. As of April 28, 2026, the record date for the Meeting, there were 29,119,476 shares of the Company's common stock outstanding (including 85,581 shares of common stock issuable upon conversion of the Series A Preferred Stock). At the Meeting, the stockholders voted on the following three proposals and cast their votes as follows: Proposal 1. To elect the five (5) persons named herein as nominees for directors of the Company, to hold office until the next annual meeting of stockholders and until their respective successors have been duly elected and qualified consisting of Gary Stetz, Vincent LoPriore, Michael Purcell, Sireesh Appajosyula and Chase LoPriore. 1. Gary Stetz * Votes For: 13,498,755 * Withhold: 153,947 * Broker Non-Vote: 4,816,704 2. Vincent LoPriore * Votes For: 13,492,507 * Withhold: 160,195 * Broker Non-Vote: 4,816,704 3. Michael Purcell * Votes For: 13,186,912 * Withhold: 465,790 * Broker Non-Vote: 4,816,704 4. Sireesh Appajosyula * Votes For: 13,503,469 * Withhold: 149,233 * Broker Non-Vote: 4,816,704 5. Chase LoPriore * Votes For: 13,492,110 * Withhold: 160,592 * Broker Non-Vote: 4,816,704 Proposal 2. To ratify the appointment of Grassi & Co., CPAs, P.C, as the Company's independent auditors for the fiscal year ending December 31, 2026. * Votes For: 18,128,998 * Votes Against: 116,985 * Votes Abstained: 223,423 * Broker Non-Vote: 0 Proposal 3. To approve an amendment to the Company's 2023 Omnibus Equity Incentive Plan to increase the number of shares issuable thereunder to 8,000,000 from 200,000. * Votes For: 13,442,072 * Votes Against: 208,879 * Votes Abstained: 1,751 * Broker Non-Vote: 4,816,704 About Hepion Pharmaceuticals Hepion Pharmaceuticals, Inc. is a medical diagnostic Company headquartered in Morristown, New Jersey, that was previously focused on the development of drug therapy for treatment of chronic liver diseases. As of December 31, 2025, the Company had $3.1 million in total assets, $402,405 in total liabilities, and $2.7 million in total stockholders' equity. Jericho, New York-based GRASSI & CO., CPAs, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 11, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company's significant operating losses and negative cash flows from operations since inception raise substantial doubt about its ability to continue as a going concern. HERMES INVESTMENTS: Commences Chapter 11 Bankruptcy in D.C. ----------------------------------------------------------- On June 16, 2026, Hermes Investments, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the debtor reports approximately $14.9 million in debt and indicates that no funds will be available for distribution to unsecured creditors after payment of administrative expenses. A meeting of creditors under Section 341(a) to be held on July 13, 2026 at 02:00 PM US Trustee Remote 341: (888) 330-1716; Passcode: 5678318. About Hermes Investments, LLC Hermes Investments, LLC is a Washington, D.C.-based single-asset real estate company. The company was formed to own, manage, and operate a specific real estate asset and is subject to the risks and financial performance of that property. Hermes Investments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00313) on June 16, 2026. In its petition, the debtor reported assets of $0 and liabilities of approximately $14.9 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The debtor is represented by William C. Johnson Jr. of The Johnson Law Group, LLC. HERNAN REYES: Court Extends Cash Collateral Access to July 14 ------------------------------------------------------------- Hernan Reyes M.D. S.C. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of Kapitus Servicing, Inc. The court order extended the Debtor's authority to use cash collateral from June 23 to July 14 and authorized the Debtor to use up to $8,120.74 in cash collateral solely to pay payroll and payroll-related expenses in accordance with an approved budget, subject to available funds. The Debtor is prohibited from using Kapitus' pre-petition collateral during the interim period. As adequate protection, the Debtor must continue its monthly payments of $5,500 to Kapitus until a Chapter 11 plan is confirmed. Payments must be made through ACH transfer, and the creditor is authorized to debit the Debtor's designated bank account. If an ACH payment is rejected, the Debtor must pay a $75 fee for each failed transaction. In addition, Kapitus will be granted replacement liens on all post-petition assets with the same priority and validity as its pre-bankruptcy liens, along with an administrative expense priority claim to protect against any decline in collateral value resulting from the use of cash collateral. The order further required the Debtor to maintain insurance coverage, preserve collateral, and avoid transferring or disposing of assets outside the ordinary course of business without court approval. The order is available at https://shorturl.at/cD8sI The next hearing is set for July 14. About Hernan Reyes M.D. S.C. Hernan Reyes M.D. S.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19154) on December 15, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jacqueline P. Cox presides over the case. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. HERTZ CORP: S&P Rates Proposed $300MM Exchangeable Notes 'B-' ------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to The Hertz Corp.'s proposed $300 million exchangeable first-lien senior secured notes due 2030. The '3' recovery rating indicates its expectation that lenders would receive meaningful (50%-70%; rounded estimate: 55%) recovery of their principal in the event of a payment default. The Hertz Corp., a subsidiary of Hertz Global Holdings Inc., will use the net proceeds for general corporate purposes, including debt repayment. S&P believes the proposed issuance is in line with our prior expectations and would improve the company's liquidity position somewhat. But S&P also believe it would result in a somewhat higher debt burden. S&P's 'B-' issuer credit rating and negative outlook on Hertz Global Holdings are unchanged. The negative outlook reflects its view that the company's credit metrics will remain weak in 2026 and that improvement in 2027 will depend on demand conditions remaining steady and the speed and success of the company's various profitability initiatives. Issue Ratings--Recovery Analysis Key analytical factors -- The '3' recovery ratings on Hertz's revolving credit facility, term loans, and proposed exchangeable first-lien notes reflect our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in a hypothetical default. In estimating the enterprise value at emergence, we offset the asset-backed debt against the value of the vehicles. -- Given that substantially all the company's assets, including vehicles, are encumbered under the various asset-backed programs and secured credit facilities, S&P expects negligible recovery (0%-10%; rounded estimate: 0%) for the exchangeable second-lien notes and senior unsecured notes. Simulated default assumptions -- S&P's simulated default scenario anticipates a default in 2028, led by a significant, prolonged disruption of business and leisure travel, as well as a substantial decline in used-vehicle values. -- In estimating the enterprise value at emergence, we offset the asset-backed debt against the value of the vehicles. -- S&P said, "In our view, if Hertz were to default, a viable business model would remain because of the company's extensive location network and strong brand awareness. We also believe debtholders would have the greatest recovery value through reorganization rather than liquidation. In addition, we wouldn't expect the reorganization to include international operations." -- S&P said, "We evaluate the company as a going concern on a discrete asset basis using current book values as reported. Our valuations reflect our estimate of the distressed value of the various assets, including intangibles like the trade name. Specifically, we apply a 90% realization rate to the net book value of Hertz's vehicles. This realization rate reflects the resilience of the used car market and is consistent with our assumption for the fleet at Avis Budget Group Inc." -- Also, S&P assumes that, if Hertz were to default, it would preserve the majority of its remaining highly desirable on-airport locations and therefore would reject only 10% of its operating leases. Simplified waterfall -- Net enterprise value (after 3% administrative costs): $14.7 billion -- Valuation split (U.S./international): 87%/13% -- Collateral value available to revolver, term loan B, and incremental term loan claims (value excludes vehicle and restricted cash pledged to securitization facilities): $3.0 billion -- Revolver, term loan B, and incremental term loan claims estimated at default (includes estimated deficiency claims from securitization facilities): $5.5 billion --Recovery expectations for the first-lien revolver and term loan facilities: 50%-70% (rounded estimate: 55%) -- Total value available to second-lien and unsecured claims: $0.1 billion -- Total second-lien and unsecured claims estimated at default (includes senior unsecured notes, secured deficiency claims, and rejected lease claims): $4.9 billion --Recovery expectations for the second-lien and unsecured facilities: 0%-10% (rounded estimate: 0%). Notes: All debt amounts include six months of prepetition interest. Collateral value equals the asset pledge from obligors after priority claims, plus the equity pledge from nonobligors after nonobligor debt. Other valuation assumptions include LIBOR/SOFR of 250 basis points at default and a 100% draw on the U.S. cash flow revolving credit facility. HOMEMAKERS REAL ESTATE: Court OKs Appointment of Chapter 11 Trustee ------------------------------------------------------------------- Judge Grace Robson of the U.S. Bankruptcy Court for the Middle District of Florida approved the appointment of Lara Roeske Fernandez as Chapter 11 trustee for Homemakers Real Estate, LLC. Ms. Fernandez was appointed on June 11 by the U.S. Trustee for Region 21, the Justice Department's bankruptcy watchdog overseeing Homemakers' Chapter 11 case. The appointment followed a motion by lender, Mainstreet Community Bank of Florida, to appoint an independent trustee to take over the bankruptcy case. Homemakers allegedly defaulted pre-petition on its obligations by failing to make payments under the loan. Additionally, Homemakers is in default of its obligations by its (i) transfer of title to the collateral secured by Mainstreet's mortgages to Crescent Sound LTD., as Trustee of the Tiered Land Trust; (ii) Horton S. Johnson's conveyance of all membership units in Homemakers to Crescent Sound LTD., as Trustee of the Tiered Land Trust; (iii) Homemakers' assignment of its rights and interest in the leases and rents to a separate entity; and (iv) Homemakers' failure to pay assessments due to Cape Crossing Townhomes Association, Inc. Mainstreet claimed that it is not receiving payments to protect against the erosion of its security interest in Homemakers' property and that Homemakers is diverting estate assets by taking the rents generated by the property and not turning over said rents to the bank. A copy of the appointment order is available for free at https://urlcurt.com/u?l=0UjMRR from PacerMonitor.com. About Homemakers Real Estate LLC Homemakers Real Estate, LLC is a real estate company based in Merritt Island, Florida, that operates from 201 Ivory Coral Lane. Creditor Tiered Capital Inc. filed Chapter 11 involuntary petition against the Debtor (Bankr. M.D. Fla. Case No. 25-05570) on September 2, 2025. Tiered Capital is represented by Scott R. Rost, Esq., at Brennan, Manna & Diamond, P.L. ICU MEDICAL: Moody's Upgrades CFR to Ba3, Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded the ratings of ICU Medical, Inc. (ICU Medical), including the corporate family rating to Ba3 from B1, the probability of default rating to Ba3-PD from B1-PD, and the senior secured bank credit facilities to Ba3 from B1. There is no change to the Speculative Grade Liquidity Rating, which remains SGL-1. The outlook remains stable. The upgrade to Ba3 reflects Moody's expectations that ICU Medical's financial leverage will decline over the next 12 months, supported by earnings growth, margin expansion and debt repayment. Moody's expects adjusted debt/EBITDA to remain below 4.0x, driven by low single-digit revenue growth, strong free cash flow generation and continued application of cash flow toward debt reduction. The upgrade also reflects ICU Medical's progress executing cost improvement initiatives and operational efficiencies, which should support margin expansion. These include automated workflows, product harmonization through its cloud-based safety software, and strategic portfolio optimization. These efforts should improve efficiency despite macroeconomic headwinds, including higher oil prices and tariffs. The stable outlook reflects Moody's expectations that leverage will decline and that adjusted debt/EBITDA will remain between 3.0x and 4.0x. Over the near term Moody's expects ICU Medical to generate low single-digit revenue growth and some margin expansion. RATINGS RATIONALE ICU Medical's Ba3 rating is supported by its solid scale, broad product offering and strong position in the stable, cash-generative IV infusion therapy market. The rating benefits from ICU Medical's high level of recurring consumables revenue, which provides revenue stability and visibility. Additionally, ICU Medical benefits from solid cash flow and a diversified hospital customer base. The rating is constrained by ICU Medical's modest scale relative to larger competitors, elevated regulatory risk in its infusion pump business, and limited pricing power amid ongoing budget pressure on US hospitals. Regulatory risk is heightened by an unresolved FDA warning letter issued in 2025 related to following an inspection of Smiths Medical's Oakdale, Minnesota Facility citing device modifications to the MedFusion 4000 and CADD Solis VIP pumps that require new 510(k) clearances. Although 510(k) applications were submitted in July 2025, they were subsequently withdrawn following FDA requests for additional testing. The company plans to resubmit after completing this work. Moody's expects that ICU Medical's financial leverage will remain between 3 and 4x given recent earnings growth and reduced cost pressures, but tariffs and potential reimbursement cuts will delay any material deleveraging. The SGL-1 Speculative Grade Liquidity Rating reflects Moody's expectations that ICU Medical's liquidity will remain very good over the next 12 to 18 months. ICU Medical's liquidity is supported by $288 million of cash at March 31, 2026. Moody's estimates over $100 million of annual free cash flow over the next 12 to 18 months. External liquidity is supported by a $500 million revolving credit facility expiring in October 2030, and a $150 million accounts receivable purchase program that is not actively being used at this time. This revolving credit facility has a secured net leverage covenant of 4.5x and a minimum interest coverage covenant of 3.0x. Alternative sources of liquidity are limited as substantially all assets are pledged. The $750 million term loan A has the same financial covenants as the revolving credit facility. However, there is no financial covenant on the term loan B. The Ba3 rating on the first lien credit facilities reflects their senior secured interest in the majority of the assets of the borrowers and the fact that the secured debt is the majority financial debt within the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if ICU Medical increases scale and diversification, expands free cash flow, and effectively manages growth with prudent financial policies. Quantitatively, the ratings could be upgraded if adjusted debt to EBITDA is sustained below 3.0x. The ratings could be downgraded if the company experiences a material adverse regulatory development or operating disruption and margin degradation. If ICU Medical engages in debt-financed acquisitions or material shareholder distributions, the ratings could also be downgraded. Further, weakening of liquidity, or sustained negative free cash flow could lead to a downgrade. Specifically, the ratings could be downgraded if adjusted debt to EBITDA is sustained above 4.0x. Headquartered in San Clemente, California, ICU Medical is a leading provider of infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. ICU Medical generated revenue of $2.2 billion in the last twelve months ended March 31, 2026. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. INMUNE BIO: Stockholders Approve Incentive Plan Increase -------------------------------------------------------- INmune Bio Inc. stockholders approved an amended 2021 stock incentive plan that increased shares issuable under the plan to 9,158,525 from 6,500,000, according to a Form 8-K. The approval came at the company's June 16 annual meeting, where stockholders also approved an evergreen provision beginning in 2027 and running through 2031. The provision allows annual increases on the first trading day of each calendar year by the lesser of 10% of outstanding common shares as of the prior Dec. 31 or a smaller number set by the board. The plan proposal received 6,085,086 votes for, 2,775,224 against, 95,367 abstentions and 8,501,317 broker non-votes. Stockholders also elected David Moss, J. Kelly Ganjei, Tim Schroeder, Scott Juda and Marcia Allen as directors, and ratified CBIZ CPAs P.C. as independent auditor for the fiscal year ending Dec. 31, 2026. About Inmune Bio, Inc. INmune Bio Inc. is a clinical-stage biotechnology company developing product candidates designed to reprogram the innate immune system. The company targets diseases in which chronic inflammation and immune dysfunction are primary drivers. Its platforms include CORDStrom, a pooled human umbilical cord-derived mesenchymal stromal cell platform for recessive dystrophic epidermolysis bullosa; DN-TNF, including XPro; and INKmune, a natural killer cell priming platform for cancer. In an audit report dated March 30, 2026, CBIZ CPAs P.C. included a going concern qualification, stating that the company had significant losses, negative cash flows from operating activities and projected insufficient liquidity to meet its obligations and sustain operations. The conditions 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 $25.82 million, total liabilities of $6.19 million and total stockholders' equity of $19.62 million. INNOVATIVE DESIGNS: Going Concern Persists Despite Profitable Q2 ---------------------------------------------------------------- Innovative Designs, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net income of $106,060 for the three months ended April 30, 2026, compared to a net income of $204,188 for the same period in the prior year. Net Income for the six-month period ended April 30, 2026, were $267,701 compared to $226,556 for the six-month period ended April 30, 2025. Revenues for the three-month period ended April 30, 2026, were $808,666 compared to revenues of $796,369 for the three-month period ended April 30, 2025. Revenues for the six-month period ended April 30, 2026, were $1,440,867 compared to revenues of $1,326,451 for the six-month period ended April 30, 2025. Going Concern The Company had a net income of $267,201 and a negative cash flow of $126,002 from operation activities for the three-month period ending April 30, 2026. In addition, the Company has an accumulated deficit of ($9,777,629). These factors raise substantial doubt regarding the Company's ability to continue as a going concern within the next 12 months. Management Plans Management's plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. Liquidity and Capital Resources During the three-month period ended April 30, 2026, the Company funded its operations from revenues and the sale of its common stock. Short Term: Innovative will continue to fund its operations from sales and the sale of securities. It continues to pay its creditors when payments are due. The Company will require more funds to be able to order the material for our Insultex products and to purchase equipment needed for the manufacture of the Insultex product. The Company reached an agreement with the manufacturer of the Insultex material to purchase a machine capable of producing the Insultex material. Also included in the proposed agreement will be the propriety formula that creates Insultex. The Company took delivery of the equipment in December 2015. The Company will have to have the machine installed and ensure that it can be operated in compliance with all environmental rules and regulations. It is the Company's intention to have the equipment operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are the financial resources available to the Company, finding a suitable facility and bringing technical personnel from abroad to install the equipment. The Company has currently made deposits of $652,944 on the equipment. The Company will produce Insultex under its own brand name. The new quality control testing equipment for the Company's House Wrap Product line has been built. Innovative have reached an agreement with the vendor on the final amount. As of April 30, 2026, the Company have paid approximately $39,139 in deposits for the equipment. The Company expects to accept delivery of the equipment when it is able to reach an agreement with a testing laboratory that will house the equipment. Once the equipment is installed it will have to go through a certification process before we will be able to conduct tests on its Insultex products. Once the testing equipment is certified, the Company intends to begin the process of having Insulted certified by ICC Evaluation Services, LLC. ICC-ES certifies, among other items, building materials and products of which its House Wrap falls under. The reason Innotive needs to have ICC-ES certification is that it believes in order to get large orders for House Wrap, ICC-ES certification will be required. The other component part of the Housewrap produced by a third party is ICC-Es certified. Getting ICC-ES certification is costly and time consuming. Long Term: The Company will continue to fund its operations from revenues, borrowings from private parties and the possible sale of our securities. Should the Company not be able to rely on the private sources for borrowing and /or increased sales, its operations would be severely affected as it would not be able to fund its purchase orders to its suppliers for finished goods and its efforts to produce its own IINSULTEX would be delayed. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/479p43jd About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc., operates in two separate business segments: a house wrap for the building construction industry and cold weather clothing. Both of the Company's segment lines use products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated, with buoyancy, scent block, and thermal resistant properties. The Company also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. In addition, the Company offers cold weather headgear and base insulation clothing product. Asesoria Global, S.A., the Company's auditor based in Guatemala City, Guatemala, issued a 'going concern' qualification in its report dated February 29, 2026, attached in the Company's Form 10-K Report for the fiscal year ended October 31, 2025. The report cited that the Company has an accumulated deficit and other conditions that raise substantial doubt about its ability to continue as a going concern for a period of one year from the date the financial statements are issued. As of April 30, 2026, the Company had $2,536,028 in total assets, $208,748 in total liabilities, and $2,327,280 in total stockholders' equity. IQSTEL INC: Board Amends Series B Preferred Stock Conversion Rights ------------------------------------------------------------------- iQSTEL Inc. announced in a regulatory filing that the Board of Directors had approved, by unanimous written consent, an Amended and Restated Certificate of Designation for the Company's Series B Preferred Stock. The Amended COD amends the Company's prior Certificate of Designation of Series B Preferred Stock to revise the conversion provisions as follows: * Permit holders of Series B Preferred Stock to convert their shares into shares of the Company's common stock at any time upon five (5) days' written notice to the Company (previously, conversion rights were exercisable only in connection with the end of a 12-month term following issuance); * Reduce the required written notice period for conversion from sixty (60) days to five (5) days; and * Provide that, upon conversion, the Company shall pay the converting holder the proportional accrued and unpaid dividends earned on the converted shares up to but not including the actual conversion date. The Company also obtained the written consent of the holders of a majority of the outstanding shares of Series B Preferred Stock approving the Amended COD, as required by Section 7 of the Amended COD. The Amended COD was filed with the Secretary of State of the State of Nevada on June 17, 2026. A full text copy of the Amended COD is available at https://tinyurl.com/4vxba86h About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. As of March 31, 2026, the Company had $44.53 million in total assets, $30.23 million in total liabilities, and $14.30 in total stockholders' equity. Pittsburgh, Pennsylvania-based Urish Popeck & Co., LLC, the Company's auditor, issued a "going concern" qualification in its report dated April 6, 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, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. Accordingly, the Company has determined that these factors raise substantial doubt as to the Company's ability to continue as a going concern. J.R. BUTLER: SMS Wins Bid to Convert Bankruptcy Case to Chapter 7 ----------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado granted the motion of SMS Financial CRE Fund, LLC to convert J.R. Butler, Inc.'s bankruptcy case to a Chapter 7 liquidation. SMS is one of the Debtor's secured creditors. Citing Sections 1112(b)(1) and (b)(4)(A), SMS argues that there is a substantial or continuing loss to or diminution of the estate and no reasonable likelihood of rehabilitation. Additionally, SMS contends that the Debtor filed for bankruptcy protection with a lack of good faith. The Debtor filed an objection opposing the motion to convert. SMS has shown that the Debtor has suffered a substantial or continuing loss to or diminution of the estate. According to the Court, although the Debtor might be able to collect some accounts receivable in the future through litigation or otherwise, that does not mitigate the demonstrated substantial and continuing loss to the estate. The Court has serious good faith concerns, including the arguments raised by SMS. SMS is correct that the Debtor currently has a small amount of cash and no positive cash flow. And the Debtor has no intent to rehabilitate. After all, the Debtor has no employees, no physical location, no equipment, and no physical property. Furthermore, the Debtor has not collected any of its accounts receivable since the bankruptcy case commenced nine months ago. All that certainly suggests lack of good faith. Turning to the totality of the circumstances, the Court also is concerned about other issues. The Debtor engaged in an unusual and suspect transaction just prior to the petition date. On July 7, 2025, the Debtor sold all of its physical property located at the Debtor's Facility, together with all of its intellectual property, to Phox One for $240,000. The property was SMS' collateral. But the Debtor hid the transaction from SMS and did not pay SMS anything. Also, the Court questions the Debtor's post-petition conduct. During the bankruptcy case, the Debtor used SMS' cash collateral without SMS' consent and without Court approval as required under Section 363(c)(2). However, while the Court has substantial concerns about the Debtor's possible lack of good faith, in an exercise of judicial discretion and economy it refrains from making a definitive lack of good faith determination now. The Court determines that conversion from Chapter 11 reorganization to Chapter 7 liquidation would be in the the best interests of creditors and the best interests of the estate rather than dismissal. SMS and J.E. Dunn are the only creditors to have stated their preference. And they both prefer conversion to dismissal. SMS and J.E. Dunn are two of the largest creditors in the bankruptcy case and together represent a material portion of the entire creditor pool. SMS is an under-secured secured creditor. J.E. Dunn is an unsecured creditor. The Court recognizes that creditors are the best judge of their own interests. Furthermore, as a neutral, a Chapter 7 trustee would be in the best position to investigate and consider whether any action is appropriate regarding the Phox One transaction with the Debtor or any possibly preferential payments. Such claims may be lost through dismissal. A Chapter 7 trustee also may evaluate the propriety of postpetition administrative expense claims. For these reasons, the Court determines that there is cause for conversion under Sections 1112(b)(1) and (b)(4)(A). Accordingly, the Court grants the motion to convert and converts this bankruptcy case to a Chapter 7 liquidation, effective immediately. The United States Trustee is ordered to appoint a Chapter 7 Trustee to administer the estate. A copy of the Court's Order dated June 18, 2026, is available at https://urlcurt.com/u?l=whglRn from PacerMonitor.com. About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on Aug. 29, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. The case was converted to Chapter 7 on June 18, 2026. JACKSON GENERATION: S&P Rates New $625MM Term Loan B Prelim 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '1+' recovery rating to Jackson Generation LLC's proposed $625 million term loan B (TLB). Jackson will use the proceeds to refinance debt, pay transaction fees, and make a distribution to sponsors. As part of the financing, the project is also raising a $75 million senior secured revolving credit facility (RCF). S&P's '1+' recovery rating indicates our expectation for full (100%) recovery in a default scenario. S&P said, "The stable outlook reflects our expectation for robust debt service coverage ratios (DSCR) during the asset life, with a minimum of 1.64x in the post-refinancing period. We expect the project will repay about 50% of the term loan B over the TLB period." Jackson is a 1.2-gigawatt (GW) combined cycle gas turbine (CCGT) in Will County, Illinois. Having reached commercial operation date (COD) in 2022 and with a heat rate in the mid-6,000 Btu per kilowatt-hour (KWh) range, it is one of the newest and most efficient gas-fired facilities in PJM. The project is composed of two 1x1x1 Mitsubishi J-Class based power trains. Although the project benefits from some short-term hedging arrangements and a revenue put that expires in 2027, it primarily sells merchant power and capacity into the Pennsylvania-New Jersey-Maryland (PJM) interconnection. The project is owned by J-Power USA (51%) and Gulf Energy USA (49%). Jackson is a new and highly efficient CCGT set to benefit from tightening supply and demand fundamentals in the PJM due to rising load expectations from data center buildouts and unit retirements. Having reached COD in 2022 and employing some of the newest and most efficient gas and steam turbine technology from Mitsubishi, Jackson is a competitive CCGT with a heat rate of about 6,500 Btu/KWh. At this level of efficiency, Jackson has one of the lowest heat rates in our portfolio. However, historically the plant has experienced relatively less robust dispatch and spark spreads than other PJM combined cycle generators (CCGT) in our portfolio. Despite being highly efficient, Jackson has only achieved a capacity factor of high-60% to low-70% since COD, which S&P views as somewhat less robust than other generators of similar efficiency profiles in different regions across the PJM. S&P said, "We view the plant's capacity factor over the first several years of operations as a function of both operating performance (i.e., forced and planned outages) and market conditions. Although Jackson has endured forced and longer planned outages over its relatively short operational life, this is somewhat typical of newer plants as they ramp up and the operator identifies pain points and becomes familiar with the facility. We also expect these issues to be typically addressed under warranty. "Additionally, the plant's EFOR has generally trended down over time (1.66% in 2025 compared to 4.42% in 2024 and about 4% in 2023), while its capacity factor has trended up over the first several years of operations. We view the recent gas turbine outage in early 2026 as not consistent with any larger issues with the technology, and Mitsubishi, the original equipment manufacturer (OEM), has stated that the unit is capable of continuous successful operations. At this stage, our forecast anticipates relatively stable operating performance over the TLB period and remaining asset life. Still, if we observe a pattern of operational issues, we will likely incorporate that into the rating." In addition to the outages, the plant's dispatch also reflects market economics. ComEd is a region of PJM with a comparatively higher concentration of nuclear units, which sit lower on the dispatch curve than even very efficient CCGTs such as Jackson, in addition to renewables such as wind. This results in lower market heat rates and more frequent windows where it is not optimal or economic for the facility to dispatch, resulting in lower dispatch than we would typically see for a plant of Jackson's operating profile. S&P said, "We also believe the plant's location exposes it to the risk of power imports from MISO, especially wind-based. We think that this dynamic pressures the plant's LMP, which could reduce its generation (via reduced capacity factors) or lower spark spreads." Jackson's profitability has recently improved, as spark spreads have expanded across the board in the PJM due to higher load and power prices. Jackson realized spark spreads of $15-$16/MWh in 2025. S&P said, "Although strong, we also think that these spreads are comparatively lower than the high-teen to low-twenty dollars per MWh we have observed in other parts of PJM in 2025 (particularly non-RGGI states)." S&P said, "We expect energy prices to be supportive for generators, including Jackson, for the foreseeable future, given the structural nature of the demand and supply imbalance. Through April, the project has realized sparks of about $17/MWh, higher than the same period last year. We believe that Winter Storm Fern in January 2026 contributed to these results, in addition to a generally elevated power price environment. Under our projections, sparks spreads average about $16/MWh over the TLB period and about $13/MWh over asset life, which is in line with Jackson's historical average." Jackson also benefits from a prudent hedging program, where the plant hedges a significant portion of its capacity while considering operating risk. Currently, the facility has 450 MW of capacity hedged at $11/MWh through the end of 2026. Although there are no additional power or gas hedges executed at this time, the project has expressed its desire to continue to hedge into 2027 and potentially 2028. This supports Jackson's near-term credit profile. The project's current power hedges settle at the node, which we view favorably given that this arrangement eliminates basis risk. Additionally, Jackson currently benefits from a revenue put that locks in $60 million in annual energy margin. However, this hedge expires in 2027, so it has a limited effect in our rating thesis. Jackson operates in a state that has implemented aggressive carbon legislation, which can limit the economic lives and cash flow generation capacity of thermal generators. However, given real and forecasted demand growth and risks to grid reliability, S&P foresees Jackson operating beyond the retirement date currently mandated by Illinois law. In 2021, Illinois passed the Climate and Equitable Jobs Act (CEJA) that, amongst other goals, contained provisions to decarbonize the state of Illinois' power generation. Under its framework, an emission-related dispatch cap is imposed on fossil-fuel-fired plants, which effectively limits their dispatch to the average of 2018–2022 levels or, for new plants like Jackson, over the first three years of operations in which the plant effectively runs unconstrained by the legislation. The other impactful term of the legislation, as it stands, is that natural gas-fired units are required to reduce emissions to zero by 2045 (unless needed for reliability). As such, Jackson's capacity factor is effectively capped at demonstrated levels (an average of about 70%). S&P said, "We incorporate this limitation in our forecast and then gradually step down Jackson's capacity factor over time in our forecast to reflect the addition of new and lower-cost capacity to the dispatch stack. Still, our 2048 asset life for Jackson implies the plant will be needed following the current 2045 retirement date." As the law is currently written, units can be exempt from the 2045 retirement date based on reliability needs. Although the recent resource adequacy study commissioned by the Illinois Power Agency demonstrated scenarios where Illinois can achieve its decarbonization goals while maintaining reliability using a mix of wind, solar, battery storage, and firm capacity (e.g., hydrogen-capable combustion turbines, nuclear), this is subject to buildout and execution risk. To the extent this is delayed, S&P believes it reasonable to believe a highly efficient plant like Jackson will be needed past the 2045 date to serve the state's reliability needs. S&P said, "The stable outlook reflects our belief that Jackson will demonstrate supportive dispatch levels, minimal forced outages, and benefit from elevated energy and capacity prices that sustain strong debt service coverage ratios over the TLB and refinancing period and reduce debt via the project's cash flow sweep mechanism. We expect the project to repay nearly 50% of its debt through the TLB period (2026-2033)." S&P could consider a negative rating action if expected DSCRs fall below 1.35x on a sustained basis. This could occur if: -- The project experiences forced outages that reduce its dispatch, increase costs, or result in performance penalties; -- Economic factors cause the power plant to dispatch less than S&P's base-case expectations; -- The project experiences weaker realized spark spreads or lower PJM capacity prices; -- The project's excess cash flows do not translate into expected debt paydowns, leading to a higher-than-expected debt balance at maturity; or -- There are further regulatory developments or actions that bode negatively for conventional gas-fired generators that change S&P's view of Jackson's competitive ability or asset life. S&P could consider a positive rating action on the project if expected DSCRs remain above 1.8x and: -- The project establishes a track record of consistently outperforming its earnings and debt paydown forecast or S&P's view of its competitive potential and earnings profile improves going forward; and -- S&P has a qualitative view that the project can be rated in the 'BB' category given the project's single asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. JACKSON HOSPITAL: Court Tosses Motion for Preliminary Injunction ---------------------------------------------------------------- Judge Christopher L. Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama denied the emergency motion for preliminary injunction filed by Jackson Hospital & Clinic, Inc. with respect to reimbursement rates in the adversary proceeding captioned as JACKSON HOSPITAL & CLINIC, INC., Plaintiff, v. BLUE CROSS AND BLUE SHIELD OF ALABAMA, Defendant, Adv. Proc. No. 26-03013 (Bankr. M.D. Ala.). Blue Cross and Blue Shield of Alabama's opposes the motion. On April 21, 2026, the Hospital and one of its affiliates, JHC Pharmacy, LLC, presented to the Court for confirmation the Second Amended Joint Plan of Reorganization for Jackson Hospital & Clinic, Inc. and JHC Pharmacy, LLC (the "Plan"). The Hospital and Blue Cross Blue Shield of Alabama ("BCBSAL") are parties to agreements covering the two broad categories of care provided by the Hospital: that certain Participating Hospital Contract for Prospective Payment dated as of July 1, 2003 (as amended from time to time, the "Inpatient Agreement"); and that certain Preferred Outpatient Facility Contract dated as of January 1, 2006 (as amended from time to time, the "Outpatient Agreement," and, together with the Inpatient Agreement, the "Provider Agreements"). The instant adversary proceeding and the motion relate to the 2026 reimbursement rates paid by BCBSAL to the Hospital under the Provider Agreements. Initial negotiations regarding the 2026 reimbursement rates culminated in a letter of agreement signed on May 13, 2025, with a 2% base increase, plus up to a 2% additional increase tied to certain agreed-upon performance metrics. In mid-November, BCBSAL met with the Hospital's then newly-appointed CEO, Jon Quinlivan, to explore another amendment to the 2026 reimbursement rates. Discussions between the parties resulted in BCBSAL's December 4, 2025, proposed letter of agreement that provided for a base increase of 12%, plus up to a 2% additional increase tied to certain agreed-upon performance metrics. While subsequent communications indicated that an agreement along those general terms was imminent, Mr. Quinlivan ultimately backed away from BCBSAL's offer and indicated that the Hospital would accept only an increase in the reimbursement rate structure that equaled BCBSAL's reimbursement rate structure with Baptist Medical Center South ("Baptist South"). BCBSAL did not agree to this proposal, citing multiple factors unrelated to geography that drove the negotiations and agreements between BCBSAL and its providers. Ultimately, the Parties entered into a letter of agreement on December 31, 2025, which reflected the terms of BCBSAL's proposed December 4, 2025, letter of agreement. The reimbursement rates BCBSAL pays the Hospital are -- by the Hospital's own design -- intertwined with the Hospital's bankruptcy case and the viability of the Plan. After the Court confirmed the Plan and the Hospital filed this adversary proceeding, the Hospital's Board of Directors passed a resolution setting a deadline of June 25, 2026, for either BCBSAL (by agreement) or this Court (by a mechanism so extraordinary that the Hospital could not point the Court to any case in which it has ever been utilized) to raise reimbursement rates. The Hospital's central argument is that while BCBSAL twice increased reimbursement rates for2026, those increases reflect a lack of good faith negotiations. The Hospital asserts that BCBSAL's failure to match the Baptist South's reimbursement rates constitutes per se proof that BCBSAL has utilized its leverage over the Hospital to impose unfair and unsustainable rates. BCBSAL asserts that the exhibits evidence good faith negotiations, noting that on multiple occasions BCBSAL -- at the request of the Hospital -- agreed to mid-cycle reimbursement rate increases. BCBSAL argues that it was unreasonable for the Hospital to demand reimbursement rates equal to Baptist South's rates, as reimbursement rates determined by multiple factors: comparison to Medicare rates; patient acuity and case mix; the volume of BCBSAL patients treated; the scope of medical services offered; geographic coverage; and performance against quality and value-based metrics. The Hospital has not established that it will suffer irreparable injury if the Court does not unilaterally increase reimbursement rates under the Provider Agreements. According to the Court, $80.0 million in grant money is available to the Hospital following the Effective Date of the Plan, and the sole remaining condition precedent to the Effective Date is the renegotiation of the reimbursement rates "on terms acceptable to" the Hospital. This condition can be waived by the Hospital (with the consent of Jackson Hospital Services, Inc. and the DIP Lender). Yet, the Hospital will not waive this condition. The Court understands and agrees the Hospital's argument that continuing operations at a loss is unsustainable. But the Hospital has been operating at a loss for some time now, and certainly throughout the Hospital's bankruptcy case. The DIP Lender has advanced tens of millions of dollars to prop up operations during the bankruptcy case, and if the DIP Lender chooses not to advance more funds, that is a perfectly rational and justifiable business decision. But it is disingenuous for the Hospital to suggest that the only way to maintain normal operations beyond the self-imposed June 25, 2026, deadline is through an affirmative injunction issued on an expedited basis. Given that the injury to the Hospital is avoidable, it is difficult to conceive of a scenario where its potential injury outweighs the potential damage to BCBSAL. The Court concludes that the Hospital has not met the extraordinarily high burden required for affirmative injunctive relief, and that the motion is due to be denied. A copy of the Court's Memorandum Opinion and Order dated June 17, 2026, is available at https://urlcurt.com/u?l=FZ5BzZ from PacerMonitor.com. About Jackson Hospital & Clinic Jackson Hospital & Clinic, Inc., is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. JAGUAR LOGISTICS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Jaguar Logistics, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral while it continues operating under Chapter 11 Subchapter V. Under the interim order, the Debtor is authorized to use cash collateral to fund critical operating expenses in accordance with its court-approved budget, with a 15% variance per line item and the ability to carry forward unused amounts. The Debtor projects total operational expenses of $51,925.78 for the period from June to October. To protect the interests of the U.S. Small Business Administration, First Corporate Solutions, as representative, and GMC Financial, these secured lenders will receive replacement liens on post-petition assets similar to their pre-petition collateral. The replacement liens automatically become valid and perfected upon entry of the order. As additional protection, the SBA will receive monthly payments of $2,181, beginning July 3. The interim order does not determine the validity or extent of any lender's liens and preserves all parties' rights to challenge claims or seek modifications. The order directed all parties owing money to the Debtor, including the U.S. Postal Service, to continue paying the Debtor directly despite any competing demands from creditors. A further hearing is scheduled for July 8 and the interim authorization remains effective until that hearing and any resulting ruling. About Jaguar Logistics LLC Jaguar Logistics, LLC operates four box trucks providing USPS mail and package delivery services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54911-sms) on April 11, 2026. In the petition signed by Kionna Clark, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Sage M. Sigler oversees the case. Brad Fallon, Esq., at Fallon Law PC, represents the Debtor as legal counsel. JEFFERY LAND: Seeks to Hire The Frank Firm as Legal Counsel ----------------------------------------------------------- Jeffery Land Company, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire The Frank Firm, PLLC to serve as legal counsel. The firm will provide these services: (a) represent the Debtor in connection with its Chapter 11 proceedings; (b) provide legal advice to the Debtor and Debtor-in-Possession with respect to insolvency matters and bankruptcy administration; (c) perform all other legal services necessary in connection with the bankruptcy case; and (d) assist in the preparation and filing of necessary applications, pleadings, and other court documents. Jerome D. Frank, Esq. and Tami R. Salzbrenner, Esq. will receive hourly rates of $390 and $275, respectively. The firm is also entitled to reimbursement for out-of-pocket expenses and photocopying at $.10 per page for qualifying copies. The Frank Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has confirmed that neither the firm nor its professionals hold any interest adverse to the estate. The firm can be reached at: Jerome D. Frank, Esq. Tami R. Salzbrenner, Esq. THE FRANK FIRM, PLLC 30833 Northwestern Hwy, Suite 205 Farmington Hills, Michigan 48334 Telephone: (248) 932-1440 Facsimile: (248) 932-1443 E-mail: jfrank@frankfirm.com About Jeffery Land Company, LLC Jeffery Land Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-46229-lsg) on April 11, 2025. At the time of filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $100,001 to $500,000. Judge Lisa S. Gretchko oversees the case. The Frank Firm, PLLC is Debtor's legal counsel. KNIGHT HEALTH: S&P Withdraws 'CCC+' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew its 'CCC+' issuer credit rating on Knight Health Holdings LLC at the issuer's request. At the same time, S&P withdrew its 'CCC+' issue-level rating and '3' recovery rating on Knight Health's first-lien term loan because the debt has been repaid. At the time of withdrawal, S&P's outlook on the company was negative. KOINONIA CONSTRUCTION: To Sell Elko Property to Tricia Cooper ------------------------------------------------------------- Koinonia Construction Inc., dba Impact Roofing, seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell Property, free and clear of liens, claims, interests, and encumbrances. No trustee has been appointed and no official committees have been established in the case. The Debtor is a construction company in Elko, Nevada, primarily developing, constructing, and selling residential homes. The Debtor is the owner of certain commercial real property located at 453 Idaho Street, Elko, Nevada, 89801. The Debtor entered into a Commercial Property Purchase Agreement and Joint Escrow Instructions to sell the Property to Tricia Cooper for the sum of $550,000. The Purchase Price is to be paid by the Buyer as follows: $5,000 initial deposit into escrow and the balance of the Purchase Price due at close of escrow. The proposed Buyer has obtained an SBA Loan for the remaining balance due at the time of closing. The Debtor seeks to sell the Property, subject to overbids above the prospective Buyer's current offer at the appointed hearing to approve the transaction and to pay the secured liens. The Debtor believes the sale of the Real Property under the contemplated terms and conditions is in the beset interests of the estate because the proposed purchase offer was negotiated at arm's length and reflects the estimated fair market value. The minimum overbid shall be $560,000 with additional bidding increments of no less than $5,000, or as may be ordered by the Court, and Buyer shall have the right to submit an overbid to any bid received by another interested bidder. The Real Property was negotiated with the Buyer at arm's length. The Debtor believes the Purchase Price is fair and equitable and represents the fair market value for the Real Property. The Agreement was negotiated at arm's length, in good faith, and the Debtor believes its terms are fair and reasonable as dictated by current market conditions. About Koinonia Construction Inc. Koinonia Construction Inc., doing business as Impact Roofing, is an Elko, Nevada-based construction and development company that builds homes, manages housing projects, and provides roofing services under its Impact Roofing brand. Since its founding, the firm has overseen multi-phase residential developments such as Mountain View and Copper Trails, while maintaining a fleet of trucks, telehandlers, backhoes, and other heavy equipment to support its on-site construction work. Beyond construction, Koinonia manages a portfolio of townhouses and land parcels on North 5th Street and Platinum Drive, reflecting its integrated approach to development, building, and property management. Koinonia Construction sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.: 26-50335) on April 3, 2026. In the petition that was signed by Luke Fitzgerald as president, the Debtor disclosed total assets of $5,475,376 and total liabilities of $6,771,688. Debtor's Counsel: Stephen R. Harris, Esq., at HARRIS LAW PRACTICE LLC, in Reno, Nevada. KOSMOS ENERGY: Moody's Ups CFR to Caa1 & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings upgraded Kosmos Energy Ltd.'s (Kosmos Energy) Corporate Family Rating to Caa1 from Caa2, Probability of Default Rating to Caa1-PD from Caa2-PD and senior unsecured notes to Caa2 from Caa3. The speculative grade liquidity rating was upgraded to SGL-3 from SGL-4. The outlook was changed to positive from negative. "The upgrade of Kosmos Energy's ratings reflects Moody's expectations that the company will generate positive free cash flow in 2026 driven by supportive oil prices, increased oil production in Ghana and moderate capex," said Giancarlo Rubio, Moody's Ratings Vice President. "The positive outlook reflects Moody's expectations that the company will continue improving its debt maturity profile and leverage." RATINGS RATIONALE Kosmos Energy's Caa1 CFR reflects its still high debt levels and financial leverage. The company has improved its liquidity and is expected to deliver positive free cash flow generation in 2026. Kosmos' oil production in its Jubilee field is expected to increase in 2026 driven by its capex program executed mostly in the first half of this year. The company's margins are expected to benefit from higher oil prices in 2026, compared to the two previous years. Moody's notes that the company maintains limited hedges in place for the rest of 2026; this situation provides the company with exposure to higher oil prices but with potential cash flow volatility should oil prices decline. The company's debt maturity schedule improved in 1Q26 after it redeemed $100 million secured notes due in 2026 and repurchased $250 million of its 2027 unsecured notes; additionally the company repaid $200 million on its reserved based lending (RBL) facility. These payments were funded mainly through new secured notes and equity issuances for $350 million and $200 million, respectively. The outlook was changed to positive from negative since Moody's expects the company will continue improving its leverage and debt maturity profile, supported by its improving free cash flow. Kosmos Energy's senior unsecured notes are rated Caa2, one notch below the Caa1 CFR, given their unsecured claim on the company's assets, and their structurally subordinated position to the secured $1.35 billion RBL facility, $196 million loan from Shell Trading (secured by its assets in the Gulf of America) and $350 million "Nordic" bonds due 2031 (secured by Kosmos Energy GTA Holdings' assets). The company's liquidity is considered adequate, as indicated by its SGL-3 rating. Kosmos' operating liquidity was supported by $350 million available under its $1.35 billion RBL facility and its $130 million cash balance at March 31, 2026. Moody's notes the RBL's borrowing base reduced to around $1.2 billion after the sale of the company's assets in Equatorial Guinea "EG" in June 2026 (sale proceeds of $127 million were used to reduce debt under the RBL). The RBL facility matures in December 2029 subject to an 18-month springing maturity test to the company's 2028 notes, which would be September 2027 if the company can't demonstrate adequate liquidity to pay off the notes . The RBL is subject to a maximum leverage ratio (net long-term debt and financial leases to LTM EBITDAX) of 4.5x in 2Q26, 4.25x in 3Q26 and 3.5x thereafter. Moody's expects Kosmos to be in compliance with this covenant. The company's next maturities include: $100 million notes due in May 2027, $400 million notes due in March 2028 and annual term loan payments of $60 million in 2027-2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Kosmos Energy's ratings will require successful refinancing of its 2028 notes to address the potential springing maturity of its RBL, further debt reduction to reach a sustainable capital structure, and sustained positive free cash flow generation. Kosmos Energy's ratings could be downgraded if the company's liquidity deteriorates or Moody's sees a rising risk of default. The rating on the senior unsecured notes may also be downgraded if the company further increases the share of senior secured debt in its capital structure relative to the senior notes outstanding. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LAZARUS INDUSTRIES: To Hire Michael A. Benson as Special Counsel ---------------------------------------------------------------- Lazarus Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Michael A. Benson, a professional practicing law in New York, to serve as Special Counsel. Mr. Benson will provide these services: (a) preparing and filing supporting affirmations and a memorandum of law; (b) conducting legal research; (c) engaging in motion practice; and (d) appearing for oral argument; and any post-decision motions or practice as necessary. Mr. Benson will receive a flat fee of $15,000 for all services rendered during the course of these proceedings, subject to Court approval. Michael A. Benson, Esq. is a "disinterested person" within the meaning of the Bankruptcy Code, and has no connections with the Debtor, creditors, or other parties in interest, and does not hold any interest adverse to the estate, according to court filings. The professional can be reached at: Michael A. Benson, Esq. 77 N. Buffalo Street Springville, NY 14141 About Lazarus Industries Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-10417) on April 16, 2025. In the petition signed by Frank Lazarus, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Carl L. Bucki oversees the case. The Debtor tapped Frederick J. Gawronski, Esq., at Colligan Law, LLP as bankruptcy counsel and Sage Law Firm Group PLLC as special counsel. LEARFIELD COMMUNICATIONS: S&P Withdraws 'B' Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings withdrew its 'B' issuer credit rating on Learfield Communications Inc. at the issuer's request. At the time of the withdrawal, the outlook was stable. We also withdrew our 'B+' issue-level rating and '2' recovery rating on the company's senior secured debt. LFTD PARTNERS: Director R. Morrissy Resigns Over Health Concern --------------------------------------------------------------- LFTD Partners Inc. announced in a regulatory filing that Richard Morrissy notified the Company of his resignation from the Company's Board of Directors, effective immediately. Mr. Morrissy's resignation was due to health concerns that limit his ability to dedicate the time and attention necessary to serve as a director. Mr. Morrissy's resignation was not the result of any disagreement with the Company regarding its operations, policies, practices, management, or any matter relating to the Company's business. The Company thanks Mr. Morrissy for his service and contributions as a member of the Board of Directors and wishes him the best. About LFTD Partners Inc. Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in Jacksonville, Fla., is currently directly or indirectly involved in the development, manufacture and/or sale or re-sale of a wide variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving, nicotine, tobacco and marijuana. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2018, 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 an accumulated deficit, net losses, and is subject to unique regulatory risks and uncertainties. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $19.27 million in total assets, $6.64 million in total liabilities, and $12.63 million in total stockholders' equity. LIVE NATION: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' issuer credit rating on Live Nation Entertainment Inc. and revised the outlook to stable from negative. S&P said, "At the same time, we raised our issue-level ratings on the company's senior secured debt to 'BB+' from 'BB'. We revised our recovery ratings on the secured debt to '1' from '2'. Our 'BB-' issue-level rating and '4' recovery rating on the unsecured debt is unchanged. "The stable outlook reflects our expectation that Live Nation's revenue and EBITDA will continue to increase in 2026 and 2027 due to international expansion and strong demand for live entertainment despite ongoing litigation risks. We forecast Live Nation will maintain leverage in the low-4x area in 2026 and 2027, absent the potential for larger-than-expected fines and settlements." On March 9, 2026, Live Nation agreed to settle its antitrust lawsuit with the Department of Justice (DOJ), although 34 states elected to continue the litigation. On April 15, 2026, the jury found Live Nation liable for maintaining a monopoly and unlawfully tying services with Ticketmaster. The court has yet to approve the settlement with the DOJ or determine the remedies to be imposed on Live Nation as a result of the jury verdict. Against this backdrop, Live Nation has filed motions seeking to overturn or otherwise calling into question the jury's verdict. S&P said, "In our view, Live Nation has sufficient liquidity to fund potential settlements or monetary damages, but additional structural remedies could affect its credit metrics. We believe resolution of the company's antitrust litigation could take well more than a year, especially given the potential for a protracted appeals process." Live Nation continues to benefit from strong live event trends that S&P Global Ratings believes will persist over the next 12-18 months and strengthen its credit metrics, though a fallout from antitrust litigation remains a longer-term risk. S&P said, "We do not believe regulatory actions will affect Live Nation's operating performance over the next 12 months. Notwithstanding ongoing litigation risks, Live Nation's operating performance remains solid. The DOJ settlement which has yet to be approved by the judge, includes potential structural remedies such as lifting certain amphitheater and ticketing exclusivities and implementing a 15% cap on ticketing service fees for owned and operated amphitheaters. However, we don't believe these structural remedies will have a material impact on the company's performance due to high client switching costs and the company's strong scale compared with the scope of structural remedies." As part of the proposed settlement with the DOJ and some states, Live Nation agreed to, among other things, pay the settling states roughly $19 million to resolve their claims for monetary relief and/or civil penalties. The company also agreed to terminate or modify contracts with venues that give Live Nation preferred booking rights; allow artists who use competing promoters to book Live Nation amphitheaters; develop and provide an open distribution and ticket authentication system that enables major concert venues using Ticketmaster to distribute tickets using competing primary ticketing providers; and modify or terminate Ticketmaster's exclusive ticketing arrangements to give third parties access to an allocation of tickets; and implement new limits on Ticketmaster service fees at Live Nation amphitheaters. Thirty-four states continued to prosecute the antitrust litigation, and in April the jury found the company liable for monopolizing certain ticketing and amphitheater markets, and for unlawfully tying promotion services to the use of amphitheaters. The jury estimated that Ticketmaster's anticompetitive conduct resulted in an estimated average overcharge of $1.72 per ticket, but did not specify the number of tickets for which damages would apply. S&P views the jury's verdict as a potential credit negative, although it believes the timing of a resolution, financial impact, and the size and scope of potential remedies remain uncertain. S&P said, "We view the company's $450 million reserve for state settlements and estimated jury damages as immaterial to its credit quality, though the judge could impose substantial financial penalties that are well above the company's reserves. Although the risk of a forced Ticketmaster (a core component of the company's competitive advantage) divestiture is a potential outcome, we believe Live Nation's pending motions to overturn the jury verdict and revisit other aspects of the case introduce prolonged legal uncertainty beyond the next 12 months." Live Nation remains vulnerable to regulatory risks. Risks remain with ongoing class action lawsuits, the active Federal Trade Commission (FTC) and Better Online Ticket Sales Act enforcement, and potential state regulations. S&P said, "However, we do not expect these consequences to be severe such that it will impair the company's business position or financial profile. For example, the company has taken measures to address scalpers and bots, therefore enhancing ticketing integrity and consumer protections. Overall, we forecast Ticketmaster's revenue and EBITDA will be flat in 2026 compared with 2025 as secondary ticketing headwinds are offset by primary ticketing growth from increased concert activity." S&P said, "We expect S&P Global Ratings-adjusted leverage of about 4x through fiscal 2027. We expect a continued increase in events, stable ticket pricing, and growth in the company's high-margin sponsorship segment to drive revenue and EBITDA growth of 7%-10% in 2026. While growth in 2025 was driven by international markets (international fan count exceeded that of the U.S. for the first time), we expect favorable booking trends across both North America and international markets to contribute to continued growth in 2026. "As a result, we forecast the company will maintain leverage in the 4x area in 2026 from 4.1x in 2025." This reflects increased Live Nation's strategic investments to build out or acquire additional venues under its Venue Nation portfolio expansion initiative. The company expects this initiative to expand its global footprint and increase fan count at owned or operated venues in the teens-percent area in 2026. As of fiscal year ended Dec. 31, 2025, the company owns, operates, has exclusive booking rights for or has an equity interest in 460 venues globally. It recently completed three international acquisitions, with a cumulative annual fan capacity of approximately 4 million. Live Nation expects to open two U.S. amphitheaters and one stadium in Guadalajara, Mexico in 2026. S&P said, "We forecast operational costs to double in 2026 to $50 million from 2025, as well as elevated revenue-generating capital expenditure and acquisitions. It takes about two to three years for these venues to be built and fully operational before contributing to profits, so we expect leverage will remain about 4x as the company continues to acquire and open new venues." Live Nation has increased its scale and diversification as a vertically integrated live events company. The company is the largest global concert promoter and a leader in the event ticketing business, and grew in scale to $25.20 billion in revenues and $2.36 billion in EBITDA in 2025, compared with $10.79 billion and $915.0 million of revenue and EBITDA, respectively, in 2018. It benefits from a strong competitive position in the live entertainment industry by promoting shows for over 11,000 artists and has diversified beyond the volatile and low-margin concert promotion and touring business, which is a flywheel for the company's other assets (particularly its ticket sales business). The company controls a leading global network of venues, through which it promotes an expansive portfolio of performers. Live Nation monetizes these assets through the sale of concert tickets, concessions, and sticky high-margin corporate sponsorships. Ticketmaster is the market leader in the primary ticket sales industry and benefits from steady growth rates and a stable contractual profile. These factors offset some competitive pressures the company faces from established competitors in the ticketing resale segment and potential new entrants. Despite being the smallest revenue contributor, Live Nation's sponsorship segment is growing rapidly and delivers 60% EBIDTA margins. It expects its sponsorship segment to increase in the teens-percent area in 2026 as continues to grow its venue portfolio and sponsorship activity rises in the U.S. and internationally. The industry is susceptible to an economic downturn if consumer discretionary spending and global travel decreases from a drawn-out Middle East conflict. Although the company does not have a material presence in the Middle East region, S&P believes a prolonged conflict could further disrupt energy markets, increase inflation, and weigh on global economic activity. Reduced global travel volumes due to lower consumer discretionary spend or safety concerns could lead to lower fan attendance, in particular in its international venues. S&P said, "However, we believe Live Nation could be somewhat insulated from heightened geopolitical concerns because of a healthy pipeline of events and venues expected over at least the next 12 months. As of Dec. 31, 2025, its year-end deferred revenue related to events and tickets was up 7% and 21%, respectively. Furthermore, over 70% of 2026 sponsorship commitments is booked, and we expect the company to grow its fan count by about 10%. "We believe demand for events will remain resilient because of a shift toward services as compared with spending on consumer goods during the COVID-19 pandemic. Live Nation has historically benefitted from a shift in spending toward experiences, particularly with younger consumers. "The live events industry has strong consumer demand and a healthy pipeline of events in 2026. Over the longer term, we expect the industry will evolve, with lower ticket prices because of the increased price transparency from mandatory all-in pricing." Furthermore, regulators have discussed implementing a cap on the resale value of tickets distributed through secondary ticketing platforms. Beyond these structural changes, the industry continues to internationally expand. Artists are increasingly looking beyond their home markets to build global brands, driving international tour demand and opening new revenue streams across the globe. Nonetheless, S&P believes Live Nation is exposed to changing consumer tastes and social trends. The company's potential inability to anticipate, or delay in reacting to, these changes could hinder its business. In addition, Live Nation could incur losses if artists do not perform as frequently as anticipated or tours are cancelled or rescheduled, because live music tours are typically booked several months in advance with a fixed guaranteed amount paid to the artist. However, while the company's revenue relies on consumer discretionary spending, we believe the ticketing segment provides more stability and predictability to the business thanks to its multiyear contracts with venues and its extensive relationship network with artists. S&P said, "The stable outlook reflects our expectation that Live Nation's revenue and EBITDA will continue to increase in 2026 and 2027 due to international expansion and strong demand for live entertainment despite ongoing litigation risks. We forecast Live Nation will maintain leverage in the low-4x area in 2026 and 2027, absent the potential for larger-than-expected fines and settlements." S&P could lower its rating on Live Nation if S&P expects S&P Global Ratings-adjusted debt leverage to rise above 5x and free operating cash flow (FOCF) to decline below 5%, likely caused by: -- Substantial legal settlements or fines from its antitrust lawsuits; -- Increased competition or forced material changes to its business practices, including a potential breakup of the company due to regulatory or adverse litigation outcome that weakens its competitive position; or -- A prolonged economic downturn that causes declines in concert attendance or discretionary consumer spending, leading to EBITDA margin compression. S&P could raise its rating on Live Nation if the company adheres to a long-term financial policy that facilitates S&P Global Ratings-adjusted leverage of less than 4x on a sustained basis, including potential acquisitions and financing related to its international expansion. An upside would be contingent on its confidence that the company's litigation risks have materially subsided. LMC CONSTRUCTION: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: LMC Construction Inc. 608 E. Green St. Bensenville, IL 60106 Business Description: LMC Construction, Inc. provides masonry construction, renovation, restoration, waterproofing, concrete, general contracting, and related construction services. The company is based in Bensenville, Illinois, and serves commercial, multi-family residential, cultural, civic, educational, and religious masonry building projects. LMC Construction employs union tradesmen and is an EPA Lead-Safe Certified Firm with City of Chicago masonry and general contracting licenses. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-10512 Debtor's Counsel: Ben Schneider, Esq. THE LAW OFFICES OF SCHNEIDER AND STONE 8424 Skokie Blvd., Suite 200 Skokie, IL 60077 Tel: (847) 933-0300 E-mail: ben@windycitylawgroup.com Total Assets: $0 Total Liabilities: $1,051,011 The petition was signed by Luke Ciula 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/QOHNECI/LMC_Construction_Inc__ilnbke-26-10512__0001.0.pdf?mcid=tGE4TAMA LS PARENT: S&P Ups ICR to 'B' on Improved Leverage, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on U.S.-based legal and identity theft service provider LS Parent Corp. and its issue-level rating on its senior secured debt to 'B' from 'B-'. The recovery rating remains '3', indicating S&P's expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. The stable outlook reflects S&P's view that the company will maintain leverage below 6x and generate at least $70 million of annual FOCF annually over the next two years. S&P said, "The upgrade reflects our expectation LS will maintain leverage under 6x over the next 12 months. Compared with our previous expectation of close to 7x, the company's S&P Global Ratings-adjusted leverage improved to 5.6x for the 12 months ended March 31, 2026, from 6.2x for the same period last year. The better-than-anticipated deleveraging followed a higher-margin contribution from price increases, cost reductions, and annual recurring revenue (ARR) growth across all the company's distribution channels. We project LS will maintain S&P Global Ratings-adjusted EBITDA margin of at least 33% over the next two years despite modest margin weakness in 2026 from AI investments, additional headcount within the solutions channel, and customer acquisition expenses to support member growth. "The company opportunistically repurchased $10 million in outstanding first-lien debt from secondary debt holders in March 2026. We still view LS' financial policy as aggressive given its financial-sponsor ownership. However, we believe the company is unlikely to increase leverage to fund dividends or acquisitions in the near term as it prioritizes supporting the long-term growth needs of the business. This further supports our expectation LS will maintain lower leverage in the mid-5x area in 2026, primarily from EBITDA growth." LS is successfully implementing its pricing strategy, which will support 3%-4% revenue growth in 2026. Despite relatively flat year-over-year membership volumes, sales grew 3.5% for the 12 months ended March 31, 2026. The primary driver was higher-priced memberships and LS' successful transition to tiered pricing and service offerings. The company also continued implementing increases across its remaining base of members enrolled in cheaper legacy pricing plans. LS benefits from revenue visibility due to its subscription-based business model with good retention rates and has a track record of increasing subscription prices while maintaining low membership churn. S&P said, "Still, we continue to view subscription services as highly discretionary and believe the company's pricing power is limited given the highly competitive nature of the prepaid legal services and identity theft protection industries with few barriers to entry and low switching costs. As a result, we expect flat membership volumes in 2026 and anticipate these pricing actions and growing attachment of its higher-tiered service offerings, rather than new members, will support revenue growth of 3%-4% in 2026." Consistent FOCF generation supports the 'B' rating. LS generates materially positive cash flow as a service provider that collects monthly subscription revenue from a stable member base and has minimal working capital and capital expenditure (capex) requirements. S&P said, "We project at least $70 million of FOCF annually over the next two years, which we expect will further grow its existing balance sheet cash (about $87 million as of March 31) given uncertainty around its near-term capital allocation plans. While acquisitions remain a possibility, we have not factored any into our forecast and anticipate excess cash will more likely fund growth investments, rather than reduce debt in the near term. In November 2025, the company extended the maturity of its $75 million revolving credit facility (undrawn as of March 31, 2026) to June 2028." S&P said, "We will monitor the impact of AI on LS' subscription-based services model. We believe AI poses potential displacement risk to high-volume, standardized document processing and review functions, particularly within e-discovery and routine compliance workflows. However, more complex legal, restructuring, and advisory services will bolster its competitive advantages, with AI improving efficiency rather than replacing functions. "We expect LS to continue making targeted investments to advance AI capabilities that enhance its client experience and protect margins while mitigating competitive pressure from both traditional peers and emerging AI-native solutions. While the ultimate pace and magnitude of AI-driven disruption remain uncertain, the company is taking proactive and credible steps to position itself competitively and sustain its market position over the medium term. "The stable outlook on LS reflects our expectation the company will maintain leverage under 6x while generating at least $70 million of FOCF in the next 12 months." S&P could lower its ratings on LS if leverage increases to and remains above 7x. This could occur if: -- Cash flow deteriorates to or below breakeven levels as membership declines from high cancelations or increasing competition, leading to declining revenue, poor profitability; and -- The company adopts an increasingly aggressive financial policy by funding large, debt-financed dividends or acquisitions. Although unlikely given its private-equity ownership, S&P could raise its ratings on LS if: -- The company sustains leverage below 5x from organic profitability growth and repaying debt with cash flow; and -- The company demonstrates a commitment to a financial policy consistent with maintaining leverage below 5x. MADISYN ON PARK: Court Denies Bid to Bar Access to Cash Collateral ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, denied U.S. Bank Trust Company's motion to prohibit Madisyn on Park, LLC from using its cash collateral. At the June 24 hearing, the court denied the lender's motion as moot following the dismissal of Madisyn's Chapter 11 case. U.S. Bank Trust Company acts as trustee for a commercial mortgage securities trust. The lender holds a secured interest in Madisyn's real property and its rents based on a $2.002 million loan. The property is a 15-unit apartment building in Clearwater, Florida, and is Madisyn's sole source of income. The court previously entered three interim orders authorizing Madisyn's use of the lender's cash collateral and granting the lender adequate protection through a replacement lien on the cash collateral and a monthly payment of $11,400. About Madisyn on Park LLC Madisyn on Park, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01810) on Mar. 9, 2026, listing up to $10 million in both assets and liabilities. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as counsel. U.S. Bank Trust Company, acting as trustee for a commercial mortgage securities trust, is represented by Harris J. Koroglu, Esq., at Shutts & Bowen, LLP, in Miami, Florida. MARIETTA AREA HEALTH: Fitch Affirms 'B' IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the rating on the revenue bond on debt issued by Southeastern Ohio Port Authority on behalf of Marietta Area Health Care Inc. (dba Memorial Health System (OH); MHS) at 'B'. Fitch also affirmed MHS's Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Marietta Area Health Care Inc. dba Memorial Health System (OH) LT IDR B Affirmed B Marietta Area Health Care Inc. dba Memorial Health System (OH) /General Revenues/1 LT LT B Affirmed B The affirmation reflects MHS's more stable operations and better cash flow from cost controls and revenue initiatives. The rating also reflects weak financial flexibility and high capital spending tied to MHS's growth plan. Fitch expects operating performance to remain consistent with the 'Midrange' operating risk assessment. However, balance sheet measures will stay weak in the forward-looking scenario. The Stable Outlook reflects Fitch's view that MHS can sustain operating improvement while managing execution risk from its expansion strategy. SECURITY The bonds are secured by general revenues of the obligated group, a mortgage on certain system facilities and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Marginally Leading Market Position MHS has a stable 40% primary service area market share supported by a large employed medical staff and recent growth initiatives. Volumes have improved across inpatient and outpatient services, and surgical activity continues to expand. Competition is led by West Virginia University Camden Clark, which is about 15 miles south. MHS continues to expand access through its cardiac surgery program, strategic locations, and the acquisition and expansion of Sistersville General Hospital in West Virginia. These actions should support its market position and modest revenue growth. The service area has weaker demographics and declining population trends compared to state and national levels, but Fitch expects the payor mix to remain stable. Operating Risk - 'bbb' Stabilizing Operations MHS's operating performance has been consistent with the 'Midrange' assessment as margins improved over the past three years. Unaudited fiscal 2025 results were strong with an Operating EBITDA of 8.8%. Interim fiscal 2026 results also improved slightly from the prior-year period. Management continues to focus on revenue cycle improvement, underpayment recovery, and productivity initiatives. Fitch expects operating EBITDA margins to stabilize around 8% as volumes grow and management continues margin improvement efforts. Capital spending will remain higher under the current growth strategy, and flexibility to defer projects is limited. Fitch expects these pressures to temper further operating gains the the near term. Financial Profile - 'b' Financial Flexibility Remains Weak As of fiscal 2025, MHS had about $400 million of adjusted debt, including long-term debt, a line of credit, and operating leases. Unrestricted cash and investment was about $135 million at fiscal 2025. The resulting cash to adjusted debt of 34% demonstrates very constrained financial flexibility. MHS continues to build its new 30,000 square foot facility at the Sisterville campus at an estimated cost of $35 million. Additionally, MHS will build a women and children's hospital at the Belpre campus. The project is estimated at $138.8 million, and will be funded with approximately $106 million of debt ($59 million bond anticipation notes (BANs), $47 million supplemental offering), cash, and fundraising. Following the completion the BANs will be taken out by a USDA loan. MHS's financial profile is assessed as weak and reflects the constrained liquidity position and high leverage. Improved operating cash flow will help to fund expansion but may be insufficient to fund stated growth plans without further eroding the balance sheet. Through Fitch's base case and stress case, liquidity should stabilize as volumes from growth initiatives support improved cash flow. However, continued expansionary spending will keep financial metrics weak in the forward-looking scenario. Asymmetric Additional Risk Considerations MHS's weak balance sheet remains an asymmetric risk. Liquidity is low for the rating and leaves limited cushion as MHS pursues its growth strategy. The system has limited margin above its liquidity covenant requirement. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Continued weakening of the balance sheet due to an erosion of liquidity and/or financial profile metrics; - Failure to maintain margins at or above 6% while executing the aggressive growth strategy; - Volume weakness or a trend of decreasing market share. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - MHS successfully demonstrates sustained operating improvement with operating EBITDA margins consistently exceeding 8%; - Successful execution of the MHS's growth strategy while maintaining midrange operating EBITDA margins and strengthening of the balance sheet through cash flow. PROFILE MHS operates Marietta Memorial Hospital, Selby General Hospital, and Sisterville General Hospital in Southeast Ohio and West Virginia. The system also has outpatient and physician sites. Operating revenue was about $806 million in fiscal 2025. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Marietta Area Health Care Inc. dba Memorial Health System (OH). 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. MARK J. PAMER D.O.: Aleida Molina Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Mark J. Pamer D.O., LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Mark J. Pamer D.O. LLC Mark J. Pamer D.O., LLC is a pulmonology and multispecialty care practice located in Port Saint Lucie, Florida. Founded by Dr. Mark J. Pamer in 2009, the practice provides allergy testing and immunotherapy, pulmonary and cardiac rehabilitation, diagnostics and testing, sleep medicine, and evaluation and treatment for lung and respiratory conditions. It serves patients with conditions including asthma, COPD, pulmonary fibrosis, sleep apnea, and Long COVID. Dr. Pamer specializes in pulmonary diseases, critical care, and internal medicine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17689) on June 12, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Dr. Mark J. Pamer, manager, signed the petition. Judge Mindy A. Mora presides over the case. Malinda Hayes, Esq., at the Law Offices of Malinda L. Hayes represents the Debtor as bankruptcy counsel. MAXILL INC: Loses Bid to Stay Proceedings in Loops Patent Lawsuit ----------------------------------------------------------------- Judge Benita Y. Pearson of the U.S. District Court for the Northern District of Ohio denied as moot the motion of Maxill, Inc. to stay proceedings as to all defendants in the case captioned as LOOPS LLC, a Delaware limited liability company, Plaintiff, v. MAXILL INC, a Canadian corporation et al., Defendants, Case No. 4:25-cv-2346 (N.D. Ohio). This case comes before the Court on Plaintiff Loops LLC's Complaint for infringement of U.S. Patent Nos. 11,013,311 and 10,334,940 and fraudulent transfers in violation of Ohio law against Defendants Maxill Inc., a Canadian corporation ("Maxill Canada"), Maxill Inc., an Ohio corporation ("Maxill Ohio"), Maxill Realty, Inc., an Ohio corporation ("Maxill Realty") (collectively, "Maxill Entities"), BaderCap Pty. Ltd., a foreign corporation ("BaderCap") and John Dennie Shaw, the alleged founder, president, and controlling shareholder of each Maxill entity and BaderCap. Several motions are pending before the Court. Plaintiff claims ownership of two patents for a "safety-first toothbrush known as Loops Flexbrush(R) that is used in correctional and mental health facilities. The amended complaint advances three causes of action: (1) infringement of the ‘311 Patent; (2) infringement of the ‘940 Patent; and (3) fraudulent transfer pursuant to Ohio Rev. Code Secs. 1336.01 et seq. Plaintiff alleges that all Defendants infringed on its patents by making, using, selling, offering to sell, or importing, without authority, the "Supermaxx" toothbrush, which purportedly copied and exploits key features disclosed in the two patents. Plaintiff seeks to pierce the corporate veil and hold Mr. Shaw personally liable for the Maxill Entities' trademark infringement. The amended complaint further alleges that, through Maxill Realty and BaderCap, Mr. Shaw orchestrated fraudulent conveyances and self-dealing among the Maxill Entities to avoid paying creditors, including Plaintiff. Then, in August 2020, Mr. Shaw executed three agreements between the Maxill Entities: (1) an $8.22 million loan from Maxill Canada to Maxill Ohio, with any judgment exceeding $50,000 triggering default and acceleration; (2) a security agreement granting Maxill Canada a security interest in Maxill Ohio's assets to secure the $8.22 million loan; and (3) a license agreement that licensed Maxill Canada's intellectual property to Maxill Ohio for an upfront royalty of $8.22 million. In June 2025, Mr. Shaw transferred Maxill Ohio's assets to another company, Maxill Dental, leaving it an "empty shell with no assets" and then filed for Chapter 11 bankruptcy on behalf of Maxill Ohio, Maxill Realty, and Maxill Dental. Plaintiff seeks damages for each patent infringement of at least $2.7 million, monetary damages relating to Defendants' allegedly fraudulent transfers, and punitive or exemplary damages to further deter fraudulent and malicious conduct. Maxill Canada and Mr. Shaw filed a motion to stay proceedings or extend time to file responsive pleadings, requesting the Court stay the proceedings as to all Defendants pending Maxill Ohio's and Maxill Realty's bankruptcy proceedings. In December 2025, Maxill Ohio and Maxill Realty filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Ohio, triggering an automatic stay of proceedings pursuant to 11 U.S.C. Sec. 362. On May 1, 2026, the bankruptcy court dismissed Maxill Ohio and Maxill Realty's petitions. The motion to stay pending Maxill Ohio's and Maxill Realty's bankruptcy case is denied as moot. The motion to enlarge the time to file a responsive pleading is granted. Motion to Dismiss or Transfer Defendants move the Court to dismiss or transfer this case to the Western District of Washington under the doctrine of forum non conveniens. They argue that the Western District of Washington is a more convenient venue because Plaintiff is "at home" in Washington and there is already pending litigation concerning the ‘285 Patent, which is related to the ‘940 Patent and ‘311 Patent at issue in this case. Defendants also move the Court to transfer the case under 28 U.S.C. Sec. 1404(a). Plaintiff insists that Defendants fail at the first step, arguing that this action could not have been brought in the Western District of Washington in the first instance because that court lacks personal jurisdiction over all Defendants. Defendants also lack sufficient contacts to establish personal jurisdiction or venue in the Western District of Washington. The Court concludes that the interests of justice would not be served by transferring the case, given the long history of litigation concerning Plaintiff's patents. That the Washington action has been stayed for five years pending the outcome of the Canadian litigation, which in turn has been pending for over a decade, only underscores the Court's conclusion. Accordingly, Defendants' motion to transfer this action to the Western District of Washington is denied. Defendants argue that Plaintiff's fraudulent transfer claim (Count 3) should be dismissed because the statute of limitations for such claims has passed. The Court agrees with Plaintiff that its fraudulent transfer claims concerning the 2024 bank transfer, promissory note, and security agreement between Maxill Canada and BaderCap fall within the four-year statute of limitations. Accordingly, Defendants' motion to dismiss as to Plaintiff's fraudulent transfer claim concerning those transactions is denied. Defendants' motion to dismiss, transfer, or stay complaint is denied as moot. A copy of the Court's Memorandum of Opinion and Order dated June 17, 2026, is available at https://urlcurt.com/u?l=wLPeRE from PacerMonitor.com. About Maxill Inc. Maxill, Inc. is a company engaged in the dental products and services industry, providing innovative solutions and equipment for dental practices. Maxill filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41500) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq., at Steel & Company Law Firm. MCDERMOTT INTERNATIONAL: S&P Assigns 'B+' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to McDermott International Ltd., which is a U.S.-based provider of engineering and construction services to global energy markets. S&P also assigned its 'BB' issue-level rating and '1' recovery rating to its proposed $1.3 billion syndicated performance guarantee and letter of credit (PLOC) facility (rounded recovery estimate: 95%), $400 million bilateral letter of credit (LC) facility, $100 million cash flow revolver, and $550 million senior secured bonds. This indicates S&P's expectations for very high (90%-100%) recovery in the event of a payment default. S&P said, "The stable outlook reflects our expectation that profitability will improve as lower-margin projects reach completion and progress continues on higher-margin ones. McDermott's backlog provides visibility over the next few years, and we expect its revised contracting terms will allow it to achieve credit metrics commensurate with the rating by 2026, including debt to EBITDA in the mid-2x area and free operating cash flow (FOCF) to debt in the mid-teens-percent area." McDermott plans a recapitalization of its capital structure through a $500 million equity financing and $2.25 billion in new debt issued in various tranches. Legacy lossmaking projects, a strong market position, and exposure to risky fixed-price contracts are reflected in the 'B+' rating. McDermott's backlog stood at $17.6 billion as of the end of the first quarter, and we expect gross revenue to be around $7.5 billion in 2026. It holds a leading niche position as a construction services provider in the global energy markets, benefiting from vertical integration (which allows for some cost control) and long-standing customer relationships with many of the largest energy companies in the world. These strengths are offset in our view by McDermott's lack of recurring revenue, as it is entirely exposed to capital expenditure (capex) for building new construction projects at its customers. S&P said, "Our rating also reflects the company's customer concentration. Its top two customers, Saudi Aramco (not rated) and QatarEnergy (AA/Stable), accounted for 22% of 2025 revenue. Furthermore, it reflects McDermott's high proportion of fixed-price contracts, which we view as riskier, as the contractor bears the full risk of cost overruns, as well as its limited pricing power, which results in thin profitability measures." Legacy projects from the acquisition of Chicago Bridge & Iron Co. (including Cameron LNG, Freeport LNG, and to a lesser extent the Calpine gas power project), which drove the company into bankruptcy, have been completed. McDermott is working through the last of its loss-making projects from the stand-alone legacy McDermott business, which could be completed by the end of 2026, subject to further change orders. S&P said, "We believe McDermott's management has taken key actions that mitigate risks inherent to operations, including pursuing a focus on core competencies and expertise, a more selective bidding strategy, and the addition of provisions in its contracts to prevent cost overruns. We expect this will result in sustained margin expansion starting in 2026." Capacity needs following the Iran war could bolster energy infrastructure demand over the longer term. McDermott's operations are largely situated in the Middle East, with about 35%-40% of its backlog exposed to the region. It remains uncertain when the current conflict will be fully resolved, although there are signals of potential de-escalation. McDermott's physical assets, including fabrication yards and submarine vessels, remain operational but represent a persistent risk to operational continuity if the war continued. Its ongoing projects are geographically distant from high-conflict zones. However, future security risks could arise that cause revenue deferral or cost overruns, resulting in weaker cash flows and higher leverage. Since Feb. 28, 2026, McDermott has continued work on its construction projects in the region with minimal disruption. S&P said, "We believe this provides evidence of operational resilience. Moreover, given the reported damage to refineries, reduced crude runs, and significantly reduced energy exports, we believe Gulf Cooperation Council nations may invest in bringing new capacity online and revitalize existing infrastructure to reestablish capacity and restore export levels." An acceleration in infrastructure modernization and capacity expansion could drive additional demand for McDermott's core construction services. S&P said, "We expect elevated capital spending in global energy markets to support revenue growth and EBITDA margin expansion. We believe capital spending and new construction projects in Saudi Arabia, Qatar, and United Arab Emirates to increase supply and support global energy demand will continue over the intermediate to long term. Similarly, we expect demand for capital projects in Europe related to offshore wind (among other projects) will support McDermott's continued growth, given increasing energy needs and the growing focus on decarbonization in the region. "Over the next several years, we expect McDermott will have less exposure to the U.S. and more exposure to the Middle East than it did prior to its Chapter 11 filing. In 2025, over 30% of revenue generated comprised projects in the Middle East, compared with around 20% as of year-end 2019. We believe demand will remain sufficient to support the company's growth. "We forecast revenue declining 20%-25% in 2026, reflecting the wind-down of robust fabrication activity and timing of execution on projects in the backlog. At the same time, we expect S&P Global Ratings-adjusted EBITDA margins will expand to nearly 8% in 2026, including $75 million of restructuring and transaction-related expenses." As of first-quarter 2026, about half of the contracts in the company's $17.6 billion backlog were fixed-price contracts. McDermott intends to increase its exposure to hybrid contracts that contain some element of inflationary pass-through or reimbursement. The company's risk-mitigation strategy includes strategically bidding on higher-margin contracts for which pricing is aligned with the risk and stronger alignment of resources. That said, McDermott must maintain strong operational execution to avoid losses on projects. The proposed recapitalization enables some deleveraging and enhances McDermott's liquidity. S&P said, "Per the proposed transaction, we expect McDermott will raise a $100 million revolving credit facility, $550 million of senior secured notes, a $1.3 billion PLOC facility, and a $400 million bilateral LC facility to refinance its existing capital structure, which includes facilities to support performance-related letters of credit. We also expect it will issue $500 million of equity to finance transaction fees and support ongoing liquidity for corporate purposes." The Strait of Hormuz closure poses some risk to project timelines. Specifically, S&P anticipates potential delays in the delivery of materials and long-lead specialized equipment, which creates uncertainty in our forecast. On June 14, 2026, the U.S. and Iran signed a memorandum of understanding extending the ongoing ceasefire sixty days and allowing for a more formal end of the conflict to commence. The Strait of Hormuz was temporarily reopened thereafter. S&P expects it will take time for traffic to flow, but construction sites have sixty days of materials on hand, which provides a buffer against immediate work stoppages. However, risks to the near-term forecast remain elevated. Should logistical bottlenecks persist, delays could materialize, impacting McDermott's ability to execute on schedule and risking greater liquidated damages during project closeouts. Potentially some of this disruption could fall under force majeure provisions, as precedent exists for such claims. However, it is ultimately unclear whether relief will be provided by customers and on what schedule. S&P said, "We assess McDermott's financial risk profile as aggressive, incorporating our view of volatility in the timing of award activity and project execution risk. We expect S&P Global Ratings-adjusted debt to EBITDA in the mid-2x area in 2026, down from about 3x in 2025. We exclude the undrawn portion of the LC facility from our adjusted debt calculation. We forecast reported FOCF of $75 million-$125 million in 2026, largely driven by improved profitability and some working capital inflows from timing of project-related procurement. "Our forecast for leverage and FOCF improvement stems from our expectation that low-margin projects will gradually decline over the next few years while work on higher-margin projects continues. These higher-margin projects have been awarded under the current management team, which was largely installed in 2022. We expect McDermott will be disciplined on contract bids and seek greater protection against raw material inflation and weather-related delays, which have historically led to cost overruns. "We believe McDermott's credit metrics could be highly volatile over the industry cycle, although its leverage is low for the rating. McDermott's cash flow and leverage could deteriorate significantly during periods of stress. The company is exposed to development-related capex in the oil and gas sector. Periodically, elevated capital spending on its vessel fleet could also impair cash flow. Working capital can fluctuate materially depending on project timing, as the procurement phase of construction projects requires investment that unwinds at specific milestones. "We expect McDermott will target gross leverage below 1x. We estimate this would be about a turn of leverage higher on an S&P Global Ratings-adjusted basis." McDermott is owned by a consortium of distressed debt lenders including MFN Partners, LP, The Baupost Group, L.L.C, funds and accounts managed by First Pacific Advisors, LP, and Mason Capital Management, LLC., among others. S&P assesses the company's financial policy as neutral despite an ownership group that includes hedge funds. This reflects its expectation that ownership will not take aggressive actions that result in leverage increasing and will forgo debt-financed dividends in favor of a more conservative financial policy. S&P said, "The stable outlook reflects our expectation that profitability will improve as work on lower-margin projects reaches completion and progress continues on higher-margin ones. McDermott's backlog provides visibility into projects over the next few years, and we expect its revised contracting terms will allow it to achieve credit metrics commensurate with the rating by 2026, including debt to EBITDA in the mid-2x area and FOCF to debt in the mid-teens-percent area. "We could lower our ratings on McDermott over the next 12 months if its operating performance unexpectedly weakens, such that it sustains S&P Global Ratings-adjusted debt to EBITDA above 3x or S&P Global Ratings-adjusted FOCF to debt below 10%." This could occur if: -- Geopolitical tension leads to meaningful disruption of projects in the Middle East; -- McDermott is unable to expand its EBITDA margins due to unexpected losses on legacy projects; -- The company experiences cost overruns that it will be unable to recover due to operational execution issues; or -- It is unable to win new awards to replace completed projects due to customers decreasing capital spending. While unlikely over the next 12 months, S&P could raise its ratings on McDermott if S&P Global Ratings-adjusted debt to EBITDA improves to less than 2x, S&P Global Ratings-adjusted FOCF to debt improves toward 25%, and S&P expects McDermott will sustain these levels. This could occur if: -- Project execution continues uninterrupted in the Middle East while geopolitical tension remains; -- McDermott sustains its S&P Global Ratings-adjusted EBITDA margins at 8%-10%; -- The company increases its mix of variable-priced or cost-reimbursable contracts, and S&P views the risk of future cost-overruns as mitigated; and -- It grows the backlog while remaining selective on higher-profit contracts with appropriate risk controls. MEDICAL MANAGEMENT: Nancy Pitra Named Substitute PCO ---------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Nancy Pitra, Esq. as substitute patient care ombudsman for Medical Management Health and Rehab Center, LLC. Melanie S. McNeil, who was appointed to serve as PCO on Dec. 18, 2025, has retired from her position as the Georgia Long-Term Care Ombudsman and is no longer serving as the ombudsman in this case. Effective immediately, Ms. Pitra, the current Georgia Long-Term Care Ombudsman, is substituted as PCO in Ms. McNeil's place. Ms. Pitra will continue to perform the duties as the Patient Care Ombudsman in this case as required under Section 333. To the best of her knowledge, Ms. Pitra has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Nancy Pitra, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 2 Peachtree Street, N.W., 33rd Floor Atlanta, GA 30303 Email: Nancy.Pitra@osltco.ga.gov About Medical Management Health and Rehab Center Medical Management Health and Rehab Center, LLC, registered in Bolingbroke, Georgia, operates a skilled nursing facility in Macon, Georgia, providing long-term care, short-term rehabilitation, and skilled nursing services. The Company is Medicare and Medicaid certified and maintains approximately 100 licensed beds. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52007) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Honorable Judge Austin E. Carter oversees the case. Wesley J. Boyer, Esq. at BOYER TERRY LLC represents the Debtor as legal counsel. MEDICAL SYSTEM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Medical System of Denver Inc. 7600 Johnson Dr. Frederick, CO 80504 Business Description: Medical System of Denver is a Frederick, Colorado-based medical and industrial waste services company founded in 1995. The company provides waste handling, collection, transportation, treatment, and disposal services, including chemotherapy, pathology, pharmaceutical, and hazardous or RCRA waste. MSDI also provides OSHA compliance support, compliance training, healthcare worker training, and medical safety products and services. The company serves healthcare and related organizations, including clinics, hospitals, laboratories, pharmacies, long-term care providers, public safety organizations, schools and universities, and veterinary practices. Chapter 11 Petition Date: June 21, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-14467 Judge: Hon. Thomas B McNamara Debtor's Counsel: John C. Leininger, Esq. OTTESON SHAPIRO LLP 4643 S. Ulster Street, Suite 1300 Denver, CO 80237 Tel: (214) 619-8325 E-mail: jcl@os.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bruce Dakin as president. 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/DPHA3YA/Medical_System_of_Denver_Inc__cobke-26-14467__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DA67PMQ/Medical_System_of_Denver_Inc__cobke-26-14467__0001.0.pdf?mcid=tGE4TAMA MIS INTERMEDIATE: Moody's Assigns 'B2' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings assigned a B2 Corporate Family Rating and a B2-PD Probability of Default Rating to MIS Intermediate, LLC (dba Pellera). Concurrently, Moody's assigned a B2 rating to the $180 million proposed backed senior secured revolving credit facility due 2031 and $775 million proposed backed senior secured first out term loan due 2031, and a Caa1 rating to the $250 million proposed backed senior secured second out term loan due 2031 issued by MIS Acquisition, LLC, a wholly owned subsidiary of MIS Intermediate, LLC. The outlook assigned for both issuers is stable. On April 22, 2025, H.I.G. Capital closed on the acquisition of Converge Technology Solutions Corp. (Converge), an IT solutions provider headquartered in Canada, for CA$6.0 per share, valuing Converge at $980 million. Subsequently, H.I.G. Capital combined Converge and Mainline Information Systems, Inc. (Mainline). Proceeds from the new term loan along with $70 million cash on the balance sheet will be used to refinance the existing term loan of $1,025 million and prepay $70 million of the term loan. The combined company generated net revenue of $2.5 billion and offers a broader range of IT solutions in cybersecurity, hybrid cloud, and digital infrastructure segments. Governance risks, including an acquisitive track record and concentrated private equity ownership, were material to the rating action and remain a key consideration to the ratings. All ratings are subject to the execution of the transaction as currently proposed and Moody's reviews of final documentation. RATINGS RATIONALE The B2 CFR reflects Pellera's operations in highly competitive IT solutions industry, low gross profit margins, and moderate financial leverage. In addition, execution risks combining two large companies and achieving planned cost savings from the combination of two companies and favorable economic incentives from the Original Equipment Manufacturers (OEM) will need to be proven. Operating performance has been improving driven by commercial execution, including cross sell across the combined platform and expansion into high growth offerings such as cybersecurity, hybrid cloud and services. Growth is being supported by favorable secular tailwinds, as increasing AI-driven infrastructure complexity is driving higher enterprise IT spending, contributing to operating leverage. As a result, pro forma LTM Q1 2026 Moody's adjusted debt to EBITDA declined to 4.7x from about 5.3x pro forma 2025. Absent increases in debt, Moody's expects leverage to improve to around low to mid-4.0x over the next 12-18 months based on Moody's expectations of revenue growth in the low-single digits and realization of merger synergies. Pellera benefits from its enhanced operating scale with approximately $2.5 billion in net revenues in a fragmented industry, greater vendor diversification, and larger base of customers to cross-sell its IT solutions. The combined company provides not only data center hardware, but also high growth areas including cybersecurity, hybrid cloud and managed services. The merger creates cross selling opportunities from the expanded products and solutions mix of the combined company, across its approximately 4,500 customers in financial, healthcare, government, technology and other end markets. In addition, Mainline's OEM concentration was previously high at 41% of gross profit. However, post-merger, the top OEM now represents only 19%, indicating a well-diversified OEM vendor base for the combined entity. Moody's expects Pellera to maintain good liquidity supported by $329 million of cash on the balance sheet as of March 2026, Moody's expectations for free cash flow of approximately $140 million in the next 12 months and access to an undrawn $180 million revolving credit facility. The company had a one time impact on working capital in Q1 2026 due to favorable account payables term with one of the distribution partners. Moody's expects the cash balance to decline from current levels by year end, reflecting volatility in working capital driven by fluctuations in channel financing usage, as well as the use of approximately $70 million to repay a portion of the existing term loan. Pellera's liquidity is additionally supported by access to an account receivable factoring program and a floor plan financing with a secured size of $235 million to manage fluctuations in working capital. The floor plan facility renews annually, with channel partners typically adjusting credit limits based on Pellera's deal pipeline each quarter. The company intends to operate within the $325 million channel financing basket permitted under the credit agreement. The revolver is subject to a springing maximum first lien leverage covenant when 40% of the revolver is drawn. The covenant is set at 7.0x net first lien leverage, providing sufficient cushion. The instrument rating incorporates Pellera's probability of default, as reflected in the B2-PD rating and an average expected family recovery rate of 50% at default. The B2 rating of the proposed senior secured revolving credit facility and first out term loan is in line with the B2 CFR. The credit facilities will have a first priority security interest in fixed assets of the borrowers, which are expected to represent a modest proportion of the company's total assets, and a second priority claim on the current assets, which serve as collateral for the floor plan financing. The lenders to the floor plan financing arrangements will have a first priority lien on Pellera's current assets. The Caa1 rating of the proposed senior secured second out term loan, which is two notches below the CFR, reflects the ranking behind the revolver and the first out term loan within the capital structure. The credit facilities will benefit from upstream guarantees from the company's domestic subsidiaries. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $193.5 million and 75% of consolidated EBITDA, plus unlimited amounts subject to 3.25x First Lien Leverage Ratio while second out loans are outstanding, or 4.25x once all term loans are pari passu in right of payment. There is an inside maturity sublimit up to the greater of $129 million and 50% of consolidated EBITDA. There are "blocker" provisions which restrict the transfer of material intellectual property to unrestricted subsidiaries where the intellectual property is licensed back to the company for ordinary course use, other than in connection with a bona fide joint venture. The credit agreement provides some limitations on up-tiering transactions, requiring consent from affected lenders for amendments that contractually subordinate the debt and/or liens unless such lenders can ratably participate in such priming debt. Amendments permitting additional debt senior in right of payment to the second out term loans also require consent of the majority lenders of the first out and the second out term facilities. 50% of unused amounts under the builder basket, along with 100% of unused capacity under the restricted payments and restricted debt payments covenants may be reallocated to incur debt. Pellera's CIS-4 score indicates the rating is lower than it would have been if ESG risk exposure did not exist. While environmental and social risks are limited, governance risk is the main driver due to an acquisitive track record, concentrated private equity ownership, and high financial leverage. The stable rating outlook reflects Moody's expectations that Pellera will grow revenues and EBITDA resulting in Moody's adjusted debt to EBITDA declining towards high-4x and Moody's expects good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Pellera demonstrates positive organic revenue and EBITDA growth on a sustained basis resulting in Moody's adjusted debt to EBITDA sustained below 4.0x and free cash flow to debt above 10%. Also, the company would need to maintain a good liquidity position and exhibit a track record of conservative financial policies. The ratings could be downgraded if Pellera's weak operating performance or challenges in integrating the two companies lead us to expect that Moody's adjusted debt to EBITDA could approach 6.0x and free cash flow to debt is expected to remain below mid-single digit percentages of total adjusted debt. A shift to more aggressive financial policies including debt-funded acquisitions or shareholder distributions could also pressure the ratings. MIS Intermediate, LLC (dba Pellera), headquartered in Tallahassee, Florida, is an information technology (IT) solutions provider specializing in infrastructure hardware, cybersecurity, hybrid cloud, managed services and associated professional services. The company has over 4,500 customers in various end markets including financial, healthcare, government and technology. Pellera was formed through the merger of Converge Technology Solutions Corp. (Converge) and Mainline Information Systems, Inc. (Mainline). The company is owned by private equity sponsor H.I.G. Capital and current management. The combined company generated net revenue of $2.5 billion as of 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MONEY MOVES: Paul Levine Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Lemery Greisler, LLC as Subchapter V trustee for Money Moves Trading, LLC. Mr. Levine will be paid an hourly fee of $480 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Levine, Esq. Lemery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About Money Moves Trading LLC Money Moves Trading, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10664) on June 16, 2026, with $100,001 to $500,000 in assets and liabilities. Michael Ready Treanor, Jr., Esq. at Treanor Law Offices represents the Debtor as legal counsel. MOUNTAIN VIEW: Nancy Pitra Named Substitute PCO ----------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Nancy Pitra, Esq. as substitute patient care ombudsman for Mountain View Health & Rehab, LLC. Melanie S. McNeil, who was appointed to serve as PCO on Oct. 21, 2025, has retired from her position as the Georgia Long-Term Care Ombudsman and is no longer serving as the ombudsman in this case. Effective immediately, Ms. Pitra, the current Georgia Long-Term Care Ombudsman, is substituted as PCO in Ms. McNeil's place. Ms. Pitra will continue to perform the duties as the Patient Care Ombudsman in this case as required under Section 333. To the best of her knowledge, Ms. Pitra has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Nancy Pitra, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 2 Peachtree Street, N.W., 33rd Floor Atlanta, GA 30303 Email: Nancy.Pitra@osltco.ga.gov About Mountain View Health & Rehab Mountain View Health & Rehab LLC operates a health and rehabilitation facility in Bolingbroke, Georgia, offering services that include long-term care, therapy, and patient rehabilitation. Mountain View Health & Rehab LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51642) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. MULTI-RACE HOUSING: Claims to be Paid from Disposable Income ------------------------------------------------------------ Multi-Race Housing LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization for Small Business dated June 15, 2026. The Debtor owns 13 residential rental properties (the "Rental Properties") located in Franklinton, Amite, and Folsom, Louisiana. The Rental Properties are leased to individuals or families on an annual basis. The Debtor's sole member is Donald Gaudet, who is also the Debtor's only employee. Mr. Gaudet finds potential tenants, manages the properties, collects rental income, pays rental property expenses, repairs and updates the properties, etc. Of the Debtor's 13 rental properties, Citizens Bank & Trust holds a security interest in eight of the properties; Citizens Savings Bank holds a security interest in two properties and Shellpoint holds a security interest in three properties. Additionally, there are two second mortgage holders on the properties, which are wholly unsecured. The Debtor's bankruptcy filing was caused by the filing of various executory/foreclosure proceedings initiated by the real property lenders (the "Mortgage Lenders") in state court. The Debtor believes that all of the Mortgage Lenders are undersecured and this Plan proposes to cram down the valuations of the Rental Properties and re-work the terms of the various notes secured by the properties so that the Rental Properties can cash flow. Class 7 consists of General Unsecured Claims. This Class consists of the unsecured deficiency claims from Classes 1 to 4 and the entire Claim of Class 5 Claimant Gulf Credit. No unsecured creditors filed proofs of claims herein. The total class of unsecured creditors is approximately $468,962.27. Based upon the Debtor's disposable income, the Class 7 General Unsecured Creditors shall receive no distribution herein, which is the same amount that would be available if this case were liquidated under Chapter 7. This Class is impaired. Class 8 consists of Equity Interest. Donald Gaudet, the sole member of the Debtor, shall retain his membership interest herein and become shareholder of the Reorganized Debtor. This Plan will be funded by the post-petition disposable income earned by the Debtor. Funds held by the Debtor in its DIP account will be used to satisfy outstanding Administrative Expenses. If there are insufficient funds in the DIP account to pay Administrative Expense claims in full upon the Plan Effective Date, or approval by the Bankruptcy Court, the Administrative Expense Claims shall be paid in full prior to any payment being remitted to unsecured creditors herein. A full-text copy of the Plan of Reorganization dated June 15, 2026 is available at https://urlcurt.com/u?l=W3O2vy from PacerMonitor.com at no charge. Counsel to the Debtor: Robin De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon Street Mandeville, LA 70448 Tel: (985) 727-1664 Email: elaine@northshoreattorney.com About Multi-Race Housing LLC Based in Franklinton, Louisiana, Multi-Race Housing LLC operates as a real estate holding company that owns 10 residential rental properties across various addresses. Its activities center on acquiring and managing single-family housing assets in the local market, with occasional property sales reflecting ongoing portfolio adjustments. Multi-Race Housing LLC in Franklinton, LA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 26-10583) on March 16, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Donald Gaudet as managing member and sole owner, signed the petition. Judge Meredith S Grabill oversees the case. THE DE LEO FIRM, LLC serve as the Debtor's legal counsel. MYSTIC CAMP: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- Moira Warburton of Law360 Bankruptcy Authority reports that Camp Mystic, the summer camp at the center of last 2025's fatal Texas flash floods, has entered Chapter 11 bankruptcy proceedings in the Southern District of Texas. The camp became the subject of widespread attention after 27 girls lost their lives during the disaster, leading to numerous legal challenges and financial liabilities. Court filings show that Camp Mystic holds estimated assets between $1 million and $10 million, while liabilities are projected to range from $10 million to $50 million. The Chapter 11 filing is designed to provide breathing room as the organization addresses creditor claims and ongoing litigation. The filing follows a recent ruling permitting a partial reopening of camp facilities. As the bankruptcy case moves forward, the camp will seek to reorganize while managing the substantial financial consequences resulting from the flooding tragedy, Bloomberg reports. About Camp Mystic Camp Mystic is a Texas-based girls' summer camp that has operated since 1926 in Hunt. The organization offers a variety of youth development programs, including sports, arts, outdoor adventures, and leadership activities, with a mission centered on personal growth, character building, and Christian values. Camp Mystic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90621) on June 24, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million, while liabilities are projected to range from $10 million to $50 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Martin A. Sosland, Esq. of Vartabedian Katz Hester & Haynes LLP. NEW FORTRESS: All Five Key Proposals Approved at Annual Meeting --------------------------------------------------------------- New Fortress Energy Inc. has announced in a regulatory filing the results of its 2026 Annual Meeting of Stockholders at which the stockholders of the Company voted on the five matters, which are further described in the Proxy Statement. Proposal 1. The Company's stockholders elected two Class I directors, who comprise all the directors of such class, to serve until the 2029 Annual Meeting of Stockholders and until their respective successors are duly elected or appointed and qualified. 1. Charles M. Sledge * Votes For: 181,631,718 * Votes Withheld: 6,754,878 * Broker Non-Votes: 41,290,053 2. Katherine E. Wanner * Votes For: 177,661,748 * Votes Withheld: 10,724,848 * Broker Non-Votes: 41,290,053 Proposal 2. The Company's stockholders ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. * Votes For: 227,490,080 * Votes Against: 1,255,435 * Abstentions: 931,134 Proposal 3. The Company's stockholders approved various amendments to its existing Amended and Restated Certificate of Incorporation in connection with the "Restructuring Transaction" described in the Proxy Statement: a. To remove the existing staggered board. * Votes For: 187,111,180 * Votes Against: 714,383 * Abstentions: 561,033 * Broker Non-Votes: 41,290,053 b. To provide for the election of directors by a majority of the total votes that may be cast in the election of directors by holders of all issued and outstanding shares of the Company entitled to vote. * Votes For: 187,197,237 * Votes Against: 748,145 * Abstentions: 441,214 * Broker Non-Votes: 41,290,053 c. To increase the minimum size of the Board from one director to three directors. * Votes For: 226,128,535 * Votes Against: 2,972,485 * Abstentions: 575,629 * Broker Non-Votes: 0 d. To provide that holders of the Company's Class A common stock will not be entitled to vote on any amendment to the Charter (including any designation of capital stock) that relates solely to the terms of one or more outstanding series of shares of preferred stock or other classes or series of capital stock if the holders of such affected classes or series are entitled, either separately or together with the holders of one or more other such classes or series, to vote thereon pursuant to the Charter (including any designation of capital stock) or pursuant to the General Corporation Law of the State of Delaware. * Votes For: 177,151,594 * Votes Against: 10,800,874 * Abstentions: 434,128 * Broker Non-Votes: 41,290,053 e. To provide for exculpation of certain of the Company's officers from liability to the extent permitted by Delaware law, substantially aligning the protections for the Company's officers with those currently afforded to the Company's directors. * Votes For: 178,395,086 * Votes Against: 9,538,232 * Abstentions: 453,278 * Broker Non-Votes: 41,290,053 f. To remove any and all references to shares of the Company's Class B common stock, including the terms associated with such stock. * Votes For: 186,779,364 * Votes Against: 903,292 * Abstentions: 703,940 * Broker Non-Votes: 41,290,053 g. To effect a reverse split of the issued and outstanding shares of the Company's Class A common stock at a reverse split ratio of 1-for-50. * Votes For: 221,585,026 * Votes Against: 7,209,986 * Abstentions: 881,637 * Broker Non-Votes: 0 h. Conditioned upon the receipt of the requisite vote on proposals 3a through 3g, to approve the Amended Charter, which includes the approval of all other changes in the Amended Charter in connection with replacing the Charter with the Amended Charter. * Votes For: 177,980,513 * Votes Against: 9,774,377 * Abstentions: 631,706 * Broker Non-Votes: 41,290,053 Proposal 4. The Company's stockholders approved, for purposes of complying with Nasdaq Listing Rule 5635(d) and for all other relevant purposes, the potential issuance of shares of the Company's Class A common stock in excess of 20% of the Company's outstanding Class A common stock in connection with the Restructuring Transaction described in the Proxy Statement. * Votes For: 185,211,048 * Votes Against: 2,760,542 * Abstentions: 415,006 * Broker Non-Votes: 41,290,053 Proposal 5. The Company's stockholders approved an amendment and restatement of the Company's 2019 Omnibus Incentive Plan in connection with the Restructuring Transaction described in the Proxy Statement. * Votes For: 181,273,942 * Votes Against: 6,552,257 * Abstentions: 560,397 * Broker Non-Votes: 41,290,053 As sufficient shares were voted in favor of each of the above proposals, the proposal to adjourn the Annual Meeting to a later date or dates to permit further solicitation and vote of proxies was rendered moot and was not presented at the Annual Meeting. About New Fortress New Fortress Energy Inc. is a New York-based energy infrastructure company focused on natural gas and liquefied natural gas infrastructure and related energy logistics. The company develops, finances, constructs and operates energy infrastructure, including facilities and assets used to deliver natural gas and LNG to customers. Its operations include projects and assets in the U.S. and international markets. Ernst & Young LLP's April 13, 2026, audit report included a going concern explanatory paragraph, citing losses from operations and events of default under the company's debt agreements that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had $10.56 billion in total assets, $10.25 billion in total liabilities, and $309.63 million in total stockholders' equity. NEW FORTRESS: Stockholders OK Amended Omnibus Incentive Plan ------------------------------------------------------------ New Fortress Energy Inc. announced in a regulatory filing that the stockholders approved the Company's Amended and Restated 2019 Omnibus Incentive Plan at the Company's 2026 Annual Meeting of Stockholders. The Amended and Restated Incentive Plan was previously adopted by the Board of Directors on May 6, 2026, subject to stockholder approval. The Amended and Restated Incentive Plan will become effective as of the date the Company's "Restructuring Transaction" (as defined and described in the Company's Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on May 27, 2026) is consummated. The Amended and Restated Incentive Plan, among other things: (i) removes the evergreen provision and includes a fixed maximum aggregate number of shares of Class A common stock to be reserved for issuance thereunder equal to 10% of the total number of shares of Class A common stock outstanding as of the Restructuring Effective Date (in addition to the number of shares of Class A common stock subject to outstanding equity awards granted under the existing Amended and Restated 2019 Omnibus Incentive Plan as of the Restructuring Effective Date), (ii) provides for a new reserve of shares of Series A Mandatorily Convertible Preferred Stock for issuance thereunder equal to 7% of the total number of shares of Series A Mandatorily Convertible Preferred Stock authorized as of the Restructuring Effective Date, which Series A Mandatorily Convertible Preferred Stock will automatically convert to shares of Class A common stock on the three-year anniversary of the Restructuring Effective Date, (iii) extends the term of the Amended and Restated Incentive Plan to the tenth anniversary of the Restructuring Effective Date and (iv) makes certain other updates, including a revised definition of change in control. Within 120 days of the Restructuring Effective Date, the Board will adopt an equity incentive plan for directors, officers and other employees of the Company that provides for the issuance of equity and/or equity-based compensation under the Amended and Restated Incentive Plan. The participants in the NFE MIP, the allocations, the reservation for future issuances, the form of equity-based compensation to such participants, and the terms and conditions of such equity-based compensation will be determined by the Board. The Board will engage a compensation consultant to assist it in evaluating and determining the terms and conditions of the equity-based compensation to be awarded under the NFE MIP. About New Fortress New Fortress Energy Inc. is a New York-based energy infrastructure company focused on natural gas and liquefied natural gas infrastructure and related energy logistics. The company develops, finances, constructs and operates energy infrastructure, including facilities and assets used to deliver natural gas and LNG to customers. Its operations include projects and assets in the U.S. and international markets. Ernst & Young LLP's April 13, 2026, audit report included a going concern explanatory paragraph, citing losses from operations and events of default under the company's debt agreements that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the Company had $10.56 billion in total assets, $10.25 billion in total liabilities, and $309.63 million in total stockholders' equity. NORTH TEXAS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: North Texas Behavioral Clinic, LLC 715 N. Fielder Road Arlington, TX 76012 Business Description: North Texas Behavioral Clinic, LLC, founded in 2014 and based in Arlington, Texas, operates a psychiatric and mental health clinic that provides psychiatry, psychotherapy, counseling and treatment services for conditions including depression, anxiety, ADHD, mood disorders and other behavioral health needs, serving children, adolescents, adults and geriatric patients across North Texas. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42727 Debtor's Counsel: Gregory Mitchell, Esq. THE MITCHELL LAW FIRM, L.P. 1100 W. Campbell Road Suite 200 Richardson, TX 75080 E-mail: greg@mitchellps.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Rebecca Abour Opar as owner. 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/7BTZADY/North_Texas_Behavioral_Clinic__txnbke-26-42727__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S5EFHEI/North_Texas_Behavioral_Clinic__txnbke-26-42727__0001.0.pdf?mcid=tGE4TAMA OCEANEERING INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Positive ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on offshore oilfield service company Oceaneering International Inc. and revised the outlook to positive. S&P also revised the financial risk profile to intermediate from significant. S&P said, "At the same time, we assigned our 'BB' issue-level rating to the company's new $500 million of senior unsecured notes due 2034 with a '3' recovery rating. The recovery rating reflects our expectation for meaningful recovery (rounded estimate: 65%) in the event of a default. "The positive outlook reflects our view that Oceaneering will maintain robust credit measures underpinned by industry activity growth, expansion into the defense segment, strong margins, and robust free cash flow. It also reflects our expectation that it will use its excess cash flows in a disciplined manner for acquisitions and shareholder returns." Oceaneering will maintain its strong credit measures over the next 12 months. Stable EBITDA growth and relatively low net debt levels should allow it to sustain debt to EBITDA of below 1x and FFO to debt of over 60% over the next 12 months. The company has a leading market position (market share of 55%-60% globally) in the subsea robotics segment, which generates about 75% of total EBITDA. Over the past several years, Oceaneering's earnings have grown meaningfully owing to new contracts and higher pricing, despite soft offshore activity and generally declining oil prices. S&P expects earnings to remain robust over the next 12 months because it expects offshore activity to recover. This is due to a supportive commodity price outlook and global refocus on energy security in response to the Middle East conflict, which should support demand for Oceaneering's services. As of March 31, 2026, the company's order intake was about $1.0 billion, and it secured contracts worth $300 million in its SSR [Sub-sea Robotics] segment, resulting in a stable book-to-bill ratio of 0.91. S&P expects increased activity from improving higher rig counts, tight supply of new ROVs [Remotely Operated Vehicles] globally, and higher customer stickiness to drive supportive utilization rates and healthy margins, even if oil pricing fluctuates. S&P said, "Our ratings reflect Oceaneering's sensitivity to the volatile offshore drilling market. About 85% of its revenues are generated from customers operating in the offshore oil and gas industry. However, Oceaneering is actively looking to expand the application of its products and services in the defense market. "While we positively view this diversification away from oil and gas, it remains a small contribution to revenues. It may take several years, but if the company continues to grow the defense business with prudent capital allocation, there is potential for overall earnings volatility to lessen because contracts in the defense sector are generally more stable and longer term. “Oceaneering is committed to maintaining a prudent financial policy, supporting the outlook revision. We expect it to generate strong FOCF (S&P adjusted basis) of $200 million-$220 million in 2026, further improving to $290 million-$300 million in 2027. We expect the company will pursue tuck-in acquisitions with excess cash flows. We also expect share repurchases to be modest at $70 million-$80 million in 2026. We believe management will effectively manage its capital allocation policies and shareholder remuneration such that leverage is sustained in the current levels. With about $608 million of cash on the balance sheet and full availability under the revolving credit facility, we believe Oceaneering will maintain a sufficient liquidity cushion for the next 12 months. "The positive outlook is based on our expectation that Oceaneering will maintain robust credit measures, underpinned by industry activity increase, improving margins, and strong FOCF. We expect the company will use its excess cash flows in a disciplined manner for acquisitions and shareholder returns. We expect FFO to debt will be well above 60% and debt to EBITDA well below 1x. "We could revise the outlook to stable over the next 12 months if FFO to debt deteriorates below 45% for an extended period. This would most likely occur due to lower offshore activity following a sustained fall in hydrocarbon prices, acquisition missteps, or aggressive shareholder return policies that significantly reduce cash." S&P could raise its rating on Oceaneering if it: -- Sustains its current market share as the leader in the subsea robotics segment; -- Executes on its diversification within the defense segment; and -- Maintains FFO to debt above 60%. OLIN CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Positive ---------------------------------------------------------- Fitch Ratings has placed the 'BB+' Long-Term Issuer Default Ratings (IDRs) and all issue-level ratings of Olin Corporation, Huntsman Corporation, and Huntsman International LLC on Rating Watch Positive (RWP). The RWP placement follows the announcement that Olin Corporation and Huntsman Corporation will combine in an all-stock merger of equals. Fitch believes the combined company, OlinHuntsman Corporation (OlinHuntsman), will benefit from enhanced scale, a structurally lower cost position aided by vertical integration and low-cost US feedstock access, and anticipated cost synergies. Fitch will continue to monitor the transaction for insight into management's targeted debt levels, leverage metrics, and synergy realization. Fitch will also monitor the treatment of existing debt at Olin Corporation and Huntsman International LLC, as well as post-merger financial policy and operational strategy. Fitch anticipates that it will take more than six months to resolve the RWP because of the time required for the merger to conclude. KEY RATING DRIVERS Combination Enhances Scale, Vertical Integration: Fitch expects the combined company to benefit from enhanced scale, with $12.5 billion in combined 2025 revenue and $1 billion in 2025 Fitch EBITDA pre-synergies. The transaction would also create material vertical integration opportunities, combining selected Olin and Huntsman capabilities across electrochemical (ECU) units to polyurethanes, amines and epoxies. Additionally, management anticipates OlinHuntsman's integrated set of chlorine-linked value chains to position the combined company for future downstream opportunities across new, high-growth end markets. Merger Integration Risk: Merging two complex, multi-segment chemical platforms — both emerging from cyclical troughs — presents meaningful execution risk. Management has appointed a chief integration officer and bottoms-up synergy plans developed by cross-functional teams. However, the synergy ramp is back-loaded, meaning combined near-term gross leverage is unlikely to fall materially below 4.0x without a demand recovery or material debt reduction. Cash costs associated with achieving synergies are estimated at $150 million$200 million. Failure to achieve synergies on schedule or a prolonged downturn would extend the deleveraging timeline. Anticipated Deleveraging: The all-stock structure avoids incremental debt, but pro forma EBITDA leverage of around 4.0x-4.5x remains elevated on cyclical underperformance and leverage targets have not yet been disclosed. Management said it will prioritize near-term deleveraging, a stable dividend policy, and deployment of excess cash toward shareholder returns and growth projects, though the timing of deleveraging remains unclear. Strong liquidity and a balanced debt maturity profile provide near-term flexibility. Fitch would look for a clearly articulated leverage target and evidence that deleveraging takes precedence over shareholder distributions during the current trough. Market-Leading, Low-Cost Producer: OlinHuntsman would hold leading global positions across chlor-alkali, methylene diphenyl diisocyanate (MDI)-based polyurethanes, epoxy, amines, and small-caliber ammunition (Winchester). Vertical integration of Olin's world-scale ECU platform with Huntsman's downstream MDI, amines, and advanced materials businesses creates a structurally lower and more stable cost position, with Huntsman gaining access to chlorine inputs at producer economics and Olin gaining expanded chlorine optionality and enhanced ECU optimization across a larger outlet base. High Cyclicality: The combined OlinHuntsman portfolio remains highly correlated with housing and construction activity, which has been soft in recent years. While the merger adds exposure to aerospace, automotive, electronics, and defense end markets, these do not materially offset the core legacy platforms' earnings sensitivity to construction cycles. Both Olin and Huntsman experienced approximately 24% year-over-year Fitch EBITDA declines in 2025, with combined EBITDA well below historical pro forma averages. Sustained high leverage, structural margin compression, or failure to achieve targeted synergies on schedule could pressure the combined credit profile. PEER ANALYSIS Following the close of the merger, Fitch believes OlinHuntsman's significant scale of over $12 billion in sales and around $1 billion in EBITDA is similar to Westlake Corporation's (BBB/Negative) and Celanese Corp.'s (BB+/Negative) and is larger than Albemarle Corporation (BBB-/Stable). OlinHuntsman's product portfolio is expected to remain highly correlated with housing and construction activity, and its asset base is weighted to North America. This diversification is similar to Westlake's but compares unfavorably to Celanese, which benefits from strong end-market diversification, and to Albemarle, whose lithium products are used across mobility, energy, technology and health. Pro forma EBITDA leverage for OlinHuntsman is estimated around 4.0x-4.5x, comparing favorably to Westlake and Celanese, and unfavorably to Albemarle. Fitch expects mid-cycle leverage to improve from current ranges following anticipated deleveraging, realization of synergies, and gradually improving demand from current lows. With current pro forma EBITDA margins estimated at around 9%, OlinHuntsman's anticipated profitability gains are contingent on successful integration and realization of synergies. Fitch anticipates neutral-to-negative FCF in 2026 for the combined company because of continued cyclical weakness. This is in line with Fitch's expectations for Westlake but weaker than for Celanese and Albemarle. RATING SENSITIVITIES Olin Corporation Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to close the merger as contemplated could result in a negative rating action; - Mid-cycle EBITDA leverage sustained above 4.0x; - Consistently neutral to negative FCF, potentially indicating structural oversupply or diminished cost competitiveness. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased clarity on OlinHuntsman's target debt levels, leverage metrics, and synergy realization may lead to a resolution of the Rating Watch Positive; - Mid-cycle EBITDA leverage sustained below 3.0x; - FCF margins maintained above 1.5%. Huntsman Corporation, Huntsman International LLC Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to close the merger as contemplated could result in a negative rating action; - EBITDA leverage sustained above 4.0x through the cycle; - EBITDA margins sustained around the low single digits and/or a widening FCF deficit. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased clarity on OlinHuntsman's target debt levels, leverage metrics, and synergy realization may lead to a resolution of the Rating Watch Positive; - EBITDA leverage sustained below 3.0x through the cycle; - FCF margins maintained above 1.5% through the cycle. LIQUIDITY AND DEBT STRUCTURE Management has estimated combined liquidity at approximately $2.3 billion along with expectations to maintain strong liquidity post-close. OlinHuntsman is expected to benefit from a balanced debt maturity profile, with no significant maturities until 2029. Fitch’s Key Rating-Case Assumptions - Pro forma sales growth is modest in 2026 because of continued weak construction and industrials activity; - Pro forma EBITDA margins of around 9% gradually improve as synergies are realized; - Transaction closes in 1H2027. Corporate Rating Tool Inputs and Scores Olin Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Moderate), sector characteristics ('bb+', Moderate), market and competitive positioning ('bbb', Higher), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bbb-', Moderate), profitability ('bbb-', Higher), financial structure ('bb-', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2025, 5% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. The governance assessment of 'good' 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+'. Huntsman Corporation, Huntsman International LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Moderate), sector characteristics ('bbb-', Lower), market and competitive positioning ('bbb-', Higher), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bb+', Moderate), profitability ('bb', Moderate), financial structure ('b+', Moderate), and financial flexibility ('bbb-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the forecast year 2025, 5% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Issuer Profile Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Huntsman Corp. is a leading global manufacturer of chemical products that include polyurethanes, amines, epoxies and resins. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Olin Corporation or Huntsman Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Huntsman International LLC LT IDR BB+ Rating Watch On BB+ senior unsecured LT BB+ Rating Watch On RR4 BB+ senior secured LT BBB- Rating Watch On RR2 BBB- Huntsman Corp. LT IDR BB+ Rating Watch On BB+ Olin Corporation LT IDR BB+ Rating Watch On BB+ senior unsecured LT BB+ Rating Watch On RR4 BB+ senior secured LT BBB- Rating Watch On RR2 BBB- PACIFIC PRIVATE: Commences Chapter 11 Bankruptcy in California -------------------------------------------------------------- On June 16, 2026, Pacific Private Money Fund 1 LLC and its debtor affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtors report between $10 million and $50 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on July 20, 2026 at 11:00 AM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. The deadline for submitting proofs of claims is set for Oct. 19, 2026. About Pacific Private Money Fund 1 LLC Pacific Private Money Fund 1 LLC is a Novato, California-based private real estate mortgage and investment firm engaged in lending and investment activities tied to real estate assets. Pacific Private Money Fund 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30534) on June 16, 2026. In its petition, the debtors reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million, with potential recoveries available for unsecured creditors. Honorable Bankruptcy Judge handles the case. The debtors are represented by Bennett G. Young of Jeffer Mangels & Mitchell LLP. PALM GREENS: Condo 1 Can't Halt Assumption of Executory Contracts ----------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida denied the motion of Number 1 Condominium Association – Palm Greens at Villa Delray, Inc. ("Condo 1") for stay pending appeal of the order granting the motion of Palm Greens at Villa Del Ray Recreation Condominium' chapter 11 trustee to assume executory contracts in the bankruptcy case. The debtor in this chapter 11 case, Palm Greens at Villa Del Ray Recreation Condominium Association, Inc., was formed to own and operate a substantial recreation complex for use by two large 55-plus condominium communities. Condo 1 is one of those communities. The other is Palm Greens at Villa Del Ray, Condo 2 Association ("Condo 2"). Equal numbers of representatives from Condo 1 and Condo 2 constitute the debtor's board. The original recreation complex owned and operated by the debtor was substantial. It included a large clubhouse with various amenities, a resort style swimming pool and hot tub, and extensive sports facilities spanning several acres. The entirety of the original recreation complex was located on real property owned by the debtor. The chapter 11 trustee, an experienced fiduciary, asked this Court to approve the assumption of executory contracts at the center of administration in this chapter 11 case. The trustee must assume the contracts to complete reconstruction of the recreation complex, the debtor's primary asset. The reconstruction project has been embroiled in litigation for years, mostly instigated by the debtor. The counterparty on the contracts, a national developer, is ready, willing, and able to complete the project in cooperation with the trustee. Condo 1 objected to assumption. Contrary to the summary process applicable to assumption of executory contracts as provided in binding 11th Circuit precedent, Condo 1 sought to litigate specious claims relating to the contracts, most of which were negated by pre-bankruptcy state court rulings that remain binding on the debtor and Condo 1. The Court overruled Condo 1's objection and, finding that the trustee exercised reasonable business judgment, approved assumption of the contracts. Condo 1 appealed and now seeks a stay pending appeal. The Court finds in light of the Bankruptcy Code and overwhelming case law, the appeal is futile. According to the Court, "Condo 1 has no chance of success in the appeal. The harm absent a stay alleged by Condo 1 does not flow from the order under appeal, is speculative and undefined, or otherwise does not constitute irreparable injury. In contrast, the estate, residents, and the developer are injured by further delay in completing the project and by preventing the estate from paying the developer for its ongoing management services which benefit the estate and hundreds of residents. The public interest does not support standing the usual summary process on its head and permitting Condo 1 to bring the administration of this case to a halt. To the contrary, the public interest supports allowing the trustee to complete the debtor's recreation complex and allowing the trustee to manage the bankruptcy estate consistent with his reasoned business judgment and extensive experience." Therefore, the motion will be denied. A copy of the Court's Order dated June 17, 2026, is available at https://urlcurt.com/u?l=gLUnxO from PacerMonitor.com. About Palm Greens at Villa Del Ray Recreation Condominium Palm Greens at Villa Del Ray Recreation Condominium oversees recreational amenities and common property for a residential condominium community in Florida. The Debtor filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28, 2026, listing $10 million to $50 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped the Law Office of Mark S. Roher, PA as counsel and PM Accounting Services LLC as accountant. PERFORCE INTERMEDIATE: S&P Affirms 'B-' ICR, Alters Outlook to Neg ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Perforce Intermediate Holdings LLC to negative from stable and affirmed its ratings, including the 'B-' issuer credit rating and its 'B-' issue-level rating on its existing revolver and first-lien term loans. The '3' recovery rating remains unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery. The negative outlook reflects S&P's expectation for weakening credit metrics over the next 12 months, execution risks associated with the company's return to sustained growth, and the weakened market sentiment around its outstanding debt. S&P Global Ratings expects Perforce Intermediate Holdings LLC's operating performance will soften in fiscal year 2026 due to top-line headwinds, which will pressure its profitability and cash flow generation. Therefore, S&P now projects the company's S&P Global Ratings-adjusted leverage will increase to approximately 7.0x in fiscal 2026 while its free operating cash flow (FOCF) to debt declines below 2.5%. The negative outlook reflects near-term revenue headwinds and execution risks associated with returning to durable growth. The company is currently facing pressure on both its annual recurring revenue (ARR) and generally accepted accounting principles (GAAP) revenue. In the first quarter of 2026, Perforce's ARR declined by 1.8% while its total revenue fell by 18%. This revenue decline primarily stemmed from ASC 606 accounting impacts and the absence of certain large, multi-year renewal opportunities that had benefited the prior year (representing a $25 million impact). S&P expects the headwinds to persist in the near term and now project Perforce's total revenue will decline by 3%–4% for the full year. Recent ARR growth was tempered by attrition in two product areas: Testing, impacted by competitive pricing pressure, and Platform Automation, driven by the rise of open-source alternatives. In response, management initiated mitigating measures in the latter half of 2025, accelerating the integration of AI capabilities across the product suite and expanding sales capacity through additional account executive hires. S&P said, "While we see a path toward an ARR growth this year – our base case projects a low-single-digit percentage increase - such recovery remains contingent upon evolving market demands, successful execution and the effective ramping of the new sales force." S&P said, "We project weaker profitability and cash flow in 2026, as lower revenue pressures Perforce's EBITDA margin and reduces its free operating cash flow (FOCF) generation. Under our base-case forecast, we assume the company's leverage increases to approximately 7.0x in 2026, which is up from our prior forecast of 6.0x, while its FOCF to debt falls below 2.5%. Although Perforce continues to invest in AI-driven productivity and internal efficiency enhancements, we expect these gains will only modestly offset its near-term margin pressure." Furthermore, while the company's refinancing of its second-lien debt will provide it with modest annual interest savings, these benefits will be largely offset by other cash outflows, including potential interest hedging expenses upon the expiration of its current hedges. The outlook also incorporates risks regarding its future refinancing capability amid weakening market sentiment. S&P said, "We believe the market sentiment around Perforce has weakened due to concerns about the long-term impact of AI disruption to developer software providers. We do not believe headwinds from AI disruption are currently evident in the company's operating performance. For example, it maintains stable retention--with gross retention at 95% and net retention near 100%--and its AI-enabled product features continue to support rising demand. Nevertheless, weakening market sentiment could reduce Perforce's debt-market flexibility and increase its refinancing risk, particularly if it is unable to stabilize its operating performance. While the company doesn't face imminent refinancing risk, given the absence of material maturities until June 2029, we believe the combination of a softening operating performance and less-supportive market conditions increases the downside risk to the rating." S&P said, “Our expectation for positive FOCF generation and adequate near-term liquidity, with leverage at a manageable level of approximately 7x, partly offset our view of Perforce's refinancing risk. "The negative outlook reflects our view that anticipated near-term revenue headwinds could pressure Perforce's profitability and FOCF generation over the next 12 months. We expect the company's credit metrics will weaken in fiscal 2026, with leverage rising to approximately 7x and FOCF to debt falling to the low-single-digit percent area." S&P could lower its rating on Perforce if: -- Execution challenges, competitive pressures, or new AI tools disrupt the company's ability to sustain its revenue growth trajectory or a further decline in its operating performance leads to higher leverage or reduced FOCF; -- S&P sees increased risk it will undertake a distressed transaction or a liability management exercise or identify conditions that undermine its confidence in its ability to refinance its debt on sustainable terms; or -- S&P views the company's liquidity as less than adequate or its capital structure as unsustainable. S&P could revise its outlook on Perforce to stable if it demonstrates durable ARR growth alongside sustained EBITDA and FOCF expansion, thereby supporting continued deleveraging and increasing its confidence in its ability to successfully refinance its debt maturities. PHILLIPS TOTAL: Updates Priority Claims Pay; Plan Hearing Aug. 14 ----------------------------------------------------------------- Phillips Total Care Pharmacy, Inc., submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated June 15, 2026. MacArdy is currently the sole shareholder and remains the face of the business. MacArdy's continued involvement with Phillips as its sole pharmacist is instrumental to the continued success of Phillips' operations. Any successful bidder will determine the personnel to perform the services necessary. On April 24, 2025, the Court entered the Order Granting Application of Debtor for Authority to Retain and Employ Newpoint Advisors Corporation as Financial Advisors. Newpoint Advisors Corporation worked with Debtor and Debtor's counsel to prepare the Cash Flow Statement, with Debtor operating on a cash basis, and Liquidation Analysis based on fair market liquidation value of the assets. Class 6 consists of the Priority Claim of the Wisconsin Department of Revenue in the amount of $44,290.51, with $39,715.09 of that as a priority unsecured claim, and the remaining $4,575.42 as a general unsecured claim pursuant to the filed Claim 46-3. Debtor shall pay the Priority Claim of $39,715.09, in full with payments of $1,083.00 monthly for 36 months at 12% until paid in full. The unsecured portion of $4,575.42 shall be an Unsecured Claim in Class 9. Class 7 consists of the Priority Claim of the Indiana Department of Revenue in the amount of $6,232.03, with $5,670.21 of that as a priority unsecured claim, and the remaining $561.82 as a general unsecured claim pursuant to the filed Claim 17. Debtor shall pay the Priority Claim of $5,670.21, in full with payments of $2,160.64 annually for 3 years, that is, July 2027, July 2028, and July 2029 with 7% interest until paid in full. The unsecured portion of $561.82 shall be an Unsecured Claim in Class 9. Like in the prior iteration of the Plan, Class 9 General Unsecured Claims of creditors and Rejection Claims will be paid 100% of the proceeds of the Equity Auction up to 100% of their claims, plus interest. To effectuate the proposed Plan, Phillips shall continue its operations and utilize other income from its operations, and cash on hand on the Effective Date to make all Effective Date payments, and will continue thereafter to utilize profits, revenues, and income from its operations to fund the post-Effective Date obligations of its proposed Plan. Phillips is also expending great efforts to create income from new customers. In order to raise funds to make a distribution to holders of General Unsecured Creditors of Class 9, Debtor will move the Court under Section 363 of the Bankruptcy Code ("363 Motion") to conduct an auction sale of equity ("Equity Auction") to be newly issued on the Effective Date ("New Equity"). Debtor's principal Wayne MacArdy shall be the opening bidder in the Equity Auction, with a bid of $20,000. The hearing at which the Court will consider confirmation of the Plan will take place on Aug. 14, 2026, at 10:00 am, at the United States Bankruptcy Court for the Western District of Wisconsin, Courtroom 340, 120 N. Henry Street, Madison, WI 53703-2559, the Honorable Beth E. Hanan presiding. Ballots must be received on July 17, 2026, or it will not be counted. Objections to confirmation of the Debtor's Plan must be filed with the Court and served upon the Debtor's Counsel, and the Office of the United States Trustee, and all other creditors and/or interested parties who have filed notices of appearances and requests for special notice by July 17, 2026. A full-text copy of the Second Amended Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=Is6CQc from PacerMonitor.com at no charge. Phillips Total Care Pharmacy Inc. is represented by: Claire Ann Richman, Esq. Michael P. Richman, Esq. Richman & Richman LLC 122 W. Washington Ave., Ste. 850 Madison, WI 53703 Telephone: (608) 889-2322 About Phillips Total Care Pharmacy Phillips Total Care Pharmacy Inc. is a retail pharmacy based in Mauston, Wisconsin. Phillips Total Care Pharmacy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Claire Ann Richman, Esq. and Michael P. Richman, Esq. at Richman & Richman LLC. PHINIA INC: Moody's Affirms 'Ba1' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed PHINIA Inc.'s (PHINIA) Ba1 corporate family rating, Ba1-PD probability of default rating, Baa3 senior secured notes rating and Baa3 senior secured bank credit facility rating. Concurrently, Moody's affirmed the Ba2 rating on the company's senior unsecured notes. The outlook is stable. The speculative grade liquidity rating was unchanged at SGL-1. The affirmations reflect PHINIA's high-single-digit EBIT margin, supported by its portfolio of high value-added fuel system products manufactured in lower-cost regions, as well as its strong geographic, customer and end-market diversification. Additionally, the company benefits from stable and recurring revenue generated by its automotive aftermarket segment. Consistently solid free cash flow generation and continuation of a prudent, though still evolving, financial policy further underpin the rating action. RATINGS RATIONALE PHINIA's ratings reflect a strong market position in gasoline direct injection technologies with products that help original equipment manufacturers optimize performance, increase fuel efficiency and reduce emissions in combustion and hybrid propulsion vehicles. The light vehicle industry's transition to full electrification continues, however the pace has slowed, further supporting PHINIA's product offerings. Additionally, commercial and off-highway vehicle end markets present growth opportunities with these sectors slower to adopt electrification due to the size and irregular activities of the equipment. PHINIA's higher margin aftermarket segment benefits from a large and growing, global used car parc providing stability to revenue and earnings. PHINIA is leveraging its core technologies into adjacent, industrial and other markets that should boost margins over time. These diverse markets, including higher growth sectors such as aerospace & defense and power generation, are characterized by high technology and lower volumes and allow PHINIA to redeploy existing resources without additional investments. For 2026, Moody's expects PHINIA's EBIT margin in the mid-8% range, free cash flow in excess of $125 million and debt-to-EBITDA of 2.5x – 3x. There could be occasional bolt-on acquisitions that push leverage beyond this range but Moody's expects restoration of financial flexibility in a timely manner. The stable outlook reflects Moody's expectations that PHINIA will maintain top-tier margins and solid free cash flow as a leading supplier of fuel injection technologies. A large used car parc, growing momentum for hybrid propulsion and alternative fuels and expansion into industrial/other applications should steadily increase margins and cash flow despite lingering concerns around new vehicle affordability and high interest rates. PHINIA's SGL-1 speculative grade liquidity rating is supported by Moody's expectations for a sustained cash position of at least $300 million and annual free cash flow greater than $125 million. Additional liquidity is provided by a $500 million revolving credit facility set to expire July 2028, with $480 million of availability at March 31, 2026. The facility has financial maintenance covenants consisting of a maximum net leverage ratio and a minimum interest coverage ratio. Moody's expects the company to maintain ample headroom in complying with these requirements into 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with debt-to-EBITDA maintained below 2.5x, an EBIT margin approaching double digits and free cash flow-to-debt remaining above 10%. Movement to a debt capital structure that ensures maximum flexibility would also be necessary for an upgrade. Acceleration in new business awards for alternative fuels and a path toward near-to-intermediate term profitability on these platforms could also result in positive rating action. The ratings could be downgraded with indications of an aggressive financial policy such as large, debt financed acquisitions versus bolt-on additions. An EBIT margin falling below 6%, debt-to-EBITDA above 3x, EBITDA-to-interest remaining below 7x or deteriorating liquidity, including increased reliance on the revolving credit facility, could also lead to a rating downgrade. The principal methodology used in these ratings was Automotive Suppliers published in November. PHINIA, Inc. is an automotive and industrial equipment supplier that designs and manufactures advanced fuel systems, electrical systems and aftermarket parts for internal combustion, hybrid and alternative-fuel engines. Products are designed to optimize performance, increase efficiency and reduce emissions for light passenger vehicles, light-to-heavy duty commercial vehicles and industrial applications. Revenue for the twelve months ended March 31, 2026 was nearly $3.6 billion. PHOENIX GUARANTOR: Moody's Ups CFR to 'Ba3, Outlook Stable ---------------------------------------------------------- Moody's Ratings upgraded Phoenix Guarantor Inc.'s ("PGI" dba "BrightSpring") Corporate Family Rating to Ba3 from B1 and its Probability of Default Rating to Ba3-PD from B1-PD. Moody's also upgraded the company's senior secured first lien revolving credit facility and senior secured first lien term loan B ratings to Ba3 from B1. The outlook is stable. The company's Speculative Grade Liquidity (SGL) rating is unchanged at SGL-1. The ratings upgrade reflects Moody's expectations that the company will operate with debt/EBITDA below 4.0 times over the next 12-18 months and that it will maintain very good liquidity. The company has steadily delevered since its initial public offering in early 2024. This year, the company reduced its term loan balance by $300 million using the proceeds from ResCare Community Living business sale. Moody's expects that the company will sustain its strong revenue and earnings growth over the next 1-3 years, underpinned by growing demand for the company's offerings in both pharmacy solutions and provider services businesses. Governance risk considerations, especially the recent debt paydown and the management's intention to operate at lower financial leverage, are material to this rating action. RATINGS RATIONALE PGI's Ba3 CFR reflects its significant scale, national footprint, diverse mix of businesses and strong market position. The rating also benefits from a strong and growing underlying demand for home and community-based services for seniors. The rating is constrained by moderately high financial leverage and a heavy reliance on government payors. The company's pharmacy solutions business is also exposed to change in profitability driven by patent expiry of key infusion/specialty drugs as well as government policies on Medicare reimbursements for various drugs used by senior populations. In addition, PGI has an active M&A strategy which involves execution risk. The stable outlook reflects Moody's views that the company will sustain its strong revenue and earnings growth, and that it will operate with debt/EBITDA below 4.0 times over the next 12 to 18 months. Moody's expects the company to maintain very good liquidity over the next 12 months. PGI's liquidity is supported by a pro forma cash balance of approximately $500 million (after accounting for the recent $300 million debt paydown and $60 million in share buyback transaction), Moody's expectations of positive free cash flow of $450-$500 million, and full access to the $475 million revolving credit facility. The company's credit facilities do not have any financial maintenance covenants. The $475 million first lien revolver and the $2.6 billion (face amount) first lien term loan B are both rated Ba3, at the same level as the company's Ba3 CFR. This reflects the preponderance of senior secured first lien debt in the company's capital structure. PGI's CIS-3 (changed from CIS-4) indicates that ESG considerations have limited impact on the current credit rating but could potentially have a negative impact over time. The company's G-3 score (changed from G-4) reflects its improved financial strategy and risk management as reflected in material deleveraging in recent years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if PGI sustains strong organic growth in both the pharmacy solutions and provider services businesses. The ratings could be upgraded if the company demonstrates material margin expansion and strong free cash flow generation. Quantitatively, ratings could be upgraded if debt/EBITDA is sustained below 3.5 times. The ratings could be downgraded if the company's operating performance deteriorates and margins contract. A shift to more aggressive financial policies could result in a ratings downgrade. The ratings could be downgraded if PGI experiences weakening liquidity, including reduced free cash flow generation. Quantitatively, ratings could be downgraded if debt/EBITDA is sustained above 4.5 times. Phoenix Guarantor Inc., headquartered in Louisville, KY, is a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patient population with significant lifelong and chronic health needs. The company's patient clientele primarily consists of seniors in multiple care settings. Revenue was $13.6 billion for the twelve months that ended on March 31, 2026. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PLANET GREEN: Sells Bless HK and Jingshan to Streamline Operations ------------------------------------------------------------------ Planet Green Holdings Corp. announced in a regulatory filing that it completed the disposition of its 100% equity interest in Bless Chemical Co., Ltd. HK, the indirect owner of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., to Hongzhang Liang for nominal consideration. Mr. Liang is not affiliated with the Company and has no material relationship with the Company or any of its directors or executive officers.gs The Board of Directors determined that it was in the best interests of the Company and its stockholders to discontinue the operations of Jingshan, an indirect wholly owned subsidiary of the Company and dispose of its equity interest in Bless HK. In approving the Disposition, the Board considered various factors, including Jingshan's financial condition, existing liabilities and obligations, operating status, anticipated future funding requirements, and the Company's strategic objective of focusing its resources and management attention on its core consumer products and digital advertising businesses. The Board determined that the discontinuation of Jingshan's operations and the disposition of Bless HK would streamline the Company's operations, reduce future funding commitments and potential liabilities associated with Jingshan, and better align the Company's business activities with its long-term strategic objectives. Accordingly, the Board concluded that the Disposition was in the best interests of the Company and its stockholders. Prior to the Disposition, Jingshan had ceased active operations and was not generating revenue. Bless HK indirectly held 100% of the equity interests in Jingshan through Hubei Bulaisi Technology Co., Ltd. and did not own any other operating assets of the Company. As a result of the Disposition, the Company no longer owns or controls Bless HK or Jingshan, and the assets, liabilities, and results of operations of Bless HK and Jingshan will no longer be consolidated in the Company's consolidated financial statements from and after the closing of the Disposition. The unaudited pro forma condensed consolidated financial information of the Company giving effect to the disposition is available at https://tinyurl.com/4hwemt2k About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. Irvine, California -based YCM CPA INC, the Company's auditor since 2022, 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 records an accumulated deficit as of December 31, 2025, and currently has a working capital deficit, continued net losses and negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $10.21 million in total assets, $12.38 million in total liabilities, and $2.17 million in total stockholders' deficit. POPOVICH ENTERPRISES: Gets Interim OK to Use Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio entered an interim order authorizing Popovich Enterprises, LLC to use cash collateral through July 17. The court found that the Debtor's cash and deposit accounts may be subject to liens held by secured lenders, including the U.S. Small Business Administration, Huntington Bank, Clover Capital, Fora Financial and On Deck Capital. Under the interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget. Authorized expenditures include ordinary-course business expenses such as food purchases, payroll, utilities, lease obligations, taxes, insurance, and other necessary operating costs. The Debtor projects total operational expenses of $66,000 for the period from June 2 to July 17. Any secured creditor holding a valid pre-petition security interest will be granted adequate protection through replacement liens to compensate for any post-petition decline in the value of their collateral. The replacement liens automatically attach to post-petition collateral of the same type and maintain the same validity, priority, and extent as any pre-petition liens. These liens do not apply to avoidance actions and their proceeds, and they remain subordinate to court-approved professional fees. The order does not determine the validity, priority, or amount of any lender's security interests. Parties in interest retain the right to challenge those liens and to seek additional relief, including further adequate protection, stay relief, conversion, or appointment of a trustee. A final hearing is scheduled for July 14, with objections due by July 7. The order is available at https://is.gd/OOOjiF from PacerMonitor.com. About Popovich Enterprises LLC Popovich Enterprises, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-60830) on June 2, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Tiiara NA Patton presides over the case. Steven Heimberger, Esq., at Roderick Linton Belfance, LLP represents the Debtor as legal counsel. PREMIUM EDGE: To Sell Senior Living Assets to Highest Bid --------------------------------------------------------- Premium Edge, LLC, seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operates a senior living community known as Alura Senior Living, located at 777 Roy Wall Blvd, Rockledge, Florida 32955 (Community). The Community provides critical healthcare services and support to older adults and individuals with disabilities who need help with the daily tasks of life. In addition, in its Memory Care units, the Debtor cares for individuals who suffer from Alzheimer's disease, dementia, and other cognitive disabilities that make independent living impractical and potentially dangerous. The Community opened in 2021 and has a licensed capacity of 147 beds and has 127 units that are separated into 33 independent living units, 69 assisted living units, and 25 memory care units. The Debtor commenced the Chapter 11 case in order to engage in a strategic transaction that would allow for the continued care of its residents and maximum financial recovery for key stakeholders. The Debtor seeks authority to sell all or substantially all of its assets, including the Community, together with the personal property located in the Community and the real property on which the Community is located. The Debtor retains Blueprint Healthcare Real Estate Advisors, LLC as real estate broker. The Debtor, after consultation with Blueprint and taking into account the views of its senior secured lender, UMB Bank, N.A., as Trustee, has determined in its business judgment that the sale and marketing process described herein will balance the Debtor's interest in moving expeditiously through the Chapter 11 process while maximizing the value of its Assets. The Debtor proposes a sale process that will generally fall into two stages: an initial stage where the Debtor may designate a stalking horse bidder, and a definitive agreement stage for all other parties interested in purchasing the Assets. The stalking horse bidder stage will take place during the first thirty days after entry of the Bid Procedures. During the stalking horse bidder stage, Blueprint will broadly canvass the market and seek interest from parties who may want to become a stalking horse bidder for the Assets. At the conclusion of the stalking horse bidder stage, on day 30, interested parties will be requested to submit stalking horse asset purchase agreements for the Assets. After the stalking horse phase and until the Bid Deadline, proposed by the Debtor to be day 75 of the process, and regardless of whether the Debtor designates a Stalking Horse Purchaser, the Debtor will solicit formal, binding bids for the acquisition of the Debtor’s Assets. In the event the Debtor receives more than one Qualified Bid (defined below) on or before the Bid Deadline, the Debtor will conduct an Auction. Further, at any time prior to the Auction, the Debtor anticipates that interested parties may execute a Confidentiality Agreement (defined below) and be given access to the Data Room. The Debtor requests additional authority, but not direction, to enter into a Stalking Horse Agreement with an interested buyer to serve as the Stalking Horse Purchaser on or before the Stalking Horse Deadline. Details of the proposed timeline for the sale is also provided. https://urlcurt.com/u?l=tEDptU The Debtor believes this timeline maximizes the prospect of receiving the highest and best offer without unduly prejudicing its estate. The proposed timeline provides for a robust marketing process and is more than sufficient to complete a fair and open sale process that will maximize the value received for the Assets. About Premium Edge, LLC Premium Edge, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-04017-TPG) on May 29, 2026. In the petition signed by Adriana Dall'Armellina, manager, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Tiffany P. Geyer oversees the case. Michael L. Schuster, Esq., at Polsinelli PC, represents the Debtor as legal counsel. PRIME CORE: Court Narrows Claims Oval Labs, et al., Adversary Case ------------------------------------------------------------------ Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware will grant, in part, and deny, in part, the motion of Oval Labs, Inc. and Oval Finance, LLC to dismiss the adversary proceeding captioned as PCT LITIGATION TRUST, Plaintiff, v. OVAL LABS, INC. and OVAL FINANCE, LLC, Defendants, Adv. Pro. No. 25-50438 (JKS)(Bankr. D. Del.) pursuant to Federal Rule of Civil Procedure 12(b)(6), for failure to state a claim. On August 14, 2023, Prime Core Technologies Inc. and its affiliated debtors ("Prime" or "Debtors") filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code (the "Chapter 11 Cases"). PCT was created pursuant to the Amended Joint Chapter 11 Plan of Reorganization for Prime Core Technologies Inc. and its Affiliated Debtors (the "Plan"), which was confirmed on December 21, 2023, and went effective on January 5, 2024. PCT was established to, among other things, commence, litigate and settle Vested Causes of Action (as defined in the Plan). On March 13, 2025, PCT commenced this adversary proceeding by filing the Complaint to, among other things, avoid and recover $26 million of fiat currency and cryptocurrency from Defendants on account of alleged preferential transfers or constructive fraudulent transfers. Specifically, Counts I and III seek to avoid and recover Transfers, pursuant to 11 U.S.C. Secs. 547 and 550, totaling not less than $4,761,993.13 (USD) (after taking into account Defendants' alleged affirmative defenses), 1,000 Tether ("USDT"), 0.76 Ethereum ("ETH"), 9,987 USD Coin ("USDC"), and 0.95 Bitcoin ("BTC") (collectively, the "Transfers"), that the Debtors transferred to Oval during the 90-day period prior to the commencement of the Chapter 11 Cases (the "Preference Period"). Additionally, and in the alternative, Counts II and III seek to avoid and recover the Transfers as constructive fraudulent transfers pursuant to 11 U.S.C. Secs. 544, 548 and 550 and Del. Code Ann., title 6, Secs. 1304 and 1305. Count IV seeks, pursuant to 11 U.S.C. Sec. 502(d), to disallow any claims filed or held by Oval in the Chapter 11 Cases pending repayment of the alleged Transfers. Oval seeks dismissal of the Complaint, under Rule 12(b)(6), on the grounds that the Complaint fails to plead facts that: (i) demonstrate that the Transfers were transfers of property of the Debtors to a creditor; (ii) properly identify the transferor and transferee(s) of the Transfers that PCT seeks to recover; (iii) identify the amount and nature of each antecedent debt on account of which the Transfers were allegedly made; and (iv) demonstrate the Debtors did not receive reasonably equivalent value in exchange for the Transfers. At the motion to dismiss stage, and based on the prior ruling of the Court, PCT has pled sufficient facts to establish that the cryptocurrency and USD held by the Debtors is property of the estate. Count I Oval argues that Count I of the Complaint fails to state a claim under section 547 of the Bankruptcy Code and falls short of the pleading requirements of Rule 8(a)(2). More specifically, Oval asserts the Complaint does not identify the date, amount, or transferee and transferor of each alleged transfer, or the nature and amount of each antecedent debt, and that the Agreements expressly limit the amount of any potential antecedent debt owed by the Debtors. According to the Court, the Complaint does not identify Oval Finance as the transferee of any of the Transfers and as a result, Oval Finance must be dismissed from this adversary proceeding. The Court finds the facts in the Complaint are sufficient to allege a plausible preference claim as to defendant Oval Labs, but not as to Oval Finance. Oval argues that the Complaint does not allege that each transfer was "for or on account of antecedent debt owed by the debtor before such transfer was made." In this case, PCT was required to provide sufficient information to identify the alleged preferential transfers, which it provided. If Oval disputes the alleged liability, and asserts that such liability, if any, is capped based on the Agreements, then Oval can raise such arguments in defense of the Complaint. However, at the motion to dismiss phase, the Complaint must allege enough detail to allow Oval to identify the (alleged) preferential transfers subject to the Complaint, which the Complaint does. Count II Oval argues that Count II of the Complaint fails to adequately plead a constructive fraudulent transfer claim under section 548(a)(1)(B) of the Bankruptcy Code. Oval asserts that the Transfers involved a transfer of the very same value to Oval that the Debtors received from Oval. Therefore, Oval contends that PCT cannot assert that the Debtors did not receive reasonably equivalent value in exchange for the Transfers. Oval further argues that the Complaint does not allege facts that: (a) detail all of the fiat currency and cryptocurrency received by the Debtors prior to the alleged Transfers, or (b) support the Plaintiff's conclusory allegation that the Debtors did not receive reasonably equivalent value. The Court finds the facts in the Complaint are sufficient to allege a plausible constructive fraudulent transfer claim. Counts III and IV Count III seeks recovery of avoided transfers from Oval pursuant to 11 U.S.C. Sec. 550, and Count IV seeks disallowance of any claim filed by Oval pursuant to 11 U.S.C. Sec. 502(d). Oval argues that Counts III and IV fail because the Complaint fails to state a claim as to Counts I and II. Claims pursuant to sections 550 and 502(d) are derivative of the preference and constructive fraudulent transfer claims. According to the Court, because the underlying claims are not being dismissed as to Oval Labs, claims under 550 and 502(d) are similarly not being dismissed as to Oval Labs. A copy of the Court's Opinion dated June 18, 2026, is available at https://urlcurt.com/u?l=tUlpz6 from PacerMonitor.com. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Emery LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. PURDUE PHARMA: Judge Approves Claims Trustee, Payout Procedures --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the judge presiding over Purdue Pharma's bankruptcy case in New York has authorized the appointment of a trustee to oversee neonatal abstinence syndrome claims, clearing a key administrative hurdle in the company's Chapter 11 restructuring. Under the approved process, the trustee will manage the review and payment of claims involving children allegedly harmed by prenatal opioid exposure. The court also signed off on distribution procedures intended to ensure claims are administered consistently and efficiently. The approval represents another milestone in Purdue's effort to implement a revised bankruptcy plan designed to address billions of dollars in opioid-related claims. The company continues to work toward a comprehensive resolution of litigation stemming from the opioid crisis and the marketing of OxyContin, the report relays. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUADRA FS INC: Unsecureds Will Get 5% of Claims over 84 Months -------------------------------------------------------------- Quadra FS Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey an Original Disclosure Statement describing Reorganizing Chapter 11 Plan dated June 15, 2026. The Debtor is a New York corporation in the business of real estate staging design services, including the rental of furniture accessories for short-term use. The Debtor has been in this business since 2005. Rhome Holdings Inc., which shares common ownership with the Debtor through interests held by Robert Sablic, operates the Debtor's furniture rental and staging business pursuant to an operating agreement between the parties. In an effort to remedy the problems that led to the bankruptcy filing, Debtor has streamlined its business by fully transitioning the furniture rental and staging end of its operations to Rhome. In so doing, the Debtor was not and is not seeking to avoid its liabilities, but rather, attempting to preserve the viability of the business as a going concern. Indeed, as set forth herein, the linchpin of the Debtor's emergence from Chapter 11 will be the continuation of that business model, with the post-confirmation Debtor continuing to serve the furniture sale operations, and the payment of creditors' claims from the combined revenues of the Debtor and Rhome. This is a reorganizing plan. In other words, the Proponent seeks to accomplish payment under the plan through its ongoing operations and funding from Rhome Holdings, Inc., a separate corporation that shares common ownership with Debtor. Pursuant to the Plan, the Debtor's sole shareholder, Robert Sablic, will assign his 100% ownership interest to Rhome, which will formally become the Debtor's parent company. The Debtor will focus on the sale of previously-used furniture as well as selling new furniture as retail and fast interior design services while Rhome will continue to provide staging and furniture rental services. Payments to creditors will be funded through a combination of revenue from the Debtor and Rhome. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $612,448.06. This Class will receive a distribution of 5% through quarterly payments over 84 months. Payments shall begin Sept. 1, 2026 and ends Sept. 1, 2033. This Class is impaired. Class 5 Equity Interest Holders shall retain existing equity interest. The Plan will be funded by the combined revenues of the Debtor, which will continue in the business of selling pre-owned furniture, and Rhome, which will continue in the business of furniture staging and rentals. A full-text copy of the Original Disclosure Statement dated June 15, 2026 is available at https://urlcurt.com/u?l=ZwNEf1 from PacerMonitor.com at no charge. Quadra FS Inc., is represented by: LAW OFFICES OF KENNETH L. BAUM LLC Kenneth L. Baum, Esq. 201 W. Passaic Street, Suite 104 Rochelle Park, New Jersey 07662 (201) 853-3030 (201) 584-0297 Facsimile Email: kbaum@kenbaumdebtsolutions.com About Quadra FS Inc. Quadra FS Inc., doing business as Quadra Furniture Solutions and Quadra Furniture & Spaces, is a luxury staging and furniture rental company offering bespoke design solutions to elevate the value and appeal of properties. With over two decades of expertise, the Company is committed to providing a customized approach to staging that delivers faster sales and higher prices for real estate owners. Quadra FS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12162) on March 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Stacey L. Meisel oversees the case. The Debtor tapped the Law Offices of Kenneth L. Baum, LLC as counsel and Kurcias, Jaffe & Company LLP as accountant. QUALITY EDUCATION: Moody's Downgrades Revenue Rating to Ba3 ----------------------------------------------------------- Moody's Ratings has downgraded Quality Education Academy, NC's revenue rating to Ba3 from Ba2 and revised the outlook to negative. The school has approximately $12 million in outstanding debt. The rating action concludes the review for downgrade initiated on March 25, 2026, prompted by a material decline in operating liquidity, weakened academic performance and a lack of transparency around its long-term liabilities. The downgrade to Ba3 reflects a material narrowing of operating liquidity that reduces the academy's ability to absorb operational pressures, and weakening academic performance in 2025 that could alter the academy's enrollment trend. RATINGS RATIONALE The Ba3 rating reflects elevated leverage and limited liquidity, which constrain the academy's financial flexibility and capacity to absorb operating stress. While enrollment has increased following the completion of the middle and high school expansion, academic performance has weakened in 2025, reducing the academy's competitive position relative to nearby traditional public and charter schools. Operating liquidity is thin, declining to $1.7 million, the equivalent to about 54 days cash on hand, in fiscal 2025 from $3.0 million in fiscal 2023. Interim fiscal 2026 results indicate modest operating improvement, with projected annual debt service coverage of at least 1.3x; however, margins remain narrow and significant improvement in operating liquidity is unlikely. Leverage is high, with spendable cash and investments covering only 14% of debt. The academy maintains good standing with its authorizer, the North Carolina State Board of Education, and prospects for charter renewal in 2027 remain favorable. RATING OUTLOOK The negative outlook reflects continued weak liquidity and a recent decline in academic performance. The outlook also incorporates weaker financial transparency due to incomplete reporting of long-term lease obligations in the academy's fiscal 2025 audited financial statements. Management has indicated that disclosure of its lease liabilities will improve in the fiscal 2026 audited financial statements. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Reduction in leverage with spendable cash and investments covering debt by over 20% -- Sustained improvement in operating performance resulting in strengthened debt service coverage -- Material improvement in liquidity to above 100 days cash on hand FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further weakening of operating liquidity to below 50 days cash on hand -- Narrowing operating performance resulting in annual debt service coverage below 1.15x -- Inability to report its long-term liabilities clearly and consistently in fiscal 2026 audited financial statements PROFILE Quality Education Academy, NC is a self-managed charter school serving students in grades K-12 from an elementary school campus and a middle/high school campus both located in Winston-Salem. The academy served 826 students in kindergarten through 12th grade in the 2025-26 school year and operates under a charter contract originally granted in 1997. The academy's charter contract was renewed in 2017 for a 10-year term, expiring on June 30, 2027. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. QUICK PRINTS: Gets Final OK to Use Cash Collateral -------------------------------------------------- Quick Prints, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay the expenses set forth in an approved budget. This authorization will continue until further order of the court. The U.S. Small Business Administration, and any other secured creditor, will be granted perfected post-petition replacement liens against the prepetition collateral to the same extent and with the same validity and priority as their alleged prepetition liens, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. As additional protection, the secured creditors will receive superpriority administrative expense claims in case the replacement liens prove insufficient. A copy of the court's order is available at https://urlcurt.com/u?l=2jEjtI from PacerMonitor.com. About Quick Prints, LLC Quick Prints, LLC is a commercial printing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16091-SMG) on May 11, 2026. In the petition signed by Williamsen Exemar, owner/president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott M. Grossman oversees the case. Andrew Kamensky, Esq., at Tax Workout Group, P.A., represents the Debtor as legal counsel. REWORLD HOLDING: S&P Alters Outlook to Negative, Affirms 'B+' ICR ----------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable, and affirmed its 'B+' issuer credit rating (ICR), its 'BB' rating on Reworld Holding Corp.'s (Reworld) senior secured debt, and its 'B-' rating on the company's senior unsecured debt. S&P forecasts 2026 S&P Global Ratings-adjusted EBITDA will be flat compared with 2025, leading to adjusted EBITDA of about 7.0x and funds from operations to debt (FFO to debt) of about 8.0%. However, this is dependent on Reworld realizing higher profiled waste (PW) prices and volumes, while maintaining steady operational performance. The negative outlook reflects S&P's opinion that Reworld could realize sustained credit metrics that are worse than its downside triggers, absent mitigating factors such as improved operational performance and capturing higher-margin volumes. S&P said, "We expect credit metrics will be tight in the near term. We believe the company's credit metrics will remain near our downside triggers over the next 12 months following a 2025 and first-quarter 2026 that were below our expectations. Reworld's 2025 financial results came in close to our downside triggers at 7.7% FFO to debt and 7.0x debt to EBITDA. In addition, the company's operational and financial performance deteriorated in first-quarter 2026, which we expect will persist through the first half of the year. We believe these headwinds will continue to pressure Reworld. At the same time, we expect some recovery in volumes and improved prices for the company's profiled waste (PW) stream. "Our EBITDA adjustments differ from those of the company. We do not adjust for long-term improvements of operated facilities ($58 million in 2025) because we view this as an operating cost that is part of the service contracts; nor do we adjust for business development and transaction costs ($38 million in 2025), or other costs ($36 million in 2025). We do not adjust for acquisition-related costs and restructuring costs, as we consider these a normal part of operations." Earnings are sensitive to PW, which are typically uncontracted. Reworld's earnings are sensitive to PW volumes and prices. Although it represents a smaller portion of total volumes, PW realizes pricing much higher than that of municipal solid waste (MSW), meaning small price changes (in percentage terms) could lead to materially different credit metrics. PW accounts for almost the same level of revenues as MSW, despite representing just 20%-25% of volumes. PW is typically not contracted, whereas MSW volumes have multi-year contracts with solid price visibility and escalators. Although higher PW volumes support improved margins, pricing and volume sensitivity increase business risk, and could result in weaker-than-expected financial results if our base case does not materialize. The company is focused on PW volume growth as a core part of its strategy, has updated its sales processes and increased vertical integration with its material processing facilities (MPFs) to drive more PW volumes through its thermomechanical treatment facilities (TTFs). MSW volumes are well contracted and the company has solid visibility on byproduct revenues (energy and material sales), which provide a solid earnings base. Reworld's MSW volumes are about 80% contracted, typically for multi-year terms, and it has robust energy margin hedges in place through 2029, at above 90% on average. In addition, material sales represent a small portion of byproduct revenues and are hedged about a year out. Therefore, key drivers of financial performance are operating results at the company's facilities and the ability to capture PW volumes and realize higher pricing. Operational issues persist; at the same time, Reworld has demonstrated robust boiler availability. The company experienced a forced outage at its Niagara facility in 2025, and also faced difficult MSW conditions during winter storms in the U.S. Northeast in first quarter 2026. However, boiler availability at owned TTFs averaged 93% between 2020-2025. S&P said, "A planned outage at Hempstead will negatively affect results in the first half of 2026, but we do not view this negatively from a business risk perspective, as planned outages are required over the long term. Winter storms during the first quarter of 2026 reduced MSW collection which led to wet volumes, causing Reworld to supplement fuel (the waste) with natural gas at its TTFs. Reworld also terminated its Pasco construction general contractor for the expansion of the TTF with a new boiler, for cause and will book losses associated with this. We estimate an approximately $40 million EBITDA loss compared with 2025 due to the first-quarter weakness, the planned outage at Hempstead, and the termination of the Pasco construction contract. At the same time, we expect some improvement as Niagara returns to service, small greenfield projects come online, and PW volumes and pricing to increase. Reworld has engaged a new contractor for Pasco and we expect the expansion will reach completion in 2027." S&P said, "The negative outlook reflects the possibility that Reworld could sustain credit metrics below our downside triggers, absent mitigating factors such as improved operational performance and capturing higher-margin volumes. "We could lower the rating over the next 12 months if we expect Reworld cannot maintain FFO to debt above 8.0% and debt to EBITDA below 7.0x on a sustained basis. This could stem from unplanned outages; lower-than-expected waste volumes, including profiled waste; or lower average price per ton. "In addition, we would consider a negative rating action if the company's financial policy becomes more aggressive, including capital allocations that are disadvantageous to creditors. "We could revise the outlook to stable in the next 12 months if Reworld's operating results and financial performance improve such that we believe S&P Global Ratings-adjusted debt to EBITDA and FFO to debt will remain comfortably below 7.0x and above 8.0%, respectively." RHINOGRAM INC: Gets Interim OK to Use Cash Collateral Until July 23 ------------------------------------------------------------------- Rhinogram, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral. The order authorizes the Debtor to use cash collateral in accordance with an approved interim budget and to pay reasonable and necessary professional fees, subject to separate court approval. Cash collateral may be used only for approved budget items, and spending on any line item cannot exceed the lesser of 15% above the budgeted amount or the actual expenditure. The authorization remains subject to the terms of the interim order and applicable budget controls. As adequate protection, the court found that secured creditors were protected by the equity cushion in the Debtor's assets, including equipment, fixtures, and patents. In addition, the Debtor agreed to make monthly payments of $731 to the U.S. Small Business Administration beginning this month; maintain insurance coverage, provide financial reporting upon request; and grant replacement liens to secured creditors with the same validity and priority as their pre-petition liens. The interim relief remains effective through July 23. The order defines several termination events, including default under the order, dismissal or conversion of the case, appointment of a trustee or examiner, or excessive budget variances. All parties retain their rights to seek additional relief, challenge liens, or pursue remedies under the Bankruptcy Code. The court scheduled a final hearing on the cash collateral motion for July 23, at 9:00 a.m. in Chattanooga, Tennessee, and set July 21 as the deadline for objections. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VP9Bu from PacerMonitor.com. About Rhinogram Inc. Rhinogram, Inc., a company based in Chattanooga, Tennessee, provides a cloud-based patient engagement and virtual care platform that enables health-care providers, patients and office administrators to communicate through HIPAA-compliant SMS/MMS messaging, video interactions, encrypted phone calls, e-forms, appointment reminders and contactless payment tools. Founded in 2017 by Dr. Keith Dressler, the company serves medical, dental, behavioral health, community health, specialty care and health-system customers, with its platform integrating with EHR and practice-management systems to support patient communications and clinical workflows. Rhinogram sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-111990 on May 5, 2026. In the petition signed by Keith Dressler, chairman, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. RIBBIT ROOFING: Seeks to Hire Matthew Bobo PLLC as Special Counsel ------------------------------------------------------------------ Ribbit Roofing, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Matthew Bobo, PLLC to serve as its special counsel. The firm will provide these services: (a) advise and consult with the Debtor concerning legal questions regarding the Adversary Proceeding; and (b) represent the Debtor in litigating the Adversary Proceeding. Matthew Bobo, PLLC will receive compensation through the fee application and approval process mandated by the Bankruptcy Code and pursuant to orders of the Court regarding compensation of professionals. Mr. Bobo's time is billed at $600 per hour, associate time is billed at $475 per hour, and paralegal time is billed at $175 per hour. Matthew Bobo, PLLC has stated that it believes it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Bobo, Esq. MATTHEW BOBO, PLLC 4916 Camp Bowie Blvd, Suite 100 Fort Worth, TX 76107 Telephone: (817) 529-0774 Facsimile: (817) 502-2882 E-mail: info@mwblawyer.com About Ribbit Roofing LLC Ribbit Roofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42160) on May 18, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Mark X. Mullin oversees the case. Matthew W. Bobo, Esq. at the Law Office Of Matthew Bobo represents the Debtor as legal counsel. RITCHEY'S TRUCK: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Ritchey's Truck Repair, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral pending a further hearing. Under the interim order, the Debtor is authorized to use cash collateral to pay court-authorized expenses, including compensation for the Subchapter V Trustee, and to fund operating expenses contained in an approved budget. The Debtor is also permitted to exceed budgeted line items by up to 10% and make additional expenditures approved in writing by the lender. The authorization remains in effect until further court order. The Debtor projects total operational expenses of $482,349.24 for the period from June 12 to July. The Debtor is also permitted to continue collecting outstanding accounts receivable, with all collected funds constituting cash collateral to the extent they are subject to valid and perfected security interests. As adequate protection, creditors holding security interests in cash collateral will be granted perfected replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. Additional safeguards include insurance coverage on the collateral and access to business records and premises upon request. The order preserves all parties' rights to seek additional adequate protection or restrictions on cash collateral use. A continued hearing is scheduled for June 30. The order is available at https://is.gd/IKbwkw from PacerMonitor.com. About Ritchey's Truck Repair Inc. Ritchey's Truck Repair, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04988) on June 10, 2026, with $1 million to $10 million in both assets and liabilities. Bruce Ritchey, president of Ritchey's Truck Repair, signed the petition. The Debtor is represented by: Amy Denton Mayer, Esq. Berger Singerman LLP Tel: 813-498-3400 Email: amayer@bergersingerman.com ROLLING TANK: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: Rolling, Tank and Fabrication Inc 214 Locust Road Waynesburg, PA 15370 Business Description: Rolling, Tank and Fabrication Inc. is a Pennsylvania-based custom metal fabrication company that provides roll forming, press brake forming, welding, repair and fabrication services using steel, stainless steel and aluminum, while serving customers requiring specialty tanks, tubing, formed metal products and related delivery services. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-21708 Debtor's Counsel: Christopher M. Frye, Esq. STEIDL & STEINBERG, PC 436 Seventh Avenue, Suite 322 Pittsburgh, PA 15219 Tel: (412) -39-1-80x00 Fax: (412) -39-1-02x21 E-mail: chris.frye@steidl-steinberg.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by William Herstine as president/shareholder. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KKDGVYQ/Rolling_Tank_and_Fabrication_Inc__pawbke-26-21708__0001.0.pdf?mcid=tGE4TAMA ROMANOV GROUP: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Romanov Group LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: Romanov Group LLC is a Yorba Linda, California-based single-asset real estate company that owns and leases a multi-tenant retail and commercial center at 18180–18380 Yorba Linda Boulevard in Yorba Linda, California, with tenants spanning restaurants, medical offices, fitness, education, personal care and other consumer services. Chapter 11 Petition Date: June 24, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11948 Judge: Hon. Scott C Clarkson Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 Email: kandrassy@raineslaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jason Miller as authorized representative of Forcing Rosser Manager, LLC, the manager for Romanov Group, LLC. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TKC5DHI/Romanov_Group_LLC__cacbke-26-11948__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Anchor Medical Management, Inc. Security Deposit $156,181 18200 Yorba Linda Blvd Suite 125 Yorba Linda, CA 92886 2. Vierergruppe Management Inc. $128,075 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 3. Lone Wolf Brewing Co LLC Security Deposit $71,028 18210 Yorba Linda Blvd Suite 404 Yorba Linda, CA 92886 4. Patrol One $22,080 P.O. Box 5487 Orange, CA 92863 5. 4 Seasons Air, Inc. $15,940 8585 Katella Avenue Stanton, CA 90680 6. Alternative Landscaping Inc $15,295 PO Box 30236 Santa Ana, CA 92735 7. First Team Real Estate OC Security Deposit $15,282 18180 Yorba Linda Blvd Suite 501 Yorba Linda, CA 92886 8. MADE Coffee Security Deposit $13,427 18340 Yorba Linda Blvd Suite 106 Yorba Linda, CA 92886 9. Hillwig-Goodrow, Inc $11,760 31419 Outer Highway 10 Ste. 1-200 Redlands, CA 92373 10. Ontario Refrigeration Services, Inc. $9,374 635 S. Mountain Avenue Ontario, CA 91762 11. Schindler Elevator Corporation $9,313 PO Box 93050 Chicago, IL 60673-3050 12. VIP Sewer and Drain Services, Inc $9,100 4502 Walnut Ave Irvine, CA 92604 13. Anchor Medical Security Deposit $8,719 Management - Urgent Care 18220 Yorba Linda Blvd Suite 301 Yorba Linda, CA 92886 14. Sushi Imari, Inc. Security Deposit $8,640 18220 Yorba Linda Blvd Suite 310 Yorba Linda, CA 92886 15. Stefano's Golden Baked Hams Security Deposit $7,159 18220 Yorba Linda Blvd Suite 307 Yorba Linda, CA 92886 16. Crave Health, LLC Security Deposit $7,021 dba Smart Fit Method 18220 Yorba Linda Blvd Suite 302 Yorba Linda, CA 92886 17. Southern California Edison $6,863 PO Box 300 Rosmead, CA 09177-2001 18. SEV Laser Petrosian Esthetic Security Deposit $6,779 Enterprises LLC 18220 Yorba Linda Blvd Suite 306 Yorba Linda, CA 92886 19. First Team Real Estate OC Security Deposit $6,610 18200 Yorba Linda Blvd Suite 201 Yorba Linda, CA 92886-0004 20. Republic Services $5,899 PO Box 60586 City of Industry, CA 91716-0586 ROOF EZ: Gets Extension to Access Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued a fifth interim order authorizing Roof EZ, Inc.'s continued access to cash collateral. Under the fifth interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including Subchapter V trustee interim compensation, and other necessary business expenses listed in an approved budget. The Debtor may exceed individual budget line items by up to 10% or exceed them further as long as the total additional spending across the entire budget does not surpass 10% of the overall budget. Any additional spending must either be approved by the secured creditors or qualify as administrative expenses. As adequate protection for the Debtor's use of their cash collateral, secured creditors will receive replacement liens on the Debtor's post-petition assets, with the same priority as their pre-petition liens. The creditors that may hold pre-petition secured claims against the Debtor's cash collateral are ReadyCap Lending, LLC, Lead Bank/Fundbox, Forward Financing, LLC, Newco Capital Group VI, LLC, and CHTD Company, as agent for an undisclosed creditor. The Debtor also schedules First Western Bank & Trust, Navitas Credit Corp., Trio Capital, LLC, and Ford Motor Company, LLC as secured creditors. However, their liens appear to be limited to purchase-money security interests and do not extend to the Debtor's cash collateral. The court scheduled the next hearing for Aug. 12. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=5Ilgdc from PacerMonitor.com. About Roof EZ Inc. Roof EZ Inc. is a Florida profit corporation, founded in 2022, that provides residential and commercial roofing services throughout Southwest Florida. Roof EZ filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02539) on Dec. 19, 2025, 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. Judge Luis Ernesto Rivera II presides over the case. Michael R. Dal Lago represents the Debtor as legal counsel. ROSE WAY II: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On June 18, 2026, Rose Way II LLC sought Chapter 11 bankruptcy protection in the Eastern District of New York. Court filings indicate the company has estimated assets and liabilities in the range of $10 million to $50 million, with potential distributions available for unsecured creditors. 341(a) meeting to be held on 7/21/2026 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 7219992. Court deadlines require the submission of both the Chapter 11 plan and disclosure statement no later than Oct. 16, 2026. About Rose Way II LLC Rose Way II LLC is a single-asset real estate holding company that owns a luxury home located at 114 Rose Way in Bridgehampton, New York. The company was formed to hold and manage the residential property. The debtor filed under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-72485) and disclosed estimated assets and liabilities ranging from $10 million to $50 million. The bankruptcy case is being administered by Honorable Bankruptcy Judge Sheryl P. Giugliano. The debtor is represented by J. Ted Donovan of Goldberg Weprin Finkel Goldstein LLP. RTB DIGITAL: Launches AI/DeFi Payments for Publishers ----------------------------------------------------- RTB Digital, Inc. launched a real-time onchain payment system for professional publishers, according to a press release furnished as an exhibit to a Form 8-K filed with the SEC. The company said nearly 200 professional publishers are gaining the ability to receive USDC as ad revenue is earned. Coinbase will provide crypto wallet support and USDC payment rails for Roundtable and its publisher partners. Roundtable said the system uses its Media Liquidity Pool and smart-wallet network to settle earned ad revenue in USDC and record transactions onchain. The platform combines smart-wallet reporting and decentralized-finance-based settlement with distribution, monetization, audience engagement, data security, AI moderation and other tools for professional media brands. About RTB Digital, Inc. RTB Digital, Inc., formerly Ryvyl Inc., operates an enterprise digital media SaaS platform, doing business as Roundtable, that enables media brands to distribute, monetize and manage audience communities through AI, Web3 publishing infrastructure and related payment and reporting tools. The company is based in San Diego, California. Independent auditor Simon & Edward, LLP included a going-concern language in its report dated April 15, 2026, stating 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 reported total assets of $9.9 million, total liabilities of $10.87 million and stockholders' deficit of $972,000. RTB DIGITAL: Says Outstanding Common Shares Total 13.6 Million -------------------------------------------------------------- RTB Digital, Inc., said 13,619,997 common shares were issued and outstanding or under issuance instruction as of June 18 after its May combination. The company said it completed issuing the shares required through that date under the terms of its merger agreement tied to the May 12 combination with RTB Digital, Inc., a Delaware corporation. The total excludes common shares that may be issued later through outstanding warrants, options, restricted stock units, debt conversions, other share-issuance agreements and anti-dilution provisions. The disclosure was made in a Form 8-K filed with the Securities and Exchange Commission. About RTB Digital, Inc. RTB Digital, Inc., formerly Ryvyl Inc., operates an enterprise digital media SaaS platform, doing business as Roundtable, that enables media brands to distribute, monetize and manage audience communities through AI, Web3 publishing infrastructure and related payment and reporting tools. The company is based in San Diego, California. Independent auditor Simon & Edward, LLP, included a going-concern language in its report dated April 15, 2026, stating 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 reported total assets of $9.9 million, total liabilities of $10.87 million and stockholders' deficit of $972,000. RUSSELLVILLE DENTAL: Keith Larson Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed Keith Larson of Morgan Pottinger McGarvey as Subchapter V trustee for Russellville Dental Lab, LLC. Mr. Larson will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Larson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Keith Larson Morgan Pottinger McGarvey 401 South Fourth Street, Suite 1200 Louisville, KY 40202 Tel. 502.560.6758 Fax 502.585.3498 Email. kjl@mpmfirm.com About Russellville Dental Lab LLC Russellville Dental Lab, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-10553) on June 15, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Joan A. Lloyd presides over the case. Robert C. Chaudoin, Esq., represents the Debtor as legal counsel. SALT TECHNOLOGIES: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Salt Technologies Inc. d/b/a Ageint Security Inc. 15487 Pin Oak Dr Conroe, TX 77384 Business Description: Salt Technologies Inc., doing business as Ageint Security Inc., provides custom-designed security solutions for residential and commercial customers. The company offers video surveillance, smart home security, commercial security systems, and fire alarm system design and installation. Ageint Security is based in Conroe, Texas, and serves areas across Texas, including Houston, The Woodlands, Dallas, Fort Worth, Austin, San Antonio, and nearby communities. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-34389 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC 2950 N Loop West Suite 500 Houston, TX 77092 Tel: (713) 366-1288 E-mail: jeremy@jeremywoodlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Darrell Haynes as president. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S67ZF7Q/Salt_Technologies_Inc_dba_Ageint__txsbke-26-34389__0001.0.pdf?mcid=tGE4TAMA SANGAMO THERAPEUTICS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Sangamo Therapeutics, Inc. 501 Canal Blvd., Suite A100 Richmond CA 94804 Business Description: Sangamo Therapeutics is a genomic medicine company headquartered in Richmond, California. Incorporated in Delaware in June 1995, the company conducts research and development of medicines for patients with serious neurological diseases. Sangamo's work includes epigenetic regulation therapies, engineered AAV capsids, and the use of ZFP, SIFTER, and MINT technology platforms. Chapter 11 Petition Date: June 23, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10989 Judge: Hon. Craig T Goldblatt Debtor's Counsel: Daniel J. DeFranceschi, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 North King Street Wilmington DE 19801 Tel: (302) 651-7700 E-mail: defranceschi@rlf.com Debtor's Claims/ Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC Total Assets as of March 31, 2026: $162,361,247 Total Liabilities as of March 31, 2026: $115,353,692 The petition was signed by Dr. Alexander Macrae, M.B., Ch.B., Ph.D., as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IYPQ5II/Sangamo_Therapeutics_Inc__debke-26-10989__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Brammer Bio, LLC Trade $8,760,513 Matthias Zaragoza 250 Binney Street Cambridge, MA 02142 Contact: Matthias Zaragoza Tel: 386-418-8199 Email: sstiriz@floridabiologix.com; matthias.zaragoza@thermofisher.com 2. Laboratory Corporation Of America Trade $1,723,964 Maria Persichitti PO Box 12180 Burlington, NC 27216 Contact: Maria Persichitti Tel: 905-488-5668 Email: maria.persichitti@covance.com 3. PPD Development, L.P. Trade $1,433,070 Marlena Erikson 26361 Network Place Chicago, IL 60673-1263 Contact: Marlena Erikson Tel: 910-251-0081 Email: ppdglobalpos.sm@ppd.com; marlena.erikson@ppdi.com; eling.gaines@ppdi.com 4. CTI Clinical Trial SVS, Inc Trade $705,804 Jim Stagge 100 E Rivercenter Blvd. Ste 1600 Covington, NL 41011 Contact: Jim Stagge Tel: 513-598-9290 Email: tbockerstette@ctifacts.com; jstagge@ctifacts.com; claber@ctifacts.com 5. Catalent Pharma Solutions Trade $682,588 Suman Subramanian 7555 Harmans Road Harmans, MD 21077 Contact: Suman Subramanian Tel: 732-537-6200 Email: suman.subramanian@catalent.com; apinvoicesusa@catalent.com 6. Charles River Laboratories Trade $431,096 Montreal ULC Isis El-Khoury 22022 Transcanadienne Senneville, H9X 3R3 CA Contact: Isis El-Khoury Tel: 514-630-8200 Email: askcharlesriver@crl.com; isis.el-khoury@crl.com 7. Meet Recruitment Inc. Trade $307,131 Hannah Haigh 140 Broadway Suite 5020 New York, NY 10005 Contact: Hannah Haigh Tel: 646-569-9081 Email: accounts@meetlifesciences.com 8. Children's Hospital Corp. Trade $225,968 Lisa Pight Boston Children's Hospital 300 Longwood Ave., Boston, MA 02115 Contact: Lisa Pight Tel: 617-919-3017 Email: lisa.pight@childrens.harvard.edu 9. PPF Off 7000 Marina Blvd LP Lease $191,792 Todd O'Sanders 3550 Lennox Road NE Suite 1400 Atlanta, GA 30326 Contact: Todd O'Sanders Email: laura.millett@cbre.com 10. VWR International, Inc. Trade $185,335 Emmanuel Ligner PO Box 640169 Pittsburgh, PA 15264-0169 Contact: Emmanuel Ligner Tel: 800-873-8977 Email: biocomcustomercare@vwr.com; shiju.mohankumar@avantorsciences.com; preethi.subburaj@avantorsciences.com; narmatha.thangaraj@avantorsciences.com; jennifer.tanner@avantorsciences.com 11. IQVIA RDS Inc. Trade $185,021 Joshua Samon PO Box 601070 Charlotte, NC 28260-1070 Contact: Joshua Samon Tel: 919-998-2000 Email: joshua.samon@quintiles.com 12. Medpace, Inc. Trade $163,847 Chase Clement 5375 Medpace Way Cincinnati, OH 45227 Contact: Chase Clement Tel: 513-781-2464 Email: h.swisshelm@medpace.com; c.clement@medpace.com; a.ryan@medpace.com 13. Labconnect, LLC Trade $157,408 Rhonda Miller 2304 Silverdale Drive Suite 100 Johnson City, TN 37601 Contact: Rhonda Miller Tel: 423-7943749 Email: ar@labconnect.com; billing@labconnectllc.com 14. Tracelink Inc Trade $140,125 Shabbir Dahod 200 Ballardvale Street Bldg 1, Suite 100 Wilmington, MA 01887 Contact: Shabbir Dahod Tel: 978-396-6199 Email: accountsreceivable@tracelink.com 15. Point Richmond R&D Ass. II LLC Lease $139,471 Hannah Macleod 1120 Nye Street, Suite 400 San Rafael, CA 94901 Contact: Hannah Macleod Tel: 415-457-4964 Email: hmacleod@warehamdevelopment.com; hmacleod@warehamdevelopment.com 16. Computer Packages Inc. Trade $139,387 Love Tayo 11 North Washington St Rockville, MD 20850 Contact: Love Tayo Tel: 301-517-1958 Email: ltayo@computerpackages.com; ltayo@computerpackages.com 17. Snell & Wilmer L.L.P. Professional $126,478 Lisa M. Coulter Services 1 East Washington Street 2700 Phoenix, AZ 85004 Contact: Lisa M. Coulter Tel: 602-382-6000 Email: lcoulter@swlaw.com; account_managers@swlaw.com 18. Envol Biomedical, LLC Trade $119,511 Dr. Alain Stricker-Krongrad 555 Madison Avenue 5th Floor New York City, NY 10022 Contact: Dr. Alain Stricker-Krongrad Tel: 833-757-8739 Email: copley.m@envolbio.com; astricker@envolbio.com 19. Sterne, Kessler, Goldstein & Professional $117,615 Fox P.L.L.C Services Brian Gordon 1100 New York Ave, NW Washington, DC 20005 Contact: Brian Gordon Tel: 202-371-2600 Email: accounting1@sternekessler.com; bgordon@sternekessler.com 20. Beckman Coulter, Inc. Trade $112,211 Marianne Helstrup Dept. CH 10164 Palatine, IL 60055-0164 Contact: Marianne Helstrup Tel: 800-526-3821 Email: lsorders@beckman.com; creditcollectionsus@beckman.com SANGAMO THERAPEUTICS: Wins Interim Approval for $30MM DIP Loan -------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Sangamo Therapeutics received interim court authorization Wednesday, June 24, 2026, to tap a $30 million Chapter 11 financing facility, giving the biotech company access to funds needed to continue operations during its bankruptcy case. The financing is expected to help sustain the business while management markets assets through a structured sale process. The company filed for bankruptcy protection after facing declining revenues, lost collaboration agreements, and limited access to capital. As part of its restructuring strategy, Sangamo is pursuing sales of several gene therapy programs through agreements with stalking-horse bidders and additional marketing efforts, the report cites. The court's interim approval permits the company to draw an initial tranche of financing pending a final hearing. Sangamo said the DIP facility is essential to maintaining value and completing transactions intended to benefit creditors and stakeholders, according to report. About Sangamo Therapeutics Inc. Sangamo Therapeutics Inc. is a biotechnology firm specializing in genome engineering and gene therapy research. It is best known for its zinc finger nuclease platform, which is designed to modify genes to treat inherited and rare diseases. Sangamo Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10989) on June 23, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Kristin Cunningham, Esq. of Richards, Layton & Finger. SELECT A BAGEL: Seeks to Hire Biolsi Law Group as Special Counsel ----------------------------------------------------------------- Select A Bagel Inc., also known as Queens Bagels and Delicatessen, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Biolsi Law Group PC as special landlord-tenant defense and appellate counsel. The firm will prosecute the Debtor's appeal and defend it in a landlord-tenant action styled 111-55 77th Realty LLC against Select A Bagel Inc., Index number LT-319069-24/QU. The firm's counsel and staff will be paid at these hourly rates: Principals/Senior Attorneys $550 Junior Attorneys $350 Paraprofessionals $125 Steven Biolsi, Esq., an attorney at Biolsi Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven Biolsi, Esq. Biolsi Law Group PC 111 Broadway, Suite 606 New York, NY 10006 Telephone: (212) 706-1385 About Select A Bagel Inc. Select A Bagel Inc. is a New York-based food service company specializing in bagels, sandwiches, and deli offerings. The company operates retail locations serving breakfast and lunch customers. Select A Bagel Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41920) on April 21, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Robert M. Fox, Esq. SELECT A BAGEL: Seeks to Tap Rosen Tsionis & Pizzo as Counsel ------------------------------------------------------------- Select A Bagel Inc., also known as Queens Bagels and Delicatessen, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Rosen, Tsionis & Pizzo, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Partners $690 Associates $590 Paraprofessionals $200 The firm received a prepetition retainer of $15,000, plus a filing fee of $1,738, from the Debtor. Nico Pizzo, Esq., an attorney at Rosen, Tsionis & Pizzo, 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: Nico G. Pizzo, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About Select A Bagel Inc. Select A Bagel Inc. is a New York-based food service company specializing in bagels, sandwiches, and deli offerings. The company operates retail locations serving breakfast and lunch customers. Select A Bagel Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41920) on April 21, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Robert M. Fox, Esq. SERVESTAR LLC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- ServeStar, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Chattanooga Division, to use cash collateral to fund operations. The court entered a fourth interim order authorizing the Debtor to use cash collateral in accordance with its operating budget, subject to a 10% variance. This authorization enables the Debtor to continue operating while restructuring its financial affairs. Before filing for Chapter 11, the Debtor took out merchant cash advance (MCA) loans to meet payroll and other obligations due to restricted credit access and a severe cash shortage. The Debtor believes that certain MCA lenders including BFA Business Capital, LLC, Fox Funding/Lieberman, and Oxford Merchant Funding, LLC may assert security interests in all of its cash collateral. To protect secured creditors, the court granted them automatically perfected replacement liens, with the same validity, priority, and status as their pre-bankruptcy liens. The court order includes a carveout permitting payment of professional fees, court clerk fees, and U.S. Trustee fees. Nothing in the order constitutes an admission regarding claim validity, lien enforceability, or payment obligations, and the order preserves all parties' rights to dispute claims. The order requires the Debtor to comply with all debtor-in-possession obligations, maintain insurance coverage on collateral, and provide the Lender with reasonable access to business records and premises for inspection. A continued hearing on the Debtor's use of cash collateral is scheduled for June 30. The order is available at https://shorturl.at/nn6yJ from PacerMonitor.com. ServeStar LLC ServeStar, LLC provides commercial and residential plumbing services across the southeastern United States and select additional regions, including Tennessee, Georgia, Alabama, Kentucky, Florida, Texas, Ohio, and North Carolina. It offers a range of solutions such as drain cleaning, water heater installation and repair, drain line repair with fiber-optic inspections, backflow testing, and 24/7 emergency plumbing services. ServeStar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-10417) on Feb. 17, 2026, with between $1 million and $10 million in both assets and liabilities. The petition was signed by Aaron Miller as chief executive officer. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Roy Michael Roman, Esq., at Rmr Legal, PLLC. SHIFT4 PAYMENTS: S&P Affirms 'BB-' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' issuer credit rating on Shift4 Payments Inc. S&P assigned its 'BB+' issue-level rating and '1' recovery rating (rounded estimate: 95%) to the incremental term loan B and affirmed its 'BB+' issue-level rating and '1' recovery rating (recovery rating: 95%) on the existing term loan B. S&P said, "We lowered our issue-level rating on Shift4's unsecured notes to 'B+' and revised the recovery rating to '5' (10%-30%; rounded estimate: 25% rounded estimate), reflecting modest expected recovery in event of a default. "Our stable outlook reflects that we expect performance and capital allocation priorities will support dropping temporarily elevated leverage below 5x, with free operating cash flow (FOCF) to debt remaining comfortably above 5% during our forecast period." Shift4 Payments Inc. proposes issuing a new $750 million term loan, using proceeds to prefund its convertible notes due in 2027 and add cash to its balance sheet. The transaction addresses near-term maturities and is leverage neutral. Shift4's proposed debt addresses near-term debt maturities and is net leverage-neutral. S&P said, "In our view, the $750 million term loan demonstrates proactive management of its maturity profile. It will use the proceeds to prefund $633 million in convertible notes due in 2027, helping mitigate refinancing risk well in advance. We expect the prefunding amount will be held in an interest-earning account, resulting in a modest net carrying cost of approximately 2%." The excess cash added to the balance sheet enhances Shift4's liquidity cushion and flexibility. S&P said, "We expect trailing-12-months S&P Global Ratings-adjusted leverage of 6.5x following the transaction and 2026 year-end leverage of about 5.7x, higher than we previously forecast. While we moderately lowered our EBITDA expectations due to reduced consumer spending, geopolitical disruption, and continued elevated acquisition and integration costs from Global Blue and Smartpay, the leverage increase is largely because of our treatment of the series A mandatory convertible preferred stock. "We view its mandatory convertible preferred shares as a debt-like obligation. Shift4 expanded the scope of its share repurchase authorization in May 2026 to include preferred stock, prompting us to continue treating its mandatory convertible preferred shares as a debt-like obligation. In our view, this diminishes the company's commitment to the mandatory conversion process. While the continued treatment of no equity content results in higher-than-expected adjusted debt and weaker credit metrics in fiscal 2026, it does not affect the ratings. We expect Shift4 to sustain an FOCF-to-debt ratio above 5% and reduce leverage below 5x by the end of 2027. We also continue to expect credit metrics to strengthen significantly once the preferred stock undergoes its scheduled mandatory conversion on May 1, 2028." The company had authorized $1 billion of share repurchases in November 2025, repurchasing about $600 million so far. S&P said, "However, due to the proximity of Shift4's calculated leverage (3.7x for the 12 months ended March 31, 2026) to its 3.75x public target, we do not anticipate material share repurchases or preferred share buybacks for the remainder of the year. The program expires on Dec. 31, 2026. If Shift4 instead uses excess balance sheet cash for share repurchases, the proposed transaction could be leveraging, and we would view it as a modest credit negative. Additional updates on the share repurchase authorization that supersede the November 2025 plan could also cause us to reassess our current treatment." Decelerating organic growth reflects cyclical pressure and structural shifts. Compared to high-teens percentage average growth in prior years, organic gross revenue less network fees (GRLNF) expansion slowed to 11% in the first quarter of 2026 because of softening same-store sales across Shift4's core small and midsize business merchant base, as well as the Middle East conflict dampening travel demand. While its strategic emphasis on in-person commerce exposes the company to consumer discretionary volatility, it helps mitigate risk of AI disruption. Shift4's deep integration into hospitality, entertainment, and restaurant venues requires physical engagement and complex operational workflow less susceptible to the AI-driven automation threatening other software segments. Given margin compression from expansion into enterprise and international clients, and an already-high penetration in the more mature core U.S. customer base, Shift4 remains dependent on acquisitions to match previous expansion. S&P thinks ongoing large acquisitions continue to add integration risk and execution complexity. However, organic GRLNF growth in the low-teens percentages is still healthy, buoyed by resilient spending from affluent consumers. S&P said, "In addition, we believe there is a significant cross-selling opportunity as the company rolls out its Shift4 One product. This all-in-one offering combines payments, dynamic currency conversion, and tax-free shopping. It is live in seven countries and planned for at least eight more. The most immediate opportunity is cross-selling into recently acquired Global Blue's merchant base and to roll out its broader product suite (restaurants, hotels, and stadiums) in new countries over time. As Shift4 recognizes full contribution and synergies from recent acquisitions and integration costs roll off, we expect EBITDA margins will rise to 41.5% in 2027 from 38.3% in 2026." The stable outlook reflects that despite temporarily elevated leverage, S&P expects the company performance and capital allocation priorities will support leverage dropping below 5x, with FOCF to debt remaining comfortably above 5% during its forecast period. S&P could lower the rating on Shift4 if it believes FOCF to debt will weaken below 5% or that it will sustain leverage above 5x. This could occur if S&P expects: -- The company to adopt a more aggressive financial policy; or -- Operating performance to weaken or merchant attrition rise, and the company cannot sustain growth momentum and profit margins, leading S&P to believe its competitive position has weakened. S&P could raise the rating on Shift4 if: -- S&P expects FOCF to debt will remain above 10% and leverage below 4x, and management's financial policy sustains such leverage; or -- It continues to expand scale, capturing market share, and expanding into new verticals that reduce its exposure to cyclicality while maintaining its profit margin profile. SHIV POOJA: Seeks Court Approval to Hire Robert Bassel as Counsel ----------------------------------------------------------------- Shiv Pooja, Inc., d/b/a Days Inn by Wyndham Whitmore Lake, MI, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Robert Bassel, a professional practicing law in Michigan, as bankruptcy counsel. Mr. Bassel will provide these services: (a) provide the Debtor with legal advice and representation with respect to all legal matters arising in and under the Chapter 11 case; (b) prepare on behalf of the Debtor the necessary applications, motions, orders, notices, and other legal papers required in the case; (c) represent the Debtor in all matters related to the Chapter 11 proceedings and other proceedings as may arise in connection with the case; and (d) perform all other legal services necessary in connection with the administration of the bankruptcy case. Mr. Bassel currently charges an hourly rate of $350.00. The Debtor paid a retainer of $21,738, which covered a $1,738 filing fee and $8,120 in prepetition legal fees, leaving a remaining retainer of $11,880. Compensation is subject to Court approval after notice and hearing. Robert Bassel is a "disinterested person" and does not hold any interest adverse to the Debtor or the estate, and no conflicts of interest, according to court filings. The firm can be reached at: Robert N. Bassel, Esq. Attorneys for Debtor P.O. Box T Clinton, MI 49236 Telephone: (248) 677-1234 E-mail: bbassel@gmail.com About Shiv Pooja, Inc. Shiv Pooja, Inc. is a privately held corporation. While specific details regarding its operations were not disclosed in the bankruptcy petition, the company conducts business through a corporate structure in Michigan. Shiv Pooja, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-46566) on June 8, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Robert N. Bassel, Esq. of Robert Bassel, Attorney At Law. Kimberly Ross Clayson serves as Subchapter V Trustee. SIMPLY INTERIOR: Seeks to Hire Epiq as Claims and Noticing Agent ---------------------------------------------------------------- Simply Interior Homes, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Before the Petition Date, the Debtors provided Epiq a retainer in the amount of $25,000. Alexander Warso, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alexander Warso Epiq Corporate Restructuring LLC 777 3rd Ave., 12th Floor New York, NY 10017 About Simply Interior Homes LLC Simply Interior Homes, LLC operates a home textiles and home décor business that designs, sources and supplies fashion bedding, window treatments, bath products, decorative textiles, and related home furnishings for major retailers. The Debtors were formed in early 2025 in connection with the carve-out of the soft goods business divisions from Keeco, LLC, a portfolio company of Centre Lane Partners, and related affiliates. Simply Interior Homes and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 26-10922) on June 8, 2026. The petitions were signed by Adam Zalev as chief restructuring officer. The Debtors reported $100 million to $500 million in both estimated assets and liabilities. Potter Anderson & Corroon LLP and Goodwin Procter LLP represent the Debtors. The Debtors' financial advisor is Reflect Advisors LLC, their sales agent is Rock Creek Advisors LLC and their claims and noticing agent is Epiq Corporate Restructuring LLC. SKOLEM GROUP: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Skolem Group, LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: Skolem Group, LLC is a single-asset real estate entity that owns and leases a retail shopping center at 9710-9886 Central Ave., Montclair, CA 91763. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11915 Judge: Hon. Scott C Clarkson Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 E-mail: kandrassy@raineslaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ioannis Xilikakis as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IAEKCKY/Skolem_Group_LLC__cacbke-26-11915__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Vierergruppe Management Inc. $72,672 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 Email: jennifer@vgruppemanagement.com Phone: (714) 442-0625 2. Joses Nuevo Landscaping LLC $50,850 3857 Birch Street Suite 209 Newport Beach, CA 92660 3. Lucky Laundry Security $9,974 c/o Chong W Pak, Aeja Pak, Deposit and Gina Pak 9802 Central Ave Montclair, CA 91763 4. Rose Spa Security $6,168 c/o Qiue Zhao Deposit 9734 Central Ave Montclair, CA 91763 5. Smark Key Locksmith $5,133 25211 Sunnymead Blvd Suite C-4 Moreno Valley, CA 92553 Email: smartkeylocksmiths@yahoo.com Phone: (951) 544-2544 6. First Dental Group Security $4,080 Dr Simon Chang Deposit 9804 Central Ave Montclair, CA 91763 Email: ychangdds@gmail.com 7. Medical Office of Dr. Do Security $3,500 Attn: Dr. Khai Do Deposit 9880 Central Ave Montclair, CA 91763 8. Arco Glass Plus Inc $3,300 120 W Holt Blvd Unite #9388 Ontario, CA 91762 9. Rise Above Studios Security $2,000 c/o Aimee O'Neill and Deposit Christopher Garcia 9746 Central Ave Montclair, CA 91763 10. Burrtec Waste $1,911 Industries, Inc (270) P.O. Box 515136 Los Angeles, CA 90051 11. Kuri Services LLC $1,764 14817 Janine Dr Whittier, CA 90605 12. Dominion Disposal $1,710 1536 E Pinewood Ave Anaheim, CA 92805 Email: dominiondisposal@mail.com Phone: (714) 402-0274 13. The Beauty Spot by Liz LLC Security $1,203 c/o Lisette Espinoza Deposit 9732 Central Ave Montclair, CA 91763 Email: lisetteespinoza96@gmail.com 14. F.J. Kaile Security $1,000 dba Kaile Barber Shop Deposit 9818 Central Ave Montclair, CA 91763 15. Hazzard Backflow Inc $955 558-1 Birch Street Lake Elsinore, CA 92530 Email: hazzardbackflow@yahoo.com Phone: (951) 445-0809 16. VSS Electric, Inc. $760 1890 Trotter Trail Norco, CA 92860 Email: brad@vsselectric.com Phone: (951) 279-9048 17. City of Montclair $738 PO Box 2308 Montclair, CA 91763 18. Trend Systems Group $390 2126 S Standard Avenue Santa Ana, CA 92707 Email: joshua.cota@trendsystems.net Phone: (714) 936-6545 19. AV Deshawn Grounds $30 SKY QUARRY: Enters Production Phase at Nevada Refinery ------------------------------------------------------ Sky Quarry Inc. said it is entering the production phase at its Eagle Springs Refinery, with operations expected to begin in July 2026. The company said repairs at the refinery are complete and preparation work is in its final stages, according to a press release furnished as an exhibit to a Form 8-K filed with the SEC. The Nevada refinery, operated by wholly owned Foreland Refining Corp., has about 10,000 barrels of crude oil and in-process inventory on site, the company said. Sky Quarry also said the refinery has more than 100,000 barrels of total storage capacity, which it expects to provide operational flexibility as production begins. About Sky Quarry Inc. Sky Quarry Inc. operates the Eagle Springs Refinery, a regional refinery that produces diesel, vacuum gas oil, naphtha and liquid paving asphalt from crude oil suppliers near Nevada and Utah. The company also has a development-stage P.R. Springs division focused on recycling waste asphalt shingles and remediating oil-saturated sands and soils. Its ECOSolv process uses a proprietary solvent in a closed-loop distillation and evaporation circuit to separate oil from oily sands and other oil-bearing solids. The company's principal executive office is in Woods Cross, Utah. In an audit report dated March 31, 2026, Tanner LLP included a going concern paragraph stating that the Company has incurred substantial losses, with negative cash flows from operations, and has a retained deficit of approximately $36.17 million as of Dec. 31, 2025. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, the company reported total assets of $19.31 million, total liabilities of $17.31 million and stockholders' equity of $2 million. SLEEP NUMBER: Court OKs Interim DIP Loan From U.S. Bank ------------------------------------------------------- Sleep Number Corporation and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral and obtain post-petition financing to get through bankruptcy. This financing is deemed critical to providing the necessary working capital, liquidity, and operational funding required to sustain business operations, pay administrative expenses, and execute the asset sale process during the bankruptcy proceedings. The primary objective of the Chapter 11 filing is to facilitate a sale of substantially all of the Debtors' assets with the support of their prepetition lenders. The DIP Facility, agented by U.S. Bank National Association, provides up to $260 million in total financing, fully funded by 100% of the prepetition secured parties. This facility is structured into two main components: $65 million in "New Money" DIP Loans and up to $195 million in Roll-Up Loans. The New Money portion includes up to $50 million in delayed-draw interim loans available upon entry of the Interim Order, with the remaining balance accessible following the Final Order. Both the DIP loans and roll-up loans carry an interest rate of SOFR plus 8.00% and have a scheduled maturity date set for three months after the effective date, roughly targeting September 2026, unless accelerated by a confirmed reorganization plan, case dismissal, or chapter 7 conversion. In exchange for the financing, the Debtors offer granting valid, enforceable, and automatically perfected superpriority liens and administrative expense claims to the DIP Secured Parties. These claims and liens will be senior to all other estate claims, subject and subordinate only to a designated Carve-Out for professional fees. Additionally, the Debtors offer adequate protection to prepetition secured parties for any diminution in value of their collateral, authorizing the payment of reasonable out-of-pocket professional fees and expenses incurred by their legal counsel. The DIP facility outlines significant financial transactions and performance milestones, including an upfront fee of $5.2 million and a matching $5.2 million exit fee, alongside specific default triggers if a final order is not entered within 30 days of the petition date. The court scheduled a final hearing for July 9 and set a July 2 deadline for filing objections. The interim DIP order is available at https://is.gd/9APFy5 from PacerMonitor.com. U.S. Bank, as DIP agent, is represented by: James H. Millar, Esq. Nicholas A. Argentieri, Esq. Faegre Drinker Biddle & Reath LLP 1177 Avenue of the Americas, 43rd Floor New York, NY 10036 Telephone: (212) 248-3140 Facsimile: (212) 248-3141 james.millar@faegredrinker.com nick.argentieri@faegredrinker.com About Sleep Number Corp. Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in personalized sleep wellness. Its mattresses are designed to evolve with each sleeper to help them feel and perform their best. With adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress, Sleep Number beds adapt to customers' changing needs, night after night, year after year. Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, citing that the impending maturity of the Company's credit facility, projections of noncompliance with future debt covenants, and lack of liquidity raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $680.06 million in total assets, $1.26 billion in total liabilities, and $578.48 million in total shareholders' deficit. SLEEP NUMBER: Nasdaq to Delist Common Stock Over Chapter 11 Filing ------------------------------------------------------------------ Sleep Number Corporation announced in a regulatory filing that the Company received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that, pursuant to Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined to delist the Company's common stock from Nasdaq. Nasdaq's determination was based on the filing of the Chapter 11 Cases and associated public interest concerns raised thereby, concerns regarding the residual equity interest of common stockholders and concerns about the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq. Trading on Nasdaq of the Company's common stock was suspended on June 23, 2026. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to remove the Company's common stock from Nasdaq. The Company does not intend to appeal Nasdaq's determination. The Company does not expect the delisting to affect business operations or the Chapter 11 Cases. After suspension from trading, the Company's common stock may be quoted on over-the-counter markets, although the Company does not provide any assurance regarding whether the common stock will trade on such markets, whether broker-dealers will provide quotes for the common stock or whether an efficient market for the common stock will develop. About Sleep Number Corp. Sleep Number Corporation, formerly Select Comfort Corporation, is a Minneapolis, Minnesota-based company founded in 1987. The company offers mattresses and bases, including smart mattresses with adjustable firmness, digital sensing, automatic comfort adjustments, and temperature-control features. Sleep Number uses a direct-to-consumer distribution model through Sleep Number stores and online retail touchpoints, and provides home delivery and professional set-up services. The company operates 572 stores in 50 U.S. states and employs approximately 2,920 employees. Sleep Number Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12, 2026. In its petition, the Debtor reports total assets of approximately $642.32 million and total debts of approximately $1.28 billion as of April 30, 2026. The Honorable Bankruptcy Judge Kyu Young Paek handles the case. Davis Polk & Wardwell LLP is serving as Sleep Number's legal advisor in the restructuring. The company also retained Guggenheim Securities, LLC as investment banker, A&G Real Estate Partners as real estate advisors, and Kroll Restructuring Administration LLC as claims, noticing, solicitation, and administrative agent. SMARTBIRD INC: Names Carlsten CEO, Expands Financing ---------------------------------------------------- Smartbird, Inc. appointed Nadia Carlsten president and chief executive officer and increased the potential size of a convertible note financing to $100 million, according to a Form 8-K filing. Carlsten, whose appointment as president, CEO, secretary and a director is effective June 18, will serve as a Class I director and stand for reelection at the 2028 annual meeting. She replaces Joe Vernachio, who tendered his resignation as president, CEO, secretary and director, with final service on June 19. The company said Vernachio's resignation from the board was not due to any disagreement. The board also appointed Lily Yan Hughes as chairperson. Under Carlsten's offer letter, she will receive a $700,000 annual base salary and a target annual performance bonus equal to 100% of base salary. The company granted her 1,532,379 restricted stock units as an inducement award, with 255,397 shares vesting initially and the rest vesting in 16 equal quarterly installments. Separately, the company and an investor amended an existing purchase agreement to increase the amount of senior secured convertible notes that may be issued and sold by $50 million, for an aggregate original principal amount of up to $100 million. For the increased amount, the conversion price was set at $4.00. Smartbird also filed a certificate of amendment June 15 changing its name from Allbirds, Inc. and removing references to its status as a public benefit corporation. The board amended the bylaws June 12 to reflect the name change, remove public-benefit references and lower the meeting quorum requirement to one-third of voting power from a majority. About Smartbird Inc. Smartbird, Inc., formerly Allbirds, Inc., is a global lifestyle brand that innovates with naturally derived materials to make footwear and apparel products. The company generated revenue primarily through a digitally led direct retail strategy, including e-commerce and selected third-party distributors and retailers. The company used technology, data infrastructure and third-party partners to support marketing, customer relationships, inventory planning and logistics. In an audit report dated March 30, 2026, Deloitte & Touche LLP included a going concern qualification, stating that the company had recurring net losses and negative cash flows. The conditions 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 $84.73 million, total liabilities of $68.45 million and total stockholders' equity of $16.28 million. SOCAL CAYOTES: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: The SoCal Coyotes, Inc. 67628 Laguna Drive Cathedral City, CA 92234 Business Description: The SoCal Coyotes is a non-profit, faith- based pro football ministry that operates developmental football, leadership, community service, and youth development programs. The organization administers leadership curriculum and provides at- risk youth guidance, leadership symposiums, coaching clinics, intramural football, mentoring programs, and support programs for single fathers and father figures. It serves aspiring football athletes, youth, young men, community organizations, and schools in Coachella Valley communities. Chapter 11 Petition Date: June 21, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14993 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Summer Shaw, Esq. SHAW & HANOVER, PC 44-901 Village Court, Suite B Palm Desert, CA 92260 Tel: (760) 610-0000 Fax: (760) 687-2800 E-mail: ss@shaw.law Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph David Miller as CEO. The Debtor listed Desert Princess HOA, Admin Office, located at 28211 Desert Princess Drive, Cathedral City, CA 92234, as its sole unsecured creditor, with a $495 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VNS6MAQ/The_SoCal_Coyotes_Inc__cacbke-26-14993__0001.0.pdf?mcid=tGE4TAMA SOUND INPATIENT: Moody's Ups CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded Sound Inpatient Physicians, Inc.'s ("Sound") corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD. Moody's also assigned a B3 rating to the company's proposed $960 million backed senior secured term loan B due in 2031 and proposed $100 million backed senior secured revolving credit facility expiring in 2031. Moody's revised the outlook to stable from positive. The proposed facilities will be used to refinance existing debt. Upon completion of the refinancing, the company's existing senior secured ratings will be withdrawn. The ratings upgrade reflects the company's improved liquidity due to the proposed revolving credit facility, simplified capital structure and improved credit metrics driven by EBITDA growth from the company's entry into the Medicare Accountable Care Organization (ACO) program as well as improved performance of company's core acute care business. Governance considerations are material to the rating action. The refinancing transaction, which extends the company's maturity profile and simplifies its capital structure, combined with improved operating performance, reflects strengthened financial policy and enhanced risk management. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Sound's B3 corporate family rating is constrained by the company's moderately high financial leverage and high level of business concentration in hospital medicine as well as challenged operating environment in its core acute care /outsourced physician services segment. Moody's expects Sound's leverage to remain elevated, with debt/EBITDA in the 5x to 6x range over the next 12 to 18 months. While reported leverage for the last twelve months ended March 31, 2026 was approximately 4.7x, normalized leverage is higher at 5.7x due to the timing of ACO revenue recognition in 2025. The ratings benefit from the company's leading position as a provider of outsourced hospitalist physician services, as well as other hospital-based physician specialties. The company renewed its focus on value-based care programs, with successful entry into Medicare Accountable Care Organization program. The ratings are further supported by the fact that Sound is partially owned by Optum Health. Sound's liquidity is good pro forma for the transaction. Liquidity is primarily supported by a $80 million cash balance pro forma the transaction as well as the proposed $100 million revolving credit facility. Moody's expects that Sound's free cash flow in the next 12 18 months will be close to neutral. The stable outlook reflects Moody's expectations that growth in normalized EBITDA and free cash flow will moderate. While Moody's anticipates that the ACO program will continue growing, the core acute care business remains subject to operating pressures, including reimbursement challenges and volume volatility. Moody's expects leverage to remain in the 5x to 6x range over the next 12 months. The proposed senior secured facilities are rated B3, the same as the corporate family rating as these instruments represent the preponderance of debt in the capital structure. These instruments benefit from a first lien security interest in substantially all of the assets of the company. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity is available up to the greater of 100% of Closing Date EBITDA ($293 million) and 100% of trailing twelve month EBITDA, plus unlimited additional amounts subject to compliance with a first lien net leverage ratio test set at or below 3.75x (or no worse than the most recently tested level). An inside maturity basket permits incremental pari passu debt up to the greater of $150 million and 50% of trailing twelve-month EBITDA. The credit agreement permits the designation of unrestricted subsidiaries. There is a "blocker" provisions prohibiting the transfer of material intellectual property to unrestricted subsidiaries, subject to the investment and restricted payment limitations in the agreement. . The credit agreement provides some limitations on up-tiering transactions for amendments that contractually subordinate the debt and/or liens unless such lenders can ratably participate in such priming debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's performance significantly deteriorates, margins decline, or the company's liquidity weakens. The ratings could be upgraded if operating performance and profitability continue to improve, free cash flow turns sustainably positive and Sound continues to maintain good liquidity. Quantitatively, if debt to EBITDA is expected to be sustained below 5x, the ratings could be upgraded. Sound Inpatient Physicians, Inc., is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly-owned subsidiaries and affiliated companies. Sound's principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. Revenues for LTM 3/31/26 were approximately $2 billion. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Sound's B3 CFR is two notches below the B1 scorecard-indicated outcome for twelve months ended March 31, 2026. The difference reflects Moody's views that while reported leverage for the last twelve months ended March 31, 2026 was approximately 4.7x, normalized leverage is higher due to timing of ACO revenue recognition. The rating also reflects Moody's concerns regarding the long-term sustainability of contribution margins in the ACO segment, as well as ongoing pressure and execution risks within the core acute care business. SPOKE MEDIA: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Spoke Media, Inc. 220 E. Las Colinas Blvd. Irving, TX 75039 Business Description: Spoke Media is a Dallas, Texas-based media production company founded in 2016. The company provides creative development, content production, and post-production services, with work across podcasts, stage, TV, and film. Its listed specialties include audiobooks, podcasts, audio publications, and podcast advertising. Chapter 11 Petition Date: June 24, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42755 Judge: Hon. Mark X Mullin Debtor's Counsel: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston, TX 77004 E-mail: stran@ts-llp.com Total Assets: $179,919 Total Liabilities: $2,485,052 The petition was signed by George Laughlin as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R3XRXKQ/Spoke_Media_Inc__txnbke-26-42755__0001.0.pdf?mcid=tGE4TAMA SUPRA NATIONAL: Seeks to Tap Colliers Tingey as Real Estate Broker ------------------------------------------------------------------ Supra National Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Colliers Tingey International, Inc. as real estate broker. The firm will render these services: (a) order, analyze, and prepare all documentation necessary to list and advertise the Shafter Property for sale; (b) list the Shafter Property on with listing services such as LoopNet, CoStar, and/or Crexi and as otherwise appropriate; (c) show the Shafter Property as necessary; (d) respond to potential lessor/purchaser inquiries; (e) solicit reasonable offers of lessors/purchasers; (f) convey all lease and/or purchase offers to the Debtor and its counsel; (g) subject to the Debtor's approval, to negotiate, and confirm the acceptance of the best lease and/or purchase offer, subject to overbid and approval of this Court; (h) cause to be prepared and submitted to escrow on behalf of the Debtor any and all documents necessary to consummate a lease or sale of the Shafter Property (or particular Parcels thereof); and (i) perform any other services which may be appropriate in Colliers' representation of the Debtor in connection with the marketing and lease or sale of the Shafter Property (or particular Parcels thereof). The firm will be compensated as at these fees: (a) Sale Transaction of 6 percent of the total purchase price; (b) Lease Transaction of 50 percent payable upon the execution of the lease by both parties and 50 percent upon commencement of the lease. Oscar Baltazar, senior vice president at Colliers Tingey International, 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: Oscar Baltazar Colliers Tingey International, Inc. 10000 Stockdale Hwy., Suite 102 Bakerfield, CA 93311 Telephone: (661) 631—3800 Facsimile: (661) 631-3829 About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP. TAYLOR CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Taylor Construction and Remodeling LLC d/b/a Taylor Construction 5400 W. Farmington Road Peoria, IL 61604 Business Description: Taylor Construction & Remodeling is a residential construction and remodeling contractor based in Peoria, Illinois. The company provides new home construction, home repairs, renovations, additions, conversions, exterior remodeling, flooring installation, roofing, siding, custom trim work, and related residential improvement services. It serves homeowners in Central Illinois. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Central District of Illinois Case No.: 26-80528 Judge: Hon. Peter W Henderson Debtor's Counsel: Sumner A. Bourne, Esq. RAFOOL & BOURNE, P.C. 401 Main Street, Suite 1130 Peoria, IL 61602 Tel: (309) 673-5535 Fax: (309) 673-5537 E-mail: notices@rafoolbourne.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jedidiah J. Taylor as manager/bankruptcy 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/KZR5I6I/Taylor_Construction_and_Remodeling__ilcbke-26-80528__0001.0.pdf?mcid=tGE4TAMA TEANECK SURGICAL: Seeks to Hire Duane Morris as Bankruptcy Counsel ------------------------------------------------------------------ Teaneck Surgical Center, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Duane Morris LLP as counsel. The firm will render these services: (a) represent the Debtor in its pending Chapter 11 case; (b) research preparation and draft pleadings and other legal documents; (c) hear preparation and related work; and (d) negotiate and advise the Debtor with respect to its Chapter 11 case. The firm will be paid at these hourly rates: Morris Bauer, Attorney $1,100 Drew McGehrin, Attorney $915 Partners $900 - $1,200 Associates $580 - $800 Paralegals $200 - $400 The firm received a retainer of $50,000 from the Debtor on April 8, 2026. The firm received a supplement to the retainer in the amount of $10,000 on May 4, 2026. Mr. Bauer 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: Morris S. Bauer, Esq. Duane Morris LLP 200 Campus Drive, Suite 300 Florham Park, NJ 07932 Telephone: (973) 424-2037 Facsimile: (973) 556-1380 Email: MSBauer@duanemorris.com About Teaneck Surgical Center LLC Teaneck Surgical Center LLC is a five-member limited liability company formed under the laws of the state of New Jersey and is managed by two physician managers. Teaneck Surgical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16013) on May 28, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Morris S. Bauer, Esq., at Duane Morris, LLP represents the Debtor as legal counsel. TEGETHOFF DEVELOPMENT: Solera, et al. Case Stayed Due to Bankruptcy ------------------------------------------------------------------- Magistrate Judge John M. Bodenhausen of the U.S. District Court for the Eastern District of Missouri denied without prejudice the motion of Jeffrey J. Tegethoff, et al. to dismiss the case captioned as SOLERA MULTIFAMILY, LLC and HICKORY INVESTORS, LLC, Plaintiffs, vs. JEFFREY J. TEGETHOFF, AET 2021 IRREVOCABLE TRUST, MONO SUERTE TRUST, TEGETHOFF DEVELOPMENT, LLC, and TEGETHOFF DEVELOPMENT CO, LLC, Defendant, Case No. 25-cv-01877-JMB (E.D. Mo.) with leave to refile. This matter is stayed as to Defendants Tegethoff Development, LLC and Tegethoff Development Co, LLC only. Plaintiffs' motion to amend is granted. In a Complaint filed on December 26, 2025, Plaintiffs allege claims related to a 2022 real estate development project in St. Peters, Missouri named Old Hickory Village. In general, Plaintiffs allege that they invested almost $3 million in the project but that Defendants used the funds for purposes other than the development of Old Hickory Village. As a result, contractors working on the project were not timely paid and the project itself was delayed. In addition, other investors were required to make additional capital contributions which decreased and diluted Plaintiffs' shares in the project. Plaintiffs further allege that Defendants concealed their fraud and have failed to provide information about the project. And, finally, Plaintiffs state that Defendants failed to disclose a judgment against them in the Marion County, Indiana Commercial Court which should have been disclosed according to the parties' agreements. Plaintiffs allege state law claims of breach of contract (Count I), breach of fiduciary duty (Count II), fraud in the inducement (Count III), securities fraud (Count V), theft/conversion (Count VI), unjust enrichment (Counts VII - IX), and request declaratory relief (Count X). Plaintiffs further assert a federal claim, securities fraud in violation of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Sec. 78j(b), and related regulations (Count IV). For its motion to dismiss, Defendants argue that Plaintiffs failed to allege fraud with particularity as to Counts III-V. Defendants further argue that Count IV is not pled with sufficient particularity as required by federal law. As to Counts II and VI-IX, Defendants argue that Plaintiffs have not met the requirements of filing a derivative claim and that they lack standing to sue. In addition, Defendants argue that Counts VII and VIII fail to state a claim. Finally, Defendants argue that Plaintiffs cannot seek a declaratory judgment because there is no justiciable case or controversy. Plaintiffs did not respond to the arguments made in the motion to dismiss. Instead, they seek to file a second amended complaint that, they state, would “moot” Defendants arguments and that drops Count IV, the federal securities fraud claim. Defendants' main argument (in response to the motion to amend) is that Plaintiffs should not be allowed to amend and drop their federal claim because they are simply trying to skirt federal law that limits discovery. On June 4, 2026, Defendants Tegethoff Development Co, LLC and Tegethoff Development, LLC, filed a suggestion of bankruptcy indicating they have filed for relief pursuant to Chapter 11 of the Bankruptcy Code. Accordingly, they note that this matter must be stayed as to the claims against them. According to the Court, in light of the suggestion of bankruptcy and the seeming interconnectedness between Plaintiffs' claims against bankrupt and non-bankrupt Defendants, the best course of action is to allow the amended pleading and allowing Defendants to refile their motion to dismiss as to the non-bankrupt Defendants. If Defendants refile their motion, Plaintiff's would be well served by filing a response that would especially address the standing arguments that Defendants make. Defendants' are granted leave to file a motion to stay discovery by July 3, 2026. Discovery is stayed until any such motion has been resolved. A copy of the Court's Memorandum and Order dated June 17, 2026, is available at https://urlcurt.com/u?l=J7RN2s About Tegethoff Development LLC Tegethoff Development is a Midwest-based real estate development company specializing in luxury multifamily, mixed-use, hospitality, and destination developments. Founded and led by Jeff Tegethoff, the company focuses on creating large-scale lifestyle communities and long-term investment properties across Missouri and other Midwestern markets. Tegethoff Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 26-42401) on June 1, 2026. In its petition, the Debtor reports timated assets of between $50 million and $100 million, while liabilities are reported in the range of $500 million to $1 billion. The Debtor is represented by Carmody MacDonald P.C. TOPPER CORP: Taps Jamie E. Santiago as Financial Consultant ----------------------------------------------------------- Topper Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jamie Santiago, CPA, a professional practicing in Puerto Rico, as financial consultant. The Debtor needs a financial consultant to assist its management in the financial restructuring of its affairs by providing advice in strategic planning and the preparation of its Monthly Operating Reports. Mr. Santiago will be paid at $100 per hour, plus expenses. Mr. Santiago disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jamie E. Santiago, CPA P.O. Box 1536 Trujillo Alto, PR 00977 Telephone: (787) 460-0877 About Topper Corporation Topper Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01815) on April 23, 2026, with $100,001 to $500,000 in both assets and liabilities. Jesus Enrique Batista Sanchez, Esq., at The Batista Law Group, Psc represents the Debtor as counsel. TRANSALTA CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings affirmed TransAlta Corporation's (TransAlta or TA) Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and the Ba1 senior unsecured rating. TransAlta's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The rating outlook remains stable. RATINGS RATIONALE The affirmation of TransAlta's ratings reflects the strong contracted power generation portfolio and geographic diversity of its assets across Alberta, Ontario, western United States and Australia. With approximately 9,611 MW of owned power generation capacity including recently announced acquisitions, TA operates as a midsized independent power producer with moderate leverage. The company's contracted assets, which include gas-fired units, cogeneration facilities, and wind farms, typically generate stable, high-quality cash flows under long-term power purchase agreements (PPAs). About 2,300 MW of the company's owned generation assets are encumbered with non-recourse project debt, and as such a significant portion of its consolidated cash flow is allocated to service underlying project company debt, creating structural subordination for TransAlta's debt holders. The ratings consider the company's strategic initiatives to further diversify its asset base across its North American footprint with recent investments in the western US including the company's consideration of final investment decision to convert the Centralia coal fueled power plant in Washington State to natural gas and the announced acquisition of two peaking facilities in Colorado with long term tolling agreements with strong counterparties which will further derisk TA's business profile. While TA's business profile reflects contracted revenues for nearly half of its generation capacity, about 30% to 40% of its cash flow remains exposed to Alberta's merchant power market. The Alberta power prices have weakened considerably in recent years which has adversely impacted the company's cash flows and credit metrics during 2024-25. The company's consolidated credit metrics will weaken further in 2026 due to prevailing low power prices in Alberta and higher consolidated leverage due to the assumption of sizable non-recourse project level debt associated with the Colorado peaker acquisition. Going forward, Moody's expects TA's credit profile to benefit from structural market reforms impacting Alberta Electric System Operator (AESO) and recent legislation in Alberta that provide incentives for large loads such as data centers to enter the market. TA has entered into a memorandum of understanding with strong counterparties to initially provide up to 230 MW of long term contracted capacity, and longer term up to 1 GW of contracted capacity for data centers. Moody's anticipates that TA's credit metrics will improve in the medium term and remain between 14% and 17% and improve further in the longer term benefitting from an increase in contracted cash flows and improving market prices in Alberta based on recent reforms and legislative initiatives that could spur large load demand. TransAlta's SGL-1 short-term liquidity rating indicates Moody's expectations that the company will have strong liquidity through the next 12 to 18 months. OUTLOOK The stable outlook reflects TransAlta's stable cash flow from its contracted generation, and debt levels. The stable outlook considers recent structural market reforms in Alberta, recent legislation that enables large loads that could stabilize and improve power prices in Alberta, TA's contract with data center loads, and initiatives by the company to further diversify the business with recent investments in the western US. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade -- The continued improvement in the company's business risk profile through an increase in its proportion of contracted cash flow, market diversification initiatives and improving market fundamentals in Alberta in combination with a sustained proportionally consolidated ratio of FFO to debt above 17% could lead to an upgrade. Factors that Could Lead to a Downgrade -- Negative rating pressure could occur should Alberta power prices remain depressed adversely impacting the Company's cash flows. -- TransAlta's FFO to debt ratio on proportionally consolidated basis remains below 14% over a sustained period. LIST OF AFFECTED RATINGS Issuer: TransAlta Corporation Affirmations: LT Corporate Family Rating, Affirmed Ba1 Probability of Default Rating, Affirmed Ba1-PD Senior Unsecured, Affirmed Ba1 Outlook Actions: Outlook, Remains Stable PROFILE TransAlta Corporation is a publicly-traded independent power producer headquartered in Calgary, Alberta. As of June 2026, the company had a power generation portfolio consisting of hydro, thermal (coal, gas) and renewables (solar, wind, battery) with net ownership interest in approximately 9,611 MW of installed capacity as of 2026 and located primarily in Alberta and Ontario Canada, western United Stated and Australia. TransAlta owns 50.01% of TA Cogen. TA Cogen's project portfolio includes three contracted natural-gas-fired facilities (Ottawa, Windsor, and Fort Saskatchewan), and one uncontracted converted gas plant (Sheerness). The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TRICOLOR AUTO: Ex-COO David Goodgame Pleads Guilty in Fraud Case ---------------------------------------------------------------- Bob Van Voris and Chris Dolmetsch of Bloomberg News report that David Goodgame, the former chief operating officer of Tricolor Holdings, has pleaded guilty to fraud charges arising from the downfall of the auto retailer and lender. Appearing before a federal judge in New York, Goodgame admitted that he was aware the company was misleading banks and participating in a scheme that defrauded lenders that provided financing to the business. The guilty plea marks a significant development in the government's case against Tricolor founder Daniel Chu, who remains accused of directing a systemic fraud involving the company's lending operations. Authorities allege that Tricolor provided inaccurate information to financial institutions in order to obtain and maintain funding, the report states. Goodgame has agreed to cooperate with investigators and prosecutors as part of the plea deal. His testimony could play a key role in future proceedings against Chu, while also positioning him to seek a more favorable sentence based on his assistance to the government, according to Law360. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TUCK-N-RED'S SPIRITS: Shuts Down With No Bankruptcy Filing ---------------------------------------------------------- Kirk O'Neil of The Street reports that the popular Yellow Springs craft distillery and winery, Tuck-N-Red’s, closed its operations on June 17, 2026 ending production and shutting down its tasting room after roughly five years in business. The closure was announced in a Facebook post that quickly drew attention from customers and the local community. In its statement, the company reflected on its history, saying it "had a blast over the last 6 years" but was now moving on, adding that it was no longer "a good fit" in Yellow Springs. No announcement has been made on whether the business intends to reopen in a new location, liquidate its holdings, or enter bankruptcy. Following the announcement, more than 100 Facebook comments appeared within a few days, with many patrons expressing sadness and sharing memories of their experiences at the distillery. The reaction underscored the venue's role as a local gathering place, the report states. Tuck-N-Red's began operations in 2021, producing flavored moonshine, traditional spirits, and fruit and floral wines using family-based recipes and simple natural ingredients. Its products were sold through Ohio retailers and online channels prior to the shutdown, according to The Street. About Tuck-N-Red's Spirits & Wine Tuck-N-Red's Spirits & Wine is a craft distillery and winery based in Yellow Springs. Founded by longtime friends Tucker Thompson, Charles "Red" Harrell, and John Mick, the company produces small-batch spirits, moonshine, and mountain wines using family recipes and traditional distillation methods. The business operates a tasting room and event venue at the Millworks complex in Yellow Springs. UNION FLATIRON: Seeks to Tap BJC Advisors as Restructuring Advisor ------------------------------------------------------------------ Union Flatiron LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to employ BJC Advisors LLC as restructuring advisor. The firm will render these services: (a) management and decision-making authority; (b) authority over cash management and cash disbursements, implementation and execution regarding personnel matters, asset dispositions, and resolution of disputes with third party creditors; (c) coordinate and manage restructuring activities; (d) assist with the preparation of the financial reporting required during a Chapter 11; (e) provide testimony, as required; and (f) provide other consulting services as requested. The firm will be paid at an hourly rate between $350 - $750. The firm will receive a retainer of $40,000 from the Debtor. Howard Konicov, a member at BJC Capital Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Howard Konicov BJC Capital Advisors, LLC 7 Proctor Street Manchester, MA 01944 Telephone: (617) 223-1640 About Union Flatiron LLC Union Flatiron LLC is a real estate and investment holding company engaged in property-related development and management activities. Union Flatiron LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wy. Case No. 26-20222) on May 14, 2026. In its petition, the Debtor reports estimated assets between $1,000,001 and $10,000,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor tapped Wadsworth Garber Warner Conrardy PC as counsel and BJC Capital Advisors, LLC as restructuring advisor. UPWARD AG SYSTEMS: Donald Swanson Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 13 appointed Donald Swanson of Koley Jessen P.C., LL.O. as Subchapter V trustee for Upward Ag Systems, LLC. Mr. Swanson will be paid an hourly fee of $490 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Swanson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Donald L. Swanson Koley Jessen P.C., LL.O. 1125 S. 103rd St., Suite 800 Omaha, NE 68124 Phone: 402-343-3726 Email: don.swanson@koleyjessen.com About Upward Ag Systems LLC Upward Ag Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-40665) on June 16, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. James C. Bocott, Esq. at The Law Office of James C. Bocott represents the Debtor as bankruptcy counsel. URBAN ONE: Registers 2M Combined Shares Under 2026 Incentive Plan ----------------------------------------------------------------- Urban One, Inc., pursuant to General Instruction E of Form S-8 has filed a Registration Statement with the Securities and Exchange Commission to register: (i) 1,000,000 shares of Class A Common Stock, par value $0.001 per share and (ii) 1,000,000 shares of Class D Common Stock, par value $0.001 per share under the Company's 2026 Equity and Performance Incentive Plan. A full text copy of the Registration Statement is available at https://tinyurl.com/5assvx8p About Urban One Urban One, Inc. operates in the media industry, focusing on content production and distribution across broadcast, digital and other platforms that serve diverse audiences. As of March 31, 2026, the Company had $573.40 million in total assets and $550.40 million in total liabilities, and total stockholders' equity of $23 million. * * * In June 2026, S&P Global Ratings raised its issuer credit rating on Urban One to 'CCC+' from 'SD' (selective default). S&P also raised the issue-level rating on the company's second lien notes to 'CCC+' from 'D'. Given the lower amount of second-lien notes now outstanding, S&P revised the recovery rating to '4' from '5'. The negative outlook reflects the ongoing headwinds Urban One faces from secular and cyclical pressures as well as the potential for us to lower the rating if S&P envisions a default in the next 12 months. Still, S&P expects the company will have sufficient liquidity--supported by its cash and the availability under its asset-based lending (ABL) credit facility--to meet its operating and fixed-charge obligations over the next 12 months. VALYRIAN MACHINE: Court Extends Cash Collateral Access to July 14 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, entered a stipulated order authorizing Valyrian Machine, LLC's continued access to cash collateral through July 14. The stipulated order resolves the motion filed by the Debtor to temporarily enjoin ChoiceOne Bank from seizing its personal property pending the July 14 hearing on confirmation of its Subchapter V reorganization plan. ChoiceOne Bank previously filed a declaration of default under the court's prior order that granted the Debtor final approval to use cash collateral. Under the stipulated order, the Debtor is authorized to use cash collateral through the confirmation hearing to pay up to $20,991 per week in operating expenses, subject to the availability of cash on hand and collections from accounts receivable. The authorized operating expenses include employee wages, payroll taxes, workers' compensation, health insurance, retirement contributions, utilities, business and property insurance, key-man insurance, employee accidental death and health insurance, office expenses, and bank and merchant fees. ChoiceOne is not required to advance funds, and the Debtor may use only cash collateral derived from funds on hand or collected accounts receivable. The Debtor is also authorized to use up to $3,000 per week in cash collateral to purchase materials and supplies, without ChoiceOne's prior approval, provided the funds are used solely to complete jobs and purchase orders under contracts existing as of June 16. The order preserves all of ChoiceOne's other legal rights and remedies, including rights arising from the prior termination of the automatic stay and its ability to pursue possession of collateral under applicable law. Previously granted adequate protection remains in effect, but the court made no determination as to whether ChoiceOne is adequately protected. The order is available at https://is.gd/ywhSfT from PacerMonitor.com. About Valyrian Machine LLC Valyrian Machine, LLC manufactures high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. Valyrian Machine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In the petition signed by Kris J. Surcek, sole member, the Debtor disclosed up to $1 million in assets and $10 million in liabilities. Judge Paul R. Hage oversees the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by Sandra S. Hamilton, Esq. at Clark Hill, PLC. VENETIAN CARE: Seeks to Hire KCP Advisory as Financial Advisor -------------------------------------------------------------- Venetian Care & Rehabilitation Center, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ KCP Advisory Group LLC as financial advisor. The firm will provide Jacen Dinoff as chief wind-down officer (CWO) and certain additional personnel to the Debtors. The CWO and additional personnel will provide these services: (a) ongoing cash management operations, such as reconciliation, controlling and managing cash; (b) review, analyze and negotiate settlements with, vendors and other creditors, and other work as necessary; (c) file, compliance, and administer the Chapter 11 cases; (d) confirm and consummate plan of reorganization in the Chapter 11 cases; (e) establish a deadline for the filing of proofs of claims in the Chapter 11 cases and a process for evaluating and resolving claims; (f) prepare and support any legal actions to be undertaken by the Debtors; and (g) accomplish the Debtors' overall goals of promptly and efficiently confirming and consummating their plan of reorganization in the Chapter 11 cases. The firm will be paid at these hourly rates: Jacen Dinoff $650 Other Personnel $175 - $625 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, KCP received a $150,000 retainer. Mr. Dinoff 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: Jacen A. Dinoff KCP Advisory Group LLC 700 Technology Park Drive, Suite 212 Billerica, MA 01821 About Venetian Care & Rehabilitation Center The Venetian Care & Rehabilitation Center, LLC provides post-acute care, skilled nursing, and rehabilitation services in South Amboy, New Jersey. The center offers subacute care, therapy services, orthopedic rehabilitation, cardiac and pulmonary care, wound care, memory and dementia care, stroke recovery, diabetic and bariatric care, IV therapy, pain management, nutritional services, hospice and palliative care, respite care, and therapeutic recreation. It serves greater Middlesex County and supports individuals recovering from joint replacement, cardiac, pulmonary, neurological, and other acute medical conditions. The Venetian Care & Rehabilitation Center and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-14510) on April 23, 2026. In its petition, Venetian Care & Rehabilitation Center disclosed up to $10 million in both assets and liabilities. Judge Vincent F. Papalia oversees the case. The Debtors tapped Emmet, Marvin & Martin, LLP as counsel and KCP Advisory Group LLC as financial advisor. VENETIAN CARE: Seeks to Tap Emmet Marvin & Martin as Counsel ------------------------------------------------------------ Venetian Care & Rehabilitation Center, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Emmet, Marvin & Martin, LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of these Chapter 11 cases; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority to obtain post-petition; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (j) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The firm will be paid at these hourly rates: Thomas Pitta, Partner $1,300 Michelle Kraidman, Attorney $700 Partners $805 - $1,300 Counsel $835 - $975 Associates $500 - $665 Paraprofessionals $220 - $465 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $300,000 from the Debtor. Mr. Pitta disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Pitta, Esq. Emmet, Marvin & Martin, LLP 120 Broadway New York, NY 10271 Telephone: (212) 238-3148 Facsimile: (212) 238-3100 Email: tpitta@emmetmarvin.com About Venetian Care & Rehabilitation Center The Venetian Care & Rehabilitation Center, LLC provides post-acute care, skilled nursing, and rehabilitation services in South Amboy, New Jersey. The center offers subacute care, therapy services, orthopedic rehabilitation, cardiac and pulmonary care, wound care, memory and dementia care, stroke recovery, diabetic and bariatric care, IV therapy, pain management, nutritional services, hospice and palliative care, respite care, and therapeutic recreation. It serves greater Middlesex County and supports individuals recovering from joint replacement, cardiac, pulmonary, neurological, and other acute medical conditions. The Venetian Care & Rehabilitation Center and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-14510) on April 23, 2026. In its petition, Venetian Care & Rehabilitation Center disclosed up to $10 million in both assets and liabilities. Judge Vincent F. Papalia oversees the case. The Debtors tapped Emmet, Marvin & Martin, LLP as counsel and KCP Advisory Group LLC as financial advisor. WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Watco Companies, LLC's (Watco) Long-Term Issuer Default Rating (IDR) at 'B' and its senior unsecured debt at 'BB-' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. Watco's rating reflects its well-established network of transportation assets, diversified market exposure and integral role in the North American industrial supply chain supporting through-the-cycle cash flows. Its rail and port assets provide cost-advantaged transport to lower-cost, bulk producers, mainly linked to non-discretionary commodities. Cash flow risks are mitigated by considerable contractual coverage with cost-linked provisions and repricing opportunities. The operational and cash flow risk profiles align with or exceed 'BB' category characteristics. Fitch's rating case forecasts EBITDA leverage in the 7x-8x range, including preferred shares, and EBITDA interest coverage and FFO interest coverage in the high-3x and mid-2x range, respectively, consistent with 'B' rating tolerances. Key Rating Drivers Leverage Sub-8x; Coverage Above 3x: Fitch forecasts EBITDA leverage, including preferred shares, to remain in the 7x-8x range driven by expansionary capex funded through debt. Watco has historically funded most of its growth through equity raises, and the evolution of its leverage profile will depend on its future funding mix. The low burden of cash distributions from the preferred share structure results in forecast EBITDA interest coverage and FFO interest coverage in the 3x and 2x range, respectively. Short-Line Rail Freight Resilience: Rail freight transportation plays a key role in the economy's supply chains and has historically shown resilience to economic cycles, which are influenced by industrial, commodity, and consumer markets. Rail is the most cost-effective transportation mode with continuous national reach, and short-line rails are a critical link for the first and last mile of the rail freight network. Watco's stability is underpinned by its established portfolio of diverse, non-replicable rail assets. Short-line railroads provide more bespoke services to customers to ensure that rail is an efficient option for shippers, reinforcing its core supply chain role. Watco's stability in this sector is supported by management's strategic focus on lower-cost producers and long-term customer relationships averaging more than 30 years, including those predating Watco ownership. Debt-Like Preferred Shares: The preferred shares structure contains debt-like features, including maturity and coupon characteristics, under Fitch's "Corporate Hybrids Treatment and Notching Criteria," which increases Fitch-calculated leverage metrics. The preferred shares provide flexibility to defer cash dividends in a stressed scenario and benefit recovery for secured and unsecured debt. Watco has a history of incorporating series of preferred shares within its capital structure. The company could strengthen its financial profile by replacing existing shares with equity-like securities. Contracts Moderate Margin Risks: Watco's Port & Terminal segment has moderated through-the-cycle margin and cash flow variability through its contract mix, cost-linked terms, and ties to low-cost supply sources. These features help shield against fluctuations in commodity price-linked volumes. More than half of EBITDA in this area is from fixed/minimum volume contracts with an average length of nine years, providing a stable revenue base. Watco enters contracts that limit volume risk when investing in site-specific infrastructure to support a return on invested capital. It is not directly exposed to commodity price risk but can be affected by the economics in certain geographies. Positive Discretionary FCF: Fitch forecasts mildly positive FCF, excluding growth capex and associated grants, with excess cash allocated toward capital reinvestment and measured dividends. Cash flow is supported by the unique operational capabilities and efficiency-oriented services at the company's terminals that enhance pricing and increase switching costs. Watco's resilient rail pricing structure also supports cash flow. The size and timing of growth investment relative to revenue can result in prolonged periods of negative FCF. However, Watco's approach to risk management, including returns-based investment decisions and contractual terms, is favorable. Diversification Mitigates Cyclicality: Watco is highly diversified across markets and customers, mitigating the impact of idiosyncratic risks on cash flow. Individual markets are exposed to cyclicality from industrial production and changes in commodity flows across geographies in which it operates. However, cash flows have proven resilient through macroeconomic shocks due to strategic diversification. Short-line rails do not carry intermodal freight, which is subject to competition from trucking and discretionary consumer demand. Fitch believes Watco's diverse transportation network is well-positioned to maintain operational and cash flow stability through economic cycles. Peer Analysis Fitch compares Watco to NA Transportation Hold Co. LLC (dba: Patriot Rail; B+/Stable), another short-line rail operator. Both benefit from the defensibility of their asset networks, which lead to favorable through-the-cycle cash flow. Watco's rail operations are larger and more diversified than Patriot's, but it derives a larger portion of its earnings from non-rail operations, which can be more variable. Watco's credit metrics include preferred shares that Fitch treats as 100% debt under its criteria. Fitch expects Watco's EBITDA leverage to trend in the 7x-8x range and its FFO coverage and EBITDA coverage in the 2x and 3x range, respectively. Patriot's leverage in the mid-5x range and its EBITDA coverage around 2.5x are stronger than Watco's metrics, leading to the one-notch differential. Fitch also compares Watco to truck-based transportation and environmental services peers Forward Air (B/Negative) and Waste Pro USA, Inc. (B+/Stable). Watco's rail, port, and terminal transportation services have advantages over trucking due to high barriers to entry afforded by its expansive asset network and lower cost base relative to truck operators. Waste Pro's collection model also has lower barriers to entry, but its multiyear contracts with customers are a relative strength. Fitch expects Forward Air to operate with leverage between 4x and 5x at the 'B' rating level, and Waste Pro in the high-4x range at 'B+'. Fitch’s Key Rating-Case Assumptions - Organic revenue growth is forecast in the low-to-mid-single-digit range, driven by a mix of yield improvements, low-single-digit growth in volumes and in-progress network expansion; - EBITDA margin is forecast to remain in the high teens, supported by continued pricing improvements and contract renegotiations at main sites; - Preferred and common equity cash distributions held at historical rates; - Gross maintenance capex (before grants or subsidies) at about 9% to 10% of revenue through the forecast, and expansionary capex expected to remain opportunistic; - Secured overnight financing rate (SOFR) rates assumed at 3.7%-3.9% throughout the forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Lower), sector characteristics ('bbb', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bbb-', Higher), profitability ('bb-', Lower), financial structure ('ccc+', Higher), and financial flexibility ('b+', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis The Recovery Rating assumes that Watco would be reorganized as a going concern in a bankruptcy scenario rather than liquidated. A 10% administrative claim on the enterprise value is assumed. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases the enterprise valuation. The going concern EBITDA estimate of $270 million reflects a hypothetical scenario in which the business faces a material, sustained decline in demand at one or more of its subsectors/markets or a severe downturn in North American industrial production. An enterprise valuation multiple of 7.5x is applied to the going concern EBITDA to calculate post-reorganization enterprise value. This multiple considers Watco's through-the-cycle cash flow profile derived from its diversified geographic and end market mix, advantaged asset network, and strong position in the North American industrial supply chain. It also considers valuation multiples for comparable rail and terminal assets. The secured credit facility receives priority above the unsecured notes in the distribution of value in the recovery waterfall. The Recovery Rating analysis results in a 'BB-'/'RR2' recovery for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 2x; - Heightened liquidity risk indicated by sustained revolver availability below 25% or a shift toward payment-in-kind-only distributions; - Fitch-defined EBITDA leverage sustained above 8.5x, including a material change in funding strategy; - A shift in the funding mix toward secured or unsecured debt could impact the recovery on unsecured notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch-defined EBITDA leverage sustained below 6.5x, including a material change in funding strategy or capital structure mix; - EBITDA interest coverage or FFO interest coverage on a cash basis sustained above 2.5x; - Stronger liquidity position, including at least 75% available on the revolver. Liquidity and Debt Structure Watco had adequate liquidity as of 1Q26, consisting of $588 million available on its revolver and $7 million cash on hand. The revolver matures in 2029, followed by the $950 million senior unsecured notes in 2032. Issuer Profile Watco provides a diverse set transportation and supply chain services across North America and Australia. The company owns and operates over 7,500 miles of short-line railroad and 78 terminals and ports. 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 Watco Companies, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Watco Companies, LLC LT IDR B Affirmed B senior unsecured LT BB- Affirmed RR2 BB- WELLPATH HOLDINGS: Court Dismisses "Simpson" Without Prejudice -------------------------------------------------------------- The Hon. Robert J. White of the U.S. District Court for the Eastern District of Michigan granted the Wellpath Health, Inc.'s motion to dismiss the case captioned as JIMMIE L. SIMPSON, Plaintiff, v. CORIZON HEALTH, INC, et. al., Defendant(s), Case No. 24-cv-10996 (E.D. Mich.). Plaintiff's claims against Wellpath are dismissed without prejudice. Plaintiff Jimmie L. Simpson is currently incarcerated with the Michigan Department of Corrections. He filed his pro se complaint against several Defendants, including Wellpath Health, Inc. ("Wellpath"), a health care company specializing in jails and prisons. Wellpath has filed a motion to dismiss the claims against it based on the company's recent Chapter 11 bankruptcy. It argues that all Simpson's claims against the company are based on alleged conduct that arose prior to the bankruptcy plan's effective date; thus, they are barred under 11 U.S.C. Secs. 1141 and 524. And because Simpson did not timely object to the confirmation plan -- which is a final judgement -- he is precluded from raising his arguments here and must do so in an appeal before the proper court. Before the Court is Magistrate Judge Anthony P. Patti's report and recommendation dated November 12, 2025. The report recommended that the Court grant the Defendant's motion to dismiss. The Plaintiff timely objected to the report and recommendation pursuant to Fed. R. Civ. P. 72(b)(2). Simpson raises two objections to the Magistrate Judge's report and recommendation. First, Simpson appears to rehash an earlier argument that he argued before the Magistrate Judge: that he was not provided proper notice, nor did he have a fair opportunity to file a timely response or opt out of the bankruptcy plan. Second, he argues that Wellpath misled and misrepresented to the Magistrate Judge that the Bankruptcy Court had already addressed the notice issue and found the procedures adequate and appropriate. Since Simpson does not object to Magistrate Judge's factual summary, the Court finds that the recitation of the underlying allegations is accurate, and it will adopt the Magistrate Judge's summary of events as they appear in the report and recommendation. The Court will (1) overrule the Plaintiff's objections, (2) adopt the magistrate judge's report and recommendation, and (3) grant the defendant's motion to dismiss. A copy of the Court's Opinion and Order dated June 18, 2026, is available at http://urlcurt.com/u?l=dMMM9jfrom PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WEST TECHNOLOGY: Moody's Withdraws 'Ca' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for West Technology Group, LLC (West Technology) at the issuer's request, including its Ca corporate family rating, Caa3-PD/LD probability of default rating, Ca senior secured second lien notes rating and Caa3 senior secured first lien bank credit facilities ratings. Prior to the withdrawal, the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE West Technology Group, LLC (formerly Intrado Corporation) is a provider of technology-enabled communications services. The company was acquired by affiliates of Apollo Global Management, Inc. in October 2017. WILSONART LLC: S&P Downgrades ICR to 'B-' on Elevated Leverage -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. based engineered surfaces manufacturer Wilsonart LLC to 'B-' from 'B'. S&P said, "At the same time, we lowered our issue-level rating on Wilsonart's unsecured debt to 'CCC' from 'CCC+'. The '6' recovery rating remains unchanged on the unsecured debt. "We raised our recovery rating on the company's secured debt to '2' from '3'. The 'B' issue-level rating on the secured debt remains unchanged. "The negative outlook reflects our expectation that S&P Global Ratings-adjusted debt to EBITDA will near 9x in 2026 as subdued new construction and R&R activity continues to weigh on credit metrics. Wilsonart LLC's revenue and cash flow remain pressured by soft new construction rates and remodel and repair (R&R) activity. This hindered S&P Global Ratings-adjusted debt to EBITDA, which was 9.8x on a rolling-12-month basis as of March 31, 2026, compared to 8.9x during the same period the previous year. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA will remain above 8x in 2026. "We expect debt to EBITDA to remain elevated near 9x, with EBITDA interest coverage below 1.5x in 2026. As of March 31, 2026, S&P Global Ratings-adjusted debt leverage was 9.8x and EBITDA interest coverage was 1.1x compared to debt to EBITDA of 9.4x and EBITDA interest coverage of 1.1x in March 2025. The elevated leverage stems from softness in R&R, nonresidential construction, and new housing construction, resulting in lower EBITDA generation." Credit metrics could improve toward the latter half of 2026 because of pricing improvements and end markets stabilizing somewhat. Wilsonart may also see higher yields after resolving productivity issues at its Temple facility. S&P therefore anticipates revenue will increase close to 4% in 2026 to about $1.4 billion. While EBITDA margins will likely benefit some from pricing actions, product mix improvements, and contributions from acquisitions, resin costs could increase further as resin inputs (melamine and formaldehyde) continue to rise. The potential for price-cost lags from resin inputs, as well as soft end-market demand, could offset any lift in EBITDA margins. That said, S&P forecasts EBITDA margin percentage near 14% for fiscal 2026 compared to our 13.4% forecast in 2025. S&P said, "We forecast negative free operating cash flow (FOCF) in 2026, although we maintain our adequate liquidity assessment. As of March 31, 2026, S&P Global Ratings-adjusted FOCF to debt remained negative 2.2% on a rolling-12-month basis, compared with negative 4.7% a year ago. For 2026, we expect FOCF to debt to remain around negative 2% as working capital and marginal earnings improve, offsetting higher interest expense. Still, we forecast cash on hand and revolving credit capacity to be sufficient to meet Wilsonart's near-term liquidity needs over the next 12 months." Wilsonart has strong brand recognition and market share but lower and less diversified revenue than some peers. Despite its well-established and recognized brands, it is smaller in scale ($1.38 billion in revenues in 2025) compared to higher-rated building materials peers. The company generates approximately 78% of revenues in the U.S. and the remaining 22% in Europe. In addition, 77% of revenue generated in 2025 was from laminates. Wilsonart's competitive advantage has support from its No. 1 market share (about 50%) in North American high-pressure laminate (HPL) hard surfaces. Additionally, its presence is growing in other engineered surface products, which are a common choice for horizontal surfaces and countertops. The negative outlook on Wilsonart reflects S&P's expectation for leverage to remain in high-8x due to lower end-market demand in the company's nonresidential and residential construction markets. S&P could lower its rating on Wilsonart in the next 12 months if its credit metrics weaken further such that: -- S&P views the company's capital structure as unsustainable due to pressured liquidity, persistently negative FOCF, leverage sustained above 10x, or low EBITDA interest coverage under 1x; or -- S&P views there is an increased likelihood of the company completing a distressed debt restructuring. S&P could revise its outlook to stable if Wilsonart's operating performance improves such that adjusted leverage trends toward 8x, EBITDA interest coverage is near 1.5x, and FOCF is positive. WISDOM DENTAL: Gets Final OK to Use Cash Collateral --------------------------------------------------- Wisdom Dental, P.A. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The final order, signed by Judge Caryl Delano, authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. The eight-week budget projects total operational expenses of $303,090 for the period from June 8 to July 27. The U.S. Small Business Administration and 19 other secured creditors will receive replacement liens on post-petition collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under the loan and security documents with secured creditors. As of the petition filing, the Debtor reported $850 in cash and $170,420.28 in accounts receivable. It also listed 20 secured creditors that may have valid pre-bankruptcy liens on its cash or receivables such as Seacoast National Bank, U.S. Small Business Administration, Fresh Funding Solutions, and others, some of whom have already been paid in full. Under the order, the Debtor must continue to make monthly adequate protection payments to Seacoast pursuant to sections 361 and 363(e) of the Bankruptcy Code. The order is available at http://urlcurt.com/u?l=mJi8Xu About Wisdom Dental P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its location in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as bankruptcy counsel. WOODLAND OAKS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Woodland Oaks Best Living, LLC 7142 S 92nd E Ave Tulsa, OK 74133 Business Description: Woodland Oaks Best Living is a Delaware limited liability company associated with Woodland Oaks Apartments, a multifamily apartment community at 7142 S. 92nd East Ave. in Tulsa, Oklahoma, offering one- and two-bedroom residences. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Western District of Oklahoma Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Woodland Oaks Best Living, LLC 26-11986 Woodland Oaks Investors, LLC 26-11987 Judge: Hon. Sarah A Hall Debtors' Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Marc Kulick as authorized signer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/X6NVMNA/Woodland_Oaks_Best_Living_LLC__okwbke-26-11986__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XYORO7Q/Woodland_Oaks_Investors_LLC__okwbke-26-11987__0001.0.pdf?mcid=tGE4TAMA List of Woodland Oaks Best Living, LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Vesta Landscaping Services, LLC $180,108 6400 W 110th St Ste 201 Leawood, KS 66211-1585 2. City of Tulsa Utilities $88,287 Utilities Department Tulsa, OK 74187 3. Rasa Floors $81,682 PO Box 619130 Dallas, TX 75261-9130 4. HD Supply $44,072 Remittance San Diego, CA 92150 5. Westlake Ace $37,961 PO Box 219370 Kansas City, MO 64121-9370 6. Jackson Mechanical Service Inc $36,427 2600 N Oklahoma Ave Oklahoma City, OK 73105-3021 7. Vesta Realty $26,530 6400 W 110th St Ste 201 Overland Park, KS 66211-1585 8. Entrata Inc. $23,151 PO Box 30015 Salt Lake City, UT 84130-0015 9. Public Service Company of Oklahoma $20,137 PO Box 371496 Pittsburgh, PA 15250-7496 10. Merritt Sealing Company, Inc. $19,350 PO Box 75728 Oklahoma City, OK 73147-0728 11. Costar - Apartments.com $18,862 2563 Collection Center Dr Chicago, IL 60693 12. Cintas Fire Protection $15,876 PO Box 636525 Cincinnati, OH 45263-6525 13. Boyle Services, Inc. $14,862 701 W 41st St Tulsa, OK 74107-7020 14. Lowe's Pro MSH $9,740 PO Box 301451 Dallas, TX 75303-1451 15. Empire Protection Services $8,420 14083 S State Highway 51 # 134 Coweta, OK 74429-7100 16. Trademark Exteriors Restoration LLC $6,500 36 NE 52nd St Oklahoma City, OK 73105-1826 17. Resolve Asset Management Services $6,037 1127 NW 25th St Oklahoma City, OK 73106-5646 18. American Waste Control, Inc $5,684 PO Box 21054 Tulsa, OK 74121-1054 19. Alert Plumbing LLC $5,587 3975 S Sheridan Rd Tulsa, OK 74145 20. H&A Investments LLC $5,350 801 W Abi Rd Washington, OK 73093-9704 WORKHORSE GROUP: Signs Omnibus Amendment No. 2 to Credit Agreements ------------------------------------------------------------------- Workhorse Group Inc. announced in a regulatory filing that it entered into an Omnibus Amendment No. 2 to Credit Agreements (, which amends the Company's: (i) Credit Agreement (Customer Orders) and (ii) Credit Agreement (Cash Flow), each dated as of December 15, 2025, by and among Workhorse, as borrower, certain subsidiaries of Workhorse, as guarantors, and Motive GM Holdings II LLC, as lender, each as amended by that certain Omnibus Amendment No. 1, dated as of April 25, 2026, by and among Workhorse, as borrower, certain subsidiaries of Workhorse, as guarantors, and MGMH, as lender. The Omnibus Amendment No. 2: (i) amends the Cash Flow Credit Agreement to increase the Commitment (as defined in the Omnibus Amendment No. 2) thereunder from $20,000,000 to $30,000,000 in accordance with Section 10.01 of the Cash Flow Credit Agreement, (ii) amends the Cash Flow Credit Agreement to defer interest payments on the additional $10,000,000 Commitment until the first Interest Payment Date (as defined in the Cash Flow Credit Agreement) occurring after September 30, 2026, (iii) amends the Customer Order Credit Agreement to reduce the Commitment thereunder from $30,000,000 to $20,000,000 in accordance with Section 10.01 of the Customer Order Credit Agreement and (iv) obligates the Company to issue warrants to purchase equity interests in the Company within 45 days of the execution of the Omnibus Amendment No. 2 or such later date as the lender agrees, with terms and in number to be mutually agreed, as consideration for the amendments therein. A full text copy of the Omnibus Amendment No. 2 is available at https://tinyurl.com/bddb5wr8 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 CLASS: Seeks Court Approval to Tap Julianne Frank as Counsel ------------------------------------------------------------------ World Class Academy-Vero Beach LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Julianne Frank, PA to handle its Chapter 11 case. Prior to the petition date, the firm received a retainer of $21,738, filing fee included, from the Debtor. Julianne Frank, Esq. disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Julianne Frank, Esq. Julianne Frank, PA 4495 Military Trail, Suite 107 Jupiter, FL 33458 Email: julianne@jrfesq.com About World Class Academy-Vero Beach LLC World Class Academy-Vero Beach, LLC operates in the education sector and is associated with the management and operation of academic programs and educational services. World Class Academy-Vero Beach sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17446) on June 8, 2026. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor is represented by Julianne R. Frank, PA. WRENCHERS LLC: Seeks Approval to Hire Robert Bassel as Counsel -------------------------------------------------------------- Wrenchers, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Robert N. Bassel, a professional who practices law in Michigan, to serve as bankruptcy counsel. Mr. Bassel will provide legal services for the Chapter 11 Debtor, including representation and assistance for all legal matters arising in and under this Chapter 11 case. Mr. Bassel will receive an hourly rate of $350 for his legal services. The Debtor received a retainer of $16,738, from which the filing fee of $1,738 was paid, as were prepetition legal fees of $6,580, leaving a retainer of $8,420. Robert Bassel does not represent any entity having an adverse interest in connection with the case of the Chapter 11 Debtor, is disinterested, and his retention is proper and appropriate. According to court filings, neither Mr. Bassel nor his firm hold or represent any interest adverse to the interests of the Debtor or the estate in connection with the case and are disinterested as defined by the U.S. Bankruptcy Code. The firm can be reached at: Robert N. Bassel Attorneys for Debtor P.O. Box T Clinton, MI 49236 Telephone: (248) 677-1234 E-mail: bbassel@gmail.com About Wrenchers LLC Wrenchers, LLC is a Michigan-based automotive restoration business specializing in classic cars, hot rods, and muscle cars. Wrenchers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-46367) on June 2, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Patrick Ackerman, principal, signed the petition. Judge Lisa S. Gretchko oversees the case. Robert Bassel, Esq., represents the Debtor as legal counsel. Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. serves as Subchapter V trustee for the Debtor. XCF GLOBAL: Ends $50 Million Helena Purchase Agreement ------------------------------------------------------ XCF Global Capital, Inc., terminated a purchase agreement that had allowed it to sell up to $50 million of common stock to Helena Global Investment Opportunities I LTD., according to a Form 8-K. The company terminated the May 30, 2025, agreement on June 15. The agreement was between XCF Global, Helena and Focus Impact Bh3 Newco, Inc. Under the arrangement, Helena could buy common stock at a price based on the lowest intraday sale price during the three trading days beginning on its receipt of shares tied to each advance notice. XCF said about 55,000,000 shares previously reserved for issuance to Helena are no longer reserved after the termination, reducing potential dilution and market overhang, including potential shorting activity. The company said it retains flexibility to pursue financing alternatives. About XCF Global, Inc. XCF Global, Inc., based in Houston, Texas, develops, operates and invests in renewable fuels production assets, with a primary focus on sustainable aviation fuel derived from waste- and residue-based feedstocks. The company, whose operating business was formed through Legacy XCF in 2023 and became public through a business combination, intends to build a nationwide portfolio of SAF and renewable fuels facilities, including planned development or reconstruction of dormant biodiesel plants in Fort Myers, Florida, and Wilson, North Carolina. In an audit report dated March 31, 2026, Grant Thornton LLP included a going concern qualification, stating that the company had operating losses since inception and expected to continue to incur operating losses and negative cash flow for the foreseeable future. The conditions 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 $402.96 million, total liabilities of $377.65 million and total stockholders' equity of $25.31 million. Y.N.L.C. CAFE: Gets Interim OK to Use Cash Collateral Until July 10 ------------------------------------------------------------------- Y.N.L.C. Cafe Corp received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of the U.S. Small Business Administration. Under the interim order, the Debtor may use SBA's cash collateral in accordance with an approved operating budget through July 10. As adequate protection, the SBA received a first-priority replacement lien on the Debtor's previously unencumbered assets, including post-petition assets, as well as continuing replacement liens on assets and proceeds of the same type and priority as existed on the petition date, excluding Chapter 5 avoidance actions and their proceeds. The order also required the Debtor to make adequate protection payments of $250 per month to the SBA, with the first payment due June 15, 2026. Both the Debtor and the SBA preserved their rights to seek additional adequate protection, challenge liens, conduct discovery, present evidence, and raise objections before entry of a final cash collateral order. The order includes a carve-out protecting U.S. Trustee fees, up to $20,000 in court-approved professional fees, and up to $10,000 for a Chapter 7 trustee if the case is later converted. The interim order became effective immediately upon entry. A final hearing is scheduled for July 10, at 10:30 a.m. A copy of the Debtor's budget is available at https://shorturl.at/rFP0K from PacerMonitor.com. About Y.N.L.C. Cafe Corp. Y.N.L.C. Cafe Corp. is a New York-based food service company operating in the restaurant and cafÃ© industry. The company provides dining and hospitality services to local customers. Y.N.L.C. Cafe Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42734) on June 3, 2026. In its petition, the Debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Gary C. Fischoff, Esq. of BFSNG Law Group, LLP. ZOMANO CAFES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered a fourth interim order authorizing Zomano Cafes, Inc. to use cash collateral. The authorization remains effective through July 22, unless extended by agreement of the parties and court approval. Under the order, the Debtor may use cash collateral to pay court-approved expenses, ordinary and necessary operating expenses included in the approved budget, and up to 10% above each budgeted line item. The Debtor may also make additional expenditures if expressly approved in writing by Florida Bank of Commerce (FBC). Any use of cash collateral outside these authorized purposes is prohibited. As adequate protection, Florida Bank of Commerce and any junior lienholders were granted perfected post-petition replacement liens on cash collateral to the same extent, validity, and priority as their prepetition liens. These replacement liens arise automatically without the need for additional filings or documentation. The Debtor is also required to maintain insurance coverage in accordance with its loan and security agreements. The order requires the Debtor to continue fulfilling all obligations of a debtor-in-possession under the Bankruptcy Code and court orders. The court retained jurisdiction to enforce the order, and all parties preserve their rights to seek modified adequate protection, additional restrictions on cash collateral use, or other available remedies. A continued hearing on the cash collateral motion is scheduled for July 22, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Xq8o4 from PacerMonitor.com. Prior to its bankruptcy filing, Zomano obtained financing from creditors to facilitate operations, which obligations are purportedly secured by liens on its cash or cash equivalents. These creditors may assert security interest in those assets by virtue of UCC-1 financing statements filed with the State of Florida. About Zomano Cafes Inc. Zomano Cafes, Inc. operates an upscale dining establishment located at 1790 Highway A1A, Suite 105-108, Satellite Beach, Florida. It conducts business under the name Cuizine Restaurant & Lounge. Zomano Cafes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00005) on January 2, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. [] Sprayregen Joins Paul Weiss as Restructuring Practice Co-Head ---------------------------------------------------------------- Paul, Weiss, Rifkind, Wharton & Garrison LLP announced on June 25 that James H.M. "Jamie" Sprayregen has joined the firm as a partner. Sprayregen will serve as co-head of Paul, Weiss's Restructuring & Debt Capital Solutions practice alongside existing co-heads Brian S. Hermann and Andrew N. Rosenberg. One of the world's most well-known and highly regarded restructuring lawyers, Sprayregen brings more than three decades of experience leading many of the largest and most complex restructurings in history. At Paul, Weiss, he will advise domestic and international debtors, as well as creditors and other key stakeholders on restructuring matters. "Jamie Sprayregen is a superstar lawyer. He has been a close business colleague and a good friend of mine for more than 25 years, and I am excited to work with him as a partner in our world-class restructuring practice," said Paul, Weiss Chairman Scott A. Barshay. "What has made Jamie the first call for so many iconic companies for decades is his unparalleled ability to earn the trust of boards and senior executives under extraordinary pressure," said Restructuring & Debt Capital Solutions Co-Head Brian S. Hermann. "He is a spectacular addition to our practice." "Jamie's arrival reflects the momentum our restructuring team has built and our commitment to being the destination for global clients confronting their most difficult restructuring matters," said Restructuring & Debt Capital Solutions Co-Head Andrew N. Rosenberg. "Paul, Weiss is a true restructuring powerhouse," Sprayregen said. "I have known many of the Paul, Weiss partners for decades, I admire what they have built, and I can't wait to be a part of it." Sprayregen leverages decades of corporate restructuring and capital solutions experience, including lengthy stints in private practice and on the business and financial advisory side. He founded the worldwide restructuring practice at another major firm, building it into a leading international restructuring practice, then left to co-head the Restructuring Group at Goldman Sachs from 2006 to 2008, advising clients and deploying capital in restructuring and distressed situations, before returning to private practice for 16 years. In 2024, he joined Hilco Global, a diversified financial services company and subsidiary of ORIX Corporation delivering integrated professional services and capital solutions, as Vice Chairman, Global Strategy & Growth. Sprayregen has advised companies in capital solutions and distressed situations both in and out of court, as well as buyers and sellers of distressed assets. He has extensive experience advising domestic and international debtors, and creditors in workout, insolvency, restructuring and bankruptcy matters. Sprayregen has led restructurings for Avaya Inc., Caesars Entertainment Operating Company, Inc., Chiquita Brands International, Inc., Corus Bankshares, Inc., Energy Future Holdings Corp., General Growth Properties, Inc., The Great Atlantic & Pacific Tea Company, iHeartMedia, Inc., Innkeepers USA Trust, ION Media Networks, Inc., Japan Airlines Corporation, Lear Corporation, Majestic Star Casino LLC, MSR Resort Golf Course LLC, NRG Energy Inc., The Reader's Digest Association, Sbarro Inc., Seadrill Limited, Tower Automotive, Inc., Toys "R" Us, Inc., Trans World Airlines, Inc., United Airlines, Inc., and Visteon Corporation, among others. Sprayregen's many past accolades reflect his standing atop the profession. In past editions of Chambers USA, sources have described him as "a rock star – the Mick Jagger of the bankruptcy bar," with clients noting that he is "a luminary in the field" of restructuring and insolvency. In 2013, Sprayregen was inducted into the Turnaround Management Association's Turnaround, Restructuring and Distressed Investing Industry Hall of Fame, and in 2010, he was recognized by The National Law Journal as one of "The Decade's Most Influential Lawyers." From 2013 to 2015, he served as president of INSOL International, the world's leading international insolvency association. Sprayregen was an adjunct full professor of finance at the Wharton School of the University of Pennsylvania, where he taught a joint course on corporate restructuring with Penn Law. Sprayregen earned a J.D., cum laude, from the University of Illinois College of Law and a bachelor's degree, cum laude, from the University of Michigan. Paul Basta, who has served as a co-head of the Restructuring & Debt Capital Solutions practice and a partner since 2017, will step down as a partner from Paul, Weiss at the end of the year as part of a long-term succession plan to pursue the next chapter in his career. Paul has represented a diverse range of clients, including Party City, Revlon and Sears, in some of the most important restructuring matters of the last 25 years. "I am immensely grateful for my time at Paul, Weiss. I'm excited to see what Jamie and the rest of our talented group accomplish in the years to come, and am committed to supporting a smooth leadership transition over the coming months," Basta said. "Paul has been a great partner and colleague over the last nine years and has had a major positive impact on a generation of restructuring lawyers and clients at Paul, Weiss. We sincerely thank him for his many contributions and wish him the very best in the future," Barshay said. The Paul, Weiss Restructuring & Debt Capital Solutions Group helps clients navigate complex financial and capital structure challenges, combining the firm's deep restructuring capabilities with sophisticated capital solutions experience. The firm represents all constituencies, including debtors, equity sponsors, investors, and fulcrum lender and creditor groups, across the full range of in-court and out-of-court restructurings. The firm also advises on a broad range of liability management transactions and bespoke debt, equity and hybrid solutions across the capital structure, often in circumstances requiring careful judgment, disciplined execution and close coordination among stakeholders. About Paul, Weiss Paul, Weiss, Rifkind, Wharton & Garrison LLP is a global law firm of more than 1,500 lawyers focused on helping clients navigate their most complex legal and business challenges. Known for the depth and excellence of its corporate, litigation and restructuring practices, Paul, Weiss works collaboratively to deliver commercial and innovative solutions, supported by a firmwide commitment to developing and empowering exceptional legal talent and an unwavering dedication to client service. [^] BOOK REVIEW: Bendix-Martin Marietta Takeover War ---------------------------------------------------- MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta Takeover War Author: Peter F. Hartz Publisher: Beard Books Soft cover: 418 pages List Price: $34.95 Review by Gail Owens Hoelscher http://www.beardbooks.com/beardbooks/merger.html William Agee, the youngest man ever to head one of the top 100 American corporations, seemed unstoppable. In 1977, at the age of 39, he took over Bendix Corporation, an aerospace, automotive, and industrial firm, determined to diversify the company out of the automotive industry. In his words, "Automobile brakes are in the winter of their life and so is the entire automobile industry." He sold off a few Bendix units, got some cash together, and began to look for acquisitions. Then Agee's relationship with Mary Cunningham burst into the news. Agee had promoted Cunningham from his executive assistant to vice president, to the outrage of other Bendix employees. Their affair, replete with power, brains, youth, good looks, charm, denial, and deceit, fascinated the American public. Cunningham was forced to leave Bendix to work for Seagrams, with the entire country wondering just how well she would do. The two divorced their respective spouses and married soon thereafter. To the chagrin of many, Cunningham continued to play a pivotal role in Bendix affairs. Eager to regain his standing, Agee turned to acquisition as soon as the gossip died down. A failed attempt to acquire RCA left him more determined than ever. He then set his sights on Martin-Marietta, an undervalued gem in the 1982 stock market slump. Thus began an all-out war of tenders and countertenders, egoism and conceit, half-truths and dissimulation, and sudden alliances and last-minute court decisions. This is a very exciting account of the war's scuffles, skirmishes, and battles. The author, son of a long-time Bendix director, was able to interview some of the major participants who most likely would have refused the requests of other authors. Some gave him access to personal notes from the various proceedings. The author thoroughly researched the documents involved in the takeover war, as well as news reports and press releases. He explains the complicated legal maneuverings very clearly, all the while keeping the reader entertained with the personal lives and thoughts of the players. People love this book. The New York Times Book Review said "Aggression and treachery, hairbreadth escapes and last-minute reversals, "white knights" and "shark repellants" -- all of these and more can be found in the true-life adventure of the Bendix-Martin Marietta merger war." The Wall Street Journal said "Merger brims with tension, authentic-sounding dialogue and insider detail." Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to the U.S. as a child. He holds degrees from Colgate University and Brown University. He lives in Toluca Lake, California. ********* 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 ***